can anyone help please.i have done assests.we have liabilities.but im confused to find out owner's equity.please help.
1.
Leclaire Delivery Services | |||
Balance Sheet | |||
December 31, 2019 | |||
Assets | Amount | Liabilities | Amount |
Cash | $26,250 | Accounts payable | $3,750 |
Accounts receivable | $14,250 | Notes payable | - |
Office supplies | $2,250 | Total Liabilities | $3,750 |
Office equipment | $69,000 | Equity: | |
Trucks | $27,000 | Total equity (balancing fig.) | $135,000 |
Total Assets | $138,750 | Total laibilities & Equity | $138,750 |
Leclaire Delivery Services | |||
Balance Sheet | |||
December 31, 2020 | |||
Assets | Amount | Liabilities | Amount |
Cash | $9,375 | Accounts payable | $18,750 |
Accounts receivable | $11,175 | Notes payable | $52,500 |
Office supplies | $1,650 | Total Liabilities | $71,250 |
Office equipment | $73,500 | Equity: | |
Trucks | $27,000 | ||
Building | $90,000 | Total equity (balancing fig.) | $163,950 |
Land | $22,500 | ||
Total Assets | $235,200 | Total laibilities & Equity | $235,200 |
____________________________________________________________________
2.
Compute Income as follows:
Statement of owners' equity | |
Equity, December 31, 2019 | $135,000 |
Add: Additional capital | $17,500 |
Less: Drawings ($1500 × 12) | ($18,000) |
Add: Net Income (Balancing fig.) | $29,450 |
Equity, December 31, 2020 | $163,950 |
can anyone help please.i have done assests.we have liabilities.but im confused to find out owner's equity.please...
-b. Prepare balance sheet for the business as of the end of 2020. 2. Prepare a calculation to show how much profit was earned by the business during 2020. Analysis Component: Compare the increase in assets from December 31, 2019, to December 31, 2020., and complete the following table. The accounting records of LeClaire Delivery Services show the following assets and liabilities as of the end of 2020 and 2019: Cash Accounts receivable Office supplies Trucks Office equipment Land Building...
-b. Prepare balance sheet for the business as of the end of 2020. 2. Prepare a calculation to show how much profit was earned by the business during 2020. Analysis Component: Compare the increase in assets from December 31, 2019, to December 31, 2020., and complete the following table. The accounting records of LeClaire Delivery Services show the following assets and liabilities as of the end of 2020 and 2019: Cash Accounts receivable Office supplies Trucks Office equipment Land Building...
I need help finding the add:net income and the debt ratio please help Required information Problem 2-5A Computing net income from equity analysis, preparing a balance sheet, and computing the debt ratio LO C2, A1, A2, P3 The following information applies to the questions displayed below.) The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2016 and 2017. December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note...
Complete the Income Statement, Statement of Owner's Equity and Balance Sheet for Help Today company. Fill in the templates... Exercise 2-16 HELP TODAY Income Statement For Month Ended August 31 Revenues Consulting fees earned $ Expenses Rent expense $ Salaries expense Telephone expense Miscellaneous expenses ______ Total expenses ______ Net income $ Exercise 2-17 HELP TODAY Statement of Owner’s Equity For Month Ended August 31 C. Camry, Capital, July 31 $ 0 Add: Investment by owner 102,000 Net income (from...
Please help me with this! I'm so confused about how to prepare the trial balance before adjustment. Here is all the information: The 2019 Balance Sheet of the Victoria Co. is as follows: Victoria Co. Balance Sheet As of December 31, 2019 Cash 85,000 Notes Payable 150,000 Notes Receivable 34,590 Accounts Payable 125,000 Accounts Receivable 35,000 Unearned Revenue 1,000 Less: Allowance for Doubtful A/Cs (2,930) Property Tax Payable 0 Inventories 65,000 Interest Payable 3,500 Office Supplies 0 Income Tax Payable...
WCUCCICUCULUM Required Information The following information applies to the questions displayed below] The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2018 and 2019. December 31 Cash Accounts receivable Office supplies Office equiptent Trucks Building Land Accounts payable Note payable 2018 $ 64,300 26,240 3,160 44,000 148,000 2019 5 15,640 19,100 1.968 44,00 157,00 80,000 60,000 33,500 40.000 @ 3.500 Required: 1. Prepare balance sheets for the business as of December 31, 2018...
stuck , help me out please Financial Statements Your Company Income Statement For the Year Ended December 31, 2015 Fees Earned Expenses Your Company Balance Sheet December 31, 2015 ASSETS Current Assets Total Expenses Net Income Total Current Assets Property, plant and equipment Your Company Statement of Owners' Equity For the Year Ended December 31, 2015 Total Property, Plant & Equipment Total Assets LIABILITIES & OWNERS EQUITY Current Liabilities Beginning Capital Net Income for the year Less withdrawals Increase in...
[The following information applies to the questions displayed below.) The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2014 and 2015. December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable 2014 2015 $ 44,178 $ 6,832 23,980 18,801 3,783 2.771 123,689 116.120 45,439 54,439 0151,475 0 37799 63,045 31.269 0 89.274 Late in December 2015, the business purchased a small office building and land for $189,274...
Skip to main content Chapter 2 Homework (required) AnswerSaved Help opens in a new windowSave & ExitSubmit Item4 Part 2 of 3 20points eBook Print References Check my workCheck My Work button is now enabled Item 4 Item 4 Part 2 of 3 20 points Required information [The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2018 and 2019. December 31 2018...
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2018 and 2019. Part 2 December 31 2018 2019 Cash $ 49,760 $ 8,832 Accounts receivable 27,018 21,176 Office supplies 4,261 3,121 Office equipment 130, 790 139,316 Trucks 51,17960,179 Building 170,612 Land @ 42,575 Accounts payable 71,018 35,219 Note payable 113, 187 points 2. Compute net income for 2019 by comparing total equity amounts for these two years and using the following information. During...