Homework Answers
Ans - $28100 (Option 1)
| Particulars | Amount |
| Computing Total cash | |
| Contributions against capital | $11000 |
| Add: Borrowings from Bank | $14000 |
| Add: Received from law firm for Plumbing repair | $3400 |
| Less: Purchase of Equipment | ($1700) |
| Less: Paid rent for the year | ($300) |
| Less: Payment for plumbing supplies | ($400) |
| Total Cash | $26000 |
| Add: Equipment purchased | $1700 |
| Add: Plumbing supplies left at year end | $400 |
| TOTAL ASSETS (Cash + Equipment + supplies at year end) |
$28100 |
Add Answer to:
Question Help Johnson Waterworks Company provides plumbing services. The company is a sole proprietorship. Transactions during...
Johnson Waterworks Company provides plumbing services. The company is a sole proprietorship. Transactions during the first...
Johnson Waterworks Company provides plumbing services. The company is a sole proprietorship. Transactions during the first year of operations are provided below. a) The owner, Mitchell Johnson, contributed $13,000 cash in exchange for capital. b) Paid $1,100 for equipment to be used for plumbing repairs. c) Borrowed $13,000 from a local bank and deposited the money in the checking account. d) Paid $200 in rent for the year. e) Paid $400 for plumbing supplies to be used on various jobs...
can you check again MIDTERM Sace Johnson Waterworks Company provides plumbing services. The company is a sole propr...
can you check again
MIDTERM Sace Johnson Waterworks Company provides plumbing services. The company is a sole proprieorship. Transactions uring the first year of operations are provided below a) The owner, Mitchell Johnson, contributed $13.000 cash in exchange for capital b) Paid $1,700 for equipment to be used for plumbing repairs e) Borrowed $10,000 from a local bank and deposted the money in the checking account d) Paid $400 in rent for the year e) Paid $200 for plumbing supplies...
L Moving to another question will save this response. Question 7 Regent Plumbing Company provides plumbing...
L Moving to another question will save this response. Question 7 Regent Plumbing Company provides plumbing services. The company is a sole proprietorship. Selected transactions of Regent Plumbing Company are described as follows: a) Sharon Regent, the owner, contributed $6000 cash in exchange for capital. b) Paid $4000 cash for equipment to be used for plumbing repairs. c) Borrowed $10,000 from a local bank and deposited the money in the checking account. d) Paid $700 rent for the year. e)...
14) Mitchell Company receives a bill from one of its suppliers for advertising services received and...
14) Mitchell Company receives a bill from one of its suppliers for advertising services received and will pay the supplier next month. How does the receipt of the bill from the supplier affect the accounting equation of Mitchell? A) assets and equity decrease B) liabilities increase and equity decreases C) assets and liabilities increase D) liabilities and equity increase -3- 15. Country Homes Company just recorded a transaction in its books. If this transaction increased the total liabilities by $12.000,...
Problems 1 to 7 – (worth 40 Points in Total) Problem 1 (worth 5 Points) 1....
Problems 1 to 7 – (worth 40 Points in Total) Problem 1 (worth 5 Points) 1. 1(a) - Scott Camera Shop, a proprietorship, started the year with total assets of $80,000 and total liabilities of $40,000. During the year, the business earned revenues of $120,000 and incurred expenses of $70,000. Scott made withdrawals of $60,000. What is the amount of Scott's owner's equity at the end of the year? 1(b) - Sharon Samson starts a plumbing service, Reliable Waterworks, a...
3. Meganco stared business on 1/1/XX as a sole proprietorship. During the first month the following...
3. Meganco stared business on 1/1/XX as a sole proprietorship. During the first month the following transactions took place: 1/1 Megan invested $75,000 in cash into the business. 1/2 Office space was rented on a month to month basis. The first months rent of $1,200 was paid to the landlord. 1/3 Meganco purchased a new Mac, computer system for $7,500. The company put $2,000 cash down on the computer system and borrowed the balance on a 120 day 10% loan...
M&T Plumbing Company completed the following transactional data for the first month of operations. May 1:...
M&T Plumbing Company completed the following transactional data for the first month of operations. May 1: Steven Mattel deposited $68,700 in the business account. In addition, he transferred his vehicle title, worth $13,820, to the business. Steven received capital in return. 1: A Payment was made for the amount of $2,500 to Sky Properties. The concept states "May through July Rent." 4: Purchased business insurance policy for $2,400 for the period May, 2000, through April 30,2001. 5: Steven went to...
Radar Repair Company opened on March 1 of the current year. During March, the following transactions...
Radar Repair Company opened on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books: 1. Rick Radar, the sole stockholder, invested $15,000 cash in the business in exchange for common stock. 2. Rick contributed $22,000 of equipment to the business in exchange for common stock. 3. The company provided $8,000 of services to customers on account. 4. The company paid $1,000 cash to rent office space for the month of...
Radar Repair Company opened on March 1 of the current year. During March, the following transactions...
Radar Repair Company opened on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books: 1. Rick Radar, the sole stockholder, invested $20,000 cash in the business in exchange for common stock. 2. Rick contributed $2,000 of equipment to the business in exchange for common stock. 3. The company provided $8,000 of services to customers on account. 4. The company paid $2,000 cash to rent office space for the month of...
Concord Security Company provides security services. Selected transactions for Concord are presented below. Oct. 1 Invested...
Concord Security Company provides security services. Selected transactions for Concord are presented below. Oct. 1 Invested $66,000 cash in the business. 2 Hired part-time security consultant. Salary will be $2,000 per month. First day of work will be October 15, 4 Paid one month of rent for building for $2,000. 7 Purchased equipment for $15,000, paying $3,700 cash and the balance on account 8 Paid $400 for advertising. 10 Received bill for equipment repair cost of $320. 12 Provided security...
