Homework Answers
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Question 7 1 pts On December 31 of year 1, Acme Company had assets of $151,886,...
Question 15 1 pts On December 31 of year 1, Acme Company had assets of $149,271,...
Question 15 1 pts On December 31 of year 1, Acme Company had assets of $149,271, liabilities of $97,696, and capital stock of $28,643. During year 2. Acme earned revenues of $44,563 and incurred expenses of $33,270. During year 2 the firm declared and paid Dividends amounting to $3,199. Compute the company's retained earnings on December 31 of year 1.
Question 5 1 pts On June 1 Acme Inc. has Shareholders' Equity of $58,170. In June the firm sold $10,873 in additiona...
Question 5 1 pts On June 1 Acme Inc. has Shareholders' Equity of $58,170. In June the firm sold $10,873 in additional capital stock for cash. In June the form obtained an interest free loan of $45,085 from one of the stockholders. Revenues for June were $21,357. Expenses for June were $12,451 in June the company paid out a total of $1457 in dividends to its shareholders. What is the value of Shareholders' Equity on June 302 1 pts Question...
Acme Inc. has Assets of $176,640 and Liabilities of $51,357. Then the form receives $18,302 from...
Acme Inc. has Assets of $176,640 and Liabilities of $51,357. Then the form receives $18,302 from an investor in exchange for new stock which the firm issues to the investor. What is the value of Stockholders' Equity after the investment? Enter the value in whole numbers with no decimals. The formula for the accounting equation is simple and something that students should know from memory, therefore it is not given. Question 10 1 pts At the start of the year,...
As of December 31, Year 1, Flowers Company had total assets of $20,000, total liabilities of...
As of December 31, Year 1, Flowers Company had total assets of $20,000, total liabilities of $6,000, and common stock of $10,000. The company's Year 1 income statement contained revenue of $3,000 and expenses of $2,000. The Year 1 statement of changes in stockholders' equity stated that $300 of dividends were paid to investors. Required a. Determine the before closing balance in the Retained Earnings account on December 31, Year 1. b. Determine the after-closing balance in the Retained Earnings...
The Don't Tread on Me Tire Company had retained earnings at December 31, 2015 of $209.000....
The Don't Tread on Me Tire Company had retained earnings at December 31, 2015 of $209.000. During 2016, the company had revenues of $409,000 and expenses of $354.500, and the company declared and paid dividends of $11,900. Retained earnings on the bolance sheet as of December 31, 2016 will be: O $263.500. O $42.600 O $306100. O $251600 A company had calculated net income to be $77700 based on the unadjusted trial balance. The following adjusting entries were then made...
As of December 31, Year 1, Flowers Company had total assets of $20,000, total liabilities of...
As of December 31, Year 1, Flowers Company had total assets of $20,000, total liabilities of $6,000, and common stock of $10,000. The company's Year 1 income statement contained revenue of $3,000 and expenses of $2,000. The Year 1 statement of changes in stockholders' equity stated that $300 of dividends were paid to investors. Required a. Determine the before closing balance in the Retained Earnings account on December 31, Year 1. b. Determine the after closing balance in the Retained...
As of December 31, Year 1. Flowers Company had total assets of $200,000, total liabilities of...
As of December 31, Year 1. Flowers Company had total assets of $200,000, total liabilities of $60.000. and common stock of $100.000 The company's Year 1 Income statement contained revenue of $36.000 and expenses of $21.000. The Year 1 statement of changes in stockholders' equity stated that $3,000 of dividends were paid to Investors. Required a. Determine the before closing balance in the Retained Earnings account on December 31, Year 1 b. Determine the after-closing balance in the Retained Earnings...
Question 12 1 pts Acme Inc. has Assets of $ 103,489 and Liabilities of $71,669. What...
Question 12 1 pts Acme Inc. has Assets of $ 103,489 and Liabilities of $71,669. What is the Equity Ratio? Enter the value rounding to 2 decimals. The formulas for the accounting equation and equity ratio are simple and something that students should know from memory, therefore they not given Question 13 1 pts On June 1 Acme Inc. has retained Earnings of $34,066. Revenues for June were $5,609. Expenses for June were $3,055 in June the company paid out...
The records of Meehan Company show the following at December 31, 2018: '(Click the icon to...
The records of Meehan Company show the following at December 31, 2018: '(Click the icon to view the data.) 3. Print Read the requirements. Requirement 1. Compute the missing amount for Meehan Company. You will need to determine Retained Eamings, December 31,2018, and total stockholders' equity, December 31,2018. Begin by determining total stockholders' equity. Rework the accounting equation and then solve for stockholders' equity ("equity") at the beginning and end of the period. (1) (2) Equlty Beginning Ending Identify the...
The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the...
