liability and owner's equity
Q: a. El Granado invested P157,000 cash to establish the business b. Bought office desks and filing…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Jose Loder established Bronco Consulting on August 1, 2019. The effect of each transaction and the…
A: 1.Prepare the income statement of Company BC for the month ended August 31, 2019.
Q: Mr. Ahmed purchased Furniture on account for RO 200, this would lead to a. Increase in liability by…
A: The correct option is a. . Increase in liability by RO 200 and increase in assets by RO 200
Q: Smith invested P 35,000 cash to start the business 2. Purchase 350 of office supplies on account 3.…
A: The question is based on the concept of Financial Accounting. Accounting equation is the statement…
Q: The owner’s initial capital to the business is ₱50 000.00. If the business has ₱150 000.00 revenue…
A: The owners equity is calculated as the sum of owner contribution and any changes to equity. Changes…
Q: MODULE 2 HOMEOWRK: Asset, Liability or Equity Accounts Please tell me whether the following accounts…
A: Account: A record, which documents or records the changes in assets, liabilities, or equity for a…
Q: Question 3 A businessman has bought the following items for his business uses: Machinery…
A: Machinery RM100,000Computers RM50,000Pen RM10A4 paper rim…
Q: Directions: Read carefully and analyze the problem then fill in the blanks the correct answer/s to…
A: The question is based on the concept of Financial Accounting.
Q: Transaction Asset Liability Capital (d) The owner puts a further $5,000 cash into the business…
A: Basic accounting equation is Total liabilities + owners equity = Total Assets
Q: Comprises the total assets of a business A. Income B. Revenue C. Gain D. Capital
A: Note: Since you have asked multiple question, we will solve the first question for you. If you want…
Q: Land OMR 10,000; capital OMR 10,000; sales OMR 7,000; furniture OMR 7,000; salary OMR 2.000; rent…
A: Trial Balance: Trial balance is a statement in which closing balance of all ledger accounts are…
Q: The beginning capital balance shown on a statement of owner's equity is $64,000. Net income for the…
A: Owner's equity is one of the three main sections of a sole proprietorship's balance sheet and one of…
Q: What is the value of the land?
A: Accounting equation: Accounting equation is an accounting tool expressed in the form of the…
Q: The liabilities of Bb Barn are equal to 1/3 of the total assets. The owner's equity is P 6,300,500.…
A: Accounting equation : Total Assets = Total Liabilities or Total Assets = Owner's Equity + Outsider's…
Q: Owner contributed computer costing RO. 9000, inventory worth OR 8000 and in cash OR 32000. What is…
A: Captial Amount: The capital incudes all assets less all liabilities Total capital = New capital…
Q: Balance and solve the problem. ACCOUNTS FURNITURES ACCOUNTS UTILIITES OWNER'S TRANSACTION CASH…
A: The accounting equation states that assets equal to sum of liabilities and equity.
Q: Effect of Transactions on Accounting Equation a. A vacant lot acquired for $346,000 is sold for…
A: a. A vacant lot acquired for $346,000 is sold for $668,000 in cash. What is the effect of the sale…
Q: Identify the relevant transaction for this entry: Assets Owner’s equity Liabilities +R8000…
A: The Double entry book keeping of accounting says that there are two effects of any transactions.…
Q: COMPUTE AND PREPARE: 1. Owner, Pedro invested an initial capital amounting Php 50,000 in order to…
A: The ending capital is calculated as sum of beginning capital, investment and net profit and further…
Q: Problem B – Villanueva Realty had the following balance sheet accounts and balances: 60,000…
A: Hi student Since there are multiple subparts, we will answer only first three subparts,
Q: ACCOUNTS FURNITURES ACCOUNTS RECEIVABLES & FIXTURES UTIUITES OWNER'S TRANSACTION CASH PAYABLE…
A: The accounting equation states that assets equals to sum of liabilities and shareholders equity. It…
Q: Ice was exracted from the books of Syarikat Wawa at 31 2020: Particulars RM Capital Carriage in…
A: Financial statement is prepared from the trial balance which include :- Profit and loss and…
Q: Write TRUE f the analysis for each transaction is correct and FALSE if it is not. 1. The owner…
A: In accounting equation, total of both sides should always be equal. It means total assets should be…
Q: Beginning of Year: End of Year: Assets $25.000 Net Income (Loss) 63000 $63,000 Owner, Withdrawals…
A: Owner's equity is a cost of ownership of assets, that can be liquidated for the shareholders or are…
Q: e a statement of owner's equity. Assume that there was an
A: Introduction Statement of owner's equity: A statement of owner's equity is an each document that…
Q: cements - A S ACC 201 Role of Acc X * CengageNOWv2 |0 difference in artist m. types of financial…
A: The question is related to Cash Flow Statement. Cash Flow Statement is summary of cash receipts and…
Q: 25)Robert Haddon contributed $70,000 in cash and land worth $130,000 to open a new business, RH…
A: The journal entries are prepared to keep the record of daily transactions of the business.
