At January 1, 2010, Leanna Industries reported owner's equity of $130,000. During 2010, LeAnna had a net loss of $30,000 and owner drawings of $20,000. At December 31, 2010, the amount of owner's equity is
Q: Oriole Company began the year with owner's equity of $301000. During the year, the company recorded…
A: GIVEN Beginning stockholder's Equity=$301,000 Revenues = $386,000 Expense =$289,000 Dividends…
Q: At the start of the period, ABC Company has total assets of P500,000 and total liabilities of…
A: Note: “Since you have asked multiple questions, we will solve the first question for you. If you…
Q: Morgan Olsen owns and operates Crystal Pool Service Company. On January 1, 2010, Morgan Olsen,…
A: Statement of Owner's equity: A Statement of Owner's Equity is a financial statement that presents a…
Q: At the beginning of the year, Vickey Barney Company's assets amount P 7,562,432 and the owner's…
A: As per accounting equation, the total assets of a firm will be equal to the total of liabilities and…
Q: Bayler Enterprises had a capital balance of $186,000 at the beginning of the period. At the end of…
A: Ending capital balance is based on additional investment, net income, and withdrawals from business…
Q: The following information relates to Shankly Co for Year 4. £ Equity at start of year 115,000…
A: The question is related to calculation of Expenses for the year. We will first prepare statement…
Q: Ben industry Limited was incorporated on August 1, 2015. It had acquired a running business of Ben &…
A: Pre Incorporation period is between 1st April to 31st July and rest from 1st Aug to 31st Mar is post…
Q: At the beginning of the year, Gilles Company had total assets of $800,000 and total liabilities of…
A: Solution. Total assets = $800,000 Total liabilities = $300,000 Owner's equity = Total assets -…
Q: At the start of the period, ABC Company has total assets of ₱500,000 and total liabilities of…
A: Accounting equations: Accounting equations are on the basis of the dual aspect concept of…
Q: On December 31, 2022, Ditka Incorporated had Retained Earnings of $271,800 before its closing…
A: Closing entries are prepared at the year end while preparing financial statements. It is through the…
Q: Be- the-One is a motivational consulting business. At the end of its accounting period, December 31,…
A: Part-a:Stockholder's equity for 2017 is computed with the help of following equation:Total assets =…
Q: In the income statement for the quarter ended September 30, 2014, what amount of casualty loss…
A: Loss is the amount which is incurred by the company during the year or during the period which means…
Q: During 2014, Canton Company's assets increased $97,500 and their liabilities decreased $37,300.…
A: As per accounting equation, assets equals to sum of liabilities and shareholders equity.
Q: At January 1, 2008, Nova reported owner's equity of P50,00o. Owner drawings for the year totaled…
A: The ending equity is calculated after adjustments of additional investment, Withdrawals, net income…
Q: Camper City started business on January 1, 2013. During the year, the company performed services for…
A: Amount shown under Statement of cash flows = Amount of service performed x % of amount collected
Q: At January 1, 2008, Nova reported owner's cquity of P50,000, Owner drawings for the year totaled…
A: Owner's equity on December 31, 2008 = Beginning equity + net income - drawings
Q: On December 31, 2022, Ditka Incorporated had Retained Earnings of $274,800 before its closing…
A: The closing entries are prepared to close the temporary accounts of the business. The balance of…
Q: t the beginning of the year, Pala Calling Station had liabilities of P200.000 and owner’s equity of…
A: The total amount of capital or owner's equity appears on both the balance sheet and statement of…
Q: On July 31, 2020, the account balances of ABC Co. for the month are listed below. The capital of the…
A: given that, net income earned for the month = OMR45625. Total expenses + net income = fee earned.…
Q: The following balances were taken from a sole trader’s accounts for the year ended 30 June 2021:…
A: Solution: Capital account balance on 30.06.2021 = Beginning capita balance + Profit for the year =…
Q: Squires & Johnson, Ltd., recorded €250,000 of depreciation expense in December 2005. Th e most…
A: Depreciation: It is the measures of wearing out consumption of assets that occur over the time of…
Q: Marcie Davies owns operates Gemini Advertising Services. On January 1, 2018, Marcie Davies, capital…
A: The owner's equity account indicates the owner's investment in the business by deducting owners'…
Q: The following information relates to Khamsin Co for Year 8. £ Equity at start of year 116,000…
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…
Q: At the beginning of the year, Kim Company had total assets of 800 thousand and total liabilities of…
A: The Accounting Equation represents the fundamental relationship between the Assets, Liabilities, and…
Q: The following is a partial trial balance for the Furniture Makers Corporation as of December 31 ,…
A: Multi step income statement segregates operating revenues and expenses from non operating revenues,…
Q: On January 1, 2014, LeAnna Industries reported retained earnings of $195,000. During 2014, LeAnna…
A: Ending Retained earnings = Beginning Retained earnings - Net Loss - Dividend paid
Q: Kim Hsu is the owner of Hsu's Financial Services. At the end of its accounting period, December 31,…
A: Accounting equation shows the relation in assets, Liabilities and equity. It supports the double…
Q: Blossom Service Shop started the year with total assets of $ 343000 and total liabilities of $…
A: According to accounting equation, assets equals to sum of liabilities and shareholders equity.
