Help please At the end of an accounting period, a company'stotal assets equaled $585,000, and liabilitiesequaled $240,000. How much was the company'sowners' equity?owners' equity = [ ?]Round to te nearest hundredth.Enter- 2022 International Academy of Science. All Rights Reserved.%23

An accounting equation refers to a mathematical representation of an accounting transaction. It…

Answered: At the end of an accounting period, a…

At the end of an accounting period, a company's total assets equaled $585,000, and liabilities equaled $240,000. How much was the company's owners' equity?

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 10CDQ: Assume that as of January 1, 20Y8, Sylvester Con- suiting has total assets of $500,000 and total...

See similar textbooks

Related questions

Q: 4.2 Accounting Agency Corporation provides primarily two kinds of services: accounting and tax.…

A: Breakeven sales revenue is that level of sales at which business is only recovering it's fixed costs…

Q: Compute the book value at the beginning of year 5 of an equipment purchased at P1 350 000 if it has…

A: Solution... Cost =1,350,000 Salvage = 600,000 Life = $10 years

Q: true or false: 21) The indivisible reserve of savings and credit cooperatives is NOT covered by…

A: The correct answer for the above mentioned questions is given in the following steps for your…

Q: If you borrowed P 10, 000.00 from a bank with 18% interest per annum, what is the total amount to be…

A: The amount to be paid at the end of 1 year will be the amount borrowed and interest on amount…

Q: 1. Citibank pays 9% ordinary simple interest on a 30-day time deposit. How much money will the…

A: Future Value: A present asset's future value, abbreviated as FV, is the value that asset is expected…

Q: Budgets provide financial objectives to achieve. If actual operations results do not meet the…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: UberCo agrees to the additional request. Which answer below most accurately characterizes this…

A: Merger and acquisition is the type of business combination in which the one company acquires the…

Q: Why is the statement of cash flows required as part of the set of external financial statements?…

A: Statement of cash flows is a statement which is used to see the flow of cash of the business under…

Q: 1. Tara transfers land with a $600,000 adjusted basis and a $700,000 FMV to a corporation in a Sec.…

A: The taxpayers are can transfer the property to the corporation in exchange for the corporation’s…

Q: Unit V question 6 a2

A: The cost per unit is computed as total cost divided by number of units. The overhead rate is…

Q: Determine the amount of taxable income/(loss) for the year 2020 assuming the taxpayer opted to use…

A: When an individual sums up his income from all sources and deducts allowable deductions, it is…

Q: Perez Company is considering an investment of $30,485 that provides net cash flows of $9,000…

A: Internal rate of return is the rate at which the present value of cash inflows is equal to the…

Q: Bernis Company has two service departments: Personnel and Inspection. Both service departments…

A: The costs of service departments are allocated using various methods as direct method, step…

Q: Presented below is information related to Kingbird, Inc. Cost Retail Beginning inventory…

A: Working Note: Cost to retail ratio = Cost of goods available for sale at Cost / Cost of goods…

Q: A term that refers to a situation where the revenue function is equal to the cost function.

A: Revenue function and cost function are two important terms used in cost volume profit analysis.

Q: On January 1, 2021, Kendall Inc. began construction of an automated cattle feeder system. The system…

A: The question is related to Borrowing Cost. Weighted Average Accumulated expenditure is the product…

Q: Roeker Company provides information systems consultation services to large companies in the…

A: Formula: Bad debt expense = Credit sales x uncollectible percentage

Q: Pierre de Savigny, a Frenchman, arrived in the Philippines on January 1, 2013, and continued to live…

A: Citizenship in a country is based on certain conditions which are required to be fulfilled to become…

Q: 6. Broker Corporation's budget shows straight-line depreciation on machinery of P 516,000 based on…

A: In a flexible budget the depreciation will be calculated by multiplying the depreciation rate with…

Q: What is the book value of an asset at the beginning of year 8 if its FC is P2 500 000 and with…

A: Cost = 2500000 Economic Life = 12 Year Depreciation rate as per SLM = 100/12 = 8.33% Depreciation…

Q: Determine the amount of taxable income/(loss) for the year 2020 assuming the taxpayer opted to use…

A: Taxable income is the income which is calculated by adding income from all sources and exempted…

