please explain how you got your answer with math
Homework Answers
1) Increase in stock holder's equity = Revenue - Expense - Dividend
= Service Revenue - Dividends - Rent Expense - Salaries expense - Utilities expense
= 9,500 - 2,000 - 600 - 4,100 - 300
2,500
2) Net income = Cash + Revenue - Expenses
= 16000 + 9,500 - (600 + 4,100 + 300)
= 20,500
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please explain how you got your answer with math
X Your answer is incorrect. An analysis...
Your answer is incorrect. Try again. An analysis of the transactions made by Skysong, Inc., a...
Your answer is incorrect. Try again.
An analysis of the transactions made by Skysong, Inc., a certified
public accounting firm, for the month of August is shown
below.
Assets
=
Liabilities
+
Stockholders’
Equity
Cash
+
Accounts
Receivable
+
Supplies
+
Equipment
Accounts
Payable
Common
Stock
Retained
Earnings
=
+
+
Revenues
–
Expenses
–
Dividends
1.
$16,000
$16,000
2.
–2,500
$5,500
$3,000
3.
–700
$700
4.
5,700
$3,800
$9,500
Service Revenue
5.
–1,300
–1,300
6.
–2,000
-$2,000
7.
–600...
16,000 $16,000 2. –2,500 $5,500 $3,000 3. –700 $700 4. 5,700 $3,800 $9,500 Service Revenue 5....
16,000
$16,000
2.
–2,500
$5,500
$3,000
3.
–700
$700
4.
5,700
$3,800
$9,500
Service Revenue
5.
–1,300
–1,300
6.
–2,000
-$2,000
7.
–600
–$600
Rent Expense
8.
350
–350
9.
–4,100
–4,100
Salaries/Wages Expense
10.
300
–300
Utilities Expense
(b) Determine how much stockholders’ equity
increased for the month.
Increase in stockholders' equity
$Enter the increase in stockholders' equity in dollars
(c) Compute the amount of net income for the
month.
Net income
$Enter the net income in dollars
Click...
An analysis of the transactions made by Crane Company, a certified public accounting firm, for the...
An analysis of the transactions made by Crane Company, a certified public accounting firm, for the month of August is shown below. Each change in revenues or expenses is explained. Assets = Liabilities + Stockholders' Equity Common Retained Earnings Stock + Revenues - Expenses - Dividend $16,000 Accounts Accounts Cash + Receivable + Supplies + Equipment = Payable + $16,000 -3,500 $5,500 -800 $800 4,500 $3,200 -1,200 -1,200 -3,000 -550 -400 -4,800 $7,700 Service Revenue risi o w o n...
A tabular analysis of the transactions made during September 2022 by Huskies Together Company during its...
A tabular analysis of the transactions made during September 2022 by Huskies Together Company during its first month of operations is shown as follows. Each increase and decrease in stockholders’ equity is explained. Show all your work for partial credits in your uploaded file. Part I: Describe each transaction. Part II: Determine how much stockholders’ equity changed for the month. Part III: Compute the net income for the month. Assets = Liabilities + Stockholders’ Equity Cash + Accounts...
Kimmel, Accounting, 7e & Practice Assignment Gradebook Downloadable eTextbook ORION ssignment Exercise 1-13 X Your answer...
Kimmel, Accounting, 7e & Practice Assignment Gradebook Downloadable eTextbook ORION ssignment Exercise 1-13 X Your answer is incorrect. Try again. Here are incomplete financial statements for Sheridan Company. Calculate the missing amounts. SHERIDAN COMPANY Balance Sheet Assets Cash $29,500 (a) 31,700 Supplies 61,200 Equipment (net) (b) Total assets Liabilities and Stockholders' Equity Liabilities Notes payable $23,200 Stockholders' Equity Common stock 38,800 62,000 (c) Retained earnings 124,000 (d) Total liabilities and stockholders' equity 2000-2019 John Wiley & Sons, Inc. All Rights...
