Homework Answers
Answer to Requirement 1:
Net Income = Revenues - Expenses
Net Income = $35,000 - $17,000
Net Income = $18,000
Answer to Requirement 2:
2018:
Total Equity = Total Assets - Total Liabilities
Total Equity = $36,000 - $9,000
Total Equity = $27,000
2017:
Total Equity = Total Assets - Total Liabilities
Total Equity = $18,000 - $9,000
Total Equity = $9,000
Change in Equity = Total Equity, 2018 - Total Equity, 2017
Change in Equity = $27,000 - $9,000
Change in Equity = $18,000
Tranquil Waters Spa’s equity increased during the year by $18,000.
Add Answer to:
During 2018 tranquil Waters spa reported revenue of $35,000
total expenses for the year were 17,000...
E1-23 (similar to) Question During 2018, wo Touch Sparepondrevenus of $40.000 Total poses for the year...
E1-23 (similar to) Question During 2018, wo Touch Sparepondrevenus of $40.000 Total poses for the year were 27.000 Sweet Touch Spanded the year with Wag 9.000. Ayond 2017, the business reported two of $18.000 and abilities of 50.000 all of $1,000 and towed Hamme o Requirement to Begin by identifying the ls income for 2018 cod e 7 8 9 WERTYU 0 Pill Command option command w Wurur, J. Sweet Touch Spa ended the year with total assets of $31.000,...
there is four questions i would like help on. thank you! Homework: Chapter 1 HW Score:...
there is four questions i would like help on. thank you!
Homework: Chapter 1 HW Score: 0 of 1 pt 3 of 13 (2 complete) E1-20 (book/static) Compute the missing amount in the accounting equation for each entity from the financial Information presented: Assets Liabilities 36,000 $ $ Hair Styles Style Cuts Your Basket Equity 36,000 48,000 90,000 101,000 68,000 Enter any number in the edit fields and then click Check Answer All parts showing Clear All P Pearson 4...
Fill in blanks i Requirements 1. Compute Serenity Creek Spa's net income for 2018. 2. Did...
Fill in blanks
i Requirements 1. Compute Serenity Creek Spa's net income for 2018. 2. Did Serenity Creek Spa's stockholders' equity increase or decrease during 2018? By how much? Done Print w Score. 0%, U of 10 ptS E1-23 (similar to) Question Help During 2018, Serenity Creek Spa reported revenue of $25,000. Total expenses for the year were $19,000. Serenity Creek Spa ended the year with total assets of $20,000, and it owed debts totaling $7,000. At year-end 2017, the...
W EF 1-24 (book/static) Question Help The records of Felix Company show the following at December...
W EF 1-24 (book/static) Question Help The records of Felix Company show the following at December 31, 2024 Click the icon to view the data.) Requirements 1. Compute the missing amount for Felix Company. You will need to work through owner's equity 2. Did Felix earn a net income or suffer a net loss for the year? Compute the amount Assets Liabilities Equity ok Beginning $ 67,000 11,000 = $ 56,000 Ok Ending 46,000 34,000 12,000 Identify the formula to...
The following additional data were provided: 1. Dividends declared and paid were $35,000. 2. During the...
The following additional data were provided:
1.
Dividends declared and paid
were $35,000.
2.
During the year equipment was
sold for $17,000 cash. This equipment cost $28,000 originally and
had a book value of $17,000 at the time of sale.
3.
All depreciation expense is
in the operating expenses.
4.
All sales and purchases are
on account.
5.
Accounts payable pertain to
merchandise suppliers.
6.
All operating expenses except
for depreciation were paid in cash.
Prepare a statement of cash...
Taxes Expens Misceous Expense Total expenses Net Income 110 Prepare a staplement of owner's equity for...