Q: At the beginning of the year, Grouper Company had total assets of $794,000 and total liabilities of…
A: Stockholders Equity is the total amount attributable to the shareholders of the company. This is…
Q: Sawaya Company had depreciation and amortization expenses of $522,311, interest expenses of…
A: Time interest Earned indicates that ability of firms to pay debt and interest at regular intervals.…
Q: At the start of its most recent financial year the owner's equity in a business was £25,960. At the…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: As of December 31, 2009, Sievers Company has assets of $35,000 and owner's equity of $20,000. What…
A: Accounting equation says that total assets should always be equals to total liabilities and…
Q: At the end of its accounting period, December 31, of Year 1, Hsu's Financial Services has assets of…
A: ACCOUNTING EQUATION : ASSETS = LIABILITIES + STOCKHOLDER'S EQUITY
Q: Sunlight, Inc. had the following assets and liabilities as of September 30, 2016 Assets $60,600…
A: The accounting equation is a mathematical representation of financial transactions. It's a quick…
Q: The owners' equity at the beginning of 2018 was how much?
A: The accounting equation describes the basic principle of accounting as follows: Assets = Liabilities…
Q: Blake Knudson owns and operates Grab Bag Delivery Services. On January 1, 2018, Blake Knudson,…
A: Financial statements: Financial statements refer to those statements, which are prepared by the…
Q: At January 1, 2008, Burton Industries reported owner's equity of $130,00o. During 2008, Burton had a…
A: Owner's equity is the value that an owner of a business has left over after liabilities are…
Q: At September 1, 2020, Hotel Suites Co. reported owner's capital of $124,000. During the month, Hotel…
A: Owner's capital at the end of month = Beginning owner's capital + (Revenues - Expenses) - Drawings
Q: On January 1, 2017, Rama Corporation paid $150,000 for 30% of Samer Company's stock. Rama reported a…
A: Intercorporate investments refer to any investment that one company makes in another company in the…
Q: (A.) During the current year, the assets of Duffy Stationery increased by $650,000 and the…
A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…
Q: Pharoah Service Shop started the year with total assets of $ 326000 and total liabilities of $…
A: Net income reported by Pharoah Service Shop for the year = Revenues - Expenses
Q: On December 31, 2018, Ditka Inc. had Retained Earnings of $272,800 before its closing entries were…
A: Preparation of closing entries are part of accounting cycle in which all temporary accounts like all…
Q: At September 1, 2017, Five-O Inc. reported retained earnings of $136,000. During the month, Five-O…
A: The retaining earnings is a credit balance account which shows the profits earned over operational…
q6)This multible choice question from ACCOUNTING PRINCIPLES I.
just write for me the final answer.
