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
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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?
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- The Accounting Equation Ginger Enterprises began the year with total assets of $500,000 and total liabilities of $250,000. Using this information and the accounting equation, answer each of the following independent questions. What was the amount of Gingers owners equity at the beginning of the year? If Gingers total assets increased by $100,000 and its total liabilities increased by $77,000 during the year, what was the amount of Gingers owners equity at the end of the year? If Gingers total liabilities increased by $33,000 and its owners equity decreased by $58,000 during the year, what was the amount of its total assets at the end of the year? If Gingers total assets doubled to $1,000,000 and its owners equity remained the same during the year, what was the amount of its total liabilities at the end of the year?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.Journal entries and trial balance On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: a. Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 40,000. b. Paid rent on office and equipment for the month, 4,800. c. Purchased supplies on account, 2,150. d. Paid creditor on account, 1,100. e. Earned sales commissions, receiving cash, 18,750. f. Paid automobile expenses (including rental charge) for month, 1,580, and miscellaneous expenses, 800. g. Paid office salaries, 3,500. h. Determined that the cost of supplies used was 1,300. i. Paid dividends, 1,500. Instructions 1. Journalize entries for transactions (a) through (i), using the following account titles: Cash, Supplies, Accounts Payable, Common Stock, Dividends, Sales Commissions, Rent Expense, Office Salaries Expense, Automobile Expense, Supplies Expense, Miscellaneous Expense. Explanations may be omitted. 2. Prepare T accounts, using the account titles in (1). Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Determine the account balances after all posting is complete. Accounts containing only a single entry do not need a balance. 3. Prepare an unadjusted trial balance as of October 31, 20Y6. 4. Determine the following: a. Amount of total revenue recorded in the ledger. b. Amount of total expenses recorded in the ledger. c. Amount of net income for October. 5. Determine the increase or decrease in retained earnings for October.
- On July 1 of the current year, the assets and liabilities of Logan W, BWW, are as follows: Cash, $27,000; Accounts Receivable, $12,300; Supplies, $3,100; Land, $35,000; Accounts Payable, $13,900. What is the amount of owner's equity (Logan W’s capital) as of July 1 of the current year?On June 30 of the current year, the assets and liabilities of Phoenix, Inc. are as follows: Cash $20,500; Accounts Receivable, $7,250; Supplies, $650; Equipment, $12,000; Accounts Payable, $9,300. What is the amount of owner's equity as of June 30 of the current year? Group of answer choices $13,050 $8,300 $31,100 $20,500The amounts of the assets and liabilities of Excalibur Travel Agency at December 31, 20Y5, the end of the year, and its revenue and expenses for the year follow. The capital of James Brewster, owner, was $710,000 on January 1, 20Y5, the beginning of the year. During the year, James withdrew $44,500. Accounts payable $ 73,500 Rent expense $ 38,100 Accounts receivable 302,000 Supplies 5,800 Cash 201,900 Supplies expense 4,300 Fees earned 967,000 Utilities expense 30,200 Land 576,500 Wages expense 540,400 Miscellaneous expense 6,800 Instructions Prepare an income statement for the year ended December 31, 20Y5. Prepare a statement of owner’s equity for the year ended December 31, 20Y5. Prepare a balance sheet as of December 31, 20Y5. What item appears on both the statement of owner’s equity and the balance sheet
- On June 30 of the current year, the assets and liabilities of Phoenix, Inc. are as follows: Cash $20,500; Accounts Receivable, $7,250; Supplies, $650; Equipment, $12,000; Accounts Payable, $9,300. What is the amount of owner's equity as of June 30 of the current year?The amounts of the assets and liabilities of Excalibur Travel Agency at December 31, 20Y5, the end of the year, and its revenue and expenses for the year follow. The capital of James Brewster, owner, was $710,000 on January 1, 20Y5, the beginning of the year. During the year, James withdrew $44,500. Accounts Amounts Accounts payable $ 73,500 Accounts receivable 302,000 Cash 201,900 Fees earned 967,000 Land 576,500 Miscellaneous expense 6,800 Rent expense 38,100 Supplies 5,800 Supplies expense 4,300 Utilities expense 30,200 Wages expense 540,400 Required: 1. Prepare an income statement for the year ended December 31, 20Y5.* 2. Prepare a statement of owner’s equity for the year ended December 31, 20Y5.* 3. Prepare a balance sheet as of December 31, 20Y5.* 4. What item appears on both the statement of owner’s equity and the balance sheet? *Be sure to complete the statement heading. Refer to the information given and the…The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year follow. The capital of the owner was $180,000 at April 1, the beginning of the current year. Mr. Thompson invested an additional $25,000 in the business during the year. Accounts payable $2,000 Miscellaneous expense $1,030 Accounts receivable 10,340 Office expense 1,240 Cash 21,420 Supplies 1,670 Fees earned 73,450 Wages expense 23,550 Land 47,000 Drawing 16,570 Building 157,630 Prepare a balance sheet for Thompson Computer Services for the current year ended March 31.
