Please I need to fill in the black the correct amount. Accounting EquationDetermine the missing amount for each of the following:AssetsLiabilitiesStockholders' Equity%3Da.$715,000+$1,185,000b.$600,000+$510,000C.$112,400$23,750+%3D+

Accounting Equation is the foundation of accounting. It follows the basis for recording…

Answered: Please I need to fill in the black the…

Business

Accounting

Please I need to fill in the black the correct amount

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 1E

See similar textbooks

Related questions

Q: What is the purpose of making adjusting entries?

A: The purpose of making the adjustment entry is to make the accounts upto date and the period to which…

Q: Is it okay if I have Balance column in my journal entries?? Why? Because I submitted it with…

A: In accounting, journal entries are used to record transactions that can be measured in monetary…

Q: Recreate the Post-Closing Trial Balance that wou require an entry, leave it blank.

A: A trial balance is the statement of debits credits that can only be prepared in case of double-entry…

Q: Enter your answer in the space provided below. (Do not enter a dollar sign, and round to the nearest…

A: Capital gains deduction is the deduction which is given to taxpayer in the country of Canada which…

Q: Verify the yellow column answers and fill out the percentage column as well

A: Here to given the details of Preparation of Income Statement. The details of the Calculation for…

Q: Select one: O a. OMR 1,560,000 applied and OMR 15,000 underapplied b. None of the answers are…

A: Overhead means indirect cost incurred in production and manufacturing of goods. Overhead is…

Q: Use the information given to fill out missing boxes correctly

A: The closing entries are prepared to close the temporary accounts of the business.

Q: What are the main differences between the adjusting entries and the closing entries?

A: Adjusting entries are prepared at the end of the accounting period in order to ensure that all the…

Q: When are adjusting entries completed, and what is their purpose?

A: Adjusting entries: Adjusting entries are the journal entries which are recorded at the end of the…

Q: Was this entry correct? If not, provide the correct entry.

A: Note Receivable: An individual or business makes an unconditional promise in a note receivable to…

Q: Which of the following procedures is correct when determining the amount to enter within the…

A: The worksheet includes trial balance, adjustments, adjusted trial balance, income statement, and…

Q: What is the difference between adjusting entries and correcting entries?

A: Journal entries are the building blocks of accounting, which is the act of recording the economic or…

Q: What should the closing balance be when the errors have been corrected? A $325,200 B $350,400 C…

A: Ledger account refers to the principal book or a file that maintains the recording and total…

Q: it is not correct!! please make sure you follow all of the steps and answer it correctly. Thank you!

A: The revenue and spending variance is calculated as difference between actual data and flexible…

Q: Please check if my general entry are correct

A: Closing journal entry: It refers to the journal entry that is recorded at the closing of the…

Q: Complete the following table by filling in the blanks. For each of the listed posting errors: 1.…

A: Introduction: Accounting rules: As per Personal accounting , debit the receiver , credit the giver.…

Q: I need all blanks filled please and thank you with the blue arrow

A: Income statement is prepared by the business organizations so as to know how much amount of Gross…

Q: Where the red * is means it is incorrect. Could someone please give me the correct answers?

A: Horizontal Analysis The purpose of preparing the Horizontal analysis is to compare the details of…

Q: what is the adjusting entries for this problem? How do find the adjusting entries?

A: Adjusting entries are the journal entries should be recorded to rectify the balances in the…

Q: 1. For both companies, determine the amounts of the missing items (a) through (f), identifying them…

A: a) Materials Inventory, May 1 100,000 Materials Purchased 950,000 Cost…

Q: Required: Fill in the blanks lettered (a) through (k). Enter amounts as positive numbers. (a) $ (b)…

A: As per our protocol we are supposed to answer first three sub-parts only or in case of multiple…

Q: e adjusting entries

A: Prepaid expenses are expenses paid in advance. These are not actually incurred. Hence, they have to…

Q: can you help me doing adjustment to the trial balance?

A: The Trail Balance as on 31st December 2020 given. Adjustments are given Required Prepare Trail…

Q: Based on the provided information, how would I be able to create the journal entries to record the…

A: Introduction: Pension expense is the amount charged to expense by a company in relation to its…

Q: trial balance

A: Definition: Trial Balance: It is a book keeping method in which all the balance of ledger accounts…

Q: What is the purpose of the other adjustments account (OAA)? What types of items increase it or…

A: Answer: As per given - What is the purpose of the accumulated adjustments account (AAA)? What types…

Q: please answer the questions in attached photo from 1 to 10. For each case, identify the anomaly and…

A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: How do you adjust this accoun

A: Prepaid insurance can be defined as that asset account which is the security amount for future…

Q: What is the purpose of making adjusting entries? Youranswer should relate adjusting entries to the…

A: Adjusting entries are those entries which are done at the end of accounting period so that expenses…

Q: The balance in a deferred revenue account represents an amount that is Earned…

A: Deferred Revenue Account means the amount has been collected in advance from customer . Services…

Q: Identify whether the changes would be recorded as a Debit (DR) or Credit (CR). (This isn't graded.…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: y do we have to make Adjusting Entries? How many types of adjusting entries exist? Which ones?

Q: dentify which 2 entries (rows) in the foregoing table is correct.

A: solution concept cash basis of accounting under cash basis of accounting the expense…

Q: Prepare journal entries to record the following adjustments. If an amount box does not require an…

A: Journal entries:- Journal entries are the initial entries that are recorded in the books of…

Q: can you help me to adjust the trial balance?

