15 |
Sales On account = Closing receivables + Collection from receivables - Opening receivables |
22,000 + 65,000 -43,000 |
$ 44,000 |
16 |
Owner's equity at the end = Total Assets - Total Liabilities |
251,000 -100,000 |
$ 1,51,000 |
Owner's equity at the beginning = Owner's equity at the end + Dividends distributed - Earnings during the year |
151,000 + 30,000 - 75,000 |
$ 1,06,000 |
33 | ||
Particulars | Debit | Credit |
Cash | $ 50,000 | |
Accounts receivable | $ 45,000 | |
Inventory | $ 32,000 | |
Prepaid expenses | $ 5,000 | |
Property, plant, and equipment | $ 1,23,000 | |
Goodwill | $ 47,000 | |
Accounts payable | $ 65,000 | |
Notes payable | $ 80,000 | |
Capital Stock | $ 1,00,000 | |
Retained earnings | $ 46,000 | |
Dividends | $ -10,000 | |
Interest expense | $ 4,000 | |
Interest payable | $ 2,000 | |
Rent Expense | $ 18,000 | |
Revenues | $ 1,01,000 | |
Salary Expenses | $ 60,000 | |
Total | $ 3,84,000 | $ 3,84,000 |
Total on debit and credit side | $ 3,84,000 | |
34 | ||
Particulars | Amount | |
Cash | $ 50,000 | |
Accounts receivable | $ 45,000 | |
Inventory | $ 32,000 | |
Prepaid expenses | $ 5,000 | |
Property, plant, and equipment | $ 1,23,000 | |
Goodwill | $ 47,000 | |
Total | $ 3,02,000 | |
35 | ||
Particulars | Debit | Credit |
Interest expense | $ 4,000 | |
Rent Expense | $ 18,000 | |
Revenues | $ 1,01,000 | |
Salary Expenses | $ 60,000 |
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