Homework Answers
TRUE
It's Assumed that the beginning balance is 0.
- The change during the year = Capital contributed - Withdrawal + Net income = $10,000 -$20,0000 + $50,000 = $40,000 (increase)
Add Answer to:
Question 5 (5 points) If net income for a proprietorship was $50.000. the owner withdrew $20.000...
If the assets owned by a business total $250,000, and owner's equity totals $200,000, liabilities total...
If the assets owned by a business total $250,000, and owner's equity totals $200,000, liabilities total $50,000. True False Question 2 1 pts If net income for a proprietorship was $50,000, the owner withdrew $20,000 in cash and the owner invested $10,000 in cash, the capital of the owner increased by $40,000. True False Question 3 1 pts An account receivable is a claim against a customer arising from earning revenue on account. True False
QUESTION 5 2 points Save Answer The owner withdrew R800 from petty cash. The inexperienced bookkeeper...
QUESTION 5 2 points Save Answer The owner withdrew R800 from petty cash. The inexperienced bookkeeper made the following incorrect entry: Debit Capital and Credit Petty Cash R800. Which option is the correction of the mistake? O Debit Petty Cash R800; Credit Capital R800 Debit Drawings R1 600; Credit Capital R1 600. O Debit Drawings R800; Credit Capital R800. O O Debit Petty Cash R1 600; Credit Capital R800 and Credit Drawings R800
A sole proprietorship had the following assets and liabilities at the beginning and end of this...
A sole proprietorship had the following assets and liabilities at the beginning and end of this year. Beginning of the year End of the year Assets $142,000 195,500 Liabilities $60,875 79,178 a. Owner made no investments in the business, and no withdrawals were made during the year. b. Owner made no investments in the business, but withdrew $900 cash per month for personal use. c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000...
A sole proprietorship was started on January 1, 2018, when it received $56,500 cash from Marlin Jones, the owner. D...
A sole proprietorship was started on January 1, 2018, when it received $56,500 cash from Marlin Jones, the owner. During 2018, the company earned $49,000 in cash revenues and paid $18.330 in cash expenses. Jones withdrew $4,300 cash from the business during 2018 Required: Prepare the income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Jones's 2018 fiscal year. Complete this question by entering your answers in the tabs below. Income Statement...
Question 2 (5 points) Presented following is information related to the sole proprietorship of Alice Henning,...
Question 2 (5 points) Presented following is information related to the sole proprietorship of Alice Henning, attorney. Legal service revenue-2017 $335,000. Total expenses-2017 $211,000. Assets, January 1, 2017 $96,000. Liabilities, January 1, 2017 $62,000. Assets, December 31, 2017 $168,000. Liabilities, December 31, 2017 $100,000. Drawings-2017 S? Prepare the 2017 owner's equity statement for Alice Henning's legal practice. Name Student ID... Question 3 (5 points) Halladay Enterprises had the following selected transactions. 1. Bo Halladay invested $4,000 cash in the business....
O words Question 11 2.6 pts Review the Statement of Owner's Equity. If the owner had...
O words Question 11 2.6 pts Review the Statement of Owner's Equity. If the owner had withdrew an additional $29,800 from the business, what is the remaining owner's capital? HTML Editor BIVA-AI EI? 11 x , - C V @ 12pt - Paragraph - Assignment FASTFORWARD Income Statement For Month Ended December 31, 2018 Revenues Consulting revenue (54.200 + 1,600) Rental revenue $5,800 $6.100 $1.000 Rent expense Salaries expense Total expenses Net income 700 FASTFORWARD Statement of Owner's Equity For...
A sole proprietorship was started on January 1, 2018, when it received $66,000 cash from Marlin...
A sole proprietorship was started on January 1, 2018, when it
received $66,000 cash from Marlin Jones, the owner. During 2018,
the company earned $36,000 in cash revenues and paid $18,570 in
cash expenses. Jones withdrew $6,400 cash from the business during
2018. Required: Prepare the income statement, capital statement
(statement of changes in equity), balance sheet, and statement of
cash flows for Jones's 2018 fiscal year.
We were unable to transcribe this imageIncome Statement Capital Statement Balance Sheet Smt...
A sole proprietorship was started on January 1, 2018, when it recelved $79.000 cash from Marlin...
A sole proprietorship was started on January 1, 2018, when it recelved $79.000 cash from Marlin Jones, the owner. During 2018, the company earned 546,100 in cash revenues and paid $20.620 in cash expenses. Jones withdrew $4,900 cash from the business during 2018 Required: Prepare the income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Jones's 2018 fiscal year. Complete this question by entering your answers in the tabs below. Income Statement...
Question 3 (1 point) One of the disadvantages of a proprietorship is that there is unlimited...
Question 3 (1 point) One of the disadvantages of a proprietorship is that there is unlimited liability for the owner True False Question 4 (1 point) A withdrawal of cash for personal use by an owner would: O decrease total assets and decrease owner's equity decrease total assets and increase owner's equity u increase total assets and decrease owner's equity increase owner's equity and increase liabilities
The beginning capital balance shown on a statement of owner's equity is $83,000. Net income for...