Step by step
Solved in 2 steps
- The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal year, is as follows: Additional data obtained from the records of Prime Sports Gear are as follows: a. Net income for 2013 was 121,610. b. Depreciation reported on income statement for 2013 was 46,500. c. Purchased 165,000 of new equipment, putting 90,000 cash down and issuing 75,000 of bonds for the balance. d. Old equipment originally costing 19,500, with accumulated depreciation of 7,950, was sold for 8,000. e. Retired 60,000 of bonds. f. Declared cash dividends of 64,000. g. Issued 1,500 shares of common stock at 27 cash per share. You have been asked to prepare a statement of cash flows for Prime Sports Gear for 2013. Review the worksheet called CASHFLOW that has been provided to assist you in preparing the statement. The worksheet has been designed so that as you make entries in columns D and F, column G will be automatically updated. For example, FORMULA1 should be entered as =B17+D17F17. Columns C and E are to be used to enter letter references for each of the debit and credit entries on the worksheet.Assume that as of January 1, 20Y8, Sylvester Con- suiting has total assets of $500,000 and total assets of $150,000. As of December 31, 20Y8, Sylvester has total liabilities of $200,000 and total stockholders’ equity of $400,000. (a) What was Sylvester’s stockholders’ equity as of January 1, 20Y8? (b) Assume that Sylvester did not pay any dividends during 20Y8. What was the amount of net income for 20Y8?The Accounting Equation Using the accounting equation, answer each of the following independent questions. Burlin Company starts the year with $100,000 in assets and $80,000 in liabilities. Net income for the year is $25,000, and no dividends are paid. How much is owners equity at the end of the year? Chapman Inc. doubles the amount of its assets from the beginning to the end of the year. Liabilities at the end of the year amount to $40,000, and owners equity is $20,000. What is the amount of Chapmans assets at the beginning of the year? During the year, the liabilities of Dixon Enterprises triple in amount. Assets at the beginning of the year amount to $30,000, and owners equity is $10,000. What is the amount of liabilities at the end of the year?
- The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal year, is as follows: Additional data obtained from the records of Prime Sports Gear are as follows: a. Net income for 2013 was 121,610. b. Depreciation reported on income statement for 2013 was 46,500. c. Purchased 165,000 of new equipment, putting 90,000 cash down and issuing 75,000 of bonds for the balance. d. Old equipment originally costing 19,500, with accumulated depreciation of 7,950, was sold for 8,000. e. Retired 60,000 of bonds. f. Declared cash dividends of 64,000. g. Issued 1,500 shares of common stock at 27 cash per share. Open the file CASHFLOW from the website for this book at cengagebrain.com. First, enter the formulas. Then, complete the worksheet in the manner described next. According to the problem, cash increased from 39,600 to 67,210 during the year. This is a 27,610 increase. To record this increase on the worksheet, move to row 17. Since this is the first account you are analyzing, enter the letter a in column C. Then enter 27610 in column D (a debit since cash increased). This brings the year-end balance (column G) to 67,210, its proper balance. Now move to the bottom part of the statement where you see the categories Operating Activities, Investing Activities, and so on. The credit side of the entry has to be entered here. The proper space for this cash entry is on row 59. Enter the letter a in cell E59 and 27610 in cell F59. Notice the totals at the bottom of the page (row 60) now agree. The next account balance that changed is accounts receivable. It increased by 9,035. To enter this change on the worksheet, enter the letter b in cell C18 and 9035 in cell D18 (again, a debit since accounts receivable increased). This brings the year-end balance in column G to 121,250, its proper balance. The change in accounts receivable balance is an operating activity adjustment (as explained in your textbook). Enter the credit side of this entry in cells E34 and F34, and enter the explanation Increase in accounts receivable in cell A34. Note: Your textbook probably shows Net income as the first item under Operating Activities. We will get to that later. The sequence in which you enter items on this worksheet is not important. All other balance sheet accounts must be analyzed in the same manner, placing appropriate debit or credit entries in the top part of the worksheet to obtain the proper balances in column G, and then entering the second side of the entry in the appropriate row on the bottom part of the worksheet. You should use letter references to identify all entries. Also, you must enter a description of the entry in column A under the appropriate activity category. Although a sequence of analyzing the balance sheet from top to bottom is suggested