The profit made by a business in 20X7 was $35,400. The proprietor injected new capital of $10,200 during the year and withdrew a monthly salary of $500. If net assets at the end of 20X7 were $95,100, what was the proprietor's capital at the beginning of the year?

Q: Al Rahami Shop started the year with total assets of OMR210,000 and total liabilities of OMR120,000.…

A: Formula: Net Income = Revenues - expenses

Q: If beginning capital was $25,000, ending capital is $37,000, and the owner's withdrawals were…

A: Ending capital = Beginning capital + Net income (loss) - Owner's withdrawals

Q: The profit made by a business in 20X2 was $35,400. The proprietor injected new capital of $10,200…

A: Capital is the money invested in the business by the entrepreneur which gives him the right to take…

Q: At the beginning of the year a sole proprietorship had liabilities of 100k and owners equity of 96k.…

A: Asset :— Assets is Something which Containing economic Value & Future Value. It is the Part of…

Q: 9. If total assets increased to P150,000 during the year and total liabilities decreased to…

A: Owners equity is the total amount attributable to the owners of the business. This is calculated by…

Q: In its first three years of operations, a company has net income of $2,000; $5,000; and $8,000. It…

A: Retained Earnings balance = Beginning Retained Earnings + Net Income - Dividend Paid

Q: The beginning net assets of a single proprietorship was P150,000. At the end of the year, the single…

A: In order to determine the Ending capital balance of the business organization, the net income is…

Q: The initial investment of the owner in his business is ₱75,000. At the end of each year, the total…

A: Owners' equity refers to the amount that is left from the asset after the settlement of liabilities.…

Q: "During the current year, the assets of Efficient Stairs increased by P175,000 and the liabilities…

A: Owner's Equity can be described as the proportion of a corporation's total asset worth that may be…

Q: Bonita Consulting started the year with total assets of $59000 and total liabilities of $15500.…

A: Calculate the stock holders equity as follows: stock holders equity = (Total assets - Total…

Q: During the current year, the owners of A & J Industrial Supply Company invested $100,000 and…

A: Net Income is the amount earned through revenue less all the expenses or the amount left after…

Q: A business has net assets of $70,000 at the beginning of the year and $80,000 at the end of the…

A: Given the following information: Net assets at the beginning: $70,000 Net assets at the end:…

Q: Salem’s Accessory Shop started the year with total assets of $210,000 and total liabilities of…

A: Formula: Net Income = Revenues - Expenses. Deduction of expenses from revenues derives the net…

Q: The Owner's Capital has a beginning balance of P500,545. The owner gave P500,000 additional…

A: Owner’s equity account is the statement in which owner’s beginning capital and ending capital is…

Q: At the start of the period, ABC Company has total assets of ₱500,000 and total liabilities of…

A: Accounting equations: Accounting equations are on the basis of the dual aspect concept of…

Q: Taehyung started operating a service proprietorship on April 1, 2021 with an initial cash investment…

A: Under cash basis of accounting, business transactions are recorded in books of accounts only when…

Q: At the start of the period, a business has total assets of ₱500,000 and total liabilities of…

A: Beginning Equity = Total assets - Total liabilities                              = ₱500,000 -…

Q: Hundred reported the following transactions in the first two quarters of 2021: ·    Dividends of…

A: Income statement is one of the significant financial statements prepared to determine the financial…

Q: The net income of Harriet Company for the year is $25,000. The owner made withdrawals during the…

A: Drawings refer to any amount taken by the owner from the business for his/her personal use. Interest…

Q: 9. If total assets increased to P150,000 during the year and total liabilities decreased to…

A: Owners equity is the total amount attributable to the owners of the business. This is calculated by…

Q: At the beginning of April, Moncrief Corporation's assets totaled $240,000 and liabilities totaled…

A: Here in this case, we are required to calculate total liability at the end of April. For solving…

Q: A Company has beginning balance of owner's equity of 163,000. This increased to P500,000 at…

A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…

Q: Loweman's Car Repair Shop started the year with total assets of $30,000, total liabilities of…

A: Net income is an excess of revenue over expenditure.

Q: Precision Camera Services started the year with total assets of $120,000 and total liabilities of…

A: We are required to find the owners equity at the year end for the sole proprietor in the question.…

Q: t the beginning of the year, Pala Calling Station had liabilities of P200.000 and owner’s equity of…

A: The total amount of capital or owner's equity appears on both the balance sheet and statement of…

Q: At January 1, year 1, a sole proprietorship's assets totaled 210,000, and its liabilities amounted…

A: Assets refers to what a company owes while liabilities is the amount which it owed to others. Assets…

Q: Al Rahami Shop started the year with total assets of OMR210,000 and total liabilities of OMR120,000.…

A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…

Q: Determine the net income the six-month period ending June 30, 2021

A: The calculation of net income for the six - month period ending June 30,2021 is  presented hereunder…

Q: At the start of the year, the balance on Sara's capital account was $55.689. During the year Sara…

A: Lets understand the basics. For calculating ending balance of capital account, we will need to use…

Q: Michael Daigle, Attorney, began the year with total assets of $122,000, liabilities of $71,000, and…

A: Net Income during the year  = Revenue earned - Expenses…

Q: Lilo started operating a service proprietorship on April 1, 2021 with an initial cash investment of…

A: Introduction:- Cash basis accounting:- Under this method. revenues recognized when cash is received,…

Q: On January 2, Daniel Harrison contributed $20,000 to start his business. At the end of the year,the…

A: Stockholders’ equity: It refers to the remaining amount of assets that are available to the…

Q: A firm began the financial year with rent payable owing of £700. During the​ year, the business paid…

A: As per the accrual concept of accounting, all revenues and expenses related with a particular period…

Q: Ending owner’s equity amounted to ₱100,000. Additional investments during the year amounted to…

A: Net Income = Ending Owner’s Equity + Withdrawals - Additional Investments - Beginning Owner’s Equity

Q: Helmut Corporation began the year with salaries payable of 2,400. During the year, the company…

A: Total Salaries payable = 2,400 + 6,500 = 8,900 Ending Salaries payable = 2,100

Q: The initial investment of the owner in his business is ₱75,000. At the end of each year, the total…

A: Capital brought in by the owner into business. A statement which depicts the transactions with…

Q: The ending owner's equity of the business amounts to P100,000. The beginning assets and liabilities…

A: The ending equity is calculated as: Beginning equity + Net income - losses + additional investment -…

Q: What is the amount of owners equity at the end of year ?

A:

Q: A business had non-current assets with a carrying amount of $50,000 at the start of the financial…

A: We have the following information: A business had non-current assets with a carrying amount of…

Q: Al Rahami Shop started the year with total assets of OMR210,000 and total liabilities of OMR120,000.…

A: The question is based on the concept of Financial Accounting. Net profit is profit after tax but…

Q: Wiley Company had total revenues of $300,000 for a recent month. During the month the…

A: Net income: It can be defined as the excess of sale revenue over the costs incurred by the business…

Q: 1. Hannah Maganda has total assets of P25000  and equity of P32000. How much is her liabilities?…

A: 1. P 25000 = P 32000 + Liabilities  Liabilities = P 32000 - P 25000                   = P (-7000)…

Q: Compute for total assets if the owner's initial contribution for opening a business is P150,000.…

A: ASSETS create economic benefit for the firm. When  benefit is for a longer period of time , the…

Q: The Owner's Capital has a beginning balance of P500,545. The owner gave P300,000 additional…

A: The fund invested by the owner in the business is known as Owner's Equity. Ending Owners' capital =…