Homework Answers
| b | |||
| Effect | Amount | ||
| 1 | Total Assets | Decreased | 125500 |
| 2 | Total Liabilities | Decreased | 125500 |
| 3 | Owner's Equity | No change | 0 |
| Note: The decrease in amounts can alternatively be written with minus sign. | |||
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Effect of Transactions on Accounting Equation a. A vacant lot acquired for $448,500 is sold for...
Effect of Transactions on Accounting Equation a. A vacant lot acquired for $297,000 is sold for...
Effect of Transactions on Accounting Equation a. A vacant lot acquired for $297,000 is sold for $573,000 in cash. What is the effect of the sale on the total amount of the seller's (1) assets, (2) liabilities, and (3) stockholders' equity? If there is no change, select 'No change from the dropdown and then enter a "0" in the amount box. Effect Amount 1. Total Assets 2. Total Liabilities 3. Stockholders' Equity b. Assume that the seller owes $83,000 on...
a. A vacant lot acquired for $83,000 cash is sold for $127,000 in cash. What is...
a. A vacant lot acquired for $83,000 cash is sold for $127,000 in cash. What is the effect of the sale on the total amount of the seller's (1) assets, (2) Habilities, and (3) stockholders' equity? of the effect is no change, then enter a "0" in amount box. Enter all dollar amounts as positive numbers. 1. Assets 2. Llabilities 3. Stockholders' Equity b. Assume that the seller owes $52,000 on a loan for the land. After receiving the $127,000...
EX 1-6 Accounting equation A. $1,895,000 Determine the missing amount for each of the following AssetsLlabilities...
EX 1-6 Accounting equation A. $1,895,000 Determine the missing amount for each of the following AssetsLlabilities + Stockholders' Equity A. B. $776,500$588,800 C. $14,750,000-$4,455,000 + 5550,000 $1,345,000 SHOW ME N EX 1-7 Accounting equation Obj. 3, 4 B. $4,120,000 Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 2017, Inspirational has assets of $5,250,000 and liabilities of $1,600,000. Using the accounting equation and considering each case independently, determine the following amounts: A. IE...
2. $1,895,000 EX 1-6 Accounting equation Determine the missing amount for each of the following: Assets...
2. $1,895,000 EX 1-6 Accounting equation Determine the missing amount for each of the following: Assets abilities Stockholders' Equity - $550,000 + $1,345,000 b. 5776,500 - X + $588,800 C$14.750,000 - 54,455,000 + 54,120,000 EX 1-7 Accounting equation Obj. 3,4 Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 20Y2, Inspirational has assets of $5,250,000 and liabilities of $1,600,000. Using the accounting equation and considering each case independently, determine the following amounts: a....
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...
The Accounting Equation The details of the activities of a company, or transactions, are recorded in...
The Accounting Equation The details of the activities of a company, or transactions, are recorded in a company's accounting system.These transactions are summarized in a set of reports known as the financial statements. The foundation for the accounting system and the financial statements is the accounting equation. Assets = Liabilities + Owner’s Equity The left side of the accounting equation shows the assets of the company: What the company owns. = The right side of the accounting equation summarizes who...
Effect of Transactions on Accounting Equation What is the effect of each of the following transactions...
Effect of Transactions on Accounting Equation What is the effect of each of the following transactions on the three elements (assets, liabilities, and stockholders' equity) of the accounting equation? a. Invested cash in business in exchange for common stock. b. Paid for business expenses. c. Paid dividends. d. Purchased supplies on account. e. Received cash for services performed. th Decreases assets and decreases liabilities. Decreases assets and decreases stockholders' equity. Increases assets and increases stockholders' equity. Increases assets and increases...
Indicate the effect of the following transaction on the elements of the accounting equation. Purchased land...
Indicate the effect of the following transaction on the elements of the accounting equation. Purchased land by signing a nine-month, non-interest-bearing note payable. assets increase; liabilities increase assets decrease; liabilities decrease assets increase; owner's equity increase assets increase; owner's equity decrease Question 2 3 pts Received $12,000 cash for services provided to a customer. debit accounts receivable; credit fees earned debit cash; credit fees earned debit fees earned; credit cash debit cash; credit supplies expense Account used to record amounts...
UUUN Calculator Effect of Transactions on Accounting Equation Jay Pembroke started a business. During the first...
