If assets are $239,000 and owner's equity is $83,000, the amount of the liabilities is
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A: We have the following information: Current Ratio: 2.5 times Current Assets: $157,500
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A: Introduction: Owner's equity is owner's claim over the net assets of the organization. Owner's…
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A: VALUE OF OWNER'S EQUITY : = TOTAL ASSETS - TOTAL LIABILITIES 1. TOTAL ASSETS : = CURRENT ASSETS +…
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A: As per the Accounting Equation Assets = Liabilities + Owner's Equity
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- Financial statements The assets and liabilities of Wilderness Travel Service on April 30, 20Y7, and its revenue and expenses for the year are as follows: Accounts payable 75,000 Accounts receivable 210,000 Cash 156,000 Common stock 35,000 fees earned 875,000 Miscellaneous expense 15,000 Rent expense 75,000 Supplies 9,000 Supplies expense 12,000 Taxes expense 10,000 Utilities expense 38,000 Wages expense 525,000 Common stock was 25,000 and retained earnings was 155,000 as of May 1, 20Y6. During the year, additional common stock of 10,000 was issued for cash, and dividends of 40,000 were paid. Instructions 1. Prepare an income statement for the year ended April 30, 20Y7. 2. Prepare a statement of stockholders equity for the year ended April 30, 20Y7. 3. Prepare a balance sheet as of April 30, 20Y7. 4. What item appears on both the income statement and statement of stockholders equity?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.
- PROBLEM 1 ASSETS LIABILITIES OWNER’S EQUITY a. 760,000 360,000 ? b. 860,000 ? 592,000 c. ? 108,000 760,000 d. 626,600 376,240 ? e. ? 800,000 (100,000)Determine the missing amount for each of the following: Assets = Liabilities + Owner's Equity a. $fill in the blank 1 = $556,000 + $3,374,000 b. $6,111,200 = $fill in the blank 2 + $5,725,000 c. $2,150,000 = $812,500 + $fill in the blank 31. Calculate the missing value (in $) according to the accounting equation. Assets Liabilities Owner's Equity $ $332,200 $215,000 2. Calculate the missing value (in $) according to the accounting equation. Assets Liabilities Owner's Equity $15,808,000 $8,338,500 $
- EX.01.240.ALGO On July 1 of the current year, the assets and liabilities of John Wong, DVM, are as follows: Cash, $10,050 Accounts Receivable, $8,542 Supplies, $1,876 Land, $24,744 Accounts Payable, $5,652. What is the amount of owner's equity (John Wong's capital) as of July 1 of the current year?$fill in the blank 1MODULE 2 HOMEOWRK: Asset, Liability or Equity Accounts Please tell me whether the following accounts are Assets, Liabilities, or Equity. Also pleaes explain why. 1) Interest Payable 2) Furniture and Fixtures 3) Inventory 4) Additional paid-in-capital 5) Accounts Payable 6) Patents and Copyrights 7) Short Term Investments 8) Interest Payable 9) Furniture and Fixtures 10) Patents and Copyrights 11) Wages Payable 12) Retained Earnings 13) Cash14) Land 15) Buildings 16) Taxes Payable 17) Interest Receivable 18) Smith, Capital 19) Accounts Receivable 20) Smith, DrawingsSolve the accounting Equation: 1. Angels Tutorial Center has an asset amounting to P 200,000, Liability is P 75,000. How much is the owner's equity account?
- Question 2. Samson’s Enterprise has the following account balances for the dates given: March 1, 2023 March 31, 2023 Cash $ 60,000 90,000 Accounts Receivable 60,000 58,000 Accounts Payable 15,000 ? Also, its net income for March 1, 2023, through March 31, 2023, was $30,000, and there were no investments or withdrawals by the owner. Determine the equity at both March 1, 2023, and March 31, 2023, and the liability at March 31, 2023. EX.01.235 Determine the missing amount designated for each of the following: Assets Liabilities Owner's Equity a. $78,500 $37,600 $fill in the blank 1 b. $fill in the blank 2 $53,280 $145,000 c. $49,500 $fill in the blank 3 $34,000 5. EX.01.236 Use the accounting equation to answer each of the following independent questions. a. At the beginning of the year, Norton Company's assets were $75,000 and its owner's equity was $38,000. During the year, assets increased by $18,000 and liabilities increased by $4,000. What was the owner's equity at the end of the year?$fill in the blank 1 b. At the beginning of the year, Turpin Industries had liabilities of $44,000 and owner's equity of $66,000. If assets increased by $10,000 and liabilities decreased by $5,000, what was the owner's equity at the end of the year?$fill in the blank 2