The beginning capital balance shown on a statement of owner's equity is $83,000. Net income for the period is $33,000. The owner withdrew $41,000 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is
If the assets owned by a business total $250,000, and owner's equity totals $200,000, liabilities total $50,000. True False Question 2 1 pts If net income for a proprietorship was $50,000, the owner withdrew $20,000 in cash and the owner invested $10,000 in cash, the capital of the owner increased by $40,000. True False Question 3 1 pts An account receivable is a claim against a customer arising from earning revenue on account. True False
QUESTION 5 2 points Save Answer The owner withdrew R800 from petty cash. The inexperienced bookkeeper made the following incorrect entry: Debit Capital and Credit Petty Cash R800. Which option is the correction of the mistake? O Debit Petty Cash R800; Credit Capital R800 Debit Drawings R1 600; Credit Capital R1 600. O Debit Drawings R800; Credit Capital R800. O O Debit Petty Cash R1 600; Credit Capital R800 and Credit Drawings R800
A sole proprietorship had the following assets and liabilities at the beginning and end of this year. Beginning of the year End of the year Assets $142,000 195,500 Liabilities $60,875 79,178 a. Owner made no investments in the business, and no withdrawals were made during the year. b. Owner made no investments in the business, but withdrew $900 cash per month for personal use. c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000...
A sole proprietorship was started on January 1, 2018, when it received $56,500 cash from Marlin Jones, the owner. During 2018, the company earned $49,000 in cash revenues and paid $18.330 in cash expenses. Jones withdrew $4,300 cash from the business during 2018 Required: Prepare the income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Jones's 2018 fiscal year. Complete this question by entering your answers in the tabs below. Income Statement...
Question 2 (5 points) Presented following is information related to the sole proprietorship of Alice Henning, attorney. Legal service revenue-2017 $335,000. Total expenses-2017 $211,000. Assets, January 1, 2017 $96,000. Liabilities, January 1, 2017 $62,000. Assets, December 31, 2017 $168,000. Liabilities, December 31, 2017 $100,000. Drawings-2017 S? Prepare the 2017 owner's equity statement for Alice Henning's legal practice. Name Student ID... Question 3 (5 points) Halladay Enterprises had the following selected transactions. 1. Bo Halladay invested $4,000 cash in the business....
O words Question 11 2.6 pts Review the Statement of Owner's Equity. If the owner had withdrew an additional $29,800 from the business, what is the remaining owner's capital? HTML Editor BIVA-AI EI? 11 x , - C V @ 12pt - Paragraph - Assignment FASTFORWARD Income Statement For Month Ended December 31, 2018 Revenues Consulting revenue (54.200 + 1,600) Rental revenue $5,800 $6.100 $1.000 Rent expense Salaries expense Total expenses Net income 700 FASTFORWARD Statement of Owner's Equity For...
A sole proprietorship was started on January 1, 2018, when it
received $66,000 cash from Marlin Jones, the owner. During 2018,
the company earned $36,000 in cash revenues and paid $18,570 in
cash expenses. Jones withdrew $6,400 cash from the business during
2018. Required: Prepare the income statement, capital statement
(statement of changes in equity), balance sheet, and statement of
cash flows for Jones's 2018 fiscal year.
We were unable to transcribe this imageIncome Statement Capital Statement Balance Sheet Smt...
A sole proprietorship was started on January 1, 2018, when it recelved $79.000 cash from Marlin Jones, the owner. During 2018, the company earned 546,100 in cash revenues and paid $20.620 in cash expenses. Jones withdrew $4,900 cash from the business during 2018 Required: Prepare the income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Jones's 2018 fiscal year. Complete this question by entering your answers in the tabs below. Income Statement...
Question 3 (1 point) One of the disadvantages of a proprietorship is that there is unlimited liability for the owner True False Question 4 (1 point) A withdrawal of cash for personal use by an owner would: O decrease total assets and decrease owner's equity decrease total assets and increase owner's equity u increase total assets and decrease owner's equity increase owner's equity and increase liabilities
Most questions answered within 3 hours.
-
Oxidative phosphorylation is achieved through chemiosmotic
coupling, which turns chemical energy into osmotic potential energy
that...
asked 27 minutes ago -
Hollywood Shoes would like to maintain their cash account at a
minimum level of $64,000, but...
asked 25 minutes ago -
Proteins CtrA-P, DnaA, and GcrA behave similarly to what
molecule in the Eukaryotic Cell Cycle?
asked 29 minutes ago -
TRUE OR FALSE
In case of a competitive tender procedure, in the request for
quotation, the...
asked 37 minutes ago -
I am a little behind please provide some explanation, will
provide thumbs up.
This question considers...
asked 40 minutes ago -
Let say the utility function as U(X,Y) = lnX + Y. Show that the
marginal rate...
asked 45 minutes ago -
A current of I=8.0A is flowing in a typical extension cord of
length L=3.00m. The cord...
asked 48 minutes ago -
1. When balancing the equation H2SO4 (aq) + NaOH (aq) →
Na2SO4(aq) + H2O(aq), would you...
asked 1 hour ago -
Provide a definition of “classification hierarchy” and
illustrate your definition with an example of how and...
asked 1 hour ago -
1. Describe the four main green solvents. Provide one example of
the use of each solvent....
asked 1 hour ago -
International ethics focus on:
1) exploitation of labor
2)corruption
3) environmental impact
4) none of the...
asked 1 hour ago -
Costing Models You work for XYZ trucking and your boss has asked
you to figure out...
asked 1 hour ago