here, this order is not necessary. As mentioned earlier, your textbook may specify a different sequence. Also, note that some accounts may have both debit and credit adjustments to them. The worksheet is not a substitute for a statement of cash flows, but it does provide you with all the numbers you need to properly prepare one. You will be done with your analysis when: a. The individual account balances at December 31, 2013, as shown on the worksheet (column G) equal those shown in the given problem data. b. The transaction column totals are equal (cells D60 and F60). c. The sum of the operating, investing, and financing activities (cell G59) equals the change in cash (cell D59 or F59). When you are finished, enter your name in cell A1. Save your completed file as CASHFLOW2. Print the worksheet when done. Also print your formulas. Check figure: Total credits at 12/31/2013 (cell G31), 860,460.Analyzing Transactions. Using the analytical framework, indicate the effect of the following related transactions of a firm. a. January 1: Issued 10,000 shares of common stock for 50,000. b. January 1: Acquired a building costing 35,000, paying 5,000 in cash and borrowing the remainder from a bank. c. During the year: Acquired inventory costing 40,000 on account from various suppliers. d. During the year: Sold inventory costing 30,000 for 65,000 on account. e. During the year: Paid employees 15,000 as compensation for services rendered during the year. f. During the year: Collected 45,000 from customers related to sales on account. g. During the year: Paid merchandise suppliers 28,000 related to purchases on account. h. December 31: Recognized depreciation on the building of 7,000 for financial reporting. Depreciation expense for income tax purposes was 10,000. i. December 31: Recognized compensation for services rendered during the last week in December but not paid by year-end of 4,000. j. December 31: Recognized and paid interest on the bank loan in Part b of 2,400 for the year. k. Recognized income taxes on the net effect of the preceding transactions at an income tax rate of 40%. Assume that the firm pays cash immediately for any taxes currently due to the government.As of December 31, 2009, Sievers Company has assets of $35,000 and owner's equity of $20,000. What are the liabilities for Sievers Company as of December 31, 2009? Select one: a. $15,000 b. $20,000 c. $25,000 d. $10,000
- . A company began the accounting period with $50,000 in owner’s capital, ended with $75,000 in owner’s capital, and the owner withdrew $30,000 during the period for personal use. What was the company’s net income or loss for the period? a. $55,000 net income b. $30,000 net loss c. $5,000 net loss d. $5,000 net income e. none of the options listedThe beginning capital balance shown on FDNACCT’s Statement of Changes in Owner’s Equity is P67,000. Net income for the period is P25,000. The owner withdrew P44,000 cash from the business and made additional investments of P45,000 during the period. Total current liabilities are recorded at P98,000 while long term liabilities amount to P469,000. How much is the total assets at year end?Morgan Olsen owns and operates Crystal Pool Service Company. On January 1, 2010, Morgan Olsen, Capital had a balance of $252,000. During the year Morgan invested an additional $32,000 and withdrew $52,400. For the year ended December 31, 2010, Crystal Pool Service Company reported a net income of $72,300. Prepare a Statement of Owner’s Equity for the year ended December 31, 2010.
- The following information relates to Khamsin Co for Year 8. £ Equity at start of year 116,000 Expenses 118,000 Current liabilities at end of the year 196,000 Sales revenue 260,000 Current assets at end of the year 345,000 Noncurrent assets at end of the year 370,000 The owner did not withdraw or introduce any equity during the year. What were the noncurrent liabilities at the year end?1. The beginning capital balance is P301,000. At the end of the year, the results of operations showed a net income of P96,000. During the year the owner withdrew P18,900 for personal use. The owner made an additional investment of P50,000. The ending capital balance is _____. 2. The beginning capital balance of BA Company is P1,280,000 while the ending capital balance is P1,520,000. During the year, the owner withdrew P210,000 for personal use. There was no additional investment made during the year. The Net Income for the year is _____.(A.) During the current year, the assets of Duffy Stationery increased by $650,000 and the liabilities decreased by $340,000. What was the change in owners' equity during the year? (B.) The owners' equity of Graham Interiors appears on the balance sheet as $720,000 and is equal to one-fourth of total assets. Compute the amount of total liabilities. (C.) At the end of the year, the owners' equity in Scott Mfg. amounted to $845,000. During 2018, the assets of the business increased by $515,000 and the liabilities increased by $205,000. The owners' equity at the beginning of 2018 was how much?