Homework Answers
| Assets | = | $ 1,23,500 | ||
| Liabilities | = | $ 25,225 | ||
| Owner's Equity | = | $ 98,275 | ||
| Workings: | ||||
| Assets: | ||||
| Cash | = | $ 40,700 | ||
| Laboratory Equipment | = | $ 75,800 | ||
| Laboratory Supplies | = | $ 7,000 | ||
| Assets | = | $ 1,23,500 | ||
| Liabilities: | ||||
| Loan Payable | = | $ 15,300 | ||
| Accounts payable | = | $ 9,925 | ||
| Liabilities | = | $ 25,225 | ||
| Assets | = | Liabilities | + | Owner's Equity |
| $ 1,23,500 | = | $ 25,225 | + | Owner's Equity |
| Owner's Equity | = | $ 98,275 |
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Just before Johnson Laboratories opened for business, Howard Johnson, the owner, had the following assets and...
Just before Johnson Laboratories opened for business, Howard Johnson, the owner, had the following assets and...
Just before Johnson Laboratories opened for business, Howard Johnson, the owner, had the following assets and liabilities. Cash $ 39,600 Laboratory Equipment 74,700 Laboratory Supplies 5,900 Loan Payable 14,200 Accounts Payable 9,650 Determine the totals that would appear in the firm’s fundamental accounting equation.
Exerclse 2.1 Determining accounting equation amounts. LO 2-1,2-2 Just before Walker Laboratories opened for business, James...
Exerclse 2.1 Determining accounting equation amounts. LO 2-1,2-2 Just before Walker Laboratories opened for business, James Walker, the owner, had the following assets and liabilities. $41,100 76,200 Cash Laboratory Equipment Laboratory Supplies Loan Payable Accounts Payable 7,400 15,700 10,025 Determine the totals that would appear in the firm's fundamental accounting equation. Assets Liabilities Owner's Equity
02 Ex 2-1 6 Saved Exercise 2.1 Determining accounting equation amounts. LO 2-1, 2-2 Just before...
02 Ex 2-1 6 Saved Exercise 2.1 Determining accounting equation amounts. LO 2-1, 2-2 Just before Johnson Laboratories opened for business, Howard Johnson, the owner, had the following assets and liabilities. Cash Laboratory Equipment Laboratory Supplies Loan Payable Accounts Payable $ 41,300 76,480 7,600 15,900 10,075 eBook Ask Print ferences Determine the totals that would appear in the firm's fundamental accounting equation Assets Liabilities Owners Equity
TRANSACTIONS 1 Owner invested $90,000 in the business 2 Purchased $26,700 supplies on account. 3. Purchased...
TRANSACTIONS 1 Owner invested $90,000 in the business 2 Purchased $26,700 supplies on account. 3. Purchased equipment for $21,000 cash. 4. Paid $6,000 for rent in advance). 5. Performed services for $7,800 cash. 6. Paid $2,160 for utilities 7. Performed services for $10,500 on account 8. Received $6,600 from charge account customers 9. Paid salaries of $4,500 to employees 10. Paid $6,000 to a creditor on account Indicate the impact of each of the transactions above on the fundamental accounting...
Accounting Equation Terry Fleming is the owner and operator of Go-For-It LLC, a motivational consulting business....
Accounting Equation Terry Fleming is the owner and operator of Go-For-It LLC, a motivational consulting business. At the end of its accounting period, December 31, 2018, Go-For-It has assets of $808,000 and liabilities of $194,000. Using the accounting equation, determine the following amounts: a. Owner's equity as of December 31, 2018. b. Owner's equity as of December 31, 2019, assuming that assets increased by $154,000 and liabilities increased by $47,000 during 2019.
1.John is the owner and operator of A Star Company, a motivational consulting business. At the...
1.John is the owner and operator of A Star Company, a motivational consulting business. At the end of its accounting period, December 31, 2017, A Star has assets of $900,000 and liabilities of $250,000. Using the accounting equation, determine the following amounts: A. Owner's equity, as of December 31, 2017 B. Owner's equity, as of December 31, 2018, Assuming that assets increased by $230,000 and liabilities decreased by $30,000 during 2018
Sid Summitt is the owner and operator of Go-For-It LLC, a motivational consulting business. At the...
Sid Summitt is the owner and operator of Go-For-It LLC, a motivational consulting business. At the end of its accounting period, December 31, 2018, Go-For-It has assets of $624,000 and liabilities of $150,000. Using the accounting equation, determine the following amounts: a. Owner's equity as of December 31, 2018 What I think the answer is for answer a: $474,000 b. Owner's equity as of December 31, 2019, assuming that assets increased by $119,000 and liabilities increased by $36,000 during 2019....
Jill Smith opens an apartment-locator business near a college campus. She is the sole owner of...
Jill Smith opens an apartment-locator business near a college campus. She is the sole owner of the proprietorship, which she names Campus Apartment Locators During the first month of operations, July 2010, she engages in the following transactions: (a) Smith invests $33,000 of personal funds to start the business. (b) She purchases on account office supplies costing $330. (c) Smith pays cash of $28,000 to acquire a lot next to the campus. She intends to use the land as a...
