The following table shows the effects of transactions 1 through 5 on the assets, liabilities, and equity of Mulan's Boutique. Match each transaction with its probable description. Assets Li Accounts Cash = Accol Supplies $ 4,000 Receivable + Land $ 29,000 + 4,900 $ 0 $ 28,500 4,900 1. 2. 1,190 3. 2,850 1,190 2,850 $ 25,760 + 4. 5. 2,850 + $ 0 $ 5,190 $ 33,400 + %3D + +
Q: Identify each of the following Items as assets, llablitiles, or equity from the drop down provided.…
A: Total assets = Total liabilities + Equity Equity = Total assets - Total liabilities Total…
Q: Directions: Record the transactions directly into the T-accounts. The transactions are independent…
A: Every transaction has two fold aspects debit and credit and both the aspect are recorded in the…
Q: The following information is taken from Gandalf, Pty, Ltd. book: Accounts Payable $600 Accounts…
A: Net assets = Total assets - total liabilities
Q: 1- The first transaction means that Safia (the owner) entered a capital of $ 10,000 in cash to start…
A: Accounting Equation Asset = Liabilities + Equity
Q: A business has Cash of P 3,000, Notes Payable of P 2,500, Accounts Payable of P 4,300, Service…
A: Total liabilities = Notes payable + Accounts payable
Q: The interstate delivery service is owned and operated by Katie Wyer. The Interstate Delivery Service…
A: Accounting equation: Accounting equation is an accounting tool expressed in the form of the…
Q: Based on the given information below, prepare the following: 1. Statement of Income 2. Statement of…
A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want…
Q: Interstate Delivery Service is owned and operated by Katie Wyer. The following selected…
A: The accounting equation shows that the assets are equal to the sum of liabilities and stockholders'…
Q: Use the numbers to identify which accounts are involved in the transaction and the letters to…
A: Any amount of money spent to generate the revenues in a business is known as expenses. Revenue is…
Q: The assets and liabilities of Matt Wesley Auto Shop are as follows: Cash, $10,000; Accounts…
A: Accounting equation says that total assets should always be equals to total liabilities and equity…
Q: You are an owner of a service business. The following were the business transactions during the…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Required a. The following table contains missing data which should be completed. Use the letters FA…
A: The financial statements of the business includes the income statement and balance sheet of the…
Q: Instruction: From the following data, compute the following: 1. Total Current Assets 2. Total…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: Dual aspect concept gives us the accounting equation. State the effects of the following…
A:
Q: The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $10,250 cash in the…
A: Trial balance is the summary of all general ledger accounts being used in business. Under this,…
Q: The following transactions were completed by the company. a. The owner invested $17,400 cash in the…
A: The accounting equation states that the total assets are the summation of the total liabilities and…
Q: Kindly indicate the impact of each transaction on balance sheet items i.e. Assets, Liabilities and…
A: A balance sheet is prepared by the company to calculate the financial position of the company at the…
Q: The assets and liabilities of Matt Wesley Auto Shop are as follows: Cash, S10,000; Accounts…
A: Since basic accounting equation is Total assets = Total liabilities + equity
Q: a. Define statement of financial positions and its characteristics? b. The balance sheet items of…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: uper Services had the following balance sheet accounts and balances: Accounts Payable P60,000,…
A: Accounting equation says that total assets should always be equals to total liabilities and…
Q: The following transactions were completed by the company. a. The owner (Alex Carr) invested $16,600…
A: 1. Accounting Equation - Accounting Equation is calculated using following equation - Assets =…
Q: Listed below are eight transactions. In each case, identify whether the transaction is an example of…
A: Cash flow statement: It is a statement which reports the cash inflows and outflows of a business…
Q: The following transactions were completed by the company. a. The owner (Alex Carr) invested $15,200…
A: 1) increase in cash and owner capital 2) increase in supplies and decrease in cash 3) increase in…
Q: 1- On a separate piece of paper, complete the following chart to show the effect of each transaction…
A: Comment: The Question is Multiple type, so SME will answer only one question as per Bartleby…
Q: For each transaction, indicate whether the assets, liabilities, or owner’s equity increased (I),…
A: Below is the effect of the transactions
Q: On May 1, 20x1, the statement of financial position of Juan and Pablo appear below: Juan Pablo Cash…
A: Adjusted Capital balances = Initial capital balances - Uncollectible accounts receivables -…
Q: The following selected transactions were completed by Roberto Orcajada Delivery Service during July…
A: As per the accounting equation, the total assets of the firm will always be equal to the sum of…
Q: SIX Transactions of ABC Company are summarized below in equation form, with each of the six…
A: Accounting equation Accounting equation shows that a company's asset is equal to the sum of…
Q: Interstate Delivery Service is owned and operated by Katie Wyer. The following selected transactions…
A: Accounting equation: As per double entry concept all Assets side Total amount in balance sheet…
Q: I need prepare the income statement in accordance with genrally accepted accounting principles.…
A: The following the income statement in accordance with GAAP:
Q: Compute the missing amount in the accounting equation for each entity from the financial information…
A:
Q: In the books of accounts of Mr. Majid, the following items are given: Cash OMR 12,000;…
A: A ) Arranged items as assets , liabilities , revenues and expenses.
