Cash + Supplies + Land = Liabilities + Owner's Equity Bal. 18,000 1,500 54,000 15,000 58,500 1. +35,000 +35,000 2. - 10,000 +10,000 3. - 6,000 - 6,000 | | 4. 800 + 800 - 2,000 - 2,000 - 10,600 5. | 6. - 10,600 7. -1,400 1,400 Bal. 24,400 900 64,000 5,200 84,100 a. Describe each transaction.

Cash + Supplies + Land = Liabilities + Owner's Equity Bal. 18,000 1,500 54,000 15,000 58,500 1. +35,000 +35,000 2. - 10,000 +10,000 3. - 6,000 - 6,000 | | 4. 800 + 800 - 2,000 - 2,000 - 10,600 5. | 6. - 10,600 7. -1,400 1,400 Bal. 24,400 900 64,000 5,200 84,100 a. Describe each transaction.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: ACCOUNTS PAYABLE P60,000 ACCOUNTS RECEIVABLE P10,000…

A: The accounting equation states that assets equal to total of liabilities and equity of the business.

Q: 4 - ABC Co its selected financial statements items are given as following. Gross profit equals to…

A: solution : calculation of ROIC (return on invested capital) we know ROIC = EBIT…

Q: Debit $18,000 9,700 2,000 23,000 No. 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168…

A: The trial balance is prepared by posting the final balance from the T-accounts.

Q: Simple Things Industries Ltd. Comparative Balance Sheet December 31, 2014 and 2013 2014 2013…

A: Cash flow statement: It is a statement which reports the cash inflows and outflows of a business…

Q: The investment of $10,000 cash and $3,000 land in a corporation involves: * O A credit to Land for…

A: As per basic accounting principles, all assets should be debited in case of increase and assets…

Q: The accounting equation for Cineo Enterprises is as follows: Assets Liabilities…

Q: Q-1: a- Prepare a Balance Sheet and Cash Flow Statements for Adam's Pharmaceuticals. Cash Rs15,000…

Q: 1. Purchased land for $275,000 cash. 2. Borrowed $275,000 from the bank on a long-term note. 3. Sold…

A: The cash flow statement is one of the important financial statements that the company has to prepare…

Q: ACCOUNTS PAYABLE P60,000 ACCOUNTS RECEIVABLE P10,000…

A: The accounting equation states that assets equal to sum of liabilities and equity. The equity can be…

Q: 1. Invested cash- P200,000, computer- P25,000, and sofa- P6,000. a. Cash 231,000 Pachicks, Capital…

A: Total capital invested = Cash + Computer + Sofa = P200000 + 25000 + 6000 = P231,000

Q: Activity3. Journal Entries: First Time in Business 1. P250,000 each A and B to contribute 2. the…

A: Since there are multiple questions, we will solve first for you. To get the remaining questions…

Q: 7. Sold for $15,000 land that had cost this same amount 1. Received $8000 cash from June 06…

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: A land was sold for 80000 JD cash Issuing shares for 50,000 JD Equipment was purchased for 25000 JD…

A: Cash flow from financing activity deals with the financing activities of the organization. It deals…

Q: Purchased office equipment for cash Php65,000. a. Debit Office Equipment, Credit Cash b. Debit…

A: The golden rule of accounting says that, if assets come in then it should be debited, and if assets…

Q: (25,000) 50,000 (5,000) 25,000 115,000 100,000 Cash payments to suppliers of goods and services Cash…

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

Q: Land OMR 10,000; capital OMR 10,000; sales OMR 7,000; furniture OMR 7,000; salary OMR 2.000; rent…

A: Trial Balance: Trial balance is a statement in which closing balance of all ledger accounts are…

Q: ACTIVITY 3 The following data are taken from the records of Pagong Delivery Services for the year…

A: Cash flow from operating activities indicates the cash inflow or outflow transactions related to the…

Q: Required: Solve for the amount of the missing element. Case A Case B Case C Assets 14,400 5,600…

