T-Accounts I need to know how to solve T-Account Equations. I am providing some examples. If you could give me the answer to the missing amount and also tell me how you arrived at that amount it will help solve future equations.Example 1This is a Cash Account-DebitI need the beginning balance.The Debits are 2,500 4,000 3,400The Credits are 4,500 2,200 3,500The ending Debit Balance is 9,800Example 2 Liability AP-CreditI need an unknown amount for the credit side.The Beginning Credit Balance is 3,000There is one known credit for 3,400The debits are 1,5002,000And the Ending Credit Balance is 6,700Example 3 Inventory (Asset)-DRI need the ending balanceBeginning Balance is 40,000Debits are 5,000Credits are 8,000 and 25,000What is the Ending Balance?Example 4 Taxes Payable Liability (CR)I need an unknown Debit amount.Beginning Balance is 30,000The credits are 25,000 and 3,500The Ending Balance is 40,500
T-Accounts I need to know how to solve T-Account Equations. I am providing some examples. If you could give me the answer to the missing amount and also tell me how you arrived at that amount it will help solve future equations.
Example 1
This is a Cash Account-Debit
I need the beginning balance.
The Debits are 2,500 4,000 3,400
The Credits are 4,500 2,200 3,500
The ending Debit Balance is 9,800
Example 2 Liability AP-Credit
I need an unknown amount for the credit side.
The Beginning Credit Balance is 3,000
There is one known credit for 3,400
The debits are 1,500
2,000
And the Ending Credit Balance is 6,700
Example 3 Inventory (Asset)-DR
I need the ending balance
Beginning Balance is 40,000
Debits are 5,000
Credits are 8,000 and 25,000
What is the Ending Balance?
Example 4 Taxes Payable Liability (CR)
I need an unknown Debit amount.
Beginning Balance is 30,000
The credits are 25,000 and 3,500
The Ending Balance is 40,500
Expert Answer
Want to see the step-by-step answer?
Related Accounting Q&A
Q: Cash collections from customers$710 Purchase of used equipment 155 Depreciation expense 155 Sale ...
A: Cash flow from Invetsing activity means the cash inflow or outflow made by an organisation in purcha...
Q: During february, the activities of Evergreen Landscaping included the folowing transation and events...
A: Expenses means the cost incurred by the business to earn revenues. As per the matching principle of ...
Q: Hello, Romano corp has 3 operating divisions and requires a 13% rate of return on all investments. ...
A: Calculate operating assets:Operating assets = (operating income – Residual income) × (100 / 13)Opera...
Q: The current sections of Teal Mountain Inc.’s balance sheets at December 31, 2016 and 2017, are prese...
A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and cas...
Q: I need help solving this problem. The picture attached is the information which was given. I copy an...
A: Statement of Cost of Goods manufactured: It includes the total cost incurred while manufacturing goo...
Q: Exercise 13-2The following are selected 2017 transactions of Shamrock Corporation. Sept. 1 Purchased...
A: 1.Prepare journal entries:
Q: Q1. A own > 50% voting rights of B, and has the right to appoint three out of four board members ...
A: Voting Rights Voting rights refer to the right given to the major shareholders of the company to pro...
Q: Problem 11-2A (Part Level Submission) The stockholders’ equity accounts of Cheyenne Corp. on Januar...
A: Calculating the value of dividends paid to common stockholder. We have,The value of dividend paid to...
Q: Cullumber Company markets CDs of numerous performing artists. At the beginning of March, Cullumber C...
A: Periodic Inventory System: Periodic Inventory System refers to the accounting system under which the...
Q: Hello, can you please help me with this question? Only part of the question fits in the screen snip ...
A: Process costing is a system in which production cost are allocated to individual production stages u...
Q: Waterways Corporation is preparing its budget for the coming year, 2020. The first step is to plan f...
A: Once the production units are computed, the raw material purchases in pounds are determined. The pur...
Q: Every year Blue Industries manufactures 7,300 units of part 231 for use in its production cycle. The...
A: a) Compute the total relevant cost to make part 231:
Q: Golden Manufacturing Company started operations by acquiring $150,000 cash from the issue of common ...
A: a. Record the purchase in a horizontal statements model.
Q: The following operating information reports the results of Swifty Company’s production and sale of 1...
A: Operating income: Operating income is the income earned by the business from its operating activitie...
Q: What are the basic differences between preferred stock and common stock?
A: Stock:A security issued in a form of certificate is represented as stock, which denotes the right of...
Q: 12.4 analysis CVP analysis Current operating income for Bay Area Cycles Co. is $70,000. Selling p...
A: Calculate Company B’s breakeven point in units.
Q: Exercise 25-13A Internal rate of return LO P4 Following is information on two alternative investmen...
A: Internal rate of return method: Internal rate of return method is one of the capital investment tech...
Q: (Adjusting Entry for Sales Tax and VAT) Eastwood Ranchers sells a herd of cattle to Rozo Meat Packer...
A: Calculate the value added tax (VAT) of Company R.
Q: Mary Potts arrived at her stored on the morning of January 29, she found empty shelves and display r...
A: The perpetual inventory method and periodic inventory method are the methods used to count the quant...
Q: Calculate profitability measures The following information was available for the year ended December...
