Homework Answers
Question number 5
Answer: OPTION D $ 2,10,000
reason - Assets = Liabilities + Capital ($50000+ $160000)
Question number 6
Answer: OPTION - B assets are something value business owns and controls
other options are wrong because in option A , accounts payable is not an asset its a liability , In option c assets are those which provide future economic value , in Option D , assets are recorded at cost
Question number 7
Answer: OPTION - C is incorrect
Assets are economic resources that creates future economic benefits not liabilities
Question number 8
Answer: OPTION - C , $ 45,000
opening capital is = asset - liability = $110000- $45000 = $65,000
Current year profit of precision camera service Is net of revenues and expense which is $120000- $90000 =
$ 30000, which will added to capital
with drawal of $50,000 from capital will be reduced from capital
hence balance in capital would be (65000 +30000 -50000) =$45,000
Add Answer to:
D)cost principle 5. The equity of Alliance Company is $160,000 and the total liabilities are $50,000....
8. Precision Camera Services started the year with total assets of $110,000 and total liabilities of...
8. Precision Camera 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 $120,000 and $90,000, respectively. During the year, there were no new capital contributions and the owner withdrew $50,000. What is the amount of owner's equity at the end of the year? A) $90,000 B) $120.000 C) $45.000 D) $50.000 9. Metropolitan Casting Services started the year with...
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...
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
Jimmy's Repair Shop started the year with total assets of $100,000 and total liabilities of $80,000....
Jimmy's Repair Shop started the year with total assets of $100,000 and total liabilities of $80,000. During the year the business recorded $210,000 in revenues, $110,000 in expenses, and dividends of $20,000. Stockholders' equity at the end of the year was a. $120,000. b. $100,000 C. $80,000. d. $90,000.
8. Salary expense a) Owner's equity b) Liabilities c) Assets 9. Rent payable a) Owner's equity...
8. Salary expense a) Owner's equity b) Liabilities c) Assets 9. Rent payable a) Owner's equity b) Liabilities c) Assets 10. Rent expense a)Owner's equity b) Liabilities Assets 11. Consulting revenue Owner's equity a) b) Liabilities c) Assets 12. Service revenue a) Owner's equity b) Liabilities c) Assets 13. Owner's withdrawals a) Owner's equity b) Liabilities c) Assets 14. Owner's capital a) Owner's equity b) Liabilities c) Assets 3. Signify the item that most accurately describes an asset. a) An...
2. Which of the following statements is true of a sole proprietorship? A) A sole proprietorship...
2. Which of the following statements is true of a sole proprietorship? A) A sole proprietorship joins two or more individuals as co-owners. B) The sole proprietor is personally liable for the liabilities of the business. C) A sole proprietorship is taxed separately from the owner. D) A sole proprietorship has to pay business income taxes 3. Ten years ago a company purchased a building for $160,000. At that time, the company felt that the building was worth $185.000. The...
Total Liabilities + Total Assets $ ? 85.000 350,000 Stockholders' Equity $360,000 $300,000 50,000 275,000 S1-5....
Total Liabilities + Total Assets $ ? 85.000 350,000 Stockholders' Equity $360,000 $300,000 50,000 275,000 S1-5. (Learning Objective 3: Apply the accounting equation) 1. If you know the assets and the equity of a business, how can you measure its liabilities Give the equation. 2. Use the accounting equation to show how to determine the amount of a company's stock holders' equity. How would your answer change if you were analyzing your own house S1-6. (Learning Objective 3: Identify assets,...
Q1-5 Multiple Choice Questions (20 points) Circle the right answer 1) Which of the following is...
Q1-5
Multiple Choice Questions (20 points) Circle the right answer 1) Which of the following is the CORRECT accounting equation? A) Assets + Liabilities - Owners' equity B) Assets - Liabilities + Owners' equity C) Assets + Revenue - Owners' equity D) Assets + Revenue Liabilities + Expenses 2) Owner's equity is $150,000 and total liabilities are $90,000. Total assets would be: A) $300.000 B) S180,000. C) $60,000. D) $240,000 150, 900 90,000 3) A business settles a liability by...
Problems 1 to 7 – (worth 40 Points in Total) Problem 1 (worth 5 Points) 1....
