FINANCIAL AND MANAGERIAL ACCOUNTING
9th Edition
ISBN: 2818440048890
Author: Wild
Publisher: MCG CUSTOM
expand_more
expand_more
format_list_bulleted
Question
Chapter 1, Problem 4BTN
a.
To determine
Introduction:
Requirement 1
Total amount of liabilities and equity of the new company.
Total amount of assets invested by the new company.
b.
To determine
Introduction: The return on assets is a financial ratio which states that how profitably a company has employed its assets. In other words, how the company has utilized its assets to generate income.
Requirement 2
The return on assets of the new company.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
close
Get live help whenever you need from online tutors!Try bartleby tutor todayarrow_forward
SEARCH
ASK
CHAT
MATH SOLVER
Question
Mr. Y started a business with the Name YANKA INTERPRISES. The Company was stablished and duly registered at the Securities and Exchange Commission (SEC) in January 2020. The business maintains its accounting period using the calendar year.The following transactions ocurred during its business operation for the year 2020.
1. Mr. Y the owner invested an initial capital of cash, P500, 000. O0, office equipment P100, 000.00 respectively.
2. Paid rent in advance amounting toP75, 000 for the period of three (3) months. (Jan to March).
3. On October 1, Bought supplies P150,000 for 6 months on cash from A&B business ventures, the supplier.
4. Received P100,000 cash from customer for the service tendered.
5. Paid salaries to employees P50, 000
6. Paid light and water expenses for P30, 0007. Bought 3 units of computer on…
hey I need help figuring out the numbers for these accounting homework assignments.
Clint M. Invests $30,000. Into Merle company. The effect to Liabilities would be:
( Type your numeric number)
Clint M. Invests $30,000 into Merle Company. The effect to Equity would be:
(Type your numeric number)
Merle company purchases s piece of equipment for $5,000 on account. The effect to Assets would be:
(Type your numeric answer)
Merle company purchases a piece of equipment for $5,000. The effect to Liabilities would be:
(Type your numeric answer)
Merle Company purchases a piece of equipment for $5,000 on account. The effect to Equit would be:
(type your numeric answer)
SamA. started an accounting consulting business in 2023. He will operate the business as a proprietorship. The first month’s transactions for the business are noted below:
1.SamA. invests $5,000 into the business out of his personal savings.
2.SamA. transfers a computer valued at $3,000 into the business.
3.The business purchases computer supplies for $400 cash.
4.The business pays $550 for wages to an assistant.
5.The business completes work for a client, who pays $700 for the service.
6.The business incurs adverting expenses of $600 which are to be paid later.
7.The business provides services totalling $1,200 to be collected later.
8.Business pays the total amount owing from transaction 6.
9.Half of the amount owed from customers in transaction 7 is collected.
10.Business purchases additional computer equipment for $450, cash.
11.SamA. withdraws $300 from the company for personal use.
a.Create in excel(or word)a spreadsheet (table) similar to the one below and record each of the…
Chapter 1 Solutions
FINANCIAL AND MANAGERIAL ACCOUNTING
Ch. 1 - Prob. 1QSCh. 1 - Prob. 2QSCh. 1 - Prob. 3QSCh. 1 - Prob. 4QSCh. 1 - Prob. 5QSCh. 1 - Prob. 6QSCh. 1 - Applying the accounting equation A1 Total assets...Ch. 1 - Applying the accounting equation A1 Use the...Ch. 1 - Prob. 9QSCh. 1 - Identifying effects of transactions using...