A: As per accounting equation :- Assets = Liabilities + Capital Liabilities = Assets - Capital Capital…

Q: 21. On November 1 of the current year, the assets and liabilities of Jim Chu, M.D., are as follows:…

A: Balance sheet of the business has three important elements. These are assets, liabilities and…

Q: Directions: Compute the missing amount in the equation. Write your answers on a separate sheet of…

A: Accounting equation of the business says that total assets in the business must be equal to total…

Q: ACCOUNTS PAYABLE P60,000 ACCOUNTS RECEIVABLE P10,000…

A: As per accounting equation of the business, total assets must be equal to total liabilities and…

Q: Maintenance and Repairs Expense 48,000 Depreciation Expense Insurance Expense Salaries and Wages…

A: “Since you have asked multiple sub-parts, we will solve the first three sub-part for you. If you…

Q: A S. n Cash Flow -$12,000 1 -$2,000 $» 2 -$2,000 $- 3 -$2.000

Q: Q3 ; the following transaction of noor company.. 1/7 noor invests 25 000 D. cash in the business .…

A: Here in this question, we are required to prepare journal entry. Journal entry is passed to record…

Q: $ 15,100 4,500 Net cash provided by operating activities Net cash provided by investing activities…

A: Formula: Beginning cash balance = Ending cash balance - Net cash flows

Q: 3 -2,000 -4,000|-6,000 | 10,000 Year 1 2 4 5 Cash Flow, S P -0 OP= 10,000(P/F, i%, 5) - 2,000(P/G,…

A: Present value: Present value is the sum of the current value of money of future cash flows. It is…

Q: 3. Analyze the following tra transaction is given as an example. Income Statement Financial Position…

A: The return on equity is calculated as net income divided by total equity.

Q: Problem B – Villanueva Realty had the following balance sheet accounts and balances: 60,000…

A: Hi student Since there are multiple subparts, we will answer only first three subparts,

Q: Account Titles Dr. Cr. Dr. Cr. Cash 13,800 13,800 Accounts Receivable 28,300 28,300 Prepaid…

Q: I. THE ACCOUNTING EQUATION COMPUTE THE MISSING AMOUNT CASE 1 CASE 2 CASE 3 CASE 4 CASE 5 CASE 6 CASE…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: liability and owner's equity

A: Total liability is the aggregate value of all liabilities incurred by the entity. Owner's equity is…

Q: Purchasing a building for $115,000 by paying cash of $25,000 and signing a note payable for $90,000…

A: Definition: Accounting equation: Accounting equation is an accounting tool expressed in the form of…

Q: Balance Sheet June 1, 20Y3 $38,800 Cash $72,900 Accounts receivable 4,300 68,600 Less: Allowance for…

A: Journal means the book of prime entry where all entries are recorded on different pages. When assets…

Q: 2.0 BUSINESS TRANSACTION The following is the business transaction for August 2020: August 1…

A: A journal entry records a business transaction in the accounting system for an organization. Journal…

Q: Select one: a. Debit. Rental Expense - $0.00; Debit. Depreciation Expense - $600,000, Credit.…

A: Adjusting entries are the entries which are passed to recognise the expenses of a particular year…

Q: Directions: Compute the missing amount in the equation. Write your answers on a separate sheet of…

A: Assets = Liabilities + Owner's Equity Liabilities = Assets - Owner's Equity Owner's Equity =…

Q: P 5,000 2,500 12,500 7,000 3,000 P30,000 Cash Other non-cash assets P2,000 28,000 Liabilities De…

A: Liquidation means where the company decide to close out the operations , sell all the assets and…

Q: Basic Accounting Equation) Fill up the missing amounts for each case Case 1 Case 2 Case 3…

A: The basic accounting equation based on which the financial statements of a business can be prepared…

Q: Element Direction Item Received cash from owner as additional Asset Increases Cash investment,…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: t Aoqured $30,000 cash from the issue of common stock 2. Pod $12,000 cash to purchase land 3 Bowowed…