- The amounts of the assets and liabilities of Excalibur Travel Agency at December 31, 20Y5, the end of the year, and its revenue and expenses for the year follow. The capital of James Brewster, owner, was $665,000 on January 1, 20Y5, the beginning of the year. During the year, James withdrew $41,000. Accounts Amounts Accounts payable $68,500 Accounts receivable 274,000 Cash 187,500 Fees earned 899,200 Land 544,000 Miscellaneous expense 6,500 Rent expense 40,000 Supplies 5,300 Supplies expense 4,400 Utilities expense 27,000 Wages expense 503,000 Required: 1. Prepare an income statement for the year ended December 31, 20Y5.* 2. Prepare a statement of owner’s equity for the year ended December 31, 20Y5.* 3. Prepare a balance sheet as of December 31, 20Y5.* 4. What item appears on both the statement of owner’s equity and the balance sheet? *Be sure to complete the statement heading. Refer to the information given and the lists…The amounts of the assets and liabilities of Excalibur Travel Agency at December 31, 20Y5, the end of the year, and its revenue and expenses for the year follow. The capital of James Brewster, owner, was $665,000 on January 1, 20Y5, the beginning of the year. During the year, James withdrew $41,000. Accounts Amounts Accounts payable $68,500 Accounts receivable 274,000 Cash 187,500 Fees earned 899,200 Land 544,000 Miscellaneous expense 6,500 Rent expense 40,000 Supplies 5,300 Supplies expense 4,400 Utilities expense 27,000 Wages expense 503,000 Required: 1. Prepare an income statement for the year ended December 31, 20Y5.* 2. Prepare a statement of owner’s equity for the year ended December 31, 20Y5.* 3. Prepare a balance sheet as of December 31, 20Y5.* 4. What item appears on both the statement of owner’s equity and the balance sheet? *Be sure to complete the statement heading. Refer to the information given and the lists…The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 20Y5, the end of the year, and its revenue and expenses for the year are listed below. The capital of Harper Borg, owner, was $54,180 at May 1, 20Y4, the beginning of the year, and the owner withdrew $28,700 during the year. Accounts payable $18,230 Accounts receivable 97,610 Cash 197,040 Fees earned 712,900 Miscellaneous expense 5,690 Rent expense 94,820 Supplies 8,490 Supplies expense 15,170 Taxes expense 10,000 Utilities expense 56,890 Wages expense 270,900 Required: 1. Prepare an income statement for the year ended April 30, 20Y5. Wilderness Travel Service Income Statement For the Year Ended April 30, 20Y5 $fill in the blank 8864d6079fd3031_2 Expenses: $fill in the blank 8864d6079fd3031_4 fill in the blank 8864d6079fd3031_6 fill in the blank 8864d6079fd3031_8 fill in the blank 8864d6079fd3031_10 fill in the blank…
