COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 2, Problem 2.5SRE
To determine
Show the effect of revenues and expenses on owners’ equity by using
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If revenue was P45,000, expenses were 37,500, and the owner's equity withdrawals were 10,000, the amount of net income or net loss was
choices:
a.P45,000 net income
b.P7,500 net income
c.P37,500 net loss
d.P2,500 net loss
1. If owner's equity is ₱250,000 which is 40% of the total assets, how much is the total liabilities of the business?
2. If owner's equity is twice the total liabilities which is 1/3 of total assets, what would be the owner's equity of the business? the amount of total assets is ₱600,000.
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.
Chapter 2 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 2 - What is a business transaction?Ch. 2 - Prob. 1.2SRQCh. 2 - Prob. 1.3SRQCh. 2 - Prob. 1.4SRECh. 2 - Prob. 1.5SRECh. 2 - Prob. 1.6SRACh. 2 - Prob. 2.1SRQCh. 2 - Prob. 2.2SRQCh. 2 - What information is included in the financial...Ch. 2 - Prob. 2.4SRE
Ch. 2 - Prob. 2.5SRECh. 2 - Prob. 2.6SRACh. 2 - Prob. 1CSRCh. 2 - Prob. 2CSRCh. 2 - Prob. 3CSRCh. 2 - Prob. 4CSRCh. 2 - Prob. 5CSRCh. 2 - Prob. 1DQCh. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Describe the effects of each of the following...Ch. 2 - What is the fundamental accounting equation?Ch. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 1ECh. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Computing net income or net loss. The Computer...Ch. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Preparing a statement of owners equity and a...Ch. 2 - Analyzing the effects of transactions on the...Ch. 2 - Prob. 2PACh. 2 - Prob. 3PACh. 2 - The following equation shows the transactions of...Ch. 2 - Prob. 1PBCh. 2 - Prob. 2PBCh. 2 - Prob. 3PBCh. 2 - Prob. 4PBCh. 2 - The following account balances are for William...Ch. 2 - Richard Harris opened a gym and fitness studio...Ch. 2 - Prob. 1MFCh. 2 - Prob. 2MFCh. 2 - Prob. 3MFCh. 2 - How does an accounting system help managers...Ch. 2 - Prob. 1ED
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- Using the January 1 and December 31, 20Y8, data given in Question 10, answer the following question: If Sylvester Consulting paid $18,000 of dividends during 20Y8, what was the amount of net income for 20Y8?arrow_forwardThe 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?arrow_forward1. If Lakay Lugawan has total assets of P115,000 and total lists of P12,500, how much is LakayLugawal total equity? 2. Hannah Maganda has total assets of P25,000 and equity of P32,000, how much are her liabilities? 3. The total income of the Basit Machine shop is P110,000 and total expenses of P30,000 how much is the Basit machine shop profit(or loss)?arrow_forward
- 1. Krish Enterprises has $47,000 in cash, $14,000 in inventory, $26,000 balance due to creditors, and $25,000 balance due from customers. What is the amount of owners' equity?arrow_forwardZion Company has assets of $600,000, liabilities of $250,000, and equity of $350,000. It buys office equipment on credit for $75,000. What would be the effects of this transaction on the accounting equation?arrow_forwardUse the accounting equation to answer each of the following questions.(a) The assets of Kafka Company are $290,000. Owner’s capital is $450,000; drawings are $140,000;revenues, $150,000; and expenses, $220,000. What is the amount of Kafka Company’s total liabilities?arrow_forward
- The 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?arrow_forwardIf the assets are $2,000,000 and liabilities are $1,600,000, what is the owners’equity?arrow_forwardZion Company has assets of $600,000, liabilities of $250,000, and equity of $350,000. It buys office equipment on credit for $75,000. What would be the effects of this transaction on the accounting equation? Group of answer choices Assets decrease by $75,000 and expenses decrease by $75,000. Liabilities increase by $75,000 and expenses decrease by $75,000. Assets increase by $75,000 and expenses decrease by $75,000. Assets increase by $75,000 and liabilities increase by $75,000.arrow_forward
- Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity. 1. Purchase equipment for $43,000 in cash 2. Receive payment of $11,000 owed by a customer 3. Buy $14,000 worth of manufacturing supplies on credit 4. Issue $70,000 in stock 5. Pay $8,000 owed to a supplier 6. Borrow $55,000 from a bank 7. Buy $17,000 worth of manufacturing supplies on credit What is the net change in Total Equity?arrow_forwardA 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 determinedarrow_forwardMichael Daigle, Attorney, began the year with total assets of $122,000, liabilities of $71,000, and owner’s equity of $51,000. During the year the business earned revenue of $109,000, and paid expenses of $36,000. The owner also withdrew $68,000. How much is the business’s equity at year end? a) $56,000 b) $104,000 c) $160,000 d) $124,000arrow_forward
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