Q: Complete the gaps in the columns to show the effects of the following transactions: (16) Effects…
A: Accounting equation is: Assets = Liabilities + Equity Every accounting transaction will have affect…
Q: B. Prepares the income statement. C. Prepares the statement of owner equity. D. Prepares the balance…
A: The financial statement of the business includes income statement, balance sheet and cash flow…
Q: Using the following information prepare a classified balance sheet. Make sure it is in the proper…
A: The financial statement includes income statement, statement of stockholder’s equity and balance…
Q: The chart of accounts for Doe Co. includes the following accounts: Cash, Accounts Receivable,…
A: Journal entries are the foremost reporting of business transactions in the account books.
Q: What’s More Direction: In separate sheet of paper, prepare a single-step approach Statement of…
A: Single step statement of comprehensive income is one of the financial statement which is prepared…
Q: Required Information [The following information applies to the questions displayed below] The…
A: Trial balance is the summary of all the assets, liabilities, revenue and expense of the company on…
Q: Transactions Cross Country Delivery Service is owned and operated by Pedro Gonzalez. The following…
A: Transaction: It is an event between a buyer and seller which involves money. It is an exchange of…
Q: e following transactions were completed by the company. The owner invested $17,400 cash in the…
A: Transactions recorded in an accounting equation format will help to analyse the transactions…
Q: Complete the columns to show the effects (increase or decrease) of the following transactions on the…
A: Payment to creditors in cash will decreases the balance of cash as well as creditors . Purchase of…
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: s a balance owed of $274,115, is sold for $413,050 in cash. The seller pays the $274,115 owed. What…
A: 1 The assets decreased by $ 236,565 (i.e $413,050-(375,500+$274,115 2…
Q: Jones Enterprises was started whenit acquired $6,750 cash from creditors and $20,250 from owners.…
A: Introduction: Dual Aspect concept: For every Debit there should be a equal amount of Credit. Every…
Q: The following table shows the effects of transactions 1 through 5 on the assets, liabilities, and…
A: Accounting equation gives the equation in which asset are equals to liabilities and capital.…
Q: The assets and liabilities of Matt Wesley Auto Shop are as follows: Cash, s10,000; Accounts…
A: Formula: Owner’s Equity = Assets – Liabilities
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- On May 1, 20x1, the statement of financial position of Juan and Pablo appear below:Juan PabloCash 22,000 44,708Accounts receivable 469,072 1,135,780Inventories 240,070 520,204Land 1,206,000Building 856,534Furniture and fixtures 100,690 69,578Other assets 4,000 7,200Total assets 2,041,832 2,634,004Accounts payable 357,880 487,300Notes payable 400,000 690,000Juan, Capital 1,283,952Pablo, Capital 1,456,704Total liabilities and equity 2,041,832 2,634,004Juan and Pablo agreed to form a partnership contributing their respective assets and equities subject to thefollowing adjustments:a. Accounts receivable of P40,000 in Juan’s books and P70,000 in Pablo’s books are uncollectible.b. Inventories of P11,000 and P13,400 are worthless in Juan’s and Pablo’s respective books.c. Other assets of P4,000 and P7,200 in Juan’s and Pablo’s respective books are to be written off.Required:1. What are the adjusted capital balances of the partners after formation? 