View Policies Show Attempt History Current Attempt in Progress -Your answer is partially correct Transactions for...
View Policies Show Attempt History Current Attempt in Progress -Your answer is partially correct Transactions for Jayne Company for the month of June are presented below Issues common stock to investors in exchange for $5,000 cash. June 1 Buys equipment on account for $1,100. 2 Pays $740 to landlord for June rent. 3 Sends Wil Wheaton a bill for $700 after completing welding work. 12 Identify the accounts to be debited and credited for each transaction. Account Credited Account Debited...
FIX THE BOXES IN RED Heidi Jara opened Whispering Winds's Cleaning Service on July 1, 2022....
FIX THE BOXES IN RED
Heidi Jara opened Whispering Winds's Cleaning Service on July 1, 2022. During July, the following transactions were completed. July 1 1 3 5 12 18 Stockholders invested $20,000 cash in the business in exchange for common stock. Purchased used truck for $8,800, paying $4,100 cash and the balance on account. Purchased cleaning supplies for $2,300 on account. Paid $1,800 cash on a 1-year insurance policy effective July 1. Billed customers $4,600 for cleaning services. Paid...
itional Exercise 243 Your answer is partially correct. Try again. e adjusted trial balance of C.S....
itional Exercise 243 Your answer is partially correct. Try again. e adjusted trial balance of C.S. Financial Planners appears below. Credit C.S. Financial Planners Adjusted Trial Balance December 31, 2018 Debit Cash $4,900 Accounts Receivable 2,200 Supplies 1,800 Equipment 15,000 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends 2,500 Service Revenue Supplies Expense 600 Depreciation Expense 2,500 Rent Expense 2,400 $31,900 $4,000 3,300 6,000 10,000 4,400 4,200 $31,900 Using the information from the adjusted trial balance,...
Quick Ratio Smith and Sons, Inc. Income Statement (in millions) 2016 2015 Net sales 10,150 9,650 Cost of goods sold (5,...
Quick Ratio Smith and Sons, Inc. Income Statement (in millions) 2016 2015 Net sales 10,150 9,650 Cost of goods sold (5,500) (5,200) Gross profit 4,650 4,450 Selling and administrative expenses (2,800) (2.700) Income from operations 1,850 1.750 Interest expense (300) (250) Income before income taxes 1,550 1,500 Income tax expense (420) (400) Net income 1,130 1,100 Smith and Sons, Inc. Balance Sheet (in millions) 2016 2015 Assets Current assets Cash and cash equivalents 300 500 Accounts receivable 900 800 Inventory...
Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance...
Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $54,900; total assets, $229,400; common stock, $89,000; and retained earnings, $35,439.) Sales CABOT CORPORATION Income Statement For Current Year Ended December 31 $ 452,600 Cost of goods sold 297, 450 Gross profit 155, 150 Operating expenses 98,700 Interest expense 4,100 Income before taxes 52, 350 Income tax expense 21,089 Net income 31, 261...
Your answer is incorrect. Try again.
An analysis of the transactions made by Skysong, Inc., a certified
public accounting firm, for the month of August is shown
below.
Assets
=
Liabilities
+
Stockholders’
Equity
Cash
+
Accounts
Receivable
+
Supplies
+
Equipment
Accounts
Payable
Common
Stock
Retained
Earnings
=
+
+
Revenues
–
Expenses
–
Dividends
1.
$16,000
$16,000
2.
–2,500
$5,500
$3,000
3.
–700
$700
4.
5,700
$3,800
$9,500
Service Revenue
5.
–1,300
–1,300
6.
–2,000
-$2,000
7.
–600...
16,000
$16,000
2.
–2,500
$5,500
$3,000
3.
–700
$700
4.
5,700
$3,800
$9,500
Service Revenue
5.
–1,300
–1,300
6.
–2,000
-$2,000
7.
–600
–$600
Rent Expense
8.
350
–350
9.
–4,100
–4,100
Salaries/Wages Expense
10.