A: Final Accounts Final accounts provide the profitability and financial position of an enterprise to…

Q: PICTURE PERFECT COMPARATIVE BALANCE SHEETS DECEMBER 31, Increase Additional Information: 2010 30,000…

Q: Problem B – Villanueva Realty had the following balance sheet accounts and balances: Accounts…

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: 10. Withdrew cash- P5,000 and supplies- P1,000. A. Cash 5,000 Supplies 1,000 Pachicks, Capital 6,000…

A: Whenever owner of the business withdrew some amount or assets from the business, then Drawings…

Q: Revenue R100 000, Debtors (opening R50 000, closing R110 000), Calculate Cash Receipts from…

A: CASH RECEIPTS FROM CUSTOMERS : = OPENING DEBTORS + SALES - CLOSING DEBTORS

Q: (25,000) 50,000 (5,000) 25,000 115,000 100,000 1,500,000 Cash payments to suppliers of goods and…

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

Q: Instructions Dec. 31, 20Y3 Dec. 31, 20Y2 Assets 3 Cash $155,000.00 $150,000.00 4 Accounts receivable…

Q: G. Venda, owner of Venda Services, withdrew $25,000 from the business during the current year. The…

A: Option e is correct

Question

Please answer the "a" part only.

Moe Young operates his own catering service. Summary financial data for March are
presented in equation form as follows. Each line designated by a number indicates
the effect of a transaction on the equation. Each increase and decrease in owner's
equity, except transaction (5), affects net income.

Cash
+ Supplies + Land
= Liabilities + Owner's Equity
Bal.
18,000
1,500
54,000
15,000
58,500
1.
+35,000
+35,000
2.
- 10,000
- 6,000
+ 10,000
3.
6,000
4.
800
800
5.
2,000
- 2,000
6.
- 10,600
- 10,600
7.
-1,400
1,400
Bal.
24,400
900
64,000
5,200
84,100
a. Describe each transaction.
b. What is the amount of net increase in cash during the month?
c. What is the amount of net increase in owner's equity during the
d. What is the amount of the net income for the month?
e. How much of the net income for the month was retained in r