Q: Problem 2 An interest rate of 8% compounded semi-annually is how many percent if compounded…

A: Compound interest is that type of interest under which interest is being charged on principal as…

Q: Assume the University of Morton and McColl (could be public or private) calculates gross tuition and…

A: Journal Entries is the method to record transactions within the accounting records of the business.…

Q: In a Master Budget, where the overhead allocation rate is based on direct labor hours, the…

A: Manufacturing overhead means all type of indirect costs being incurred on the production and…

Q: Exercise 13-12 (Algo) Volume Trade-Off Decisions [LO13-5] Benoit Company produces three products—A,…

A: The contribution margin is the difference between the price of a product and any related variable…

Q: What types of dividend provide tax saving most? 1- cash dividend 2- Share dividend 3- Orher…

A: A dividend is a portion of a company's value distributed by the board of directors. Dividends are…

Q: The ordinary share balance on December 31, 2021? The preference share balance on December 31, 2021?…

A: Company sells the interest to raise the funds and to raise funds Company sells the shares and the…

Q: Prepare a variable-costing income statement for Pattison Products, Inc., for the month of October.…

A: The variable costs includes direct materials, direct labor, variable overhead, variable selling and…

Q: 5. A business-related transaction refers to regulatory requirements that a business entity must…

A: Business-related transactions shall appear in the Business or entity's Statement profit and loss a/c…

Q: At the start of the current year, SBC Corp. purchased 30% of Sky Tech Inc. for $51 million. At the…

A: Depreciation can be termed as a reduction in the value of an asset over its useful period when used…

Q: Required information (The following information applies to the questions displayed below.] Gerald…

A: Introduction: Individuals, corporations, and other legal organisations are all subject to the…

Q: The equipment has a purchased price of P530 000 and expected to have 13% ann depreciation rate.…

A: Introduction:- Depreciation is a non cash expenditure. Which id charged on fixed assets over a…

Q: Under IFRS, how is presentation currency defined? The currency in which the financial statements…

A: Presentation Currency: This is the presentation currency is the term given to the monetary unit in…

Q: Kingbird Company has the following selected accounts after posting adjusting entries: Accounts…

A: Current Liability: It is the obligation of the company which is payable within 1 year or during a…

Q: In a public corporation, the agency conflict is: O the exploitation of the workers by the owners O…

A: Company means the form of business where management is separately from owner and have perpetual…

Q: Frank Corporation manufactures a single product that has a selling price of S30.00 per unit. Fixed…

A: Formula used: Units to be sold to earn a target profit = ( Fixed cost + target profit ) / Unit…

Q: PICPA (Philippine Institute of Certified Public Accountants) has a total of ___ board members.

A: PICPA is the Philippine Institute of Certified Public Accountants.

Q: ing entity remains the company's performar the parent's financia

A: To find the correct option as,

Q: Assume that Sparks uses a perpetual specific identification inventory system. Its ending inventory…

A: Specific identification method of inventory: In this method of inventory valuation, each item of…

Q: Yamato Company’s 2019 fixed manufacturing overhead costs totaled Php120,000 and variable selling…

A: Under the variable costing method, product costs are those costs which are variable and related to…

Q: A Master budget is called a Static budget because a. It is developed around unchanging (static)…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: In making a short-term special decision, which of the following is MOST important? a. Use a…

A: Solution Concept The decision that is to be taken differs from one another on the basis of the time…

Q: Which of the following is true? a. The Static Budget Variance for operating income is calculated…

A: Actual operating income - Static operating income = Static budget variance Actual operating income -…

Q: What is the difference between current ratio and quick ratio?

A: Lets understand the basics. Ratio analysis is an analysis which helps to understand the complicated…

Q: Determining whether an amount is of a capital or a revenue nature forms part of the subjective test.…

A: The capital nature amount means the amount by which the company receives the amount. The capital…

Q: chased $6,000

A: These are the accounting transactions that are having a monetary impact on the financial statement…

Q: IAS 21 provides that exchange differences/(gain/loss) arising on the settlement or remeasuring…

A: Introduction:- IAS 21 with as follows under:- Account for foreign currency transactions. When the…

Q: Johnston Company cleans and applies powder coat paint to metal items on a job-order basis. Johnston…

A: Budgets are made to forecast the future expenses and revenues. These figures are based on estimates…

Q: 2) Prepare a trend analysis for the following Statement of Cash Flows. Round to nearest whole…

A: INTRODUCTION: The trend analysis is the method of analysing financial position of an organisation on…

Q: xercise 13-6 (Algo) Managing a C

A: The total cost of production of a good comprises of the total fixed cost of production and the total…

Concept explainers

Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.

