Dashboard (a) +32,000 (b) -2,575 Bal. 29,425 Describe a transaction that resulted in each of the following entries affecting the accounting equation. = Liabilities + Owner's Equity Accounts Payable Cash b. (c) Bal. 29,425 + C. + (d) Bal. 26,900 + (e) Bal. 24,375 + -2,525 v2.cengagenow.com -2,525 Office Equipment Assets +675 675 675 Professional Equipment 675 + + + 35,125 +2,575 2,575 + 2,575 +7,500 10,075 = 10,075 = - +675 || My Home 675 + +4,975 All work saved. 5,650 -2,525 3,125 Mills, Capital + + 35,125 a. Company received $32,000 cash from the owner, who was investing in the business. + +32,000 32,000 32,000 32,000 32,000 CengageNOWv2 | Online te +

Dashboard (a) +32,000 (b) -2,575 Bal. 29,425 Describe a transaction that resulted in each of the following entries affecting the accounting equation. = Liabilities + Owner's Equity Accounts Payable Cash b. (c) Bal. 29,425 + C. + (d) Bal. 26,900 + (e) Bal. 24,375 + -2,525 v2.cengagenow.com -2,525 Office Equipment Assets +675 675 675 Professional Equipment 675 + + + 35,125 +2,575 2,575 + 2,575 +7,500 10,075 = 10,075 = - +675 || My Home 675 + +4,975 All work saved. 5,650 -2,525 3,125 Mills, Capital + + 35,125 a. Company received $32,000 cash from the owner, who was investing in the business. + +32,000 32,000 32,000 32,000 32,000 CengageNOWv2 | Online te +