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

VIEW

Step 2

VIEW

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

Orbit Limited : Statement of Financial Position as at 31 December 2022 2021 Non-current Assets R11 810 000 R7 560 000 Property, Plant, Equipment R10 025 000 R6 250 000 Investments R1 785 000 R1 310 000 Current Assets R4 190 000 R4 690 000 Inventories R 1 875 000 R2 350 000 Account Receivable R1 925 000 R2 200 000 Cash R390 000 R140 000 Toatal Assets R16 000 000 R12 250 000 Equities & Liabilities Equity ? ? Oridanary share capital R5 480 000 R3 680 000 Retained earnings ? ? Non-current Liabilities R4 500 000 R3 800 000 Loan (20% p.a) R4 500 000 R3 800 000 Current Liabilities R2 300 000 R1 500 000 Accounts payable? R2 300 000 R1 500 000 Calculate the increase in the retained earnings over the two-year period.
is: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $70,720 $47,940 Accounts receivable (net) 207,230 188,190 Inventories 298,520 289,850 Investments 0 102,000 Land 295,800 0 Equipment 438,600 358,020 Accumulated depreciation—equipment (99,110) (84,320) Total assets $1,211,760 $901,680 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $205,700 $194,140 Accrued expenses payable (operating expenses) 30,600 26,860 Dividends payable 25,500 20,400 Common stock, $1 par 202,000 102,000 Paid-in capital: Excess of issue price over par—common stock 354,000 204,000 Retained earnings 393,960 354,280 Total liabilities and stockholders' equity $1,211,760 $901,680 The income statement for the year ended December 31, 20Y9, is as follows: Sales $2,023,898 Cost of goods sold 1,245,476 Gross profit $778,422 Operating…
ACCOUNTS PAYABLE P60,000 ACCOUNTS RECEIVABLE P10,000 BUILDING ? CASH P30,000 EQUIPMENT P70,000 ARLYN VILLANUEVA, CAPITAL ? LAND P70,000 IF THE BALANCE OF THE VILLANUEVA, CAPITAL ACCOUNT WAS P210,000, WHAT WOULD BE THE BALANCE OF THE BUILDING ACCOUNT? P250,000 P40,000 P90,000 210,000
use the following information for meeker corp to determine the amount of equity to report (cash 78,000) (building 129,500) (land 215,800) (liabilities 135,000) what is the answer? A 558,300, B 299,300, C. 29,300 or either and what would it be?
The following information is for Sweet Day Real Estate: Sweet Day Real EstateBalance SheetDecember 31, 2021 Cash $ 24500 Accounts Payable $ 60600 Prepaid Insurance 29700 Salaries and Wages Payable 14700 Accounts Receivable 50300 Mortgage Payable 85800 Inventory 68600 Total Liabilities 161100 Land Held for Investment 83900 Land 118500 Buildings $101200 Common Stock $122100 Less Accumulated Depreciation (20200) Retained Earnings 244300 366400 81000 Trademark 71000 Total Liabilities and Stockholders’ Equity Total Assets $527500 $527500 The total dollar amount of assets to be classified as current assets is A) $257000. B) $104500. C) $173100. D) $188400.
Determine the missing amount: cash$239,186;short term investment$353,700;acct receiv$504,944;inventory? Prepaid exp$83,259;total current asset$1,594927; property&equipment? what is the inventory amount and property& equipment amount?
PLS HELP ASAP The balance sheet of Sunrise Company shows that capital P360,000 is equal to ⅓ of its total assets. How much is total liabilities? a. P480,000 b. P720,000 c. P1,080,000 d. P120,000
Revenue R100 000, Debtors (opening R50 000, closing R110 000), Calculate Cash Receipts from Customers. Select one: a. R60 000 b. R40 000 c. R110 000 d. R100 000
Angel Corporation's accounting records and financial statements for 2021is as follows (P in millions): Cash paid to acquire machinery = P32; Retiredshare capital = P51; Proceeds from sale of land = P95; Gain from the saleof land = P50; Investment revenue received = P72; Cash paid to acquireoffice equipment = P85. In its statement of cash flows, the companyshould report net cash flows from investing activities of: A. P22 million outflowsB. P50 million outflowsC. P100 million inflowsD. P28 million inflows
Assets. Dec. 31, 20Y9. Dec.31, 20Y8 Cash $155,000 $150,000 Accounts Receivable $450,000 $400,000 Inventories $770,000 $750,000 Investments 0 $100,000 Land $500,000 0 Equipment $1,400,000 $1,200,000 Accumulated Depreciation Equipment ($600,000) ($500,000) Total Assets $2, 675,000 $ 2,100,000 Liabilities/Stockers Liability. Dec. 31, 20Y9 Dec.31, 20Y8 Accounts Payable $340,000 $300,000 Accrued Expense Payable $45,000 $50,000 Dividends Payable $30,000 $ 25,000 Common Stock $4 par $700,000 $ 600,000 Paid in Capital in excess of par-Common Stock $200,000 $175,000 Retained Earnings $ 1, 360,000 $ 950,000 Total Liabilities & Stockholders Equity $ 2, 675,000. $ 2, 100,000 Additional data obtained from an examination of the accounts in the ledger for 20Y7 are as follows: The…
in Kingbird, Inc., land decreased $342900 because of a cash sale for $342900, the equipment account increased $114300 as a result of a cash purchase, and bonds payable increased $381000 from issuance for cash at face value. The net cash provided by investing activities is $228600. $266700. $609600. $342900.
Save A Cash flows from operating activities are $3,600,000; cash flows from financing activities are $2,700,000; capital expenditures are $1,620,000; and dividends are $360,000. How much is free cash flow? a. S3,240,000 b. $1,980,000 c. S1.620,000 d. S720,000 e. None the above.