Chapter 1, Problem 1.3AP

The 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?

On December 31, 2024, Rachel Cooking Services reports the following revenues and expenses.  Service revenue $ 77,000 Rent expense $ 10,800 Postage expense 1,600 Salaries expense 26,000 Legal fees expense 2,500 Supplies expense 15,500   In addition, the balance of common stock at the beginning of the year was $300,000, and the balance of retained earnings was $36,000. During the year, the company issued additional shares of common stock for $27,000 and paid dividends of $14,000.   Required: Prepare an income statement. Prepare a statement of stockholders’ equity.

Blue Lagoon Company provides the following information at the end of 2024.  Cash remaining $3,700 Rent expense for the year 5,900 Land that has been purchased 19,000 Retained earnings 11,300 Utility expense for the year 3,800 Accounts receivable from customers 6,100 Service revenue recognized during the year 31,500 Salary expense for the year 12,200 Accounts payable to suppliers 1,650 Dividends paid to shareholders during the year 2,100 Common stock that has been issued prior to 2024 14,000 Salaries owed at the end of the year 1,850 Insurance expense for the year 2,400 Retained earnings at the beginning of the year 6,200   No common stock is issued during 2024. Prepare the statement of stockholders’ equity for Blue Lagoon Company on December 31, 2024.

Courtland Corp. began operations on August 1, 2023, and showed the following account balances at August 31. Cash: $40,500; Accounts Receivable: $4,500; Prepaid Insurance: $1,600; Equipment: $1,300; Accounts Payable: $12,200; Share Capital: $38,300; Dividends: $1,000; Rent Earned: $2,900; Utilities Expense: $4,500. The following transactions occurred during September. September 1 : Kelly Young (a shareholder), received share capital in Courtland Corp., after investing $15,000 cash and $30,000 worth of equipment in Courtland Corp. September 4 : Courtland Corp. bought $4,250 of equipment, using $1,000 cash and $3,250 on account. September 7 : Courtland Corp. purchased $1,000 of equipment on credit. September 9 : Courtland Corp. paid $600 towards the bill from transaction (b). September 12 : One of Courtland Corp.'s clients rented equipment today for $1,800 on credit. September 14 : Courtland Corp. received a bill today for this month's water utilities; $400. It will be paid within 30…

On 12/31/2020, Heaton Industries Inc. reported retained earnings of $575,000 on its balance sheet, and it reported that it had $172,500 of net income during the year. On its previous balance sheet, at 12/31/2019, the company had reported $555,000 of retained earnings. No shares were repurchased during 2020. How much in dividends did Heaton pay during 2020? Select the correct answer.   a. $152,443     b. $152,328     c. $152,500     d. $152,385     e. $152,270

On July 1, 2021, the assets and liabilities of Lui Company are as follows: Cash, $96,000; Accounts Receivable, $75,800; Prepaid Rent, $12,000; Land, $318,000; Accounts Payable, $58,700; Mortgage Payable, $162,000. What is the amount of stockholders’ equity as ofbJuly 1, 2020?   722,500 281,100 296,100 assuming that 15,000 of dividends were paid 125,100

Matlack Company begins operations on January 1, 2022, with $100,000 in common stock. At the end of 2022, Matlack has the following financial information: Common Stock $100,000 Cash $40,000 Revenue 90,000 Accounts Receivable 25,000 Rent Expense 20,000 Accounts Payable 40,000 Utilities Expenses 10,000 Salaries Expense 35,000 Equipment 90,000 Dividends Paid 10,000The amount of total assets as of 12/31/22 would be $240,000. $255,000. $140,000. $155,000. Matlack Company begins operations on January 1, 2022, with $100,000 in common stock. At the end of 2022, Matlack has the following financial information: Common Stock $100,000 Cash $40,000 Revenue 90,000 Accounts Receivable 25,000 Rent Expense 20,000 Accounts Payable 40,000 Utilities Expenses 10,000 Salaries Expense 35,000 Equipment 90,000 Dividends Paid 10,000The amount of total assets as of 12/31/22 would be $240,000. $255,000. $140,000. $155,000.

Please see the info below. They are all part of the same question. I need this asap please and thank you. It requires an income statment for the month of june, a retained earnings statement for the month of june, and a balance sheet for June 30, 2017. Please include the correct terminology. On June 1, 2017, Swifty Corporation was started with an initial investment in the company of $22,350 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first month of operations: Cash   $ 5,070   Notes payable   $12,940 Accounts receivable   4,150   Accounts payable   650 Service revenue   7,970   Supplies expense   1,100 Supplies   2,300   Maintenance and repairs expense   700 Advertising expense   400   Utilities expense   200 Equipment   26,470   Salaries and wages expense   1,870 Common stock   22,350       In June, the company issued no additional stock…

I need help creating some type of formula that will help me in solving thesse types of problems? At the beginning of the year, Monty Company had total assets of $819,000 and total liabilities of $442,000. Answer the following questions. (a) If total assets increased $164,000 during the year and total liabilities decreased $64,000, what is the amount of stockholders’ equity at the end of the year? Stockholders’ equity $ (b) During the year, total liabilities increased $112,000 and stockholders’ equity decreased $61,000. What is the amount of total assets at the end of the year? Total assets $ (c) If total assets decreased $54,000 and and owner’s equity increased $105,000 during the year, what is the amount of total liabilities at the end of the year? Total liabilities $