How do you determine thedollar amount of owners’ equityfor a sole proprietorship, or apartnership, or a corporation?✓ If a business firm has assetsworth $170,000 and liabilitiesthat total $40,000, what is thevalue of the owners’ equity?
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How do you determine the
dollar amount of owners’ equity
for a sole proprietorship, or a
✓ If a business firm has assets
worth $170,000 and liabilities
that total $40,000, what is the
value of the owners’ equity?
Step by step
Solved in 2 steps
- Owners equity represents which of the following? A. the amount of funding the company has from issuing bonds B. the sum of the retained earnings and accounts receivable account balances C. the total of retained earnings plus paid-in capital D. the business owners/owners share of the company, also known as net worth or net assetsChelsea Company is a sole proprietorship. Ashley, Incorporated is a corporation. Which company would report stockholders equity and retained earnings and not simply owners equity? Why? What is the difference between these accounts?The following describe several different business organizations. Determine whether each description bestrefers to a sole proprietorship (SP), partnership (P), corporation (C), or limited liability company (LLC). Ownership of Zander Company is divided into 1,000 shares of stock. The company pays a business income tax.
- Based on the description I need to know if each example is a Proprietorship, Partnership, or Corporation.1) Bronson company presents a statement of Retained Earnings in its financial statements at year end.2) Jean Johnson’s home health care business does not have liability in its financial statement at year end3) Grand Canyon Company’s Retained Earnings balance is 5 million4) Crown Candy Company presents a statement of owner’s capital in its annual financial statement5) Statement of capital containing two capital accounts6) Par Value7) Stockholders Equity8) Partners’ capital, December 319) Statement of capital containing one capital account10) Retained Earnings11) Jones, Drawings12) Additional Paid in CapitalThe following are the revenue items in the Income Statement of a domestic corporation for the year 2021:Gain from sale of office equipment, P20,000Gain from sale of land not used in business (selling price of P300,000), P100,000Gain from sale of shares of stock directly to the buyer, P50,000Gain from sale of shares of stock through the stock exchange (selling price, P200,000), P10,000Bad debt recovery, P50,000How much is the total capital gains tax? a. P21,250 b. P25,500 c. P60,000 d. P45,000a) What was the income-sharing ratio in 20Y3? Enter the percentage per member and then select the ratio. Idaho Properties, LLC _______% Silver Streams, LLC _______ % b) What was the income-sharing ratio in 20Y4? Enter the percentage per member and then select the ratio. Idaho Properties, LLC ____________% Silver Streams, LLC ____________% Thomas Dunn ____________% c) How much cash did Thomas Dunn contribute to Bonanza, LLC, for his interest? _______ d) What percentage interest of Bonanza did Thomas Dunn acquire?
- Repeat Brief Exercise 2.8, except assume that rather than being a sole proprietorship or a partner-ship, Solway Company is organized as a corporation with capital stock of $40,000. How would the $50,000 of owners’ equity be presented in the company’s balance sheet?Carl and Stefanie each invest $15,000 in a business and are given shares of stock in ThibeauIndustries as evidence of their ownership interests. For this transaction, identify the effect on theaccounting equation.a. Assets increase and liabilities increase.b. Assets increase and stockholders’ equity increases.c. Liabilities increase and stockholders’ equity decreases.d. Liabilities decrease and assets decrease.How do I find the assets of a corporation that has liabilities of $250,000, common stock of $100,000, and retained earnings of $85,000.?
- Choose the letter of the correct answer. How much is the total assets, liabilities and shareholder' equity of Tom Corporation? (check the picture attached) a. Asset = P 326,000; Liabilities = P 130,000; Shareholder's equity = P 196,000 b. Asset = P 320,000; Liabilities = P 136,000; Shareholder's equity = P 184,000 c. Asset = P 200,000; Liabilities = P 70,000; Shareholder's equity = P 130,000 d. Asset = P 326,000; Liabilities = P 180,000; Shareholder's equity = P 146,000X, resident citizen, had the following information for the year 2022:Gain from sale of office equipment, P20,000Gain from sale of land not used in business (selling price of P300,000), P100,000Gain from sale of shares of stock directly to the buyer, P50,000Gain from sale of shares of stock through the stock exchange (selling price, P200,000), P10,000Bad debt recovery, P50,000How much is the total capital gains tax?If total assets for a business equals $100,000 and total liabilities for the same business equal $40,000, what is the amount of owner’s equity (also known in "real-life" as net worth) for this business? Group of answer choices $40,000 $100,000 $140,000 $60,000
