At the end of a recent year, National Cleaning Service, a full-service house and office cleaning service, had total assets of $5180 and equity of $3650. How much were National Cleaning Service's liabilities?

At the end of a recent year, National Cleaning Service, a full-service house and office cleaning service, had total assets of $5180 and equity of $3650. How much were National Cleaning Service's liabilities?

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 2E: Determine the following amounts: a. The amount of the liabilities of a business that has 60,800 in...

See similar textbooks

Related questions

Q: Below are summary cash flow statements for three roughly equal-sized companies. Net cash flows from…

A: CASH FLOW STATEMENTCash flow statement is additional information for the user of financial…

Q: (a) How many performance obligations are in a single subscription contract?\\n\\n(b) Prepare the…

A: A performance obligation is a commitment to deliver goods or services to a customer as specified in…

Q: The following information is available for ADT Company, which produces special-order security…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Prepare the journal entries on HC Corporation's books to account for the business combination.

A: The journal entries for the business combination requires all the entries which has occurred and all…

Q: Bambino Sporting Goods makes baseball gloves that are very popular in the spring and early summer…

A: Ending inventory is the number of units remaining unsold at the end of the accounting period. It is…

Q: 5. Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from…

A: 5. Jorge and AnitaTax Calculation:Jorge and Anita's taxable income: $150,000Interest income:…

Q: Bonita Company owes $167,000 plus $14,900 of accrued interest to Windsor State Bank. The debt is a…

A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…

Q: Last year, California Sushi and Such (CSS) had sales of $65 million. The firm's operating expenses…

A: California Sushi and Such (CSS) is a sushi and Japanese food retailer. Last year, the company had…

Q: Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation Equipment LMN, Inc…

A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. These…

Q: Cute Vélo Inc. produces and sells children's bikes at an average price of $72. Its costs are as…

A: Variable cost is the cost which changes with change in production volume. Fixed cost do not change…

Q: P Co acquired an 80% interest in S Co on 1/1/2023 when the book values of S assets and liabilities…

A: In this question, we compute the P income from S for 2014, For this purpose, we use the following…

Q: 1. Calculate the group depreciation rate, group life, and depreciation for 2024. 2. Prepare the…

A: Group depreciation rate and group life are methods used to depreciate assets collectively rather…

Q: Hi-Tek Manufacturing, Incorporated, makes two types of industrial component parts-the 8300 and the…

A: The cost of goods sold means the total amount of direct costs that are related to the production of…

Q: Ionic Charge is a newly organized manufacturing business that plans to manufacture and sell 50,000…

A: "As per guidelines, we solve only the first three sub-parts in case of a question posted with…

Q: Elliott Trophies makes three types of awards for organizations to give employees or team members.…

A: As per the Honor code of Bartleby we are bound to give the answer of first three sub parts only,…

Q: Based on this information, Jennifer's total federal tax credits for 2023 will be:

A: Federal tax credits are deductions applied to an individual's total tax liability, reducing the…

Q: Marc, a single taxpayer, earns $64,400 in taxable income and $5,440 in interest from an investment…

A: The tax liability represents the taxes payable on the taxable income. The tax liability depends upon…

Q: Home Realty, Incorporated, has been operating for three years and is owned by three Investors. J.…

A: Income Statement: It refers to one of the financial statements that presents or shows all of the…

Q: Purchased equipment on account Account #1 Account Type

A: Purchase equipment on account:-Account #1 Account Type…

Q: Decker Company has five products in its inventory. Information about ending inventory follows. Unit…

A: LCNRV: The inventory is recorded at the purchase cost initially but, it is adjusted to the lower…

Q: uestion One In this article Srinivasan (2011) discusses the nature of Apple and Amazon as price…

A: Apple's Pricing Strategy:Apple typically adopts a premium pricing strategy for its products,…

Q: Assets Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Total current assets…