Taxes Expens Misceous Expense Total expenses Net Income 110 Prepare a staplement of owner's equity for the year ended April 30, 2019 Wilderness Travel Service Statement of Owner's Equity For the Year Ended April 30, 2019 Harper Borcapital, May 1, 2018 Net Income for the year Withdrawals Increase in owner's equity Harper Borg, capital, April 30, 2019 of April 30, 2019. When entering assets, enter them in order of 3. Prepare a balance sheet liquidity. Wilderness yravel Service Balance Sheet...
Al’s Automotive started the year with total assets of $250,000 and total liabilities of $200,000. During...
Al’s Automotive started the year with total assets of $250,000 and total liabilities of $200,000. During the year the business recorded $225,000 in expenses, and had drawings of $35,000. Owner's equity at the end of the year was $110,000. What did the company record for revenue for the year?
1.- Chihuahuas Inc. reported the following before-tax items during the current year: Sales revenue $3,000 Selling...
1.- Chihuahuas Inc. reported the following before-tax items during the current year: Sales revenue $3,000 Selling and administrative expenses 1,250 Foreign currency translation gain 300 Gain on discontinued operations 250 Interest expense 200 Chihuahuas’ effective tax rate is 35%. What is Chihuahuas’ income from continuing operations after income taxes (rounded)? 2.- The Payne Corporation reported net income of $4,500,000 for the fiscal year ended December 31, 2018. Preferred stock dividends declared during the year were $450,000. Payne had 9 million...
At the beginning of 2018, Artichoke Academy reported a balance in common stock of $170,000 and...
At the beginning of 2018, Artichoke Academy reported a balance
in common stock of $170,000 and a balance in retained earnings of
$70,000. During the year, the company issued additional shares of
stock for $60,000, earned net income of $50,000, and paid dividends
of $12,000. In addition, the company reported balances for the
following assets and liabilities on December 31.
At the beginning of 2018, Artichoke Academy reported a balance in common stock of $170,000 and a balance in retained...
$ 7,850 300 $ 8,150 Revenues Consulting revenue .... Rental revenue ..... Total revenue ........... Expenses...
$ 7,850 300 $ 8,150 Revenues Consulting revenue .... Rental revenue ..... Total revenue ........... Expenses Depreciation expense-Equip ..... Salaries expense ....... Insurance expense ........ Rent expense ...... Supplies expense ............ Utilities expense ................ Cash ..... Accounts receivable ....... Supplies ......... Prepaid insurance .......... Equipment Less accumulated depreciation ........... Total assets .... Liabilities Accounts payable ........... Supplies payable .... ..... Uneamed consulting revenue .......... Total liabilities .... Equity Owner's Capital ........ $ 4,350 1,800 8,670 2,300 $ 26,000 375_25,625 $...
E1-23 (similar to) Question During 2018, wo Touch Sparepondrevenus of $40.000 Total poses for the year were 27.000 Sweet Touch Spanded the year with Wag 9.000. Ayond 2017, the business reported two of $18.000 and abilities of 50.000 all of $1,000 and towed Hamme o Requirement to Begin by identifying the ls income for 2018 cod e 7 8 9 WERTYU 0 Pill Command option command w Wurur, J. Sweet Touch Spa ended the year with total assets of $31.000,...
there is four questions i would like help on. thank you!
Homework: Chapter 1 HW Score: 0 of 1 pt 3 of 13 (2 complete) E1-20 (book/static) Compute the missing amount in the accounting equation for each entity from the financial Information presented: Assets Liabilities 36,000 $ $ Hair Styles Style Cuts Your Basket Equity 36,000 48,000 90,000 101,000 68,000 Enter any number in the edit fields and then click Check Answer All parts showing Clear All P Pearson 4...
Fill in blanks
i Requirements 1. Compute Serenity Creek Spa's net income for 2018. 2. Did Serenity Creek Spa's stockholders' equity increase or decrease during 2018? By how much? Done Print w Score. 0%, U of 10 ptS E1-23 (similar to) Question Help During 2018, Serenity Creek Spa reported revenue of $25,000. Total expenses for the year were $19,000. Serenity Creek Spa ended the year with total assets of $20,000, and it owed debts totaling $7,000. At year-end 2017, the...
