Homework Answers
Question number 8
Answer: OPTION - C $ 45,000
Formula for Opening CAPITAL (owners equity) = ASSETS - LIABILITIES hence here capital would be $ 110000- $45000 = $65000
other details
profit for the year is net of revenues and expense which is equal to $1,20,000- $90,0000 = $30,000
withdrawal made during the year is $50,000
profit shall be added to owners equity and withdrawal shall be reduced from equity
hence cloing owners equity = $65,000 +$30,000 - $50,000 = $45,000
Question number 9
Answer: OPTION - A $20,000 increase
Opening CAPITAL (owners equity) = ASSETS - LIABILITIES ,hence here capital would be $ 110000- $50,000 = $60,000
other details
profit for the year is net of revenues and expense which is equal to $1,40,000- $50,0000 = $90,000
withdrawal made during the year is $70,000
profit shall be added to owners equity and withdrawal shall be reduced from equity
hence cloing owners equity = $60,000 +$90,000 - $70,000 = $80,000
hence increase in equity capital is $ 20,000 ( closing - opening)
Question number 10
Answer: OPTION D ACCOUNT RECEIVABLE
since he had agreed a future payment he is converted as debtor and hence account receivable increased
Question number 11
Answer: OPTION C liabilities
As payment has been deferred trade payable account ( creditor) will be increased
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8. Precision Camera Services started the year with total assets of $110,000 and total liabilities of...
Metropolitan Casting Services started the year with total assets of $110,000 and total liabilities of $45,000....
Metropolitan Casting Services started the year with total assets of $110,000 and total liabilities of $45,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $150,000 and $60,000, respectively. During the year, there were no new capital contributions and the owner withdrew $40,000. Calculate the amount of increase or decrease in owner's equity for the year. A. a(n) $115,000 increase B. a $50,000 increase O C. a(n) $65,000 decrease O D. a $40,000...
dynamic production services started the year with total assets of $180,000 and total liabilities of $80,000....
dynamic production services started the year with total assets of $180,000 and total liabilities of $80,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $150,000 and $75,000, respectively. During the year, there were no new capital contributions and the owner withdrew $60,000. Calculate Dynamic’s net income for the year.
dynamic production services started the year with total assets of $180,000 and total liabilities of $80,000....
dynamic production services started the year with total assets of $180,000 and total liabilities of $80,000. The company is a sole proprietorship. the revenues and the expenses for the year amounted to $150,000 and $75,000, respectively. During the year, there were no new capital contributions and the owner withdrew$60,000. Calculate Dynamic’s net income for the year.
Metropolitan Casting Services started the year with total assets of $100,000 and total liabilities of $40,000....
Metropolitan Casting Services started the year with total assets of $100,000 and total liabilities of $40,000. The revenues and the expenses for the year amounted to $130,000 and $80,000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $40,000. Calculate the amount of increase or decrease in stockholders' equity for the year. O A. a $60,000 decrease O B. a $40,000 increase c. a $70,000 increase OD. a $10,000 increase
Metropolitan Casting Services started the year with total assets of $130,000 and total liabilities of $45,000....
Metropolitan Casting Services started the year with total assets of $130,000 and total liabilities of $45,000. The revenues and the expenses for the year amounted to $130,000 and $50,000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $60,000. Calculate the amount of increase or decrease in stockholders' equity for the year. A. a $85,000 decrease B. a $60,000 increase C. a $105,000 increase D. a $20,000 increase
Metropolitan Casting Services started the year with total assets of $ 100, 000 and total liabilities...
Metropolitan Casting Services started the year with total assets of $ 100, 000 and total liabilities of $ 40,000. The revenues and the expenses for the year amounted to $ 140000 and $ 80,000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $ 40,000. Calculate the amount of increase or decrease in stockholders' equity for the year. A. $ 20,000 increase B. $ 60,000 decrease C.$ 40.000 increase D.$ 80,000 increase
5) Ahmet's Camera Shop started the year with total assets of $80,000 and total liabilities of...