$1,500 18. Apple Tree had the following balances when formed: Assets Liabilities Cash $2,400 Notes payable...
$1,500 18. Apple Tree had the following balances when formed: Assets Liabilities Cash $2,400 Notes payable Equipment 1,300 Owner's Equity Johnny, capital Total assets $3,700 Total liabilities and owner's equity 2,200 53,700 During the first year of operations, the following transactions occurred: • Collected $12.000 cash in rental revenue Made a $2,000 investment in equity securities using $1,000 cash and a $1,000 note payable. Incurred and paid $2,000 in cash for utilities expense, $3,500 in rent expense, and $2,200 in...
Patricia Johnson started her own consulting firm, Crane Consulting, on May 1, 2020. The following transactions...
Patricia Johnson started her own consulting firm, Crane Consulting, on May 1, 2020. The following transactions occurred during the month of May. May 1 2 3 5 9 12 15 Trixie invested $6,100 cash in the business. Paid $800 for office rent for the month. Purchased $600 of supplies on account. Paid $170 to advertise in the County News. Received $3,800 cash for services performed. Withdrew $1,000 cash for personal use. Performed $5,800 of services on account. Paid $2,800 for...
Exerclse 2.1 Determining accounting equation amounts. LO 2-1,2-2 Just before Walker Laboratories opened for business, James Walker, the owner, had the following assets and liabilities. $41,100 76,200 Cash Laboratory Equipment Laboratory Supplies Loan Payable Accounts Payable 7,400 15,700 10,025 Determine the totals that would appear in the firm's fundamental accounting equation. Assets Liabilities Owner's Equity
02 Ex 2-1 6 Saved Exercise 2.1 Determining accounting equation amounts. LO 2-1, 2-2 Just before Johnson Laboratories opened for business, Howard Johnson, the owner, had the following assets and liabilities. Cash Laboratory Equipment Laboratory Supplies Loan Payable Accounts Payable $ 41,300 76,480 7,600 15,900 10,075 eBook Ask Print ferences Determine the totals that would appear in the firm's fundamental accounting equation Assets Liabilities Owners Equity
TRANSACTIONS 1 Owner invested $90,000 in the business 2 Purchased $26,700 supplies on account. 3. Purchased equipment for $21,000 cash. 4. Paid $6,000 for rent in advance). 5. Performed services for $7,800 cash. 6. Paid $2,160 for utilities 7. Performed services for $10,500 on account 8. Received $6,600 from charge account customers 9. Paid salaries of $4,500 to employees 10. Paid $6,000 to a creditor on account Indicate the impact of each of the transactions above on the fundamental accounting...
Accounting Equation Terry Fleming is the owner and operator of Go-For-It LLC, a motivational consulting business. At the end of its accounting period, December 31, 2018, Go-For-It has assets of $808,000 and liabilities of $194,000. Using the accounting equation, determine the following amounts: a. Owner's equity as of December 31, 2018. b. Owner's equity as of December 31, 2019, assuming that assets increased by $154,000 and liabilities increased by $47,000 during 2019.
1.John is the owner and operator of A Star Company, a motivational consulting business. At the end of its accounting period, December 31, 2017, A Star has assets of $900,000 and liabilities of $250,000. Using the accounting equation, determine the following amounts: A. Owner's equity, as of December 31, 2017 B. Owner's equity, as of December 31, 2018, Assuming that assets increased by $230,000 and liabilities decreased by $30,000 during 2018
Jill Smith opens an apartment-locator business near a college campus. She is the sole owner of the proprietorship, which she names Campus Apartment Locators During the first month of operations, July 2010, she engages in the following transactions: (a) Smith invests $33,000 of personal funds to start the business. (b) She purchases on account office supplies costing $330. (c) Smith pays cash of $28,000 to acquire a lot next to the campus. She intends to use the land as a...
$1,500 18. Apple Tree had the following balances when formed: Assets Liabilities Cash $2,400 Notes payable Equipment 1,300 Owner's Equity Johnny, capital Total assets $3,700 Total liabilities and owner's equity 2,200 53,700 During the first year of operations, the following transactions occurred: • Collected $12.000 cash in rental revenue Made a $2,000 investment in equity securities using $1,000 cash and a $1,000 note payable. Incurred and paid $2,000 in cash for utilities expense, $3,500 in rent expense, and $2,200 in...
Patricia Johnson started her own consulting firm, Crane Consulting, on May 1, 2020. The following transactions occurred during the month of May. May 1 2 3 5 9 12 15 Trixie invested $6,100 cash in the business. Paid $800 for office rent for the month. Purchased $600 of supplies on account. Paid $170 to advertise in the County News. Received $3,800 cash for services performed. Withdrew $1,000 cash for personal use. Performed $5,800 of services on account. Paid $2,800 for...
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