Q: Purchasing a building for $115,000 by paying cash of $25,000 and signing a note payable for $90,000…
A: Definition: Accounting equation: Accounting equation is an accounting tool expressed in the form of…
Q: 25)Robert Haddon contributed $70,000 in cash and land worth $130,000 to open a new business, RH…
A: We know that the first step of recording the transaction is by passing the journal entry. So for…
Q: 5. Adliana wanted to start a business and he decided to open a grocery shop. He incurred the…
A: Capital Expenditure:- Capital Expenditure is those expenses which have a long term impact in the…
Q: MCQS 31 In the general ledger, a separate "account" is maintained for each:Type of asset and…
A: Ledger: It is the second step of recording financial transactions. It is an account that record…
Q: J. Ilagan invested Php150,000 in a real estate agency. A.Debit land, Credit cash B.Debit cash,…
A: There are three accounting rules 1) Debit the receiver and credit the giver 2) Debit what comes in…
Q: uestion 2: If a business owns a eal estate worth $250,000, and they owe 180,000 on a loan for that…
A: Owner’s equity is the amount of owner’s capital in the total amount of investment. It is the amount…
Q: Seth Feye established Reliance Financial Services on July 1, 2019. Reliance Financial Services…
A: a) Prepare the income statement of Reliance Financial Services for the month ended July 31, 2019.
Q: Dec 1 Owner invested cash of 530,000 and land of 1,200,000 and equipment amounting to 200,000 Dec 3…
A: The journal entries are prepared to record daily transactions of the business.
Q: Paul and Sam Jones, two brothers, decide to start a landscaping business. Paul contributes equipment…
A: Introduction: A journal entry is the act of recording or keeping track of any financial or…
Q: Element Direction Item Received cash from owner as additional Asset Increases Cash investment,…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Please lable the following accounts as Assets, Liability, or Equity. Also if they are a DR or CR…
A: Step1: For the proprietorship, accounting equation is formed from asset, liabilities and owner’s…
Q: 1. Cesar Vasquez, a businessman, has the following personal properties: Cash, P100,00 Land,…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Owner invested ca a. Purchased equipm b. C. Purchased invento d. Purchased furnitu accounts payable…
A: The answer is stated below:
Q: Directions: Solve for the unknown item by recalling what increases and decreases owner's account.…
A: Capital ending = Capital beginning + Additional investment - Drawings + Net income - Net loss
Q: PARRISH Pg 140 Please calculate the following amounts from an adjusted Trial Balance and tell me the…
A: Post-trail balance is prepared as follows:
Q: Calculate the missing figures indicated by the letters. Beginning of the year Assets Liabilities…
A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.…
Q: On May 1, 20x1, the statement of financial position of Juan and Pablo appear below: Pablo 44,708…
A: Partnership can be defined as coming together of two or more people with the objective of doing some…
Q: Having an issue with this problem. Thank you
A: Workings: Land purchased for $ 12300. Sold for $ 13653
Q: Cesar Vasquez, a businessman, has the following personal properties: Cash, P100,000 Land, P200,000;…
A: Balance sheet: The balance sheet is also referred to as the statement of financial position. It…
Question
-
P 2, 469, 134 Owner's equity
-
P 2, 469, 134 Owner's equity, P 9, 876 Liability
-
P 2, 479, 010 Owner's equity
-
P 2, 355, 554 Owner's equity, P 123, 456 LiabilityDuring the operation of Cure - A - Cute, the company incurred the following expenses. Supplies expense 2, 500 . Billing from Meralco worth P8, 450. Paid Salaries worth P28, 000. And PLDT billing worth P5, 000. How much is the total expense and how does this transaction affect the liability account?
