At September 1, 2017, Crews Co. reported owner’s equity of $136,000. During the month, Crews generated revenues...
- At September 1, 2017, Crews Co. reported owner’s
equity of $136,000. During the month, Crews generated revenues of
$20,000, incurred expenses of $12,000, purchased equipment for
$5,000 and withdrew cash of $2,000. What is the amount of owner’s
equity at September 30, 2017?
- $136,000
- $8,000
- $137,000
- $142,000
- A basic assumption of accounting that requires activities of an
entity be kept separate from the activities of its owner is
referred to as the
- stand alone concept.
- monetary unit assumption.
- corporate form of ownership.
- economic entity assumption
- A business pays weekly salaries of $20,000 on Friday for a
five-day week ending on that day. The adjusting entry
necessary at the end of the fiscal period ending on a Thursday is
- debit Salaries Payable, $16,000; credit Cash, $16,000.
- debit Salaries Expense, $16,000; credit Cash, $16,000.
- debit Salaries Expense, $16,000; credit Salaries Payable, $16,000.
- debit Salaries Expense, $4,000; credit Salaries Payable, $4,000.
- RAS Corporation issued a one-year, 12%, $200,000 note on August
31, 2017. Interest expense for the year ended December 31, 2017 was
- $24,000.
- $10,000.
- $8,000.
- $6,000.
Homework Answers
solution 1:
amount of owner equity on Sept 30, 2017 = Beginning owner equity + Net income - Withdrawls
= $136,000 + ($20,000 - $12,000) - $2,000 = $142,000
Hence option d is correct.
Solution 2:
A basic assumption of accounting that requires activities of an entity be kept separate from the activities of its owner is referred to as the "economic entity assumption"
Hence option d is correct.
Solution 3:
Salary expense accured on thrusday = $20,000*4/5 = $16,000
The adjusting entry necessary at the end of the fiscal period ending on a Thursday is "debit Salaries Expense, $16,000; credit Salaries Payable, $16,000"
Hence option c is correct.
Solution 4:
Interest expense for the year ended December 31, 2017 was = $200,000*12%*4/12 = $8,000
Hence option c is correct.
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