A: Cash Flow Statement: An accounting statement that depicts the inflow and outflow of cash from a…

Q: Units in beginning work in process Units started into production Units in ending work in process…

A: Direct costs are the expenses that are directly used for the production of goods and services for…

Q: As a long-term investment, Painters' Equipment Company purchased 20% of AMC Supplies Incorporated's…

A: When significant influence is acquired (ownership between 20% and 50%), the equity method is…

Q: Fuzzy Monkey Technologies, Inc., purchased as a long-term investment $240 million of 6% bonds, dated…

A: Investment in bonds can be made at par, premium, or discount. If the purchase cost equals the bond…

Q: Kayley Company manufactures jewelry boxes. The primary materials (wood, brass, and glass) and direct…

A: PREDETERMINED OVERHEAD RATEPredetermined rate means an indirect cost rate.Predetermined overhead…

Q: Alwyn Company of the United States is a manufacturer whose total factory overhead costs fluctuate…

A: The production cost comprise variable, fixed and mixed costs. The variable and fixed costs elements…

Q: MechTech Incorporated started the year with $120,400 cash and reported net cash provided by…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: Vuong Rentals has sales of $546,000, costs of $295,000, depreciation expense of $37,000, interest…

A: Income before tax = Sales - Costs - Depreciation expenses - Interest expense=…

Q: Assume the following budgeted information for a merchandising company: Budgeted sales (all on…

A: Cash Collection: It implies a process of sending reminders to the customers for their overdue or…

Q: 2. In 2019, the Creighton Agricultural Products Company used a predetermined manufacturing overhead…

A: The application of overhead is allocating indirect manufacturing costs to products using a…

Q: 1. If Hoboken Industries continues to use 45,000 units of part MR24 each month, it would realize a…

A: To decide if a product should be made in-house or bought from outside, check whether the entity can…

Q: Revenue Gross profit (loss) GA S Answer is not complete. 2025 2024 2,800,000 2026

A: Under this method, a percentage of work completed to date is computed using the cost incurred to…

Q: Florrick Co. owns 85% of Bishop Inc. The two companies file a consolidated income tax return and…

A: 1. Calculate consolidated net income:Combine Flor Rick's and Bishop's separate operating income:…

Q: Rainbow Paints operates a chain of retail paint stores. Although the paint is sold under the Rainbow…

A: The break-even sales are the sales where the business earns no profit or loss during the period.…

Q: Crane Corporation issued 250 shares of $10 par value common stock for $3,750. Prepare Crane’s…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: E9.9 (LO 2) (Capitalization of Interest) On December 31, 2024, Main Inc. borrowed $3,000,000 at 12%…

A: expenses incurred to improve the efficacy and efficiency of the fixed assets utilized in operations…

Q: Carmen Camry operates a consulting firm called Help Today, which began operations on December 1. On…

A: Income Statement: It refers to one of the company's financial statements that provides all the…

Q: Current Attempt in Progress Swifty Company manufactures two products, Mini A and Maxi B. Swifty's…

A: Predetermined Overhead Rate :— It is the rate used to allocate manufacturing overhead cost to cost…

Q: Transactions made by Kingbird, Inc., akaw firm, for the month of March are as follows. 1. 2. 3. 4.…

A: As per dual concept of accounting, every transaction has dual impact on the books of accounts.The…

Q: Apply overhead to each of the jobs. Job Job 131 Job 132 Job 133 Overhead ? ? ? Prepare an entry…

A: Let's go step by step:Apply Overhead to Each Job: Overhead is applied at 1.25 times the direct…

Q: Tao Company had the following inventory balances at the beginning and end of the year: December 31 $…

A: Cost of goods manufactured :— It is the total cost of completed finished goods transferred from work…

Q: The transactions of Spade Company appear below. Kacy Spade, owner, invested $18,250 cash in the…

A: Journal EntryA journal is a concise record of all transactions a business conducts; journal entries…

