Fill in the blanks using the Accounting Equation: Assets-Liabilities+Owner'sEquity. Case A B C Case A B Revenues Expenses Net C $30,000 $27,500 A $12,500 E C $23,300 $2,100 Income $3,500 $750 $3,800 $1,250 Assets $18,000 $12,000 D $15,000 In the three situations above, how much was in ending retained earnings for each case if the balances in the Capital Contribution portion of Owner's Equity were as follows: Capital Contribution Retained earnings Liabilities Owner's Equity G H $8,000 F B $3,500 $2,000

Fill in the blanks using the Accounting Equation: Assets-Liabilities+Owner'sEquity. Case A B C Case A B Revenues Expenses Net C $30,000 $27,500 A $12,500 E C $23,300 $2,100 Income $3,500 $750 $3,800 $1,250 Assets $18,000 $12,000 D $15,000 In the three situations above, how much was in ending retained earnings for each case if the balances in the Capital Contribution portion of Owner's Equity were as follows: Capital Contribution Retained earnings Liabilities Owner's Equity G H $8,000 F B $3,500 $2,000

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter1: Accounting As A Form Of Communication

Section: Chapter Questions

Problem 1.5E: The Accounting Equation Using the accounting equation, answer each of the following independent...

See similar textbooks

Similar questions

Which of the following transactions changes only the mix of assets and does not affect liabilities or stockholders’ equity? A. Borrowed $40,000 from First National Bank B. Purchased land for $50,000 cash C. Received $3,800 for fees earned D. Paid $4,000 for Office salaries
The Accounting Equation Ginger Enterprises began the year with total assets of $500,000 and total liabilities of $250,000. Using this information and the accounting equation, answer each of the following independent questions. What was the amount of Gingers owners equity at the beginning of the year? If Gingers total assets increased by $100,000 and its total liabilities increased by $77,000 during the year, what was the amount of Gingers owners equity at the end of the year? If Gingers total liabilities increased by $33,000 and its owners equity decreased by $58,000 during the year, what was the amount of its total assets at the end of the year? If Gingers total assets doubled to $1,000,000 and its owners equity remained the same during the year, what was the amount of its total liabilities at the end of the year?
The Accounting Equation Using the accounting equation, answer each of the following independent questions. Burlin Company starts the year with $100,000 in assets and $80,000 in liabilities. Net income for the year is $25,000, and no dividends are paid. How much is owners equity at the end of the year? Chapman Inc. doubles the amount of its assets from the beginning to the end of the year. Liabilities at the end of the year amount to $40,000, and owners equity is $20,000. What is the amount of Chapmans assets at the beginning of the year? During the year, the liabilities of Dixon Enterprises triple in amount. Assets at the beginning of the year amount to $30,000, and owners equity is $10,000. What is the amount of liabilities at the end of the year?
Return on assets The following data (in millions) were adapted from recent financial statements of Tootsie Roll Industries Inc. (TR): Using your answers to MBA 1-3, compare the markup percentages and return on assets for Hershey and Tootle Roll.
Analyze Target The following data (in millions) are taken from the financial statements of Target Corporation (TGT), the owner of Target stores: a. For Target, determine the amount of change in millions and the percent of change rounded to one decimal place from Year 1 to Year 2 for: 1. Revenue 2. Operating expenses 3. Operating income b. What conclusions can you draw from your analysis of the revenue and total operating expenses?
Net income and dividends The income statement of a corporation for the month of February indicates a net income of $32,000. During the same period, $40,000 in cash dividends were paid. Would it be correct to say that the business Incurred a net loss of $8000 during the month? Discuss.
Identify whether each of the following accounts would be considered a permanent account (yes/no) and which financial statement it would be reported on (Balance Sheet, Income Statement, or Retained Earnings Statement). A. Accumulated Depreciation B. Buildings C. Depreciation Expense D. Equipment E. Fees Earned Revenue F. Insurance Expense G. Prepaid Insurance H. Supplies Expense I. Dividends
The accounting equation for Goodboy's enterprises is as follows: Assets Liabilities Owner's Equity $120,000 = $60,000 + $60,000, If Goodboy's purchases office equipment on account for $12,000, the accounting equation will change to? Show Solution.
The accounting equation for Cineo Enterprises is as follows: Assets Liabilities Owner’s Equity $120,000 = $60,000 + $60,000 If Cineo purchases office equipment on account for $15,000, the accounting equation will change to Select one: a. $135,000 = $60,000 + $75,000 b. $135,000 = $67,500 + $67,500 c. $120,000 = $60,000 + $60,000 d. $135,000 = $75,000 + $60,000
The following information is available for the R. KandamilCompany before closing the accounts. After all of the closingentries are made, what will be the balance in the R.Kandamil, Capital account? Total revenues . . . $300,000Total expenses . . 195,000R. Kandamil, Capital . . . . . . $100,000R. Kandamil, Withdrawals . . 45,000 a. $360,000 d. $150,000b. $250,000 e. $60,000c. $160,000
Choose the letter of answer At the start of the period, a business has total assets of ₱500,000 and total liabilities of ₱300,000. During the period, the business earned total income of ₱1,000,000 and total expenses of ₱640,000. No additional investments or withdrawals were made by the owner. Total assets at the end of the period were ₱830,000. How much is the total liabilities at the end of the period?A. 280,000B. 270,000.C. 260,000D. 240,000 At the beginning of the period, a business has accounts payable of ₱200,000. During the period, the total debits and credits to the accounts payable account were ₱100,000 and ₱70,000, respectively. How much is the ending balance of accounts payable?a. 230,000b. 170,000c. 370,000d. 30,000 Cost of goods sold is debited each time a sale is made under which of the following inventory systems?a. Perpetual systemb. COGS systemc. Periodic systemd. Perpetual and Periodic system
Present below are the balance sheet of the assets and liabilities of High and Dry Delivery service as of Sept. 30, 19x2. Also included are the revenue and expense figure of the business for September. Delivery exp………………. 4100 Account Receivable… …1900 Account Payable………….1750 High and Dry Capital……? Salary Expense …………….2000 Delivery Equipment………15500 Supplies…………………………600 Note Payable…………………..6000 Rent Expense…………………..500 Cash…................................750 Required 1. What type of business organization is high and dry delivery service? How can you tell? 2. Prepared the balance sheet of high and dry delivery service as of September 10, 19x2