Homework Answers
The following table contains the accounting impact analysis of various transactions given:
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Balance Sheet Accounts Payable Change in Assets = Change in Liabilities + Change in Equity SG&A...
-4 Transactions for a Basic Business 5 You operate a sneaker store for 3 months from...
-4 Transactions for a Basic Business 5 You operate a sneaker store for 3 months from February to April out of your parents garage 26 Post the business's transactions by enteringether a positive or negative value in the appropriate yellow cells. Balance Sheet SC&A Account Payable Change in Assets - Change in Liabilities + Change in Equity Net Income Receivable Prepaid Rent - S - 28 Inputs: 9 You purchase secakers at $100 and after painting and bedazzling them you...
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...
Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity....
Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity. 1. Buy $15,000 worth of manufacturing supplies on credit 2. Issue $85,000 in stock 3. Borrow $63,000 from a bank 4. Pay $5,000 owed to a supplier 5. Receive payment of $12,000 owed by a customer 6. Purchase equipment for $44,000 in cash 7. Pay $7,000 owed to a supplier What is the net change in Total Liabilities?
For your fictitious healthcare service, you will create a balance sheet and income statement based upon...
For your fictitious healthcare service, you will create a balance sheet and income statement based upon the following financial transactions occurring during your start-up year: 1. January 1, 2019: $1,000,000 is deposited by your health system into your entity account to finance the start-up of your operation. 2. February 1, 2019: You acquire equipment needed to provide services totaling $250,000. This equipment is acquired on a credit line with 0% interest. The equipment has a useful life of 10-years and...
For your fictitious healthcare service, you will create a balance sheet and income statement based upon...
For your fictitious healthcare service, you will create a balance sheet and income statement based upon the following financial transactions occurring during your start-up year: 1. January 1, 2019: $1,000,000 is deposited by your health system into your entity account to finance the start-up of your operation. 2. February 1, 2019: You acquire equipment needed to provide services totaling $250,000. This equipment is acquired on a credit line with 0% interest. The equipment has a useful life of 10-years and...
ACC Company, Inc. Balance Sheet 12/31/19 1,500.00 1,250.00 100.00 $ 2,850.00 Assets: Current Assets: Cash Accounts...
ACC Company, Inc. Balance Sheet 12/31/19 1,500.00 1,250.00 100.00 $ 2,850.00 Assets: Current Assets: Cash Accounts Receivable Prepaid Expenses Total Current Assets Long-Term Assets: Property, Plant, and Equipment Land Buildings Equipment Accumulated Depreciation Total Property, Plant, and Equipment Total Assets $ 10,000.00 25,000.00 15,000.00 (12,000.00) $ $ $ 38,000.00 40,850.00 100.00 150.00 Liabilities: Current Liabilities Accounts Payable Accrued Expense Salary and Wages Payable Total Liabilities Shareholder's Equity Common Stock - $1 par Retained Earnings Total Equity Total Liabilities and Equity...
Acme Company Balance Sheet As of January 5, 2019 (amounts in thousands) Cash 9,000 Accounts Payable...
Acme Company Balance Sheet As of January 5, 2019 (amounts in thousands) Cash 9,000 Accounts Payable 1,200 Accounts Receivable 3,400 Debt 3,600 Inventory 5,100 Other Liabilities 2,100 Property Plant & Equipment 17,500 Total Liabilities 6,900 Other Assets 600 Paid-In Capital 5,900 Retained Earnings 22,800 Total Equity 28,700 Total Assets 35,600 Total Liabilities & Equity 35,600 Update the balance sheet above to reflect the transactions below, which occur on January 6, 2019 1. Borrow $55,000 from a bank 2. Buy $14,000...
Acme Company Balance Sheet As of January 5, 2019 (amounts in thousands) Cash 8,400 Accounts Payable...
