Jimmy's repair shop started the year with total assests of 30,000 and total liabilities of 240000. during the year the business recieved dividends of 60000. the netincome reported by jimmy's repair shop for the year was?

Q: Oriole Company began the year with owner's equity of $301000. During the year, the company recorded…

A: GIVEN    Beginning stockholder's Equity=$301,000 Revenues  = $386,000 Expense  =$289,000  Dividends…

Q: At the beginning of the year, Suzanne Company had total assets of $1,200,000 and total stockholders'…

A: Beginning liabilities=Assets-Equity=$1,200,000-$460,000=$740,000

Q: At the beginning of the year, the assets of Baby Shark Services were P360,000 and its owners equity…

A:

Q: in the blanks Total revenues earned by the company during the year is P900,000 while the expenses…

A: Amount  Revenue  900,000 Less: Expenses   Salaries Expense     75,000 Utilities Expense…

Q: Al Rahami Shop started the year with total assets of OMR210,000 and total liabilities of OMR120,000.…

A: Formula: Net Income = Revenues - expenses

Q: In Year 1, Lee Incorporated billed its customers $56,300 for services performed. The company…

A: As per accounting equation in business, total assets should always be equal to total liabilities and…

Q: Crane Consulting started the year with total assets of $59800 and total liabilities of $14700.…

A: A basic Accounting equation is given as under: Assets = Equity  + Liabilities    Meaning,  Total…

Q: The profit made by a business in 20X2 was $35,400. The proprietor injected new capital of $10,200…

A: Capital is the money invested in the business by the entrepreneur which gives him the right to take…

Q: At the beginning of the year a sole proprietorship had liabilities of 100k and owners equity of 96k.…

A: Asset :— Assets is Something which Containing economic Value & Future Value. It is the Part of…

Q: Below are transactions that took place in Placid Company during the past year:a. Equipment was…

A: Statement of cash flows: This statement reports all the cash transactions which are responsible for…

Q: In its first three years of operations, a company has net income of $2,000; $5,000; and $8,000. It…

A: Retained Earnings balance = Beginning Retained Earnings + Net Income - Dividend Paid

Q: Bonita Consulting started the year with total assets of $59000 and total liabilities of $15500.…

A: Calculate the stock holders equity as follows: stock holders equity = (Total assets - Total…

Q: Walstrom's Electronics year-end balance sheet consisted of the following amounts: Cash $75,000,…

A: Retained earnings = Cash + Property, plant and equipment + Accounts receivable + Inventory - Common…

Q: At the beginning of the year, Alex's Electronic Inc. had long-term debt of $280 and total debt of…

A: Given information is: At the beginning of the year, Alex's Electronic Inc. had long-term debt of…

Q: Vetty Company began the year with owner's equity of $105,000. During the year, Wetty rece additional…

A: Revenue means the total sale value of goods of the company during the specified period. Profit means…

Q: During the current year, the owners of A & J Industrial Supply Company invested $100,000 and…

A: Net Income is the amount earned through revenue less all the expenses or the amount left after…

Q: A business has net assets of $70,000 at the beginning of the year and $80,000 at the end of the…

A: Given the following information: Net assets at the beginning: $70,000 Net assets at the end:…

Q: Salem’s Accessory Shop started the year with total assets of $210,000 and total liabilities of…

A: Formula: Net Income = Revenues - Expenses. Deduction of expenses from revenues derives the net…

Q: During its first year of operations, Yellow Bell Co. provided services to customers for the value of…

A: Under accrual bases of accounting we need to recognize the income and expenses when they actually…

Q: Whispering Winds Corp. started the month of June 2022 with total assets of $215000 and total…

A: Requirement: In the given question it is asked to calculate net income of the whispering Wind Corp.…

Q: DiMarco Company started the year with total assets of $330,000 and total liabilities of $240,000.…

A: Answer -  Stockholders' equity at the end of the year = (Total Assets - Total Liabilities) +…

Q: At the beginning of the year, Gilles Company had total assets of $800,000 and total liabilities of…

A: Solution. Total assets = $800,000  Total liabilities = $300,000  Owner's equity  = Total assets -…

Q: The net income of Harriet Company for the year is $25,000. The owner made withdrawals during the…

A: Drawings refer to any amount taken by the owner from the business for his/her personal use. Interest…

Q: During 2022, its first year of operations, Kingbird, Inc. had revenues of $148200 and expenses of…

A: Retained earnings is the balance left from the profit after payment of dividends.

Q: 5. X Company started the year with total ssets of $540,000 and total liabilities of 360,000. During…

A: The total equity represents the capital of the entity or the owner's fund invested in the…

Q: Loweman's Car Repair Shop started the year with total assets of $30,000, total liabilities of…

A: Net income is an excess of revenue over expenditure.

Q: Fat Crane's Service Shop started the year with total assets of $324000 and total liabilities of…

A: Revenue = $639000 Expenses = $431000

Q: t the beginning of the year, Pala Calling Station had liabilities of P200.000 and owner’s equity of…

A: The total amount of capital or owner's equity appears on both the balance sheet and statement of…

Q: At the beginning of the year, the assets of Tubo Services were P720,000 and it’s owner’s equity was…

A: Stockholders’ equity: It refers to the residual amount of assets that are available to the company’s…

Q: At the beginning of the year, Kim Company had total assets of 800 thousand and total liabilities of…

A: The Accounting Equation represents the fundamental relationship between the Assets, Liabilities, and…

Q: At the start of the year, the balance on Sara's capital account was $55.689. During the year Sara…

A: Lets understand the basics. For calculating ending balance of capital account, we will need to use…

Q: Blossom Service Shop started the year with total assets of $ 343000 and total liabilities of $…

A: According to accounting equation, assets equals to sum of liabilities and shareholders equity.

Q: At the beginning of the year, Addison Company's assets are $234,000 and its equity is $175,500.…

A: Answer a) Calculation of Ending Balance of Equity Ending Balance of Equity = Ending balance of…

Q: Mazaya company showed the following balances at the end of its first year: cash $7,500; prepaid…

A: Trial Balance Account Titles Debit Credit Cash $7,500   Prepaid insurance $750…

Q: At the start of its most recent financial year the owner's equity in a business was £25,960. At the…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: A company made a profit for the year of $18,750, after accounting for depreciation of $1,250. During…

A: Cash flow statement is prepared to show the increase or decrease in Cash during the particular…

Q: The company has assets equal to 6,150,000 and liabilities equal to 2,650,000. Before the year ended…

A: Owner equity means the amount that belong to the owner of the business.  Any profit will increase…

Q: the year? — $980,000 Question: If the total liabilities decreased by $25,000 during a period and…

A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.…

Q: Carlton Company had assets of $280,000 and liabilities of $120,000 at the beginning of the year and…

A: In the above question we have asked to calculate net income earned by company during the year which…

Q: Vaughn Manufacturing started the year with total assets of $304000 and total liabilities of $244000.…

A: Net income reported for the year = Revenue - Expense

Q: Pharoah Service Shop started the year with total assets of $ 326000 and total liabilities of $…

A: Net income reported by Pharoah Service Shop for the year = Revenues - Expenses

Q: A business's bank balance increased by $750,000 during its last financial year. During the same…

A: We have the following information: A business's bank balance increased by $750,000 during its last…

Q: During 2022, its first year of operations, Skysong, Inc. had revenues of $106600 and expenses of…

A: In this question, retained earnings is the difference between net income and dividend paid as there…

Q: Al Rahami Shop started the year with total assets of OMR210,000 and total liabilities of OMR120,000.…

A: The question is based on the concept of Financial Accounting. Net profit is profit after tax but…