Problems 1 to 7 – (worth 40 Points in Total) Problem 1 (worth 5 Points) 1. 1(a) - Scott Camera Shop, a proprietorship, 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 withdrawals of $60,000. What is the amount of Scott's owner's equity at the end of the year? 1(b) - Sharon Samson starts a plumbing service, Reliable Waterworks, a...
Question Completion Status: F. Should I buy into this company? QUESTION 27 Match the statements with...
Question Completion Status: F. Should I buy into this company? QUESTION 27 Match the statements with the appropriate terms the statement describes. A. v A revenue not yet recognized; collected in advance for $1,200. A. Unearned Revenue Office supplies paid for and on hand that will be used in the next D. V period. A v Unrecorded interest on a notes payable of $180. B. Accrued Revenue C. Accrued Expense D. Insurance paid in advance. D. Prepaid Expense 8. v...
8. Precision Camera 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 $120,000 and $90,000, respectively. During the year, there were no new capital contributions and the owner withdrew $50,000. What is the amount of owner's equity at the end of the year? A) $90,000 B) $120.000 C) $45.000 D) $50.000 9. Metropolitan Casting Services started the year with...
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...
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
Jimmy's Repair Shop started the year with total assets of $100,000 and total liabilities of $80,000. During the year the business recorded $210,000 in revenues, $110,000 in expenses, and dividends of $20,000. Stockholders' equity at the end of the year was a. $120,000. b. $100,000 C. $80,000. d. $90,000.
8. Salary expense a) Owner's equity b) Liabilities c) Assets 9. Rent payable a) Owner's equity b) Liabilities c) Assets 10. Rent expense a)Owner's equity b) Liabilities Assets 11. Consulting revenue Owner's equity a) b) Liabilities c) Assets 12. Service revenue a) Owner's equity b) Liabilities c) Assets 13. Owner's withdrawals a) Owner's equity b) Liabilities c) Assets 14. Owner's capital a) Owner's equity b) Liabilities c) Assets 3. Signify the item that most accurately describes an asset. a) An...
2. Which of the following statements is true of a sole proprietorship? A) A sole proprietorship joins two or more individuals as co-owners. B) The sole proprietor is personally liable for the liabilities of the business. C) A sole proprietorship is taxed separately from the owner. D) A sole proprietorship has to pay business income taxes 3. Ten years ago a company purchased a building for $160,000. At that time, the company felt that the building was worth $185.000. The...
Total Liabilities + Total Assets $ ? 85.000 350,000 Stockholders' Equity $360,000 $300,000 50,000 275,000 S1-5. (Learning Objective 3: Apply the accounting equation) 1. If you know the assets and the equity of a business, how can you measure its liabilities Give the equation. 2. Use the accounting equation to show how to determine the amount of a company's stock holders' equity. How would your answer change if you were analyzing your own house S1-6. (Learning Objective 3: Identify assets,...
Q1-5
Multiple Choice Questions (20 points) Circle the right answer 1) Which of the following is the CORRECT accounting equation? A) Assets + Liabilities - Owners' equity B) Assets - Liabilities + Owners' equity C) Assets + Revenue - Owners' equity D) Assets + Revenue Liabilities + Expenses 2) Owner's equity is $150,000 and total liabilities are $90,000. Total assets would be: A) $300.000 B) S180,000. C) $60,000. D) $240,000 150, 900 90,000 3) A business settles a liability by...
Problems 1 to 7 – (worth 40 Points in Total) Problem 1 (worth 5 Points) 1. 1(a) - Scott Camera Shop, a proprietorship, 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 withdrawals of $60,000. What is the amount of Scott's owner's equity at the end of the year? 1(b) - Sharon Samson starts a plumbing service, Reliable Waterworks, a...
Question Completion Status: F. Should I buy into this company? QUESTION 27 Match the statements with the appropriate terms the statement describes. A. v A revenue not yet recognized; collected in advance for $1,200. A. Unearned Revenue Office supplies paid for and on hand that will be used in the next D. V period. A v Unrecorded interest on a notes payable of $180. B. Accrued Revenue C. Accrued Expense D. Insurance paid in advance. D. Prepaid Expense 8. v...
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