At the end of an accounting period, a company's liabilities equaled $295,000, and owner's equity equaled $230,000. How much were the company's assets?
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![At the end of an accounting period, a company's
liabilities equaled $295,000, and owner's equity
equaled $230,000. How much were the company's
assets?
kassets = [?]
Round to te nearest hundredth.
Enter
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- 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.Prince Corporations accounts provided the following information at December 31, 2019: What should be the current balance of retained earnings? a. 520,000 b. 580,000 c. 610,000 d. 670,000The 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?
- Discuss how each of the following transactions for Watson, International, will affect assets, liabilities, and stockholders equity, and prove the companys accounts will still be in balance. A. An investor invests an additional $25,000 into a company receiving stock in exchange. B. Services are performed for customers for a total of $4,500. Sixty percent was paid in cash, and the remaining customers asked to be billed. C. An electric bill was received for $35. Payment is due in thirty days. D. Part-time workers earned $750 and were paid. E. The electric bill in C is paid.During 2022, its first year of operations, Skysong, Inc. had revenues of $106600 and expenses of $54120. The business paid cash dividends of $29520. What is the balance in Retained Earnings at December 31, 2022? $29520 debit $0 $52480 credit $22960 creditat the end of an accounting period, a companys liabilities equaled $295000 and the owners equity equaled $210000 how much were the companys assets
- () The total assets of Shumway Company Lid. are £600,000 and its liabilities are equal to one half of its total assets. What is the amount of Shurmway Company Lid.'s equity? BE1-3 At the beginning of the year, Gonzales Company SLU had total assets of €870,000 and total liabilities of €500,000. Answer the following questions (a) I total assets increased €l50,000 during the year and total liabilities decreased E80,000, what is the amount of cquity at the end of the year? (h) During the year, total liabilities increased €100,000 and equity decreased €S5,000. What is the amount of total assets at the end of the year? (c) If total assets decreased €80,000 and equity increased €120,000 during the year, what is the amount of total liabilities at the end of the year? BE1-4 Use the accounting equation to answer each of the following questions (a) The liabilities of Alli Company Lad. are C90,000. Share capital-ordinary is C150,000; dividends are f40,000; revenues, £450,000; and expenses,…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 start of the period, 2 pointsMN Business has total assets ofP500,000 and total liabilities ofP300,000. During the period, thebusiness earned total income ofP1,000,000 and incurred totalexpenses of P640,000. No additionalinvestments or withdrawals weremade by the owner. How much is thetotal equity at the end of the period?
- The following is the ending balances of accounts at December 31, 2024, for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash $ 89,000 Short-term investments 204,000 Accounts receivable 145,000 Long-term investments 46,000 Inventory 226,000 Receivables from employees 51,000 Prepaid expenses (for 2025) 27,000 Land 291,000 Building 1,660,000 Equipment 648,000 Patent (net) 163,000 Franchise (net) 51,000 Notes receivable 305,000 Interest receivable 23,000 Accumulated depreciation—building $ 631,000 Accumulated depreciation—equipment 221,000 Accounts payable 200,000 Dividends payable (payable on 1/16/2025) 21,000 Interest payable 27,000 Income taxes payable 51,000 Deferred revenue 71,000 Notes payable 322,000 Allowance for uncollectible accounts 19,000 Common stock 2,044,000 Retained earnings 322,000 Totals $ 3,929,000 $ 3,929,000 Additional information: The…7) Evergreen traders had the gross profit of RO 78,200, advertising of RO 1,700, salesperson salary of RO 1,500, office rent of RO 7,400, office insurance of RO 1,200, interest expense of RO 500, loss on sale of machinery RO 700, dividend revenue RO 2,500 and repairs and maintenance of RO 450 for the year 2019. Calculate and show the Net income of the business transferred to the balance sheet for the year ended 2019? a. RO 68,650 b. RO 78,200 c. RO 69,550 d. RO 67,250#110 At the beginning of 2020, a business had total liabilities of P1,800,000 and P600,000 of equity. Total assets increased by 25% while the total liabilities remained the same. Contributions made by the owner amounted to P500,000 while the profit amounted to P1,000,000. Determine the amount of withdrawals made by the owner during the year.