-
P46, 450 - Increase
-
P46, 450 - No Effect
-
P43, 950 - Increase
-
P43, 950 - Decrease
-
Step by step
Solved in 4 steps
- A vacant lot acquired for $375,500, on which there is a balance owed of $274,115, is sold for $413,050 in cash. The seller pays the $274,115 owed. What is the effect of these transactions on the total amount of the seller's (1) assets, (2) liabilities, and (3) stockholders' equity? Enter all values and positive numbers. Can you help me understand how to compute the assets? Thank you!A vacant lot acquired for $375,500, on which there is a balance owed of $281,625, is sold for $488,150 in cash. The seller pays the $281,625 owed. What is the effect of these transactions on the total amount of the seller's (1) assets, (2) liabilities, and (3) stockholders' equity? Enter all values and positive numbers.Clint M. Invests $30,000 into Merle Company. The Effect to Assets would be: Clint M. Invests $30,000 into Merle Company. The effect to Liabilities would be: Clint M. invests $30,000 into Merle Company. The effect to Equity would be: Merle Company purchased a piece of equipment for $5,000 on account. The effect to Assets would be: Merle Company purchases a piece of equipment for $5,000 on account. The effect to Liabilities would be: Merle Company Purchases a piece of equipment for $5,000 on account. The effect to Equity would be: Merle Company pays $1,000 for this month’s rent in cash. The effect to Assets would be: Merle Company pays $1,000 for this months rent in cash. The effect to Liabilities would be: Merle Company pays $1,000 for this month’s rent in cash. The effect Equity would be: Merle Company earns $9,000 from services preformed. The effect to Assets would be: Merle Company earns $9,000 from services preformed. The effect liabilities would be: Merle…
- Clint M. Invests $30,000 into Merle Company. The Effect to Assets would be: Clint M. Invests $30,000 into Merle Company. The effect to Liabilities would be: Clint M. invests $30,000 into Merle Company. The effect to Equity would be: Merle Company purchased a piece of equipment for $5,000 on account. The effect to Assets would be: Merle Company purchases a piece of equipment for $5,000 on account. The effect to Liabilities would be: Merle Company Purchases a piece of equipment for $5,000 on account. The effect to Equity would be: Merle Company pays $1,000 for this month’s rent in cash. The effect to Assets would be: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) If net income is $3,400 and owner withdrawals are $8,900, how much did the owner contribute (owner, capital)? Owner, Capital 5) If the owner contributes $16,200 and net income is $19,800, how much did the owner withdraw (owner, withdrawals)? Owner, Withdrawals 6) If the owner contributes $43,600 and the owner withdraws $1,900, how much is net income (loss)? Net Income (Loss)
- Determine the Assets, Liabilities, and Equity ofthis situation: The business was put up from a cash of ₱200,000, the initial capital of the owner. Then, ₱40,000 of thecash was used to purchase an equipment to be used in business. The purchase of equipment resultedin a liability of ₱20,000. How much are the total assets of the business?A business has the following items: - Land R? - Vehicles R600 000 - Debtors R120 000 - Cash R30 000 - Owners equity R1 000 000 - Long-term Loan R500 000 - Creditors control R50 000 What is the value of the land?Assume that the seller owes $80,000 on a loan for the land. After receiving the $298,000 cash in (a), the seller pays the $80,000 owed. What is the effect of the payment on the total amount of the seller's (1) assets, (2) liabilities, and (3) owner's equity? If there is no change, In the effect column select 'No change' , Increased, or Decreased from the dropdown and then enter a "0" in the amount box. Effect Amount 1. Total assets $ 2. Total liabilities $ 3. Owner's equity $ c. Is it true that a transaction always affects at least two elements (Assets, Liabilities, or Owner's Equity) of the accounting equation? yes or no
- Identify the letter for the principle or assumption from A through F in the blank space next to situation that it best explains or justifies: _________If $51,000 cash is paid to buy land, the land is reported on the buyer’s balance sheet at $51,000.A vacant lot acquired for $115,000 is sold for $298,000 in cash. What is the effect of the sale on the total amount of the seller’s (1) assets, (2) liabilities, and (3) owner's equity? If there is no change, In the effect column select 'No change' Decreased, or Increased from the dropdown and then enter a "0" in the amount box. Effect Amount 1. Total assets $ 2. Total liabilities $ 3. Owner's equity $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…