W EF 1-24 (book/static) Question Help The records of Felix Company show the following at December 31, 2024 Click the icon to view the data.) Requirements 1. Compute the missing amount for Felix Company. You will need to work through owner's equity 2. Did Felix earn a net income or suffer a net loss for the year? Compute the amount Assets Liabilities Equity ok Beginning $ 67,000 11,000 = $ 56,000 Ok Ending 46,000 34,000 12,000 Identify the formula to...
The following additional data were provided:
1.
Dividends declared and paid
were $35,000.
2.
During the year equipment was
sold for $17,000 cash. This equipment cost $28,000 originally and
had a book value of $17,000 at the time of sale.
3.
All depreciation expense is
in the operating expenses.
4.
All sales and purchases are
on account.
5.
Accounts payable pertain to
merchandise suppliers.
6.
All operating expenses except
for depreciation were paid in cash.
Prepare a statement of cash...
Taxes Expens Misceous Expense Total expenses Net Income 110 Prepare a staplement of owner's equity for the year ended April 30, 2019 Wilderness Travel Service Statement of Owner's Equity For the Year Ended April 30, 2019 Harper Borcapital, May 1, 2018 Net Income for the year Withdrawals Increase in owner's equity Harper Borg, capital, April 30, 2019 of April 30, 2019. When entering assets, enter them in order of 3. Prepare a balance sheet liquidity. Wilderness yravel Service Balance Sheet...
At the beginning of 2018, Artichoke Academy reported a balance
in common stock of $170,000 and a balance in retained earnings of
$70,000. During the year, the company issued additional shares of
stock for $60,000, earned net income of $50,000, and paid dividends
of $12,000. In addition, the company reported balances for the
following assets and liabilities on December 31.
At the beginning of 2018, Artichoke Academy reported a balance in common stock of $170,000 and a balance in retained...
$ 7,850 300 $ 8,150 Revenues Consulting revenue .... Rental revenue ..... Total revenue ........... Expenses Depreciation expense-Equip ..... Salaries expense ....... Insurance expense ........ Rent expense ...... Supplies expense ............ Utilities expense ................ Cash ..... Accounts receivable ....... Supplies ......... Prepaid insurance .......... Equipment Less accumulated depreciation ........... Total assets .... Liabilities Accounts payable ........... Supplies payable .... ..... Uneamed consulting revenue .......... Total liabilities .... Equity Owner's Capital ........ $ 4,350 1,800 8,670 2,300 $ 26,000 375_25,625 $...
Most questions answered within 3 hours.
-
The average length of time between arrivals at a turnpike
toll-booth is 26 seconds. What is...
asked 28 minutes ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 1 hour ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 1 hour ago -
An empty test tube weighs 15.923 grams. Then,
MgCl2•6H2O is added into the test tube. After...
asked 1 hour ago -
Assume memory access is 10 units of time and disk access is
10000 units of time....
asked 1 hour ago -
1. Are all good samples random?
2. Magazines often report surveys giving statistics such as “63%...
asked 2 hours ago -
Under all the various types of market structures, firms
must eventually earn some economic profits for...
asked 2 hours ago -
Consider the following fitness regime for a single locus trait
with two co-dominant alleles: w11 =...
asked 2 hours ago -
A large cable company reports the following.
80% of its customers subscribe to its cable TV...
asked 2 hours ago -
Please answer the question in brief.
Discuss the role of ERP in organizations. Are ERP tools...
asked 2 hours ago -
Discuss the pros and cons of collaborative software such
as SameTime. Does it increase productivity? What...
asked 2 hours ago -
Buying your in-laws a gift because it’s expected is
due to the ____________ motive of gift-giving....
asked 2 hours ago