The amounts of the assets and liabilities of Journey Travel
Agency at December 31, 2018, the end of the year, and its revenue
and expenses for the year follow. The retained earnings were
$1,341,000 on January 1, 2018, the beginning of the year. During
the year, dividends of $75,000 were paid.
Accounts payable
$ 69,500
Accounts receivable
236,500
Cash
190,500
Common stock
450,000
Fees earned
383,500
Land
1,500,000
Miscellaneous expense
14,500
Rent expense
22,500
Supplies
7,000
Supplies expense
11,300
Utilities...
Question 15 1 pts On December 31 of year 1, Acme Company had assets of $149,271, liabilities of $97,696, and capital stock of $28,643. During year 2. Acme earned revenues of $44,563 and incurred expenses of $33,270. During year 2 the firm declared and paid Dividends amounting to $3,199. Compute the company's retained earnings on December 31 of year 1.
Question 5 1 pts On June 1 Acme Inc. has Shareholders' Equity of $58,170. In June the firm sold $10,873 in additional capital stock for cash. In June the form obtained an interest free loan of $45,085 from one of the stockholders. Revenues for June were $21,357. Expenses for June were $12,451 in June the company paid out a total of $1457 in dividends to its shareholders. What is the value of Shareholders' Equity on June 302 1 pts Question...
Acme Inc. has Assets of $176,640 and Liabilities of $51,357. Then the form receives $18,302 from an investor in exchange for new stock which the firm issues to the investor. What is the value of Stockholders' Equity after the investment? Enter the value in whole numbers with no decimals. The formula for the accounting equation is simple and something that students should know from memory, therefore it is not given. Question 10 1 pts At the start of the year,...
As of December 31, Year 1, Flowers Company had total assets of $20,000, total liabilities of $6,000, and common stock of $10,000. The company's Year 1 income statement contained revenue of $3,000 and expenses of $2,000. The Year 1 statement of changes in stockholders' equity stated that $300 of dividends were paid to investors. Required a. Determine the before closing balance in the Retained Earnings account on December 31, Year 1. b. Determine the after-closing balance in the Retained Earnings...
The Don't Tread on Me Tire Company had retained earnings at December 31, 2015 of $209.000. During 2016, the company had revenues of $409,000 and expenses of $354.500, and the company declared and paid dividends of $11,900. Retained earnings on the bolance sheet as of December 31, 2016 will be: O $263.500. O $42.600 O $306100. O $251600 A company had calculated net income to be $77700 based on the unadjusted trial balance. The following adjusting entries were then made...
As of December 31, Year 1, Flowers Company had total assets of $20,000, total liabilities of $6,000, and common stock of $10,000. The company's Year 1 income statement contained revenue of $3,000 and expenses of $2,000. The Year 1 statement of changes in stockholders' equity stated that $300 of dividends were paid to investors. Required a. Determine the before closing balance in the Retained Earnings account on December 31, Year 1. b. Determine the after closing balance in the Retained...
As of December 31, Year 1. Flowers Company had total assets of $200,000, total liabilities of $60.000. and common stock of $100.000 The company's Year 1 Income statement contained revenue of $36.000 and expenses of $21.000. The Year 1 statement of changes in stockholders' equity stated that $3,000 of dividends were paid to Investors. Required a. Determine the before closing balance in the Retained Earnings account on December 31, Year 1 b. Determine the after-closing balance in the Retained Earnings...
Question 12 1 pts Acme Inc. has Assets of $ 103,489 and Liabilities of $71,669. What is the Equity Ratio? Enter the value rounding to 2 decimals. The formulas for the accounting equation and equity ratio are simple and something that students should know from memory, therefore they not given Question 13 1 pts On June 1 Acme Inc. has retained Earnings of $34,066. Revenues for June were $5,609. Expenses for June were $3,055 in June the company paid out...
The records of Meehan Company show the following at December 31, 2018: '(Click the icon to view the data.) 3. Print Read the requirements. Requirement 1. Compute the missing amount for Meehan Company. You will need to determine Retained Eamings, December 31,2018, and total stockholders' equity, December 31,2018. Begin by determining total stockholders' equity. Rework the accounting equation and then solve for stockholders' equity ("equity") at the beginning and end of the period. (1) (2) Equlty Beginning Ending Identify the...
The amounts of the assets and liabilities of Journey Travel
Agency at December 31, 2018, the end of the year, and its revenue
and expenses for the year follow. The retained earnings were
$1,341,000 on January 1, 2018, the beginning of the year. During
the year, dividends of $75,000 were paid.
Accounts payable
$ 69,500
Accounts receivable
236,500
Cash
190,500
Common stock
450,000
Fees earned
383,500
Land
1,500,000
Miscellaneous expense
14,500
Rent expense
22,500
Supplies
7,000
Supplies expense
11,300
Utilities...
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