K7. The following information is provided for Sacks Company. Cash $ 13,200 Supplies 5,700 Prepaid rent 3,200 Salaries expense 5,700 Equipment 66,200 Service revenue 34,800 Miscellaneous expenses 21,200 Dividends 4,200 Accounts payable 6,200 Common stock 69,200 Retained earnings 9,200 What is the amount of total liabilities? Multiple Choice $69,700 $88,300 $80,900 $6,200

K7. The following information is provided for Sacks Company. Cash $ 13,200 Supplies 5,700 Prepaid rent 3,200 Salaries expense 5,700 Equipment 66,200 Service revenue 34,800 Miscellaneous expenses 21,200 Dividends 4,200 Accounts payable 6,200 Common stock 69,200 Retained earnings 9,200 What is the amount of total liabilities? Multiple Choice $69,700 $88,300 $80,900 $6,200

Name: K7. The following information is provided for Sacks Company. Cash $ 13
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: K7. The following information is provided for Sacks Company. Cash $ 13,200 Supplies 5,700 Prepaid rent 3,200 Salaries expense 5,700 Equipment 66,200 Service revenue 34,800 Miscellaneous expenses 21,200 Dividends 4,200 Accounts payable 6,200 Common st

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter3: Journalizing Transactions

Section: Chapter Questions

Problem 3AP

See similar textbooks

Similar questions

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.
Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received customer payments of $965 B. supplies purchased on account $435 C. services worth $850 performed, 25% is paid in cash the rest will be billed D. corporation pays $275 for an ad in the newspaper E. bill is received for electricity used $235. F. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?
Effects of transactions on stockholders’ equity For Target Corporation (TGT), indicate whether the following transactions would (1) increase, (2) decrease, or (3) have no effect on stockholders’ equity. a. Borrowed money front the bank. b. Paid creditors. c. Made cash sales to customers. d. Purchased store equipment. e. Paid dividends. f. Paid store rent. g. Paid interest expense. h. Sold store equipment at a gain. i. Received interest revenue. j. Paid taxes.
Effects of transactions on Accounting equation On Time Delivery Service had the following selected transactions during November: 1. Received cash from issuance of common stock, $75,000. 2. Paid rent for November, $5000. 3. Paid advertising expense, $3,000. 4. Received cash for providing delivery services, $34,500. 5. Borrowed $10,000 from Second National Bank to finance its operations. 6. Purchased a delivery van for cash, $25,000. 7. Paid interest on note from Second National Bank, $75. 8. Paid salaries and wages for November, $10,000. 9. Paid dividends, $2,000. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (9), in a vertical column, and inserting at the right of each number the appropriate letter from he following list: a. Increase in an asset, decrease in another asset. h. Increase in an asset, increase in a liability. c. Increase in an asset, increase in stockholders’ equity. d. Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in stockholders equity.
On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700
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
Jarem Company showed 189,000 in prepaid rent on December 31, 20X1. On December 31, 20X2, the balance in the prepaid rent account was 226,800. Rent expense for 20X2 was 472,500. Required: 1. What amount of cash was paid for rent in 20X2? 2. CONCEPTUAL CONNECTION What adjustment in prepaid expenses is needed if the indirect method is used to prepare Jarems statement of cash flows?
Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Paid $22,000 cash on bonds payable. B. Collected $12,600 cash for a note receivable. C. Declared a dividend to shareholders for $16,000, to be paid in the future. D. Paid $26,500 to suppliers for purchases on account. E. Purchased treasury stock for $18,000 cash.
Assume that as of January 1, 20Y8, Sylvester Con- suiting has total assets of $500,000 and total assets of $150,000. As of December 31, 20Y8, Sylvester has total liabilities of $200,000 and total stockholders’ equity of $400,000. (a) What was Sylvester’s stockholders’ equity as of January 1, 20Y8? (b) Assume that Sylvester did not pay any dividends during 20Y8. What was the amount of net income for 20Y8?
Financial statements Outlaw Realty, organized August 1. 20Y7, is owned and operated by Julie Baxter. How many errors can you find in the following financial statements for Outlaw Realty, prepared after its first month of operations? Assume that the cash balance on August 31, 20Y7, is $51,600 and that cash flows from operating activities is reported correctly.
What is the total amount of liabilities? Cash 12,000 Supplies 4,500 Prepared rent 2,000 Salaries expense 4,500 Equipment 65,000 Service revenue 30,000 Miscellaneous Expense 20,000 Dividends 3,000 Accounts payable 5,000 Common stock 68,000 Retained earnings 8,000 A. 5,000 B. 78,500 C. 68,500 D. 83,500
What is the total amount of credits? Cash : 12,000 Retained earnings : 31,000 Prepaid Rent : 2,000 Salaries Expense : 15,000 Equipment : 68,000 Service Revenue : 40,000 Miscellaneous Expense : 10,000 Supplies : 4,000 Dividends : 3,000 Accounts Payable : 5,000 Common stock : 38,000 A. 111,000 B. 114,000 C. 86,000 D. 81,000