300
–300
Utilities Expense
(b) Determine how much stockholders’ equity
increased for the month.
Increase in stockholders' equity
$Enter the increase in stockholders' equity in dollars
(c) Compute the amount of net income for the
month.
Net income
$Enter the net income in dollars
Click...
An analysis of the transactions made by Crane Company, a certified public accounting firm, for the month of August is shown below. Each change in revenues or expenses is explained. Assets = Liabilities + Stockholders' Equity Common Retained Earnings Stock + Revenues - Expenses - Dividend $16,000 Accounts Accounts Cash + Receivable + Supplies + Equipment = Payable + $16,000 -3,500 $5,500 -800 $800 4,500 $3,200 -1,200 -1,200 -3,000 -550 -400 -4,800 $7,700 Service Revenue risi o w o n...
Kimmel, Accounting, 7e & Practice Assignment Gradebook Downloadable eTextbook ORION ssignment Exercise 1-13 X Your answer is incorrect. Try again. Here are incomplete financial statements for Sheridan Company. Calculate the missing amounts. SHERIDAN COMPANY Balance Sheet Assets Cash $29,500 (a) 31,700 Supplies 61,200 Equipment (net) (b) Total assets Liabilities and Stockholders' Equity Liabilities Notes payable $23,200 Stockholders' Equity Common stock 38,800 62,000 (c) Retained earnings 124,000 (d) Total liabilities and stockholders' equity 2000-2019 John Wiley & Sons, Inc. All Rights...
View Policies Show Attempt History Current Attempt in Progress -Your answer is partially correct Transactions for Jayne Company for the month of June are presented below Issues common stock to investors in exchange for $5,000 cash. June 1 Buys equipment on account for $1,100. 2 Pays $740 to landlord for June rent. 3 Sends Wil Wheaton a bill for $700 after completing welding work. 12 Identify the accounts to be debited and credited for each transaction. Account Credited Account Debited...
FIX THE BOXES IN RED
Heidi Jara opened Whispering Winds's Cleaning Service on July 1, 2022. During July, the following transactions were completed. July 1 1 3 5 12 18 Stockholders invested $20,000 cash in the business in exchange for common stock. Purchased used truck for $8,800, paying $4,100 cash and the balance on account. Purchased cleaning supplies for $2,300 on account. Paid $1,800 cash on a 1-year insurance policy effective July 1. Billed customers $4,600 for cleaning services. Paid...
itional Exercise 243 Your answer is partially correct. Try again. e adjusted trial balance of C.S. Financial Planners appears below. Credit C.S. Financial Planners Adjusted Trial Balance December 31, 2018 Debit Cash $4,900 Accounts Receivable 2,200 Supplies 1,800 Equipment 15,000 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends 2,500 Service Revenue Supplies Expense 600 Depreciation Expense 2,500 Rent Expense 2,400 $31,900 $4,000 3,300 6,000 10,000 4,400 4,200 $31,900 Using the information from the adjusted trial balance,...
Quick Ratio Smith and Sons, Inc. Income Statement (in millions) 2016 2015 Net sales 10,150 9,650 Cost of goods sold (5,500) (5,200) Gross profit 4,650 4,450 Selling and administrative expenses (2,800) (2.700) Income from operations 1,850 1.750 Interest expense (300) (250) Income before income taxes 1,550 1,500 Income tax expense (420) (400) Net income 1,130 1,100 Smith and Sons, Inc. Balance Sheet (in millions) 2016 2015 Assets Current assets Cash and cash equivalents 300 500 Accounts receivable 900 800 Inventory...
Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $54,900; total assets, $229,400; common stock, $89,000; and retained earnings, $35,439.) Sales CABOT CORPORATION Income Statement For Current Year Ended December 31 $ 452,600 Cost of goods sold 297, 450 Gross profit 155, 150 Operating expenses 98,700 Interest expense 4,100 Income before taxes 52, 350 Income tax expense 21,089 Net income 31, 261...
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