2. Pedro offered to join for a 20% interest in…The following information is from a new business. Assets - Liabilities = Owner’s Equity End of Year 1 $248,000 $121,000 $127,000 End of Year 2 293,000 153,000 140,000 End of Year 3 218,000 85,200 132,800 Comment on the year-to-year changes in the accounts and possible sources and uses of funds (how were the funds obtained and used). End of Year 1: Asset of $ financed by of $ and combination of of $. End of Year 2: Asset of $ financed by of $ and combination of of $. End of Year 3: Assets of $ used to $ of liabilities. Company also had combination of of $ (or small net income offset by large withdrawals).The following information is for Sweet Day Real Estate: Sweet Day Real EstateBalance SheetDecember 31, 2021 Cash $ 24500 Accounts Payable $ 60600 Prepaid Insurance 29700 Salaries and Wages Payable 14700 Accounts Receivable 50300 Mortgage Payable 85800 Inventory 68600 Total Liabilities 161100 Land Held for Investment 83900 Land 118500 Buildings $101200 Common Stock $122100 Less Accumulated Depreciation (20200) Retained Earnings 244300 366400 81000 Trademark 71000 Total Liabilities and Stockholders’ Equity Total Assets $527500 $527500 The total dollar amount of assets to be classified as current assets is A) $257000. B) $104500. C) $173100. D) $188400.
- The following information is for Swifty Real Estate: SwiftyReal EstateBalance SheetDecember 31, 2020 Cash $ 25500 Accounts Payable $ 60500 Prepaid Insurance 29700 Salaries and Wages Payable 15100 Accounts Receivable 50600 Mortgage Payable 84500 Inventory 68600 Total Liabilities 160100 Land Held for Investment 83500 Land 120600 Buildings $98100 Less Accumulated Depreciation Owner's Capital 366400 (19600) 78500 Trademark 69500 Total Liabilities and Owner’s Equity Total Assets $526500 $526500 The total dollar amount of liabilities to be classified as current liabilities is $160100. $15100. $60500. $75600.The comparative balance sheets for 20x2 and 20x1 and the income statement for 20x2 are given below for Bowers Corporaion. Additional information from Bowers' accounting records is also provided. Bowers CorporationComparative Balance SheetsDecember 31, 20x2 and 20x1($ in thousands) 20x2 20x1 Assets Cash $ 72 $ 35 Accounts receivable 79 80 Short-term investment 30 10 Inventory 79 75 Land 54 65 Buildings and equipment 510 410 Less: Accumulated depreciation (121 ) (80 ) $ 703 595 Liabilities Accounts payable $ 27 $ 36 Salaries payable 4 6 Interest payable 5 2 Income tax payable 6 10 Notes payable 0 20 Bonds payable 150 110 Shareholders’ Equity Common stock 250 210 Paid-in capital—excess of par 145 105 Retained…Assume that the Current Assets for Rain Co. as of Decebmer 31, 20Y8, are listed below. A. Assume further that the total Current Liabilites on the same date are $75,000. What is the amount of the working capital for Rain Co. on December 31, 20Y8? B. Assume further that the total Current Liabilites on the same date are $75,000. What is the amount of the working capital for Rain Co. on December 31, 20Y8? ASSETS Current assets: Cash $ 17,500 Temporary Investments 15,000 Accounts Receivable (net) 42,500 Inventories 72,000 Prepaid Expenses 3,000 Total current assets $150,000
