Homework Answers
| Assets | = | liabilities | + | Owner's Equity | ||
| a | 29,000 | = | 14000 | + | 15,000 | |
| b | 65000 | = | 12,000 | + | 53,000 | |
| c | 55,000 | = | 8,000 | + | 47000 | |
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Complete the following table: + + a. $ b. c. $ Assets 29,000 = ? =...
9:46 Class Test Reviewer.docx Chapter 1, 2& 3 1) Assets are equal to A) liabilities +...
9:46 Class Test Reviewer.docx Chapter 1, 2& 3 1) Assets are equal to A) liabilities + owner's equity. B) liabilities - owner's equity. C) liabilities - revenues. D) revenues - expenses. 2) Sonya invested cash in her new business. What effect will this have? A) Increase an asset and increase a liability. B) Decrease an asset and increase a liability. C) Increase an asset and increase owner's equity. D) Increase an asset and decrease owner's equity. 3) Kal's Vegan Restaurant,...
Omitted Financial Statement Data For the following four unrelated situations, A through D, calculate the unknown...
Omitted Financial Statement Data For the following four unrelated situations, A through D, calculate the unknown amounts appearing in each column: $45,000 32,000 $32,000 15,000 $53,000 49,000 $ (d) 19,000 30,000 Beginning Assets Liabilities Ending Assets Liabilities During Year Sales Revenue Expenses Dividends 50,000 22,000 41,000 20,000 52,000 24,000 (b) (a) 12,000 2,000 30,000 22,000 3,000 31,000 12,000 27,000 19,000 8,000 (C) (a)$ (b)$ (c)$ (d)$
37) Owner's Equity is best depicted by the following: a. Assets = Liabilities. b. Liabilities +...
37) Owner's Equity is best depicted by the following: a. Assets = Liabilities. b. Liabilities + Assets. C. Residual equity + Assets. d. Assets - Liabilities. 38) If Total Liabilities increased by $15,000 and Owner's Equity increased by $5,0 Total Assets must change by what amount and direction during that same p a. $20,000 decrease b. $20,000 increase C. $25,000 increase d. $30,000 increase
1. Presented below is the basic accounting equation. Determine the missing amounts. Assets Liabilities + Owner's...
1. Presented below is the basic accounting equation. Determine the missing amounts. Assets Liabilities + Owner's Equity (a) $90,000 $50,000 (b) ? $44,000 $70,000 (c) $94,000 $53,000 1. Presented below is the basic accounting equation. Determine the missing amounts. Assets Liabilities + Owner's Equity (a) $90,000 $50,000 ? (b) ? $44,000 $70,000 (e) $94,000 ? $53,000 2. Given the accounting equation, answer each of the following questions. (a) The liabilities of Weber Company are $120,000 and the owner's equity is...
Net income is $522,000 Please create a statement of cash flow 2020 2019 Assets Current Assets...
Net income is $522,000
Please create a statement of cash flow
2020 2019 Assets Current Assets Cash Accounts receivable Inventory Prepaid expenses 285,000 334,000 306,000 55,000 980,000 305,000 384,000 256,000 35,000 980,000 Total current assets $ $ Fixed (Long-Term) Assets Property, plant, and equipment (Less accumulated depreciation) Total fixed assets $ $ 650,000 (165,000) 485,000 1,465,000 $ $ 590,000 (130,000) 460,000 1,440,000 Total Assets 60,000 15,000 50,000 55,000 180,000 50,000 20,000 25,000 45,000 140,000 $ Liabilities and Owner's Equity Current...
Question 4 Table 9-7 Given below are the balance sheet at December 31, 20X9 and income...
Question 4 Table 9-7 Given below are the balance sheet at December 31, 20X9 and income statement for the year ended, December 31, 20X9 for Hortense Company: Hortense Company Balance Sheet December 31, 20X9 Current Assets: Current Liabilities: Cash $ 6,000 Accounts Payable $ 3,000 Accounts Receivable 4,000 Wages Payable 2,000 Inventory 14,000 Total Current Liabilities $ 5,000 Total Current Assets 24,000 Long-term Bond Payable 24,000 Total Liabilities $29,000 Long-term Assets: Stockholders' Equity: Fixed Assets $60,000 Common Stock $ 12,000...
8. Salary expense a) Owner's equity b) Liabilities c) Assets 9. Rent payable a) Owner's equity...
8. Salary expense a) Owner's equity b) Liabilities c) Assets 9. Rent payable a) Owner's equity b) Liabilities c) Assets 10. Rent expense a)Owner's equity b) Liabilities Assets 11. Consulting revenue Owner's equity a) b) Liabilities c) Assets 12. Service revenue a) Owner's equity b) Liabilities c) Assets 13. Owner's withdrawals a) Owner's equity b) Liabilities c) Assets 14. Owner's capital a) Owner's equity b) Liabilities c) Assets 3. Signify the item that most accurately describes an asset. a) An...
P1.5A (LO 4,5) Writing Financial Statement Financial statement information about four differ. ent companies is as...
P1.5A (LO 4,5) Writing Financial Statement Financial statement information about four differ. ent companies is as follows. De Alpha Company Psi Beta Company Company Omega Company $ 80,000 41,000 $150,000 $ 90,000 (d) 40,000 80,000 49,000 90,000 (b) January 1, 2020 Assets Liabilities Owner's equity December 31, 2020 Assets Liabilities Owner's equity Owner's equity changes in year Additional investment Drawings Total revenues Total expenses 60,000 50,000 112,000 72,000 (e) 170,000 (h) 82,000 (k) 100,000 151,000 8,000 (D) (c) 15,000 350,000...
Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity....
Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity. 1. Borrow $55,000 from a bank 2. Buy $14,000 worth of manufacturing supplies on credit 3. Pay $7,000 owed to a supplier 4. Receive payment of $12,000 owed by a customer What is the net change in Total Assets?
Use the following information to determine: a.) the operating return on assets (%) b.) days in...
Use the following information to determine:
a.) the operating return on assets (%)
b.) days in receivables ( in days)
c.) return on equity (%)
d.) total asset turnover
e.) operating profit margin (%)
f.) debt ratio (%)
g.) fixed asset turnover
Please answer each part of this question since all the
information is provided in the table. Thank you!!
Data Table ASSETS Cash Accounts receivable Inventory Prepaid expenses Total current assets Gross plant and equipment Accumulated depreciation Total assets...
9:46 Class Test Reviewer.docx Chapter 1, 2& 3 1) Assets are equal to A) liabilities + owner's equity. B) liabilities - owner's equity. C) liabilities - revenues. D) revenues - expenses. 2) Sonya invested cash in her new business. What effect will this have? A) Increase an asset and increase a liability. B) Decrease an asset and increase a liability. C) Increase an asset and increase owner's equity. D) Increase an asset and decrease owner's equity. 3) Kal's Vegan Restaurant,...
Omitted Financial Statement Data For the following four unrelated situations, A through D, calculate the unknown amounts appearing in each column: $45,000 32,000 $32,000 15,000 $53,000 49,000 $ (d) 19,000 30,000 Beginning Assets Liabilities Ending Assets Liabilities During Year Sales Revenue Expenses Dividends 50,000 22,000 41,000 20,000 52,000 24,000 (b) (a) 12,000 2,000 30,000 22,000 3,000 31,000 12,000 27,000 19,000 8,000 (C) (a)$ (b)$ (c)$ (d)$
37) Owner's Equity is best depicted by the following: a. Assets = Liabilities. b. Liabilities + Assets. C. Residual equity + Assets. d. Assets - Liabilities. 38) If Total Liabilities increased by $15,000 and Owner's Equity increased by $5,0 Total Assets must change by what amount and direction during that same p a. $20,000 decrease b. $20,000 increase C. $25,000 increase d. $30,000 increase
1. Presented below is the basic accounting equation. Determine the missing amounts. Assets Liabilities + Owner's Equity (a) $90,000 $50,000 (b) ? $44,000 $70,000 (c) $94,000 $53,000 1. Presented below is the basic accounting equation. Determine the missing amounts. Assets Liabilities + Owner's Equity (a) $90,000 $50,000 ? (b) ? $44,000 $70,000 (e) $94,000 ? $53,000 2. Given the accounting equation, answer each of the following questions. (a) The liabilities of Weber Company are $120,000 and the owner's equity is...
Net income is $522,000
Please create a statement of cash flow
2020 2019 Assets Current Assets Cash Accounts receivable Inventory Prepaid expenses 285,000 334,000 306,000 55,000 980,000 305,000 384,000 256,000 35,000 980,000 Total current assets $ $ Fixed (Long-Term) Assets Property, plant, and equipment (Less accumulated depreciation) Total fixed assets $ $ 650,000 (165,000) 485,000 1,465,000 $ $ 590,000 (130,000) 460,000 1,440,000 Total Assets 60,000 15,000 50,000 55,000 180,000 50,000 20,000 25,000 45,000 140,000 $ Liabilities and Owner's Equity Current...
8. Salary expense a) Owner's equity b) Liabilities c) Assets 9. Rent payable a) Owner's equity b) Liabilities c) Assets 10. Rent expense a)Owner's equity b) Liabilities Assets 11. Consulting revenue Owner's equity a) b) Liabilities c) Assets 12. Service revenue a) Owner's equity b) Liabilities c) Assets 13. Owner's withdrawals a) Owner's equity b) Liabilities c) Assets 14. Owner's capital a) Owner's equity b) Liabilities c) Assets 3. Signify the item that most accurately describes an asset. a) An...
P1.5A (LO 4,5) Writing Financial Statement Financial statement information about four differ. ent companies is as follows. De Alpha Company Psi Beta Company Company Omega Company $ 80,000 41,000 $150,000 $ 90,000 (d) 40,000 80,000 49,000 90,000 (b) January 1, 2020 Assets Liabilities Owner's equity December 31, 2020 Assets Liabilities Owner's equity Owner's equity changes in year Additional investment Drawings Total revenues Total expenses 60,000 50,000 112,000 72,000 (e) 170,000 (h) 82,000 (k) 100,000 151,000 8,000 (D) (c) 15,000 350,000...
Use the following information to determine:
a.) the operating return on assets (%)
b.) days in receivables ( in days)
c.) return on equity (%)
d.) total asset turnover
e.) operating profit margin (%)
f.) debt ratio (%)
g.) fixed asset turnover
Please answer each part of this question since all the
information is provided in the table. Thank you!!
Data Table ASSETS Cash Accounts receivable Inventory Prepaid expenses Total current assets Gross plant and equipment Accumulated depreciation Total assets...
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