Johnson Waterworks Company provides plumbing services. The company is a sole proprietorship. Transactions during the first year of operations are provided below. a) The owner, Mitchell Johnson, contributed $13,000 cash in exchange for capital. b) Paid $1,100 for equipment to be used for plumbing repairs. c) Borrowed $13,000 from a local bank and deposited the money in the checking account. d) Paid $200 in rent for the year. e) Paid $400 for plumbing supplies to be used on various jobs...
can you check again
MIDTERM Sace Johnson Waterworks Company provides plumbing services. The company is a sole proprieorship. Transactions uring the first year of operations are provided below a) The owner, Mitchell Johnson, contributed $13.000 cash in exchange for capital b) Paid $1,700 for equipment to be used for plumbing repairs e) Borrowed $10,000 from a local bank and deposted the money in the checking account d) Paid $400 in rent for the year e) Paid $200 for plumbing supplies...
L Moving to another question will save this response. Question 7 Regent Plumbing Company provides plumbing services. The company is a sole proprietorship. Selected transactions of Regent Plumbing Company are described as follows: a) Sharon Regent, the owner, contributed $6000 cash in exchange for capital. b) Paid $4000 cash for equipment to be used for plumbing repairs. c) Borrowed $10,000 from a local bank and deposited the money in the checking account. d) Paid $700 rent for the year. e)...
14) Mitchell Company receives a bill from one of its suppliers for advertising services received and will pay the supplier next month. How does the receipt of the bill from the supplier affect the accounting equation of Mitchell? A) assets and equity decrease B) liabilities increase and equity decreases C) assets and liabilities increase D) liabilities and equity increase -3- 15. Country Homes Company just recorded a transaction in its books. If this transaction increased the total liabilities by $12.000,...
Problems 1 to 7 – (worth 40 Points in Total) Problem 1 (worth 5 Points) 1. 1(a) - Scott Camera Shop, a proprietorship, started the year with total assets of $80,000 and total liabilities of $40,000. During the year, the business earned revenues of $120,000 and incurred expenses of $70,000. Scott made withdrawals of $60,000. What is the amount of Scott's owner's equity at the end of the year? 1(b) - Sharon Samson starts a plumbing service, Reliable Waterworks, a...
3. Meganco stared business on 1/1/XX as a sole proprietorship. During the first month the following transactions took place: 1/1 Megan invested $75,000 in cash into the business. 1/2 Office space was rented on a month to month basis. The first months rent of $1,200 was paid to the landlord. 1/3 Meganco purchased a new Mac, computer system for $7,500. The company put $2,000 cash down on the computer system and borrowed the balance on a 120 day 10% loan...
M&T Plumbing Company completed the following transactional data for the first month of operations. May 1: Steven Mattel deposited $68,700 in the business account. In addition, he transferred his vehicle title, worth $13,820, to the business. Steven received capital in return. 1: A Payment was made for the amount of $2,500 to Sky Properties. The concept states "May through July Rent." 4: Purchased business insurance policy for $2,400 for the period May, 2000, through April 30,2001. 5: Steven went to...
Radar Repair Company opened on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books: 1. Rick Radar, the sole stockholder, invested $15,000 cash in the business in exchange for common stock. 2. Rick contributed $22,000 of equipment to the business in exchange for common stock. 3. The company provided $8,000 of services to customers on account. 4. The company paid $1,000 cash to rent office space for the month of...
Radar Repair Company opened on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books: 1. Rick Radar, the sole stockholder, invested $20,000 cash in the business in exchange for common stock. 2. Rick contributed $2,000 of equipment to the business in exchange for common stock. 3. The company provided $8,000 of services to customers on account. 4. The company paid $2,000 cash to rent office space for the month of...
Concord Security Company provides security services. Selected transactions for Concord are presented below. Oct. 1 Invested $66,000 cash in the business. 2 Hired part-time security consultant. Salary will be $2,000 per month. First day of work will be October 15, 4 Paid one month of rent for building for $2,000. 7 Purchased equipment for $15,000, paying $3,700 cash and the balance on account 8 Paid $400 for advertising. 10 Received bill for equipment repair cost of $320. 12 Provided security...
Most questions answered within 3 hours.
-
Which of the following is a provision of
NAFTA?
A.
Common accounting rules
B.
Adding new...
asked 10 minutes ago -
Need to do in Python? Can do in Javascript but not in Python
Write a function...
asked 25 minutes ago -
Industry: Telecommunications in India
Here, you need to discuss the sources of the growth pattern
and...
asked 1 hour ago -
Hydrobromic acid
dissolves solid iron according to the followiaung reaction:
Fe(s)+2HBr(aq)→
FeBr2(aq)+ H2(g)
Part A. What...
asked 3 hours ago -
Verify the following vector identity in SPHERICAL
COORDINATES.
div(curl(A)) = 0
asked 5 hours ago -
The work function (Φ) for a metal is 7.50×10-19 J.
What is the longest wavelength (nm)...
asked 6 hours ago -
1. Would the following procedural changes cause the
calculated mass percent Ni2+ ion in Ni(NH3)nCl2 to...
asked 7 hours ago -
1. Why does the voltage of the capacitor vary with frequency?
where does this missing voltage...
asked 8 hours ago -
p p please write each step out clearly
3. A manager of a company is considering...
asked 7 hours ago -
On October 1, Ebony Ernst organized Ernst Consulting; on October
3, the owner contributed $83,540 in...
asked 8 hours ago -
A.)As an electron moves through a region of space, its speed
decreases from 9.60 × 106...
asked 8 hours ago -
In java with the netbeans program do:
Through object programming
Create a class "ContadorP", which is...
asked 9 hours ago