At the beginning of the year a sole proprietorship had liabilities of 100k and owners equity of 96k. Asset increased by 40k and liabilities decreased by 30k. How much the owners equity at the end of the year?

At the beginning of the year a sole proprietorship had liabilities of 100k and owners equity of 96k. Asset increased by 40k and liabilities decreased by 30k. How much the owners equity at the end of the year?

Name: At the beginning of the year a sole proprietorship had liabilities of
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: At the beginning of the year a sole proprietorship had liabilities of 100k and owners equity of 96k. Asset increased by 40k and liabilities decreased by 30k. How much the owners equity at the end of the year?

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 2.12E: Net income and dividends The income statement of a corporation for the month of February indicates a...

See similar textbooks

Similar questions

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?
Using the January 1 and December 31, 20Y8, data given in Question 10, answer the following question: If Sylvester Consulting paid $18,000 of dividends during 20Y8, what was the amount of net income for 20Y8?
Net Income (or Loss) and Retained Earnings The following information is available from the records of Prestige Landscape Design Inc. at the end of the year: Required Use the previous information to answer the following questions. What is Prestiges net income for the year? What is Prestiges Retained Earnings balance at the end of the year? What is the total amount of Prestiges assets at the end of the year? What is the total amount of Prestiges liabilities at the end of the year? How much owners equity does Prestige have at the end of the year? What is Prestiges accounting equation at the end of the year?
The following data (in millions) are taken from the financial statements of Target Corporation: a. For Target Corporation, determine the amount of change in millions and the percent of change (round to one decimal place) from the prior year to the recent year for: 1. Revenue 2. Operating expenses 3. Operating income b. What conclusions can you draw from your analysis of the revenue and the total operating expenses?
Farmington Corporation began the year with a retained earnings balance of $20,000. The company paid a total of $3,000 in dividends and earned a net income of $60,000 this year. What is the ending retained earnings balance?
Net income and dividends The income statement of a corporation for the month of February indicates a net income of $32,000. During the same period, $40,000 in cash dividends were paid. Would it be correct to say that the business Incurred a net loss of $8000 during the month? Discuss.
At the beginning of the year, Pala Calling Station had liabilities of P200.000 and owner’s equity of P192,000. If assets increased by P800,000 and liabilities decreased by P60,000, what was the owner’s equity at the end of the year?
At the beginning of the year, Vickey BarneyCompany's assets amount P 7,562,432 and theowner's equity amounting to P 2,567,889. During thisyear, assets increased by P 524,332 while liabilities decreased by P 35, 589. How much is the owner'sequity at the end of the year?
At the beginning of the year, Plug-In Company had total assets of $117,000 and total liabilities of $95,000 and total owner's equity of $22,000. 1. If total liabilities decreased $16,000 and owner's equity decreased $29,000, during the year, what is the amount of total assets at the end of the year?
At the beginning of the year, an Entity had total assets of P700,000 and total liabilities of P500,000. If the total assets increased by 30% which corresponds to decrease in total liabilities by 20%, what is the amount of owner’s equity at the end of the year?A. P200,000B. P210,000C. P110,000D. P510,000
The profit made by a business in 20X7 was $35,400. The proprietor injected new capital of $10,200 during the year and withdrew a monthly salary of $500. If net assets at the end of 20X7 were $95,100, what was the proprietor's capital at the beginning of the year?
FDNACCT has beginning balance of owner’s equity of 183,000. This increased to P500,000 at year-end. Owner’s additional investment and withdrawal were P60,000 and P90,000, respectively. Total costs and expenses during the year amounted to P262,000. How much was total revenues earned during the period?