EXERCISE 6 Direction: Supply the amount using the transaction below. Using the basic accounting equation (Asset - Liabilities Owner's Equity), the ending balance should be equal ASSETS DATE LIABILITIES OWNER'S EQUITY CASH SUPPLY EQUIPMENT BEGINNING 60.000 7.500 300.000 75.000 292.500 BALANCE 150.000 150.000 2 (20.000) 20.000 6 BALANCES ENDING BALANCE Transactions: 1. The owner invested cash of PHP150.000 or the business earned PHP150.000 cash from providing services. 2. Purchased equipment at PHP20.000 for cash. 3. The owner withdrew cash of PHP112.500 or the business incurred PHPI12.500 expenses and paid

EXERCISE 6 Direction: Supply the amount using the transaction below. Using the basic accounting equation (Asset - Liabilities Owner's Equity), the ending balance should be equal ASSETS DATE LIABILITIES OWNER'S EQUITY CASH SUPPLY EQUIPMENT BEGINNING 60.000 7.500 300.000 75.000 292.500 BALANCE 150.000 150.000 2 (20.000) 20.000 6 BALANCES ENDING BALANCE Transactions: 1. The owner invested cash of PHP150.000 or the business earned PHP150.000 cash from providing services. 2. Purchased equipment at PHP20.000 for cash. 3. The owner withdrew cash of PHP112.500 or the business incurred PHPI12.500 expenses and paid

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter1: Introduction To Accounting And Business

Section: Chapter Questions

Problem 1.8EX: Asset, liability, and stockholders equity items Indicate whether each of the following is identified...

See similar textbooks

Similar questions

OBJECTIVE 6 Exercise 1-46 Income Statement ERS Inc. maintains and repairs office equipment. ERS had an average of 10,000 shares of common stock outstanding for the year. The following income statement account balances are available for ERS at the end of 2019. Required: 1. Prepare a single-step income statement for ERS for 2019. 2. CONCEPTUAL CONNECTION Compute net profit margin for ERS. If ERS is able to increase its service revenue by $100,000, what should be the effect on future income? 3. CONCEPTUAL CONNECTION Assume that ERS net profit margin was 8.5% for 2018. As an investor, what conclusions might you draw about ERS future profitability?
Effect of transactions on owner's equity Indicate whether each of the following types of transactions will either (a) increase owner's equity or (b) decrease owner's equity: 1.expenses 2.owner's investments 3.owner's withdrawals 4.revenues
Exercise 1-35 Accounting Concepts OBJECTIVE 06Â° A list of accounting concepts and related definitions is presented below. Concept Definition 1. Revenue a. Owners claim on the resources of a company 2, Expense b. The difference between revenues and expenses 3. Net income (1055) c. Increase in assets from the sale of goods or services 4, Dividend d. Economic resumes of a company 5. Asset e. Cost of assets consumed in the operation of a business 6, Liability f. Creditors' claims on the resources of a company 7. Stock holders, equity g. Distribution of earnings to stockholders Required: Match each of the concepts with its corresponding definition
1. L01 Prepare a multiple-step income statement for Yoders Cool Stuff. 2. L02 Prepare a statement of owners equity for Yoders Cool Stuff. Assume the beginning balance of Yoders capital account was 3,400. 3. L03 Prepare a balance sheet for Yoders Cool Stuff.
Accounting equation The total assets and total liabilities (in millions) of Dollar Tree Inc. and Target Corporation follow: Dollar Tree Target Assets 2,772 44,553 Liabilities 1,601 28,322 Determine the stockholders equity of each company.
Financial statement items Identify each of the following items as (a) an asset, (h) a liability, (c) revenue, (d) an expense, or (e) a dividend:
Problem 1-60A Income Statement and Balance Sheet The following information for Rogers Enterprises is available at December 31, 2019 and includes all of Rogers financial statement amounts except retained earnings: Required: Prepare a single-step income statement and a c1assified balance sheet for the year ending December 31, 2019, for Rogers.
Problem 1-56A Applying the Fundamental Accounting Equation At the beginning of 2019 Huffer Corporation had total assets of $232,400 total liabilities of $94,200 common stock of 5501000. and retained earnings of $88,200. During 2019, Huffer had net income of $51,1501 paid dividends of 510,000. and issued additional common stock for $15,000. Huffers total assets at the end 01'2019 were $285,500. Required: Calculate the amount of liabilities that Huffer must have at the end of 2019 m order for the balance sheet equation to balance.
Exercise 1-48 Income Statement The following information is available for Wright Auto Supply at December 31, 2019. Required: 1. Prepare a single-step income statement for the year ended December 31, 2019. 2. Prepare a multiple-step income statement for the year ended December 31, 2,019. 3. CONCEPTUAL CONNECTION Comment on the differences between the single-step and the multiple-step income statements.
FINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L), owners equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongsincome statement (IS), statement of owners equity (SOE), or balance sheet (BS)in a format similar to the following.