Chapter 02 Homework Part II Application
PR.02.09A
PR.02.12B
PR.02.08A.Algo
PR.02.10A.Guided.Algo
PR.02.11A.Guided.Algo
Hide or show questions
Progress:3/5 items
eBook
Show Me How
Calculator
The Accounting Equation
Dr. John Salvaggi is a chiropractor. As of December 31, he owned
the following property that related to his professional
practice.
Cash $3,417Office Equipment 6,310X-ray Equipment 10,177Laboratory
Equipment 6,960
He also owes the following business suppliers:
Chateau Gas Company $3,552Aloe Medical Supply Company 4,084
Required:
1. From the preceding information, compute the accounting
elements and enter them in the accounting equation shown as
follows.
Assets = Liabilities + Owner's
Equity$ $ $
2. During January, the assets increase by $8,419, and the
liabilities increase by $3,409. Compute the resulting accounting
equation.
Assets = Liabilities + Owner's
Equity$ $ $
3. During February, the assets decrease by $3,360, and the
liabilities increase by $2,077. Compute the resulting accounting
equation.
Assets = Liabilities + Owner's
Equity$ $ $
Check My Work
Previous
Next
Answer
The three major elements of accounting are: Assets, Liabilities, and Capital(Owner's Equity).
Accounting Equation:
Assets = Liabilities + Owner's Equity
In this case Assets and liabilities is given, using accounting equation Owner's equity will be calculated.
1)
Assets | Amount |
Cash | $3,417 |
Office Equipment | $6,310 |
X-ray Equipment | $10,177 |
Laboratory Equipment | $6,960 |
Total Assets | $26,864 |
Liabilities | Amount |
Chateau Gas Company | $3,552 |
Aloe Medical Supply Company | $4,084 |
Total Liabilities | $7,636 |
Assets = Liabilities + Owner's Equity
$26,864 = $7,636 + Owner's Equity
Owner's Equity = $19,228
2)
During January, the assets increase by $8,419, and the liabilities increase by $3,409
Assets = $26,864 + $8419 = $35,283
Liabilities = $7,636 + $3,409 = $11,045
Assets = Liabilities + Owner's Equity
$35,283 = $11,045 + Owner's Equity
Owner's Equity = $24,238
3)
During February, the assets decrease by $3,360, and the liabilities increase by $2,077
Assets = $35,283 - $3,360 = $31,923
Liabilities = $11,045 + $2,077 = $13,122
Assets = Liabilities + Owner's Equity
$31,923 = $13,122 + Owner's Equity
Owner's Equity = $18,801
Chapter 02 Homework Part II Application PR.02.09A PR.02.12B PR.02.08A.Algo PR.02.10A.Guided.Algo PR.02.11A.Guided.Algo Hide or show questions Progress:3/5...
i need help on understanding this problem a little better. Dr. Etana Jenson is a podiatrist. As of December 31, Jenson owned the following assets related to the professional practice: Cash $6,600 X-ray Equipment $9,000 Office Equipment 3,500 Laboratory Equipment 3,000 As of that date, Jenson owed business suppliers as follows: Top Flight Office Equipment Co. $3,000 Dunhill Medical Supplies Company 1,000 Island Gas Company 2,200 Required: a. Compute the amount of assets, liabilities, and owners' equity as of December...
MULTIPLE CHOICE PART II MULTIPLE-CHOICE QUESTIONS (30 Points) 1. a. Although debits increase assets, they also increase revenues b. increase expenses increase owner's equity d. increase liabilities c. 2. a. The right side of a T account is the increase side b. decrease side c. credit side d. debit side 3. a. b. A compound entry is an entry affecting more than one account an entry involving multiple transactions an entry involving more than one date an entry increasing and...
EX.11-23.ALGO PR.11-02.ALGO Hide or show questions Progress:2/5 items eBookCalculator Defined Benefit Pension Plan Terms In a recent year's financial statements, Procter & Gamble showed an unfunded pension liability of $5,599 million and a periodic pension cost of $434 million. Select the correct statement that reflects the meaning of the $5,599 million unfunded pension liability. The $5,599 million unfunded pension cost is a measure of the amount of pension paid out the retirees during the year. The obligation decreases yearly by...
Required information [The following information applies to the questions displayed below.) Part 2 of 3 The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2018 and 2019. 2.5 points December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable 2018 $ 43,611 23,672 3,734 114,628 44,855 2019 $ 6,629 18,559 2,735 122, 100 53,855 149,529 37,314 30,867 86,843 eBook 62,235 0 Print 2. Compute net income for...
3-46 CHAPTER 3 The Accounting Information System 1. Issued shares of common stock to investors in exchange for $100,000 in cash. 2. Borrowed $45,000 by issuing bonds. 3. Purchased delivery trucks for $60,000 cash. 4. Received $16,000 from customers for services performed. 5. Purchased supplies for $4,700 on account. 6. Paid rent of $5,200. 7. Performed services on account for $10,000. 8. Paid salaries of $28,000 9. Paid a dividend of $11,000 to shareholders. Instructions Using the following tabular analysis,...
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total liabilities S128,250 $120,000 Total stockholders oquity 95.000 80.000 compute the ratio of liabilities to stockholders' equity for each year Round to two decimal places 1.50 and 107, 11.35 and 1.50 respectively respectively 1.07 and 1.19. 1.1.19 and 1.35 respectively respectively The liabilities and stockholder's equity of a company are $132,000 and $244.000, respectively. Assets should equal SS188.00 $132.00 p $376,00 12.000 A financial statement...
Journal T Accounts Unadjusted Trial Balance Final Questions On January 1, 2019, Sharon Matthews ostablished Tri-City Realty, which completed the following transactions during the month: Jan. 1 Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $40.000. 2 Paid rent on office and equipment for the month, $6,000. 3 Purchased supplies on account, $3,200. 4 Paid creditor on account, $1.750. 5 Eamed fees, receiving cash, $18,250. 6 Paid automobile expenses (including...
Hello, these are 3 questions I need help with, if you can show me how to get the answer as well. thank you for your time. 2 Green Thumb Gardening is a small gardening service that uses activity-based costing to estimate costs for pricing and other purposes. The proprietor of the company believes that costs are driven primarily by the size of customer lawns, the size of customer garden beds, the distance to travel to customers, and the...
(The following informatiot applies to the questions displayed below Part 3 of 5 5 points Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail...
General journal, T Accounts, to adjusted trial balance with additional questions Name Financial Statement Homework #3 Part At November 30, 2012. Silver Traders Company had the following trial balance. There is information on the next page about December 2012 transactions that need to be recorded Silver Traders Company Trial Balance 11 /12 287,000 62,000 24,000 6,000 65,000 195.000 75,000 44,000 45.000 46,000 15,000 Accounts Receivable Allowance for Doubtful Accounts Short Term Note Receivable Supplies Triventory Equipment Building Accumulated Depreciation Copyright...