Question

Help please

At the end of an accounting period, a company's
total assets equaled $585,000, and liabilities
equaled $240,000. How much was the company's
owners' equity?
owners' equity = [ ?]
Round to te nearest hundredth.
Enter
- 2022 International Academy of Science. All Rights Reserved.
%23

Expert Solution

This question has been solved!

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

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

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.
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 Accounting Equation Ginger Enterprises began the year with total assets of $500,000 and total liabilities of $250,000. Using this information and the accounting equation, answer each of the following independent questions. What was the amount of Gingers owners equity at the beginning of the year? If Gingers total assets increased by $100,000 and its total liabilities increased by $77,000 during the year, what was the amount of Gingers owners equity at the end of the year? If Gingers total liabilities increased by $33,000 and its owners equity decreased by $58,000 during the year, what was the amount of its total assets at the end of the year? If Gingers total assets doubled to $1,000,000 and its owners equity remained the same during the year, what was the amount of its total liabilities at the end of the year?
Income statement, retained earnings statement, and balance sheet The amounts of the assets and liabilities of Glacier Travel Service as of September 30, 20Y6, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings were $150000 and the common stock was $50000 as of October 1, 20Y5, the beginning of the current year. Dividends of $10000 were paid during the year. Instructios Prepare a statement of stockholders’ equity for the current year ended September 30. 20Y6.
Income Statement and Retained Earnings Huff Company presents the following items derived from its December 31, 2019, adjusted trial balance: The following information is also available for 2019 and is not reflected in the preceding accounts: 1. The common stock has been outstanding all year. A cash dividend of 1.28 per share was declared and paid. 2. Land was sold at a pretax gain of 6,300. 3. Division X (a major component of the company) was sold at a pretax gain of 4,700. It had incurred a 9,500 pretax operating loss during 2019. 4. A tornado, which is an unusual event in the area, caused a 5,400 pretax loss. 5. The income tax rate on all items of income is 30%. 6. The average shareholders equity is 90,000. Required: 1. Prepare a 2019 multiple-step income statement for Huff. 2. Prepare a 2019 retained earnings statement. 3. Compute the 2019 return on common equity (Net Income 4 Average Shareholders Equity).
Reinhardt Company reported revenues of $122,000 and expenses of $83,000 on its 2019 income statement. In addition, Reinhardt paid of dividends during 2019. On December 31, 2019, Reinhardt prepared closing entries. The net effect of the closing entries on retained earnings was a(n): a. decrease of $4,000. b. increase of $35,000. c. increase of $39,000. d. decrease of $87,000.
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.
Income statement, retained earnings statement, and balance sheet The amounts of the assets and liabilities of Glacier Travel Service as of September 30, 20Y6, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings were $150000 and the common stock was $50000 as of October 1, 20Y5, the beginning of the current year. Dividends of $10000 were paid during the year. Instruction Prepare an income statement for the current year ended september 30, 20Y6.
Income statement, retained earnings statement, and balance sheet The amounts of the assets and liabilities of Glacier Travel Service as of September 30, 20Y6, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings were $150000 and the common stock was $50000 as of October 1, 20Y5, the beginning of the current year. Dividends of $10000 were paid during the year. Instructions Prepare a balance sheet as of September 30, 20Y6.
Spreadsheet The following 2019 information is available for Payne Company: Partial additional information: The net income for 2019 totaled 1,600. During 2019, the company sold, for 390, equipment that cost 390 and had a book value of 300. The company sold land for 200, resulting in a loss of 40. The remaining change in the Land account resulted from the purchase of land through the issuance of common stock. Required: Making whatever additional assumptions that are necessary, prepare a spreadsheet to support the 2019 statement of cash flows for Payne.
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?
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