UUUN Calculator Effect of Transactions on Accounting Equation Jay Pembroke started a business. During the first month (April 20-), the following transactions occurred. a. Invested cash in business, $19,500. b. Bought office supplies for $4,500: $2,100 in cash and $2,400 on account. c. Paid one-year insurance premium, $1,400. d. Earned revenues totaling $3,300: $1,400 in cash and $1,900 on account. e. Paid cash on account to the company that supplied the office supplies in transaction (b), $2,050. f. Paid office...
3) The payment of an amount owed to a supplier would: A) have no effect on...
3) The payment of an amount owed to a supplier would: A) have no effect on total assets or liabilities. B) increase owner's equity and liabilities. C) decrease net income and increase assets. D) decrease assets and liabilities. 4) The accounting equation can be stated as: A) Assets Liabilities - Owner's Equity B) Assets - Liabilities Owner's Equity. C) Liabilities Assets+ Owner's Equity. D) Owner's Equity Assets+ Liabilities.
Effect of Transactions on Accounting Equation a. A vacant lot acquired for $297,000 is sold for $573,000 in cash. What is the effect of the sale on the total amount of the seller's (1) assets, (2) liabilities, and (3) stockholders' equity? If there is no change, select 'No change from the dropdown and then enter a "0" in the amount box. Effect Amount 1. Total Assets 2. Total Liabilities 3. Stockholders' Equity b. Assume that the seller owes $83,000 on...
a. A vacant lot acquired for $83,000 cash is sold for $127,000 in cash. What is the effect of the sale on the total amount of the seller's (1) assets, (2) Habilities, and (3) stockholders' equity? of the effect is no change, then enter a "0" in amount box. Enter all dollar amounts as positive numbers. 1. Assets 2. Llabilities 3. Stockholders' Equity b. Assume that the seller owes $52,000 on a loan for the land. After receiving the $127,000...
EX 1-6 Accounting equation A. $1,895,000 Determine the missing amount for each of the following AssetsLlabilities + Stockholders' Equity A. B. $776,500$588,800 C. $14,750,000-$4,455,000 + 5550,000 $1,345,000 SHOW ME N EX 1-7 Accounting equation Obj. 3, 4 B. $4,120,000 Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 2017, Inspirational has assets of $5,250,000 and liabilities of $1,600,000. Using the accounting equation and considering each case independently, determine the following amounts: A. IE...
2. $1,895,000 EX 1-6 Accounting equation Determine the missing amount for each of the following: Assets abilities Stockholders' Equity - $550,000 + $1,345,000 b. 5776,500 - X + $588,800 C$14.750,000 - 54,455,000 + 54,120,000 EX 1-7 Accounting equation Obj. 3,4 Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 20Y2, Inspirational has assets of $5,250,000 and liabilities of $1,600,000. Using the accounting equation and considering each case independently, determine the following amounts: a....
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...
Effect of Transactions on Accounting Equation What is the effect of each of the following transactions on the three elements (assets, liabilities, and stockholders' equity) of the accounting equation? a. Invested cash in business in exchange for common stock. b. Paid for business expenses. c. Paid dividends. d. Purchased supplies on account. e. Received cash for services performed. th Decreases assets and decreases liabilities. Decreases assets and decreases stockholders' equity. Increases assets and increases stockholders' equity. Increases assets and increases...
Indicate the effect of the following transaction on the elements of the accounting equation. Purchased land by signing a nine-month, non-interest-bearing note payable. assets increase; liabilities increase assets decrease; liabilities decrease assets increase; owner's equity increase assets increase; owner's equity decrease Question 2 3 pts Received $12,000 cash for services provided to a customer. debit accounts receivable; credit fees earned debit cash; credit fees earned debit fees earned; credit cash debit cash; credit supplies expense Account used to record amounts...
UUUN Calculator Effect of Transactions on Accounting Equation Jay Pembroke started a business. During the first month (April 20-), the following transactions occurred. a. Invested cash in business, $19,500. b. Bought office supplies for $4,500: $2,100 in cash and $2,400 on account. c. Paid one-year insurance premium, $1,400. d. Earned revenues totaling $3,300: $1,400 in cash and $1,900 on account. e. Paid cash on account to the company that supplied the office supplies in transaction (b), $2,050. f. Paid office...
3) The payment of an amount owed to a supplier would: A) have no effect on total assets or liabilities. B) increase owner's equity and liabilities. C) decrease net income and increase assets. D) decrease assets and liabilities. 4) The accounting equation can be stated as: A) Assets Liabilities - Owner's Equity B) Assets - Liabilities Owner's Equity. C) Liabilities Assets+ Owner's Equity. D) Owner's Equity Assets+ Liabilities.
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