1) If cash is $6,227, accounts receivable is $12,792, notes payable is $6,239, common stock is $1,156. How much is stockholder's equity?
2) The Accounts Payable began with a balance of $847 , the account had debits of $551 and credits of $744.
The ending balance of accounts payable is $________
3)
4) 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 $8,885 cash from customers for membership services that had been earned and billed in January.
- Received $6,464 cash from customers for concession snacks and drinks earned in February.
- Received $2,042 cash from Andeavor as an advance on a company party to be held in March.
What is the total revenue that will recorded in February?
5) A&E Sports operates game facility. A&E had the following take place in February
- Paid $2,278 for an Internet advertisement run on Yahoo! in February
- Paid the electric and gas utility bill for $1,660 for January utility services.
- Paid $5,862 in wages to employees, $724 for work done in February, the rest was for work done in January.
- Purchased $975 of supplies for cash.
The total expenses that will be recognized in February are $_________
6)
|
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.
What is the total net increase to assets in February? |
Homework Answers
Solutions:
(1) Stockholders’ equity = Total Assets – total debt & liabilities
= (Cash + account receivables) – (notes payables)
= ($6,227 + $ 12,792) – ($6,239)
= $ 12,780
Note: Common stock is a part of Stockholders equity, hence total stockholders’ equity including common stock is $12,780.
(2) Ending balance of Accounts payable = Opening balance of Accounts payables
+ Credits – Debits
= $847 + $744 - $551
= $1,040
(3) Calculation of Total Assets:
Here first, we have to prepare both Balance sheet and Statement of Profit & Loss Account, so that we can compute total assets.
Here we can see that Total Assets is $9,538.
(4) Computation of total revenue to be recorded in February:
EBN Sports operates a game facility and they offer monthly memberships for and also offer guest passes for non-members. They also sell gift cards and offer concession snacks and drinks. Hereunder total revenue we should consider revenue from the sale of membership, guest passes, gift cards and sale of snacks and drinks.
- $ 8,885 received from customers for membership services is a part of total revenue but it is earned and billed in January month, hence as per revenue recognition standard, we cannot consider total revenue part for the February month.
- $ 6,464 received from customers for sale of snacks and cold drinks which is earned in February. This income can be considered as part of total revenue for February month.
- $ 2,042 received from Andeavor as an advance. This cannot be part of the total revenue of February month because as per revenue recognition accounting standard, this is unearned income.
Hence $ 6,464 is total revenue which will be recorded for February month.
Add Answer to:
1) If cash is $6,227, accounts receivable is $12,792, notes
payable is $6,239, common stock is...
5) A&E Sports operates game facility. A&E had the following take place in February - Paid...
5) A&E Sports operates game facility. A&E had the following take place in February - Paid $2,278 for an Internet advertisement run on Yahoo! in February - Paid the electric and gas utility bill for $1,660 for January utility services. - Paid $5,862 in wages to employees, $724 for work done in February, the rest was for work done in January. - Purchased $975 of supplies for cash. The total expenses that will be recognized in February are $_________ 6)...
Need these answered asap please. Also need breakdown on how you got answer please. Thank you....
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...
Need these answered asap please. Also need breakdown on how you got answer please. Thank you....
Need these answered asap please. Also need breakdown on how you got answer please. Thank you. 1. Extreme Sports sold 2,610 monthly subscriptions at $23 each for services provided during February. $14,230 was collected in cash and the rest was sold on account. What is the credit to Service Revenue? 2. Accounts Receivable began with a balance of $808 , the account had credits of $1,333 and debits of $942. The ending balance of accounts receivable is $____ 3. The...
Accounts payable Accounts receivable Operating activities Wages expense Net income Cash 63. On January 1, Merry...
Accounts payable Accounts receivable Operating activities Wages expense Net income Cash 63. On January 1, Merry Walker established a catering service. Listed below are accounts through (1). cach Identified by a number. Following this list are the transactions that occu operations. You are to indicate for each transaction the accounts that should be debited cach transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box Service. Listed below are accounts to use...
Accounts Debits Credits Cash $42,500 Accounts Receivable 25,800 Land 115,800 Accounts Payable 15,100 Notes Payable 30,500...
Accounts Debits Credits Cash $42,500 Accounts Receivable 25,800 Land 115,800 Accounts Payable 15,100 Notes Payable 30,500 Common Stock 100,000 Retained Earnings 38,500 Totals $184,100 $184,100 The following is a summary of the transactions for the year: a. Provide services to customers on account, $63,400. b. Provide services to customers for cash, $75,800. c. Collect on accounts receivable, $45,600. d. Issue shares of common stock in exchange for $32,000 cash. e. Purchase supplies on account, $12,700. f. Pay on accounts...
Cash $ 44,200 Accounts Receivable 47,500 Supplies 9,000 Equipment 79,000 Accumulated Depreciation $ 10,500 Accounts Payable...
Cash
$
44,200
Accounts Receivable
47,500
Supplies
9,000
Equipment
79,000
Accumulated Depreciation
$
10,500
Accounts Payable
16,100
Common Stock, $1 par value
15,000
Additional Paid-in Capital
95,000
Retained Earnings
43,100
Totals
$
179,700
$
179,700
During January 2021, the following transactions occur:
January
2
Issue an additional 2,200 shares of $1 par value common stock
for $44,000.
January
9
Provide services to customers on account, $18,300.
January
10
Purchase additional supplies on account, $6,400.
January
12
Purchase 1,000 shares of...