A: The Trial Balance as on 31st December 2020 given. Adjustments are given Required Prepare Trial…

Q: Describe the purpose what do adjusting entries serve?

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Q: hich of the following is/are true regarding the T-account? a. the name or title of the account…

A: The following statement is/are true regarding the T-account: a. the name or title of the…

Q: I need help with this one . This is vertical analysis. Please provide the missing amount.

A: Vertical analysis of balance sheet shows each item as a percentage of total assets or total…

Q: What is the difference between adjusting entries and closing entries?

A: Adjusting entries are the journal entries passed at the end of period to adjust the revenues and…

Q: What are the two rules to remember about adjusting entries?

A: Adjusting entries:An adjusting entry is prepared when the trial balance is not up-to-date, and…

Q: What are adjusting entries and why are they necessary?

A: Adjusting entries: Adjusting entries are journal entries which are recorded at the end of the…

Q: Distinguish between a reversing entry and an adjusting entry. Are reversing entries required?

A: Adjusting entries means some entries which is to be paid at the end of specified period regarding…

Q: Please calculate the missing amount in the numbers [1] to [10]. Thank you

A: The marginal income statement is the one that is used by the management and cost accountant to…

Q: calculate the missing amount.

A: Assets = Equity (Capital) + Liability

Question

Please I need to fill in the black the correct amount.

Accounting Equation
Determine the missing amount for each of the following:
Assets
Liabilities
Stockholders' Equity
%3D
a.
$715,000
+
$1,185,000
b.
$600,000
+
$510,000
C.
$112,400
$23,750
+
%3D
+

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1 Overview

VIEW

Step 2 Calculations

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

If total assets are $20,000 and total liabilities are $12,000, the amount of stockholders’ equity is: A. $32,000. B. $(32,000). C. $(8000). D. $8,000.
RATIO ANALY SIS OF COMPARATI VE FIN ANCIAL STATE MENT S Refer to the financial statements in Problem 24-8A. REQUIRED Calculate the following ratios and amounts for 20-1 and 20-2 (round all calculations to two decimal places): (a) Return on assets (Total assets on January 1, 20-1, were 175,750.) (b) Return on common stockholders equity (Total common stockholders equity on January 1, 20-1, was 106,944.) (c) Earnings per share of common stock (The average numbers of shares outstanding were 8,400 shares in 20-1 and 9,200 in 20-2.) (d) Book value per share of common stock (e) Quick ratio (f) Current ratio (g) Working capital (h) Receivables turnover and average collection period (Net receivables on January 1, 20-1, were 39,800.) (i) Merchandise inventory turnover and average number of days to sell inventory (Merchandise inventory on January 1, 20-1, was 48,970.) (j) Debt-to-equity ratio (k) Asset turnover (Assets on January 1, 20-1, were 175,750.) (l) Times interest earned ratio (m) Profit margin ratio (n) Assets-to-equity ratio (o) Price-earnings ratio (The market price of the common stock was 100.00 and 85.00 on December 31, 20-2 and 20-1, respectively.)
Return on assets The following data (in millions) were adapted from recent financial statements of Tootsie Roll Industries Inc. (TR): What is Tootsie Roll’s percent of the cost of sales to sales? Round to one decimal place.
If equity equals $100,000, which of the following is true? A. Assets exceed liabilities by $100,000. B. Liabilities exceed equity by $100,000. C. . D. None of the above is true.
Return on assets The following data (in millions) were adapted from recent financial statements of Tootsie Roll Industries Inc. (TR): The percent a company adds to its cost of sales to determine selling price is called a markup. What is Tootsie Roll’s markup percent? Round to one decimal place.
Klynveld Companys balance sheet shows total liabilities of 94,000,000, total stockholders equity of 75,000,000, and total assets of 169,000,000. Required: Note: Round answers to two decimal places. 1. Calculate the debt ratio. 2. Calculate the debt-to-equity ratio.
Return on assets The following data (in millions) were adapted from recent financial statements of Tootsie Roll Industries Inc. (TR): Using your answers to MBA 1-3, compare the markup percentages and return on assets for Hershey and Tootle Roll.
RATIO CALCULATIONS Assume the following relationships for the Caulder Corp.: Sales/Total assets 1.3 Return on assets (ROA) 4.0% Return on equity (ROE) 8.0%
Return on assets The following data (in millions) were adapted from recent financial statements of Tootsie Roll Industries Inc. (TR): What is the percentage of net income to sales for Tootsie Roll? Round to one decimal place.
OBJECTIVE 6 Exercise 1-46 Income Statement ERS Inc. maintains and repairs office equipment. ERS had an average of 10,000 shares of common stock outstanding for the year. The following income statement account balances are available for ERS at the end of 2019. Required: 1. Prepare a single-step income statement for ERS for 2019. 2. CONCEPTUAL CONNECTION Compute net profit margin for ERS. If ERS is able to increase its service revenue by $100,000, what should be the effect on future income? 3. CONCEPTUAL CONNECTION Assume that ERS net profit margin was 8.5% for 2018. As an investor, what conclusions might you draw about ERS future profitability?
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?
Determine the missing amount for each of the following: Assets = Liabilities + Stockholders’ Equity a. X = $550,000 + $1,345,000 b. $776,500 = X + $588,800 c. $14,750,000 = $4,455,000 + X