Ch. 1 - Identifying effects of transactions using...Ch. 1 - Prob. 12QSCh. 1 - Prob. 13QSCh. 1 - Identifying assets, liabilities, and equity P2...Ch. 1 - Prob. 15QSCh. 1 - Prob. 16QSCh. 1 - Prob. 17QSCh. 1 - Prob. 18QSCh. 1 - Prob. 19QSCh. 1 - Prob. 20QSCh. 1 - Prob. 21QSCh. 1 - Prob. 1ECh. 1 - Exercise 1-2 Identifying accounting users and uses...Ch. 1 - Prob. 3ECh. 1 - Prob. 4ECh. 1 - Prob. 5ECh. 1 - Prob. 6ECh. 1 - Prob. 7ECh. 1 - Prob. 8ECh. 1 - Exercise 1-8 Using the accounting equation A1...Ch. 1 - Exercise 1-9 Using the accounting equation...Ch. 1 - Prob. 11ECh. 1 - Exercise 1-10 Analysis using the accounting...Ch. 1 - Exercise 1-11 Identifying effects of transactions...Ch. 1 - Prob. 14ECh. 1 - Exercise 1-13 Identifying effects of transactions...Ch. 1 - Prob. 16ECh. 1 - Prob. 17ECh. 1 - Prob. 18ECh. 1 - Prob. 19ECh. 1 - Prob. 20ECh. 1 - Prob. 21ECh. 1 - Prob. 22ECh. 1 - Prob. 23ECh. 1 - Prob. 24ECh. 1 - Prob. 25ECh. 1 - Problem 1-1A Identifying effects of transactions...Ch. 1 - Problem 1-2A Computing missing information using...Ch. 1 - Prob. 3PSACh. 1 - Problem 1-4A preparing a statement of retained...Ch. 1 - Problem 1-5A Preparing a balances sheet P2
Use the...Ch. 1 - Problem 1-6A Preparing a statement of cash flows...Ch. 1 - Problem 1-7A Analyzing transactions and preparing...Ch. 1 - Problem 1-8.4 Analyzing effects of transactions C4...Ch. 1 - Prob. 9PSACh. 1 - Prob. 10PSACh. 1 - Prob. 11PSACh. 1 - Prob. 1PSBCh. 1 - Problem 1-2B Computing missing information using...Ch. 1 - Prob. 3PSBCh. 1 - Prob. 4PSBCh. 1 - Problem 1-5B Preparing a balance sheet P2 Use the...Ch. 1 - Prob. 6PSBCh. 1 - Prob. 7PSBCh. 1 - Problem 1-8B Analyzing effects of transactions C4...Ch. 1 - Prob. 9PSBCh. 1 - Prob. 10PSBCh. 1 - Prob. 11PSBCh. 1 - Prob. 1SPCh. 1 - Prob. 1.1AACh. 1 - Prob. 1.2AACh. 1 - Prob. 1.3AACh. 1 - Prob. 1.4AACh. 1 - Prob. 2.1AACh. 1 - Prob. 2.2AACh. 1 - Prob. 2.3AACh. 1 - Prob. 2.4AACh. 1 - Prob. 2.5AACh. 1 - Prob. 3.1AACh. 1 - Prob. 3.2AACh. 1 - Prob. 3.3AACh. 1 - Prob. 1DQCh. 1 - Technology is increasing used to process...Ch. 1 - Prob. 3DQCh. 1 - What are at least three questions business owners...Ch. 1 - Prob. 5DQCh. 1 - Describe the internal role of accounting for...Ch. 1 - 7. Identify three types of services typically...Ch. 1 - Prob. 8DQCh. 1 - Prob. 9DQCh. 1 - 10. What are some accounting-related professions?