$ Cash Accounts receivable Supplies Equipment Land Building 7,000 30,600 1,530 10,300 7,400 26,600 Accounts payable...
$ Cash Accounts receivable Supplies Equipment Land Building 7,000 30,600 1,530 10,300 7,400 26,600 Accounts payable Unearned revenue Long-term note payable Common stock Additional paid in capital Retained earnings $ 9,600 3,340 47,600 1,600 6,400 14,890 a. Rebuilt and delivered five pianos in January to customers who paid $18,900 in cash. b. Received a $570 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop, received $820 for rent...
Credits Debits $ 25,200 16,000 13,200 154,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable...
Credits Debits $ 25,200 16,000 13,200 154,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 7,300 6,400 149,000 45,700 $208,400 $ 208,400 The following is a summary of the transactions for the year. 1. January 9 Provide storage services for cash, $140, 100, and on account, $55,200. 2. February 12 Collect on accounts receivable, $52,100. 3. April 25 Receive cash in advance from customers, $13,500. 4. May 6 Purchase supplies on...
Cash $ 3,250 Accumulated Depreciation—Equipment $ 500 Accounts Receivable 3,130 Accounts Payable 2,760 Supplies 1,580 Unearned...
Cash $ 3,250 Accumulated Depreciation—Equipment $ 500 Accounts Receivable 3,130 Accounts Payable 2,760 Supplies 1,580 Unearned Service Revenue 400 Equipment 10,460 Salaries and Wages Payable 840 Common Stock 10,460 Retained Earnings 3,460 During November, the following summary transactions were completed. Nov. 8 Paid $1,220 for salaries due employees, of which $380 is for November and $840 is for October salaries payable. 10 Received $1,840 cash from customers in payment of account. 12 Received $3,780 cash for services performed in November....
vanishing games
Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $10. At the start of January 2018, VGC’s income statement accounts had zero balances and its balance sheet account balances were as follows: Cash$1,810,000Accounts Receivable224,000Supplies23,400Equipment916,000Buildings446,000Land1,950,000Accounts Payable120,000Deferred Revenue91,000Notes Payable (due 2025)159,000Common Stock2,600,000Retained Earnings2,399,400 In addition to the above accounts, VGC’s chart of accounts includes the following: Service Revenue, Salaries and Wages Expense, Advertising Expense, and Utilities Expense. The following transactions occurred during the January month: Received $68,500 cash...
Accounts payable Accounts receivable Operating activities Wages expense Net income Cash 63. On January 1, Merry Walker established a catering service. Listed below are accounts through (1). cach Identified by a number. Following this list are the transactions that occu operations. You are to indicate for each transaction the accounts that should be debited cach transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box Service. Listed below are accounts to use...
Cash
$
44,200
Accounts Receivable
47,500
Supplies
9,000
Equipment
79,000
Accumulated Depreciation
$
10,500
Accounts Payable
16,100
Common Stock, $1 par value
15,000
Additional Paid-in Capital
95,000
Retained Earnings
43,100
Totals
$
179,700
$
179,700
During January 2021, the following transactions occur:
January
2
Issue an additional 2,200 shares of $1 par value common stock
for $44,000.
January
9
Provide services to customers on account, $18,300.
January
10
Purchase additional supplies on account, $6,400.
January
12
Purchase 1,000 shares of...
$ Cash Accounts receivable Supplies Equipment Land Building 7,000 30,600 1,530 10,300 7,400 26,600 Accounts payable Unearned revenue Long-term note payable Common stock Additional paid in capital Retained earnings $ 9,600 3,340 47,600 1,600 6,400 14,890 a. Rebuilt and delivered five pianos in January to customers who paid $18,900 in cash. b. Received a $570 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop, received $820 for rent...
Credits Debits $ 25,200 16,000 13,200 154,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 7,300 6,400 149,000 45,700 $208,400 $ 208,400 The following is a summary of the transactions for the year. 1. January 9 Provide storage services for cash, $140, 100, and on account, $55,200. 2. February 12 Collect on accounts receivable, $52,100. 3. April 25 Receive cash in advance from customers, $13,500. 4. May 6 Purchase supplies on...
Most questions answered within 3 hours.
-
Vulcan Flyovers offers scenic overflights of Mount St. Helens,
the volcano in Washington State that explosively...
asked 29 seconds from now -
If organizations do not adapt fast enough and move incrementally
from the twentieth-century model to the...
asked 20 seconds ago -
A helium balloon with 2.5L of gas has a gauge pressure of 10,000
Pa. The balloon...
asked 4 minutes ago -
What is responsible for Jupiter's enormous magnetic field?
asked 19 minutes ago -
At the end of the year, a company offered to buy 5,000 units of
a product...
asked 21 minutes ago -
Implement C++ program for each of the following.
Let D = [-48, -14, -8, 0, 1,...
asked 41 minutes ago -
Consider a labor market in which LD = 400 – 4W and LS = 250 +...
asked 55 minutes ago -
Let’s say you are teaching a typically-developing young child
how to eat with a spoon. Describe...
asked 38 minutes ago -
Ask Your Teacher A toy gun uses a spring to project a 5.6-g soft
rubber sphere...
asked 50 minutes ago -
*****DO NOT ANSWER THIS QUESTION IF YOU DON'T
KNOW*******
Question - PERSONAL DEVELOPMENT ESSAY and Detailed...
asked 57 minutes ago -
A certain rifle bullet has a mass of 5.25 g. Calculate the de
Broglie wavelength of...
asked 1 hour ago -
Research new software products that assist in project
communication management. Write a paper summarizing your findings,...
asked 1 hour ago