Question

Need these answered asap please. Also need breakdown on how you got answer please. Thank you.

1. The following information was reported in the December 31, 2018, financial statements of Ava, Inc. (listed alphabetically). Accounts Payable $1,178 Cash 3,677 Dividends 540 Fuel Expense 709 Interest Expense 308 Notes Payable 1,803 Retained Earnings (as of January 1, 2018 356 Service revenue 6,055 Supplies 211 Based on this list of accounts, what are the total liabilities?

2. EBN Sports operates a game facility. They offer monthly memberships for and also offer guest passes for nonmembers. They also sell gift cards and offer concession snacks and drinks. During the month of February, EBN Sports had the following activities take place. • Received $7,122 cash from customers for membership services that had been earned and billed in January. • Received $6,271 cash from customers for concession snacks and drinks earned in February. • Received $2,198 cash from Andeavor as an advance on a company party to be held in March. What is the total net increase to assets in February?

Answer 1

1.

Accounts payable Notes payable Total liabilities $1,178 $1,803 $2,981

2.

Cash Accounts receivable Net effect on assets Transaction 1 $7,122 122 Transaction 2 $6,271 $6,271 Transaction 1 $2,198 $2,198 Total net increase to assets in February $8,469