A: Margin: Margin means the percentage of profit in the sales, it can be calculated by dividing net inc...
Q: Flounder Windows manufactures and sells custom storm windows for three-season porches. Flounder also...
A: Revenue Recognition: As per the revenue recognition concept of accounting, the revenue of the busine...
Q: WHAT IS THE EQUITY INVESTMENT?
A: Equity: Equity refers to that part of the company’s capital which is raised by issuing equity shares...
Q: I'm not sure how to start working this problem Exercise 6-1 Waterway Sports sells volleyball kits ...
A: Flexible budget: A flexible budget is referred as a thorough plan for controlling the fixed and vari...
Q: Cost of Goods Sold and the Periodic System Hermani Company uses the periodic inventory system. Herma...
A: A periodic inventory system is a system used to determine the inventory at the end of specific perio...
Q: LO 3,8 Citron, a calendar year taxpayer, began business in January 2017. It had a long-term capital ...
A: Provision of long-term capital gain as an individual. Long-term capital gain of $5,000 in 2017 is ta...
Q: Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here: ...
A: The bank reconciliaion statement can be made in the following manner :
Q: The setting of standard is a/ a worker decision b/ a management decision c/ a managerial accounting...
A: Setting Standard: Setting standard means establishing the level of performance on the basis of past ...
Q: During Heaton Company’s first two years of operations, the company reported absorption costing net o...
A: Absorption Costing: Absorption costing identifies the cost that is absorbed while manufacturing and ...
Q: What is the major reason for a forward stock split?
A: Stock Split: Stock Split is a scheme in which a company’s total number of shares outstanding will ei...
Q: The following accounts balances were taken from harris Corporation's year end adjusted trial balanc...
A: A closing journal entry is an entry passed at the end of the accounting period. The entry is passed ...
Q: What does the concept "substance over form" stand for? Can you provide me with some examples?
A: Substance over form: It is an accounting concept, which means that the business must record those tr...
Q: Engines Done Right Co. is trying to establish the standard labor cost of a typical engine tune-up. T...
A: Direct labor variances:The difference between the actual labor cost in the production and the standa...
Q: The following properties have been owned by a business for more than one year. Which of them would ...
A: 1231 property includes:Livestock held for draft, breeding, dairy, or sporting purposesDepreciable or...
Q: Why is establishing accounting standards is characterized as a political process? This is a Learning...
A: The new standards and the principles set by the authorities are influenced by many factors similar t...
Q: What should a MNC do to prevent bribery?
A: Bribery is the act of giving or receiving something of value in exchange for some kind of influence ...
Q: A portion of the stockholders’ equity section from the balance cheet of WC appears as below. Stockho...
A: Cash dividends A profitable organization can distribute a part of their profit to the shareholders a...
Q: Blue Corporation sold $2,220,000, 7%, 5-year bonds on January 1, 2017. The bonds were dated January ...
A: Prepare the journal entries to record the issuance of the bonds and bond interest expense for 2017, ...
Q: On March 1, FBM Corporation had office supplies on hand of $1,000. During the month, FBM purchased a...
A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to...
Q: Ramos Co. provides the following sales forecast and production budget for the next four months: ...
A: Budget:Budget refers to the financial plan for the business activities a company intends to do in th...
Q: Discuss why small businesses might not choose to extensively engage in the budget process. Also dis...
A: Budgeting is an important part of the business process. Without budgeting a business can not track i...
Q: Effects of stock split and stock dividend on EPSRequired:a. For the year ended December 31, 2015, Fi...
A: Stock split means new shares are issued to the current shareholder’s in proportion of their existing...
Q: Hi I'm stuck on this problem. My numbers aren't adding up and I'm completely lost because I have red...
A: Notes payable: Notes Payable is a written promise to pay a certain amount on a future date, with the...
Q: Woh Che Co. has four departments: materials, personnel, manufacturing, and packaging. In a recent mo...
A: Based on the given information allocate the indirect expenses to each of the department.Allocation o...
Q: “I’m not sure we should lay out $315,000 for that automated welding machine,” said Jim Alder, presid...
A: Since we only answer up to 3 sub-parts, we’ll answer the parts 1, 2a and 2b of this question. Please...
Q: Other accrued liabilities—warranties Kohl Co. provides warranties for many of its products. The Janu...
A: Warranty expense: It is an estimated expense which arises when the company sells the products. There...
Q: Referring to the question E2-26A in the textbook named Managerial Accounting by Pearson- 5th edition...
A: Expenses: Expenses are costs incurred for the operations of a business. The costs incurred for gener...
Q: I am looking for help with question 4 and 5. The Walton Toy Company manufactures a line of dolls a...
A: 4. Calculate the contribution margin with the constrained resource.
Q: Hi, I'm not understanding this problem or where I went wrong with my calculations? Can you help me s...
A: Calculate the Gain on redemption of bonds:
Q: Problem 14-5In each of the following independent cases, the company closes its books on December 31....
A: Amortization of bond: The process of allocation and reduction of the discount or premium on bonds to...
Q: Exercise 5-9 (Part Level Submission) Suppose in its income statement for the year ended June 30, 20...
A: The multiple-step income statement is the statements that segregates the operating revenues and oper...