Ch. 1 - Prob. 11DQCh. 1 - Prob. 12DQCh. 1 - Prob. 13DQCh. 1 - Prob. 14DQCh. 1 - Prob. 15DQCh. 1 - Prob. 16DQCh. 1 - Prob. 17DQCh. 1 - Prob. 18DQCh. 1 - Prob. 19DQCh. 1 - Prob. 20DQCh. 1 - Prob. 21DQCh. 1 - Prob. 22DQCh. 1 - Prob. 23DQCh. 1 - Prob. 24DQCh. 1 - Prob. 25DQCh. 1 - Prob. 26DQCh. 1 - Prob. 27DQCh. 1 - Define and explain return on assets.Ch. 1 - Prob. 1BTNCh. 1 - Prob. 2BTNCh. 1 - Prob. 3BTNCh. 1 - Prob. 4BTN
Knowledge Booster
Similar questions
- After researching the different forms of business organization, Natalie Koebel decides to operate “Cookie Creations” as a corporation. She then starts the process of getting the business running. In November 2022, the following activities take place. Nov. 8 Natalie cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account. 8 She opens a bank account under the name “Cookie Creations” and transfers $500 from her personal account to the new account in exchange for common stock. 11 Natalie pays $65 to have advertising brochures and posters printed. She plans to distribute these as opportunities arise. (Hint: Use Advertising Expense.) 13 She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash. 14 Natalie starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top-of-the-line food processor and mixer…arrow_forwardAfter researching the different forms of business organization, Natalie Koebel decides to operate “Cookie Creations” as a corporation. She then starts the process of getting the business running. In November 2022, the following activities take place. Nov. 8 Natalie cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account. 8 She opens a bank account under the name “Cookie Creations” and transfers $500 from her personal account to the new account in exchange for common stock. 11 Natalie pays $65 to have advertising brochures and posters printed. She plans to distribute these as opportunities arise. (Hint: Use Advertising Expense.) 13 She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash. 14 Natalie starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top-of-the-line food processor and mixer…arrow_forwardi hope you will can solve it quickly Assume that you are going to start a Business after graduation. Describe 10 transactions that thebusiness might undertake by using your own idea with the following assumptions:• Started business with cash• Goods purchase for cash• Goods purchased on credit• Any asset purchased and paid cash• Any asset purchase on credit• Sold goods for cash• Sold goods on credit• Paid any bill• Paid salary to staff• Cash withdraw from business for personal useBased on your own 10 transactions, prepare:1. Accounting Equation2. Journal3. Ledger4. Trail Balance5. Financial statementarrow_forward
- Mr. Naveed decided to start a courier service Business in Ibra that named as Courier delivery service. On 1st January 2021, he invested OR. 90,000 cash in the business. 3rd January. The business purchased furniture worth OR. 4,000 and paid cash. 10th January. The business purchased office supplies worth RO.4, 000 from Musana Traders LLC and paid cash OR.1000, and agreed to pay balance after one month. 15th January. The business performed a service to a customer and receives OR. 1,800 cash. 25th January. The business paid salaries to employees totalled OR.1, 200 30th January. Mr. Nasser withdraw cash of OMR 400 from the business for his personal use. You are required to show the effect of above transactions on accounting equation and prove the accounting equation at the endarrow_forwardLanni Products is a start-up computer software development firm. It currently owns computer equipment worth $31,000 and has cash on hand of $18,000 contributed by Lanni’s owners. For each of the following transactions, identify the real and/or financial assets that trade hands. Choose one option for following blank: A. real asset. B. financial asset. C. real liability. D. Finanical liability. The bank loan is a Financial liability for Lanni, and a Financial asset for the bank. The cash Lanni receives is a Financial asset . 1. The new financial asset destroyed or created is Lanni's promissory note to repay the loan. Lanni uses the cash from the bank plus $18,000 of its own funds to finance the development of new financial planning software. Lanni transfers financial asset (cash) to the software developers. In return, Lanni receives the completed software package, which is a real asset. Lanni exchanges the real asset (the software) for a Financial asset, which is 1,400 shares of…arrow_forwardGareth Breese started a bammy project in April 2009, by investing 80,000 from his Busta Cup earnings. He also secured a loan from the NIBJ At the start of his business he had the following : Equipment 40,000 Van 100,000 Stock 20,000 Use a the accounting equation to determine the amount he received as loan.arrow_forward