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 13GI

See similar textbooks

Similar questions

* CengageNOWv2 | Online teachin X * CengageNOWv2 | Online teachin X now.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre... еBook Show Me How Changes in Current Operating Assets and Liabilities-Indirect Method Victor Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $23,400 $22,600 Inventory 78,800 79,500 Accounts payable 20,700 20,400 Dividends payable 18,000 17,000 Adjust net income of $77,900 for changes in operating assets and liabilities to arrive at net cash flow from operating activities. Check My Work 70°F Sunny
1. Compute the current assets.Cash Php 25,867.00Barney’s drawing 50,485.00Accounts Payable 78,584.00Notes Receivable 45,051.00Building 1,500,125.00Inventory 33,669.002. Compute the Net Income.Service Income Php 356,867.00Prepaid Rent 16,800.00Interest Expense 1,523.00Barney’s drawing 21,786.00Taxes 4,544.00Utilities Expense 3,651.003. The liabilities of Bb Barn are equal to 1/3 of thetotal assets. The owner's equity is P 6,300,500. Whatis the amount of the liabilities?4. Prepare journal entries to the following transactionsfor the year 2020.Sept. 1 V Barney invested Php 150,000 in Barney repair ShopSept 3 Purchased equipment worth Php 80,000 on account.Sept. 12 Paid Php 25, 000 for the equipmentpurchased dated Sept. 3, 2020.Sept. 15 Rendered service amounting toPhp 45,000.Sept. 17 Paid salaries to employees, Php16,000
* CengageNOW2 | Onlin x 2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false 人 еВook Show Me How Vertical Analysis of Balance Sheet Balance sheet data for Kwan Company on December 31, the end of two recent fiscal years, follow: Current Year Previous Year Current assets $288,750 $177,120 Property, plant, and equipment 498,750 452,640 Intangible assets 87,500 26,240 Current liabilities 175,000 85,280 Long-term liabilities 376,250 301,760 Common stock 78,750 72,160 Retained earnings 245,000 196,800 Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. If required, round percentages to one decimal place. Kwan Company Comparative Balance Sheet For the Years Ended December 31 Current Current Previous Previous year year year year Amount Percent Amount Percent Current assets…
Use the following information from XYZ Company's balance sheet to answer the next six questions: Assets a. b. c. d. a. b. 30. C. d. Cash........ Marketable Securities Accounts Receivable Inventory........ Property and Equipment. Accumulated Depreciation. Total Assets a. b. c. d. Liabilities and Stockholders' Equity Accounts Payable. Notes Payable (current). Mortgage Payable (long-term). Bonds Payable (long-term). Common Stock, $50 Par.. The average number of common stock shares outstanding during the year was 840 shares. Net earnings for the year were $6,300. 25. XYZ's current ratio is 6.0 to 1. 5.5 to 1. 26. XYZ's quick (acid-test) ratio is 4.0 to 1. 4.5 to 1. 3.5 to 1. 3.0 to 1. Paid-in Capital in Excess of Par......... Retained Earnings............ Total Liabilities, and Stockholders' Equity 4.0 to 1. 4.5 to 1. ***** 27. XYZ's earnings per share is $7.50 per share. $7.00 per share. $0.13 per share. $6,300 per share. 28. XYZ's return on assets is a. 6.9% b. 7.9% C. 14.6% d. 23.4% 29.…
CClassify each of the following items as an Asset (A), Liability (L), or part of Owner’s Equity (OE). a. Computer Tabletb. Accounts Payablec. Accounts Receivabled. Cashe. A. Jones, Capital
1. Compute the net (debit)/credit adjustment for EE anf FF. EE FF EE FFA. 28,700 ; 28,200 C. (8,700) ; 1,800B. (28,700) ; (28,200) D. 8,700 ; (1,800) 2. Compute the total assets after the formation.A. 1,607,650 C. 1,579,850B. 1,570,850 D. 1,568,750 3. If the partners are to share profits and losses in the ratio of 6:4 and their capital is top reflect this relationship, what is the capital of FF after the formation?A. 400,000 C. 369,740B. 391,700 D. 391,700 4. If If the partners are to share profits and losses in the ratio of 6:4 and their capital is top reflect this relationship with EE’s capital to be used as a basis, what is the capital of FF after the formation?A. 400,000 C. 369,740B. 391,700 D. 391,700
aves B D SDJ, Inc., has net working capital of $2,710, current liabilities of $3,950, and inventory of $3 420 What is the current ratio? What is the quick ratio? Net working capital $ 2,710 Current liabilities Inventory $ 3.950 $ 3.420 Complete the following analysis. Do not hard code values in your answers. 15 Current assets 16 17 Current ratio 15 Quick ratio 20 Home End
"Identifying general and subsidiary ledgers C2For each account, indicate whether it appears in the general ledger or the subsidiary ledger.a. Accounts Receivable—Martinb. Interest Expensec. Prepaid Rentd. Accounts Payable—Juliee. Notes Payablef. Store Supplies
Simple Accounting – Balance Sheet. Assets Liabilities Shareholders' Equity $567,005.00 $389,055.00 O a. $567,005.00 O b. $389,055.00 O c. $177,950.00 O d. $744,955.00
Question: Determine the missing amount from each of the expanded accounting equation below: Assets Liabilities Capital (Beg. Bal) Owner's Equity Drawings Profit/Loss 97,600 85,400 48,800 ? (24,400) Explain Please.
Ihe accourtsfor the statement of fihancial postionandincame statemert a Altredo Escarno, CPAare a tollows: Alteda Ie, CRA Adjunn TrialEe nce Decem ber31, 20X Cad it N1,500 Accnun Debit Accounts hyable Accounts Beoeivable Accu nauilatel Depredsion - Bualing Acu naulated Deprednion -Ofice Eqrip ment Autiing Laenua Bul ding Cath Dereivtion Expas e-Baling Doreciation Ispase-Otice Eqip mat Isano, Capital, Isano, Wahdrawals n1,000 110,00 120,000 1,361,500 750,000 11 S00 55,000 60,000 1,215,500 165,000 75,000 60,000 362,500 96,000 26,000 6,500 52,500 735,000 Ind Mots Becdusble Oftice Equap nent Oftice Supplie Expense Office Supplis Profeiond Deudep mat Ixpense Rent Expense Salades Ixpense Salades Pyable Trud Expense Uhlitis Expense TOTAL 30,500 41,000 18,000 P2 PO1000 RB0 1000 Required: Bepae in goodfom te icome statement andthe statenet f firndalpostion f Altredo Escano, CPAfrte year ended Deombe 31 201X
education.wiley.com Ch 1: Ho... WP NWP AS... С Maria Q.. b Search.. The Acc... Cengag... financia... WileyPL... financia... BB Financi.. Accoun... X - Cha... e Ch 1: Homework Question 4 of 5 - / 20 View Policies Current Attempt in Progress Van Occupanther is the bookkeeper for Roscoe Company. Van has been trying to get the balance sheet of Roscoe Company to balance. Roscoe's balance sheet is as follows. ROSCOE COMPANY Balance Sheet December 31, 2022 Assets Liabilities Cash $ 9,400 Accounts payable $25,000 Supplies 7,100 Accounts receivable (19,500) Equipment 45,000 Common stock 40,000 Dividends 9,200 Retained earnings 25,200 Total assets $70,700 Total liabilities and stockholders' equity $70,700 Prepare a correct balance sheet. (List Assets in order of liquidity.) ROSCOE COMPANY Balance Sheet 田 II