5) Ahmet's Camera Shop started the year with total assets of $80,000 and total liabilities of $40,000. During the year, the business earned revenues of $120,000 and incurred expenses of $70,000. Scott made no capital contributions during the year, but did make withdrawals of $60,000. The net change in Scott's owner's equity for the year is a: A) $10,000 decrease. B) $40,000 increase. C) $30,000 decrease. D) $50,000 increase. RE TA = $80,000 TL = 40,000 FRS120.000
D)cost principle 5. The equity of Alliance Company is $160,000 and the total liabilities are $50,000....
D)cost principle 5. The equity of Alliance Company is $160,000 and the total liabilities are $50,000. The total assets are A) $320.000 B) $100,000 C) $110,000 D) $210,000 6. Which of the following is true of assets? A) Assets include Cash, Merchandise Inventory, and Accounts Payable. B) Assets are something of value the business owns or controls. C) Assets do not need to provide future benefit to the business. D) Assets can be recorded at the market value if acquired...
Question 1 0.4 pts Precision Camera Services started the year with total assets of $90,000 and...
Question 1 0.4 pts Precision Camera Services started the year with total assets of $90,000 and total liabilities of $65,000. The revenues and the expenses for the year amounted to $100,000 and $70,000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $40,000. What is the amount of stockholders' equity at the end of the year? AS $100,000 $40,000 $15.000 O $70,000 a HD
If the assets owned by a business total $250,000, and owner's equity totals $200,000, liabilities total...
If the assets owned by a business total $250,000, and owner's equity totals $200,000, liabilities total $50,000. True False Question 2 1 pts If net income for a proprietorship was $50,000, the owner withdrew $20,000 in cash and the owner invested $10,000 in cash, the capital of the owner increased by $40,000. True False Question 3 1 pts An account receivable is a claim against a customer arising from earning revenue on account. True False
Metropolitan Casting Services started the year with total assets of $110,000 and total liabilities of $45,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $150,000 and $60,000, respectively. During the year, there were no new capital contributions and the owner withdrew $40,000. Calculate the amount of increase or decrease in owner's equity for the year. A. a(n) $115,000 increase B. a $50,000 increase O C. a(n) $65,000 decrease O D. a $40,000...
Metropolitan Casting Services started the year with total assets of $100,000 and total liabilities of $40,000. The revenues and the expenses for the year amounted to $130,000 and $80,000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $40,000. Calculate the amount of increase or decrease in stockholders' equity for the year. O A. a $60,000 decrease O B. a $40,000 increase c. a $70,000 increase OD. a $10,000 increase
5) Ahmet's Camera Shop started the year with total assets of $80,000 and total liabilities of $40,000. During the year, the business earned revenues of $120,000 and incurred expenses of $70,000. Scott made no capital contributions during the year, but did make withdrawals of $60,000. The net change in Scott's owner's equity for the year is a: A) $10,000 decrease. B) $40,000 increase. C) $30,000 decrease. D) $50,000 increase. RE TA = $80,000 TL = 40,000 FRS120.000
D)cost principle 5. The equity of Alliance Company is $160,000 and the total liabilities are $50,000. The total assets are A) $320.000 B) $100,000 C) $110,000 D) $210,000 6. Which of the following is true of assets? A) Assets include Cash, Merchandise Inventory, and Accounts Payable. B) Assets are something of value the business owns or controls. C) Assets do not need to provide future benefit to the business. D) Assets can be recorded at the market value if acquired...
Question 1 0.4 pts Precision Camera Services started the year with total assets of $90,000 and total liabilities of $65,000. The revenues and the expenses for the year amounted to $100,000 and $70,000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $40,000. What is the amount of stockholders' equity at the end of the year? AS $100,000 $40,000 $15.000 O $70,000 a HD
If the assets owned by a business total $250,000, and owner's equity totals $200,000, liabilities total $50,000. True False Question 2 1 pts If net income for a proprietorship was $50,000, the owner withdrew $20,000 in cash and the owner invested $10,000 in cash, the capital of the owner increased by $40,000. True False Question 3 1 pts An account receivable is a claim against a customer arising from earning revenue on account. True False
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