iz K This question: 1 point(s) possible A. $9,660 B. $6,280 OC. $3,380 OD. $2,900 Submit quiz At the end of a recent year, Global Cleaning Service, a full-service house and office cleaning service, had total assets of $6,280 and equity of $3,380. How much were Global Cleaning Service's liabilities?

iz K This question: 1 point(s) possible A. $9,660 B. $6,280 OC. $3,380 OD. $2,900 Submit quiz At the end of a recent year, Global Cleaning Service, a full-service house and office cleaning service, had total assets of $6,280 and equity of $3,380. How much were Global Cleaning Service's liabilities?

Name: QuizThis question: 1point(s) possibleOA. $9,660OB. $6,280O C. $3,380O
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Description: QuizThis question: 1point(s) possibleOA. $9,660OB. $6,280O C. $3,380OD. $2,900Submit quizKAt the end of a recent year, Global Cleaning Service, a full-service house and office cleaning service, had total assetsof $6,280 and equity of $3,380. How muc

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter2: The Accounting Information System

Section: Chapter Questions

Problem 29BE: Brief Exercise 2-2? Events and Transactions Several events are listed below. Paid $30,000 for land....

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Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity. 1. Buy $15,000 worth of manufacturing supplies on credit2. Issue $85,000 in stock3. Borrow $63,000 from a bank4. Pay $5,000 owed to a supplier What is the net change in Total Liabilities? Please don't provide answer in image format thank you
Question 1 Lerumo Solutions’ accounting records reflect the following account balances at December 31, 2018: Building R560,000 Accumulated Deprec.--Bldg R112,000 Cash 90,000 Capital Stock 343,000 Consumable 5,000 Retained Earnings 200,000 Stores During 2019, the following transactions occurred: 1) On March 1, purchased a one-year insurance policy for R1,200 cash. 2) On April 1, borrowed R10,000 cash from Letsatsi Bank at 6% per annum,interest payable is due in cash in one year. 3) Employee salaries in the amount of R20,000 were paid in cash. 4) At the end of the year, R400 of the consumable stores remained on hand. 5) Earned R45,000 in tax consulting revenue during 2019 in cash. 6) At December 31, R5,000 in employee salaries were accrued. 7) On December 31, received R2,000 in cash…
need asap Given: FABM Company, a service firm rendering computerizedaccounting services has the following transactions for themonth of June 2018:June 1Owner invested his savings worth P10, 000, 000 intothe business.June 3He bought P1.5 M worth of equipmentJune 5He also invested furniture and fixtures with 250,000June 7Rendered services to clients worth 150, 000 andreceived cash payment immediatelyJune 10Rendered services to clients worth 250, 000 onaccountJune 12Purchased computer supplies amounting to 30,000and issued a promissory noteJune 14Rendered services to clients worth 650, 000 withterms 50% down, balance on accountJune 15Paid salaries of employees worth 45,000June 18Collected half of the amount due last June 10June 20Paid the total amount due for utilities amounting to55, 000June 22Cash receipts amounting to 75,000 from cash salesservicesJune 24Paid the whole amount due on the noteJune 26Paid Philhealth contribution of the employeesamounting to 5,000June 28Borrowed P150,000…
Q1. Presented here are the accounts of KPMS Delivery for the year ended December 31, 2018. Owner investment,2018 $ 32,000 Land $ 7,000 Accounts payable $ 14,000 Notes payable $ 30,000 Accounts receivable $ 1,700 Property tax expense $ 2,900 Advertising expense $ 17,000 KPMS, drawing $ 32,000 Building $ 137,900 Rent expense $ 13,000 Cash $ 6,000 Salary expense $ 69,000 Equipment $ 17,000 Salary payable $ 500 Insurance Expense $ 2,000 Service revenue $ 192,000 Interest Expense $ 6,000 Supplies $ 8,000 KPMS, Capital 12/31/2018 $ 51,000 Requirements: 1. Prepare KPMS Delivery’s income statement. 2. Prepare the statement of owner’s equity. 3. Prepare the balance sheet. 4. Answer these questions about the company: a. Was the result of operations for the year a profit or a loss? How much? b. How much in total economic resources does the company have as it moves into the new year? c. How much does the company owe to creditors? d. What is the dollar amount…
Q1. Presented here are the accounts of KPMS Delivery for the year ended December 31, 2018. Owner investment,2018 $ 32,000 Land $ 7,000 Accounts payable $ 14,000 Notes payable $ 30,000 Accounts receivable $ 1,700 Property tax expense $ 2,900 Advertising expense $ 17,000 KPMS, drawing $ 32,000 Building $ 137,900 Rent expense $ 13,000 Cash $ 6,000 Salary expense $ 69,000 Equipment $ 17,000 Salary payable $ 500 Insurance Expense $ 2,000 Service revenue $ 192,000 Interest Expense $ 6,000 Supplies $ 8,000 KPMS, Capital 12/31/2018 $ 51,000 Requirements: Prepare KPMS Delivery’s income statement. (3 Marks) Prepare the statement of owner’s equity. (3 Marks) Prepare the balance sheet. (3 Marks) Answer these…
Jax the Max Construction had $288,000 in Sales, $1,200 in Advertising Expense, $2,800 in Insurance Expense, $32,000 in Rent Expense, $4,500 in Depreciation Expense—Equipment, $1,100 in Depreciation Expense—Vehicles, $68,000 in Wages Expense, $1,700 in Phone Expense, and $14,000 in withdrawals. What entry would be needed to close the income summary account? a.Debit Jax, Capital for $176,700 and credit Income Summary for $176,700 b.Debit Jax, Capital for $162,700 and credit Income Summary for $162,700 c.Debit Income Summary for $176,700 and credit Jax, Capital for $176,700 d.Debit Income Summary for $162,700 and credit Jax, Capital for $162,700
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.
ACCOUNTS PAYABLE P60,000 ACCOUNTS RECEIVABLE P10,000 BUILDING ? CASH P30,000 EQUIPMENT P70,000 ARLYN VILLANUEVA, CAPITAL ? LAND P70,000 IF THE BALANCE OF THE BUILDING ACCOUNT WAS P150,000 AND THE EQUIPMENT WAS SOLD FOR P70,000 WHAT WOULD BE THE TOTAL OF OWNER’S EQUITY? P150,000 P160,000 P270,000 P330,000