Segining odyearService Revenwes -200,000160,o0040,000R00salary expensesesRentexpensesInsurance expensesOrowingsO Close Books ?@Net income ?what is ending Owner's equity ?20,000

Name: Segining odyearService Revenwes -200,000160,o0040,000R00salary expens
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Segining odyearService Revenwes -200,000160,o0040,000R00salary expensesesRentexpensesInsurance expensesOrowingsO Close Books ?@Net income ?what is ending Owner's equity ?20,000

Temporary accounts are those which are closed at the end of each accounting year. So at the end of…

Answered: Begining od year Service Revenwes…

Business

Accounting

Begining od year Service Revenwes 200,000 salary expenseses Rent expenses 160,000 40,000 R00 o Insurance expenses Osawings 20,000 O Close Books ? @ Net income ļ oWhat is endli ag owner's equity ?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A sole trader has the following items in the book accounts: Sales R60 000; Cost of Sales R50 000; Opening Stock R10 000; Purchases R40 000; Wages R20 000 and Office Rent R10 000. What is the value of net profit /loss?
Capital 1 January 2019 350 000Drawings 20 000Sales (70% on credit) 950 000Gross profit 250 000Total expenses 80 000Bank favourable 26 000Net profit 74 000Trade creditors 26 000Property, plant and equipment 350 000Fixed deposit 20 000Inventory 72 000Trade Debtors 80 000Mortgage Loan 100 000 Additional InformationThe opening balance of the inventory, debtors and creditors was R50 000, R60 000 and R30 000respectively. Assume a 365 day year. Calculate the following ratios and explain what each ratio means in relation to theindustry average given in brackets. Show your calculations as marks will be awardedfor these. Round off to 2 decimal places. Q.2.1.3 Average creditors settlement period (60 days). Assume purchases are equalto cost of sales and 60% of all purchases are on credit. Q.2.2 Discuss how the solvency ratio is calculated and what is measured by this ratio. Please help with the both questions mentioned
Capital 1 January 2019 350 000Drawings 20 000Sales (70% on credit) 950 000Gross profit 250 000Total expenses 80 000Bank favourable 26 000Net profit 74 000Trade creditors 26 000Property, plant and equipment 350 000Fixed deposit 20 000Inventory 72 000Trade Debtors 80 000Mortgage Loan 100 000 Additional InformationThe opening balance of the inventory, debtors and creditors was R50 000, R60 000 and R30 000respectively. Assume a 365 day year. Calculate the following ratios and explain what each ratio means in relation to theindustry average given in brackets. Show your calculations as marks will be awardedfor these. Round off to 2 decimal places. Q.2.1.3 Average creditors settlement period (60 days). Assume purchases are equalto cost of sales and 60% of all purchases are on credit. Q.2.2 Discuss how the solvency ratio is calculated and what is measured by this ratio.
Owner's equity is OR150,000 and total liabilities are OR90,000. Total assets would be: Select one: a. OR60,000. O b. OR300,000. O c. OR240,000. O d. OR180,000.
Net sales OR 207000 Cost of the goods sold OR 165000 Closing Stock OR 8700 Details Debit Credit Salary 6500 Rent 14200 Interest Payable 750 Stationery 870 Insurance 1850 Dividend 900 What will be the Net Profit? Select one: a. RO 10030 b. RO 10780 c. RO 19480 d. RO 20230
If a business has the following balances, what would be the amount of total liabilities?ASSETSCash $ 5000Accounts Receivable 2575Equipment 14000OWNER'S EQUITYAnne Miller, Capital 2600
Calculate Owner's Equity Extract of Balance sheet items as at 31 December 2020 OR Equipment 20000 Goodwill 4500 Creditors 1000 Land 35000 Account receivables 3500 Capital 11500 Closing Stock 15000 Loan 3000 Bank overdraft 3200 Cash 2500 Mortagage loan 7500 Machinery 1650 Trade payables 5700 Accumulated Depreciation (Equipment) 1000 Short term Investments 2200 Trade marks 6000 Drawings 1000 Retained Earnings 9150 Prepaid Expenses 2300 MC Select one: a. 9900 OMR b. 81750 OMR c. 19650 OMR d. 91650 OMR
xtract of Balance sheet items as at 31 December 2020 OR Land 35000 Account receivables 3500 Capital 11500 Closing Stock 15000 Loan 3000 Bank overdraft 3200 Cash 2500 Mortagage loan 7500 Machinery 1650 Trade payables 5700 Accumulated Depreciation 1000 Short term Investments 2200 Trade marks 6000 Drawings 1000 Retained Earnings 7150 Prepaid Expenses 2300 Calculate Owners Equity Select one: a. None Of These b. 8900 OMR c. 58250 OMR d. 17650 OMR
Identify the relevant transaction for this entry: Assets Owner’s equity Liabilities +R8000 +R8000 0 Received R8000 cash for debtors R8 000 cash paid for rent Cash sales of inventory R8 000 Received R8 000 cash for rent
On August 1, 2020, the business accounts of Peter and Senen appear below:Assets Peter SenenCash P11,000 P22,354Accounts receivable 84,536 217,890Inventories 100,035 240,102Land 603,000 428,267Buildings 200,345 384,789Other Assets 22,000 23,600Total P1,020,916 P1,317,002Liabilities and CapitalAccounts payable P178,940 P243,650Notes payable 200,000 345,000Peter, Capital 641,976Senen, Capital 728,352Total P1,020,916 P1,317,002Peter and Senen agreed to form a partnership contributing their respective assets and liabilitiessubject to the following adjustments:Accounts receivable of P20,000 and P35,000 are uncollectible in Peter and Senen’s respectivebooks.Inventories of P5,500 and P6,700 are worthless in Peter and Senen’s respective booksOther Assets of P2,200 and P3,600 in Peter and Senen’s books are written off.After five days Ethel was offered to join Peter and Senen and will contribute for a 20% interestin the firm. They also agreed to divide profits and losses in the ratio of 4:4:2…
created balance sheet for HME Sdn Bhd From the following particulars, prepare a balance sheet HME at 30 Jun 2022Capital RM100,000Goodwill RM20,000Prepaid Expenses RM30,000Investment RM20,000Debtors RM30,400Creditors RM30,200Cash at bank RM100,000Furniture RM5,665Outstanding Expenses RM10,000Net profit RM6,242Closing stock RM25,000Bills Receivable RM8,689Bills Payable RM8,000Advance Income RM20,000Drawings RM5,000
Extract of Balance sheet items as at 31 December 2020 OR Land 35000 Account receivables 3500 Capital 11500 Closing Stock 15000 Loan 3000 Bank overdraft 3200 Cash 2500 Mortagage loan 7500 Machinery 1650 Trade payables 5700 Accumulated Depreciation 1000 Short term Investments 2200 Trade marks 6000 Drawings 1000 Retained Earnings 7150 Prepaid Expenses 2300 Calculate Owners Equity Select one: a. None Of These b. 17650 OMR c. 8900 OMR d. 58250 OMR