Basic Accounting Equation) Fill up the missing amounts for each case Case 1 Case 2 Case 3 Assets P 100,000 __________ P 120,000 Liabilities 45,000 35,000 _________ Owner’s Equity P _______ 35,000 65,000
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(Basic
|
Case 1 |
Case 2 |
Case 3 |
|
|
Assets |
P 100,000 |
__________ |
P 120,000 |
|
Liabilities |
45,000 |
35,000 |
_________ |
|
Owner’s Equity |
P _______ |
35,000 |
65,000 |
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- 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.Which of the following transactions changes only the mix of assets and does not affect liabilities or stockholders’ equity? A. Borrowed $40,000 from First National Bank B. Purchased land for $50,000 cash C. Received $3,800 for fees earned D. Paid $4,000 for Office salariesThe Accounting Equation Using the accounting equation, answer each of the following independent questions. Burlin Company starts the year with $100,000 in assets and $80,000 in liabilities. Net income for the year is $25,000, and no dividends are paid. How much is owners equity at the end of the year? Chapman Inc. doubles the amount of its assets from the beginning to the end of the year. Liabilities at the end of the year amount to $40,000, and owners equity is $20,000. What is the amount of Chapmans assets at the beginning of the year? During the year, the liabilities of Dixon Enterprises triple in amount. Assets at the beginning of the year amount to $30,000, and owners equity is $10,000. What is the amount of liabilities at the end of the year?
- 0 ?+Equity? ¥70,000 ¥60,000a transaction in which onlystatements of Alex Greenway Co. Indicate in which financial statement(s) the following items would appear.(a) Service revenue.(e) Retained earnings. (b) Equipment. (f) Salaries and wages(in thousands). Determine theUse basic accounting equation.(LO 6)Use basic accounting equation.(LO 6)Brief Exercises 35 BE1-2 Given the accounting equation, answer each of the(a) The liabilities of Shumway Company Ltd. are £120,000 and the equity is £232,000.What is the amount of Shumway Company Ltd.’s total assets?The accounting equation for Goodboy's enterprises is as follows: Assets Liabilities Owner's Equity $120,000 = $60,000 + $60,000, If Goodboy's purchases office equipment on account for $12,000, the accounting equation will change to? Show Solution.(Expanded Accounting Equation) Fill-up the missing amounts for each case. Case 1 Case 2 Case 3 Revenue P 100,000 ___________ P120,000 Expense 35,000 35,000 _____________ Profit/(Loss) P _________ 45,000 25,000
- The accounting equation for Cineo Enterprises is as follows: Assets Liabilities Owner’s Equity $120,000 = $60,000 + $60,000 If Cineo purchases office equipment on account for $15,000, the accounting equation will change to Select one: a. $135,000 = $60,000 + $75,000 b. $135,000 = $67,500 + $67,500 c. $120,000 = $60,000 + $60,000 d. $135,000 = $75,000 + $60,000Ramos Inc. has total assets of $1,100 and total liabilities of $800 on December 31, 20Y6. Assume that assets increased by $200 and liabilities decreased by $100 during 20Y7. What would owner's equity be as of December 31, 20Y7? O a. $1,600 O b. $600 O c. $400 O d. $300The ending owner's equity of the business amounts to P100,000. The beginning assets and liabilities are P100,000 and P60,000 respectively. The owner contributed additional investments of P10,000 and incurred P15,000 expenses during the period. 6. How much is the net income?7. How much is the ending total assets assuming liabilities remain the same?8. How much is the total revenues?
- A business has total assets of P 381,000 and owner’s equity of P 264,000. How much were the liabilities? Group of answer choices P117,000 P264,000 P381,000 Cannot be determinedCalculate the missing value (in $) according to the accounting equation. Assets Liabilities Owner's Equity $15,808,000 $8,338,500 $Calculate the unknown amounts appearing in each column. A B C Beginning Assets $50,000 $45,000 $65,000 Liabilities $30,000 $10,000 $45,000 Ending Assets $54,000 $42,000 $48,000 Liabilities $20,000 ? $15,000 During Year Sales Revenue ? $42,000 $42,000 Expenses $13,000 $35,000 $25,000 Dividends $1,500 $1,000 ?