Acme Company Balance Sheet As of January 5, 2019 (amounts in thousands) Cash 8,400 Accounts Payable 2,800 Accounts Receivable 4,700 Debt 3,400 Inventory 4,200 Other Liabilities 900 Property Plant & Equipment 17,200 Total Liabilities 7,100 Other Assets 2,800 Paid-In Capital 6,700 Retained Earnings 23,500 Total Equity 30,200 Total Assets 37,300 Total Liabilities & Equity 37,300 Update the balance sheet above to reflect the transactions below, which occur on January 6, 2019 1. Borrow $52,000 from a bank 2. Purchase equipment...
Valley Technology Balance Sheet As of March 11, 2019 (amounts in thousands) Cash 9,700 Accounts Payable...
Valley Technology Balance Sheet As of March 11, 2019 (amounts in thousands) Cash 9,700 Accounts Payable 1,500 Accounts Receivable 4,500 Debt 2,900 Inventory 3,800 Other Liabilities 800 Property Plant & Equipment 16,400 Total Liabilities 5,200 Other Assets 1,700 Paid-In Capital 7,300 Retained Earnings 23,600 Total Equity 30,900 Total Assets 36,100 Total Liabilities & Equity 36,100 Use T-accounts to record the transactions below, which occur on March 12, 2019, close the T-accounts, and construct a balance sheet to answer the question....
Balance Sheet 12/31/19 1,500.00 1,250.00 100.00 2,850.00 Assets: Current Assets: Cash Accounts Receivable Prepaid Expenses Total...
Balance Sheet 12/31/19 1,500.00 1,250.00 100.00 2,850.00 Assets: Current Assets: Cash Accounts Receivable Prepaid Expenses Total Current Assets Long-Term Assets: Property, Plant, and Equipment Land Buildings Equipment Accumulated Depreciation Total Property, plant, and Equipment Total Assets $ 10,000.00 25,000.00 15,000.00 (12,000.00) $ $ $ 38,000.00 40,850.00 100.00 150.00 $ Liabilities: Current Liabilities Accounts Payable Accrued Expense Salary and Wages Payable Total Liabilities Shareholder's Equity Common Stock - $1 par Retained Earnings Total Equity Total Liabilities and Equity 250.00 $ $...
-4 Transactions for a Basic Business 5 You operate a sneaker store for 3 months from February to April out of your parents garage 26 Post the business's transactions by enteringether a positive or negative value in the appropriate yellow cells. Balance Sheet SC&A Account Payable Change in Assets - Change in Liabilities + Change in Equity Net Income Receivable Prepaid Rent - S - 28 Inputs: 9 You purchase secakers at $100 and after painting and bedazzling them you...
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...
ACC Company, Inc. Balance Sheet 12/31/19 1,500.00 1,250.00 100.00 $ 2,850.00 Assets: Current Assets: Cash Accounts Receivable Prepaid Expenses Total Current Assets Long-Term Assets: Property, Plant, and Equipment Land Buildings Equipment Accumulated Depreciation Total Property, Plant, and Equipment Total Assets $ 10,000.00 25,000.00 15,000.00 (12,000.00) $ $ $ 38,000.00 40,850.00 100.00 150.00 Liabilities: Current Liabilities Accounts Payable Accrued Expense Salary and Wages Payable Total Liabilities Shareholder's Equity Common Stock - $1 par Retained Earnings Total Equity Total Liabilities and Equity...
Balance Sheet 12/31/19 1,500.00 1,250.00 100.00 2,850.00 Assets: Current Assets: Cash Accounts Receivable Prepaid Expenses Total Current Assets Long-Term Assets: Property, Plant, and Equipment Land Buildings Equipment Accumulated Depreciation Total Property, plant, and Equipment Total Assets $ 10,000.00 25,000.00 15,000.00 (12,000.00) $ $ $ 38,000.00 40,850.00 100.00 150.00 $ Liabilities: Current Liabilities Accounts Payable Accrued Expense Salary and Wages Payable Total Liabilities Shareholder's Equity Common Stock - $1 par Retained Earnings Total Equity Total Liabilities and Equity 250.00 $ $...
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