- Determine the missing amount for each of the following: Assets = Liabilities + Owner's equity a. x = $556,000 + $3,374,000 b. $6,111,200 = x + $5,725,000 c. $2,150,000 = $812,500 + xOn August 1, 2020, the business accounts of Peter and Senen appear below:Assets Peter SenenCash P11,000 P22,354Accounts receivable 84,536 217,890Inventories 100,035 240,102Land 603,000 428,267Buildings 200,345 384,789Other Assets 22,000 23,600Total P1,020,916 P1,317,002Liabilities and CapitalAccounts payable P178,940 P243,650Notes payable 200,000 345,000Peter, Capital 641,976Senen, Capital 728,352Total P1,020,916 P1,317,002Peter and Senen agreed to form a partnership contributing their respective assets and liabilitiessubject to the following adjustments:Accounts receivable of P20,000 and P35,000 are uncollectible in Peter and Senen’s respectivebooks.Inventories of P5,500 and P6,700 are worthless in Peter and Senen’s respective booksOther Assets of P2,200 and P3,600 in Peter and Senen’s books are written off.After five days Ethel was offered to join Peter and Senen and will contribute for a 20% interestin the firm. They also agreed to divide profits and losses in the ratio of 4:4:2…The following information is for Skysong Auto Supplies: SkysongReal EstateBalance SheetDecember 31, 2020 Cash $ 40000 Accounts Payable $ 128000 Prepaid Insurance 79000 Salaries and Wages Payable 45000 Accounts Receivable 98000 Mortgage Payable 155000 Inventory 143000 Total Liabilities 328000 Land Held for Investment 178000 Land 246000 Buildings $200000 Less Accumulated Depreciation Owner's Capital 739000 (55000) 145000 Trademark 138000 Total Liabilities and Owner’s Equity Total Assets $1067000 $1067000 The total dollar amount of assets to be classified as current assets is $205000. $360000. $538000. $133000.
- Q7)Rohit carrying on real estate business sold a piece of land for Rs 4,00,00.000 (cost Rs.3,50,00,000) then the type of receipt is nature and profit on sale is a) Capital & transferred to capital reserve b) Revenue & transferred to P & L a/c c)Capital & transferred to P&L a/c d) Revenue transferred to general reserve Q8)In income measurement concepts goes together 7 recognisation of assets & liabilities which of the following a) Periodicity. Accural, Matching b) Cest, Accural, matching C) Going concern, eest, Realization (d) Going concem. Periodicity, Reliability. Q9) Imerpretation means (a) Explanation of meaning and significance of the dats in Financial Statements (b) Concerned with preparation and presentation of classified data (c) Systematic analysis of recorded data (d) Methodical classification of data given in Financial Statements.Entity R measures its non-current assets using the revaluation model. At 30 June 20x2, Entity R purchased a property for R100 000. The property was revalued at 30 June 20x6 to R250 000. The latest valuation report, dated 30 June 20x8, values the building at R95 000. Entity R has adjusted the building shown in non-current assets at 30 June 20x8.Calculate the debit entry in Entity R’s financial statements for the year ended 30 June 20x8The following are Statement of Financial Position and Statement of ComprehensiveIncome of Lala Electronics Sdn. Bhd.Table 3: Statement of Financial Position and Statement of Comprehensive Income of Lala Electronics Sdn. Bhd. Lala Electronics Sdn. Bhd. Statement of Financial Position as at 31/12/2020Non-Current Asset: RM RMInvestment 270,000Fixed Assets at cost 1,596,000Accumulated Depreciation (857,000)Net Book Value 739,000Current Asset:Cash 178,000Account Receivable 678,000Inventory 1,329,000Prepaid Expenses 56,000 2,241,000Total assets 3,250,000Current Liabilities:Account Payable 148,000Interest Payable 36,000Income Taxes Payable 448,000Other Accrued Liabilities 191,000Total Current Liabilities 823,000Long Term Liabilities:Bank Loan 631,000Total Liabilities 1,454,000Equity:Capital 782,000Appropriate Profit (RetainedEarnings) 1,014,000 1,796,0003,250,000Lala Electronics Sdn. Bhd. Statement of Comprehensive Income for the year ended 31/12/2020RM RM Sales 3,992,000(-) COGS…