How to fix the total assets? I am not sure how to calculate the total assets, because I am not familiar to work with T-accounts. I have listed all the information from the graph. And ask for a series of question below the total asset question. Thank you.
Homework Answers
your accounts are perfect , except the question requires accounting equation
this is the right way to answer:
| Assets | = | Liabilities | + | Stockholders' Equity | ||||||||||||
| Accts | Medical | Accts | Note | Common | Retained | Type of Equity | ||||||||||
| Date | Cash | + | Rec. | + | Supplies | + | Land | = | Pay. | + | Payable | + | Stock | + | Earnings | Transaction |
| Jul-06 | 150000 | 150000 | Issued stock | |||||||||||||
| Jul-09 | -64000 | 64000 | ||||||||||||||
| Jul-12 | 2400 | 2400 | ||||||||||||||
| Jul-15 | ||||||||||||||||
| Jul15-31 | 4900 | 4900 | 9800 | Service revenue | ||||||||||||
| Jul15-31 | -4900 | -4900 | Expenses | |||||||||||||
| Jul-31 | 1000 | -1000 | ||||||||||||||
| Jul-31 | 34000 | 34000 | ||||||||||||||
| Jul-31 | -1300 | -1300 | ||||||||||||||
| Balance | 119700 | 4900 | 1400 | 64000 | 1100 | 34000 | 150000 | 4900 | ||||||||
| Total Assets | |
| Cash | 119700 |
| Acc. Rec | 4900 |
| Medical supplies | 1400 |
| Land | 64000 |
| Total Assets | 190000 |
| Total liabilties | |
| Acc. Payable | 1100 |
| Notes payable | 34000 |
| Total liabilties | 35100 |
| Total stockholders equity | |
| Common stock | 150000 |
| Ret. Earnings | 4900 |
| Total stockholders equity | 154900 |
| Ques 1 | |
| Total assets | 190000 |
| Ques 2 | |
| Acc rec | 4900 |
| Ques 3 | |
| Total liabilities | 35100 |
| Ques 4 | |
| stockhoder's equity | 154900 |
| Ques 5 | |
| Revenues | 9800 |
| Expenses | -4900 |
| Net income | 4900 |
Hope it helps
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How to fix the total assets? I am not sure how to calculate the
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your help
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