Below are the accounts of Grace Real Estate in alphabetical order: Accounts Payable $23,100 Accounts Receivable $17,200 Capital $30,900 Cash $28,400 Expenses = $20,000 Furniture and Fittings $18,000 Land & Buildings $37,900 Revenue= $63,500 Salaries payable $4,000 Required: Total Equity($)= A. $43, 500 B. $30,500 C. $74,400 D. $94,000
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Below are the accounts of Grace Real Estate in alphabetical order: Accounts Payable $23,100
A. $43, 500
B. $30,500
C. $74,400
D. $94,000
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Solved in 3 steps
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- Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Declared and paid to shareholders, a dividend of $24,000. B. Issued common stock at par value for $12,000 cash. C. Sold a tract of land that had cost $10,000, for $16,000. D. Purchased a company truck, with a note payable of $38,000. E. Collected $8,000 from customer accounts receivable.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.Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received customer payments of $965 B. supplies purchased on account $435 C. services worth $850 performed, 25% is paid in cash the rest will be billed D. corporation pays $275 for an ad in the newspaper E. bill is received for electricity used $235. F. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?
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- The following information is for Benton Office Supplies: Benton Office Supplies Balance Sheet December 31, 201X Cash $ 65,000 Accounts Payable $ 60,000 Prepaid Insurance 30,000 Salaries Payable 10,000 Accounts Receivable 50,000 Mortage Payable 90,000 Inventory 70,000 Total Liabilities $160,000 Land held for investment 75,000 Land 90,000 Building $100,000 Common Stock $120,000 Less Accumulated Retained Earnings 250,000 Depreciation (20,000)…The following information applies to questions 2to 3. (Check your ans. with your group members for these questions)!! Black and Partners has listed the following amounts in its statement of financial position (balance sheet) Cash $10,000 Buildings $75,000 Trade payables (creditors) $25,000 Taxes payable within one year $15,000 Trade receivables (debtors) $55,000 Plant and equipment $30,000 Inventory (Stock) $60,000 What is the amount of total current assets? (a) $125,000 (b) $150,000 (c) $180,000 (d) $255,000 What is the amount of total non-current (fixed) assets? (a) $75,000 (b) $105,000 (c) $130,000 (d) $190,000 A business has Capital of $830 000, Net…The following information is taken from Gandalf, Pty, Ltd. book: Accounts Payable $600 Accounts Receivable $5,200 Cash $27,000 Loan Payable in 6 months $4,400 Revenue received in advance $12,000 Bank Loan – Mortgage $30,000 Accumulated depreciation $7,800 Inventory $10,200 Buildings $17,600 Supplies $1,600 What is the most likely amount for the company's net assets? Select one: a. $41,600. b. $6,800. c. $14,600. d. $26,600. e. $18,800.