Q: Receiving cash from a customer to pay for a previously recorded account receivable will: O increase…

A: When a customer pays cash to settle a previously recorded accounts receivable, there is a simple…

Q: 2. Which of the following is not a guideline of ethical conduct? a. Identify an ethical decision…

A: The answer is C. Make a decision that is in the best interests of the company; other parties…

Q: Requirements 1. Use the high-low method to estimate the fixed and variable portion of overhead costs…

A: Overhead cost is the indirect cost involved in the production process of the company. The overhead…

Q: 7:43 AM Chegg Home Expert Q&A Student question expert.chegg.com/ My solutions 7.7KB/s All What would…

A: The objective of the question is to create a budget chart based on the given information. The budget…

Q: Diana acquires, for $65, 000, and places in service a 5-year class asset on December 19, 2023. It is…

A: Bonus depreciation is a tax incentive that allows businesses to deduct a larger portion of the cost…

Q: The bank has granted an overdraft facility to ABC company for the period. The overdraft facility…

A: The objective of the question is to calculate the effective annual cost of using the overdraft…

Q: On 1/1/2019 P Co acquired 75% of S Co's outstanding common stock for cash The fair value of the…

A: Business combination is defined as acquisition of an entity by another entity. In case of…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introducing Accounting Equation

VIEW

Step 2: Calculate the amount of National Cleaning Service's liabilities

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

CPK ** Associates is a mid-size legal firm, specializing in closings and real estate law in the south. In 2019, they generated $945,000 in sales revenue. Their expenses related to this year’s revenue are shown: Based on the information provided for the year, what was their net operating income?
Determine the following amounts: a. The amount of the liabilities of a business that has 60,800 in assets and in which the owner has 34,500 equity. b. The equity of the owner of a tour bus that cost 57,000 and on which is owed 21,800 on an installment loan payable to the bank. c. The amount of the assets of a business that has 11,780 in liabilities and in which the owner has 28,500 equity.
At the end of a recent year, Global Cleaning Service, a full-service house and office cleaning service, had total assets of $3,630 and equity of $2,280. How much were Global Cleaning Service’s liabilities? $5,910 $3,630 $1,350 $2,280
At the end of a recent year, Global Cleaning Service, a full-service house and office cleaning service, had total assets of $3,630 and equity of $2,280. How much were Global Cleaning Service’s liabilities? a. $5,910 b. $3,630 c. $1,350 d. $2,280
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, Vendors, Inc., had owners' equity of $49,850. During the year, net income was $6,150 and the company paid dividends of $4,250. The company also repurchased $8,350 in equity. What was the owners' equity account at the end of the year?
During the year, A Salt & Buttery, Inc., had revenue of $88,000 of which $6,000 was collected from customers. It also had expenses of $28,000 of which $3,000 was paid. The owners were paid $20,000 in dividends. Net income for the year equals?
Kyzera manufactures, markets, and sells cellular telephones. The average total assets for Kyzera is $250,000. In its most recent year, Kyzera reported net income of $65,000 on revenues of $475,000. What is the average total amount of liabilities plus equity for Kyzera?
On June 30 of the current year, the assets and liabilities of Phoenix, Inc. are as follows: Cash $20,500; Accounts Receivable, $7,250; Supplies, $650; Equipment, $12,000; Accounts Payable, $9,300. What is the amount of owner's equity as of June 30 of the current year?
(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?
Ltd began the financial year with rent payable owing of £100. During the year, the business paid £3,100 in rent and at the end of the year the business had paid £800 rent in advance. What was the rent payable expense for the year to be shown in the income statement (profit and loss account)?
During the current year, the owners of A & J Industrial Supply Company invested $100,000 and withdrew $48,000. In the same time period, the company had revenues of $200,000 and expenses of $75,000. What is A & J's net income? a. $125,000 b. $177,000 c. $52,000 d. $275,000