- Wendy opened a hair care products shop in Georgetown in September 2020. During the first month of operations, the business completed the following transactions. Sep 1 Wendy invested RM80,000 cash into the business. Sep 2 She obtained a bank loan of RM80,000 for the business Sep 8 Bought goods on credit for RM75,000 from Century Saloon Supply Sep 10 Distributed free sample worth RM1,000 from her stocks Sep 12 Shampoo costing RM180 was taken from business stock as a personal gift to her friend Sep 16 Purchased a cash register worth RM2,500 on credit from Smart Solution Sep 17 Brought in his personal computer worth RM3,800 for business use Sep 19 Installed a security system for his office, total bill received from his supplier, Secure System was RM9,600 Sep 24 Withdrawn goods bought for resale for her personal use, value of the goods was RM680 Sep 28 Withdrew RM800 from business bank account for her personal use Required: Record the above transactions in the GENERAL JOURNAL. Narratives…arrow_forwardEmily Lee grew up in Vancouver and loves to be a tourist in her own city. In order to make money to pay for university, she opened a walking tour company, Very Vancouver. The following are transactions for the month of May 2023, the first month of operations. May 2 Emily moved $8,150 from her personal bank account to a business bank account at TD Bank. She also invested a laptop worth $792 into the business. May 3 Purchased supplies, including a microphone, and brochures for $645 cash. May 4 Purchased a printer for $252 on account. May 5 Purchased a one-year insurance policy for $1,320 cash. May 6 Emily withdrew $335 for a Mother’s Day gift. May 8 Interviewed and hired one employee to assist with leading tours. May 10 Emily launched a social media campaign of Very Vancouver on Facebook. As a result, she received $1,955 of cash for future tour bookings. May 15 Led three tours of Stanley Park and received $1,045 cash. May 25 Led four tours of…arrow_forwardZahrah opened a laundry shop, Clean Laundry Shop on 1 April 2020. The following transactions were recorded in the first month of the business: Date Transctions Apr 1 Zahrah started the business and invested RM41,000 in cash into the business. Apr 2 Bought a fax machine for RM500 by cash. Apr 5 Bought office equipment for RM5,000 from Quick Store. The laundry shop paid RM2,500 and the balance is on credit. Apr 6 Bought office furniture on credit from Furniture Dream for RM1,900. Apr 7 Paid rental expense of RM700 by cash. Apr 15 Paid RM200 by cash for telephone expense. Apr 20 Zahrah withdrew cash of RM1,500 from the business for personal use. Apr 21 Paid the amount owing to Furniture Dream of RM1,900 by cash. Apr 22 Received RM2,300 of cash from customers for the service rendered. You are required to: Analyse the effects of the above transactions on…arrow_forward
- Your friend, Dean McChesney, requested that you advise him on the effects that certain transactions will have on his business, A-Plus Travel Planners; Time is short, so you cannot journalize the transactions. Instead, you must analyze the transactions without a journal. McChesney will continue the business only if he can expect to earn a monthly net income of $6,000. The business completed the following transactions during June: McChesney deposited $10,000 cash in a business bank account to start the company. The company issued common stock to McChesney. Paid $300 cash for office supplies. Incurred advertising expense on account, $700. Paid the following cash expenses: administrative assistant’s salary, $1,400; office rent, $1,000. Earned service revenue on account, $8,800. Collected cash from customers on account, $1,200. Requirements Open the following T-accounts: Cash; Accounts Receivable; Office Supplies; Accounts Payable; Common Stock; Service Revenue; Salaries Expense; Rent…arrow_forwardOn October 1, 2021, Santana Rey launched a computer services company, Business Solutions, that is organized as a proprietorship and provides consulting services, computer system installations, and custom program development. October 1 S. Rey invested $50,000 cash, a $24,000 computer system, and $11,500 of office equipment in the company. October 3 The company purchased $1,400 of computer supplies on credit. October 6 The company billed Easy Leasing $5,700 for services performed in installing a new web server. October 8 The company paid $1,400 cash for the computer supplies purchased on credit on October 3. October 10 The company hired a part-time assistant. October 12 The company billed Easy Leasing another $1,500 for services performed. October 15 The company received $5,700 cash from Easy Leasing as partial payment toward its account. October 17 The company paid $780 cash to repair its computer equipment. October 20 The company paid $1,683 cash for advertisements…arrow_forward: Ahmad started his own Computer service on January 1, 2020. The following transactions occurred during the month of January. January 01 Ahmad invested $ 200000 cash in the business 03 Paid $ 10000 for office rent for the month 05 Service provided on account $ 15000 12 Purchased supplies for $ 3000 on account 15 Received a cash payment of $ 5000 for services provided on January 05 17 Purchased gasoline for $ 2000 on account 23 Received Bank Loan of $ 40000 on the note payable Instructions Show the effects of these transactions on the accounting equation Prepare a balance sheet at January 31, 2020 Date Assets Liabilities Owner’s Equity Cash Accounts Receivable Supplies Note Payable Account…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Financial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage LearningFinancial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage Learning
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
Financial Accounting: The Impact on Decision Make...
Accounting
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Cengage Learning