Homework Answers
Solution :
b) The owner has made a contribution of $10000 means he has introduced additional capital of $10000.
Jutification:
Assets shows a balance of $40000
Liability shows balance of $5000 + Profit for current year $25,000
Aseets Should be equal to liabilities so we can assume that an amount of $10000 is being introduced by owner and being added in capital under liability column.
Add Answer to:
The assets of Quinn's business increased by $40 000 and the liabilities increased by S5000 during...
Q10. The assets of Mitchell's business Increased by $60 000 and the liabilities increased by $20...
Q10. The assets of Mitchell's business Increased by $60 000 and the liabilities increased by $20 000 during the current year. If the profit for this period was $48000, what additional contribution or withdrawal was made by the owner? (Assume only a withdrawal or a contribution was made.) a. Drawings $12000 b. Contribution $12 000 Inbox (309) Contribution $8000 d. Drawings $8000 C.
If the assets of a business increased $107,000 during a period of time and its liabilities...
If the assets of a business increased $107,000 during a period of time and its liabilities increased $76,000 during the same period, equity in the business must have: Multiple Choice Increased $31.000 Decreased $31.000 Increased $107.000 Decreased $183,000 Increased $183,000 5 of 18 < Prey Next >
HRM Consulting Pty Ltd started the year with total assets of $80 000 and total liabilities...
HRM Consulting Pty Ltd started the year with total assets of $80 000 and total liabilities of $40 000. During the year the business earned $150 000 in income and incurred $95 000 in expenses. Dividends of $20 000 were paid during the year. HRM’s profit for the period was: A. 30000 B. 50000 C. 35000 D. 40000
1. If total assets increased by $175,000 during a specific period and liabilities decreased by $10,000...
1. If total assets increased by $175,000 during a specific period and liabilities decreased by $10,000 during the same period, the period's change in total owner's equity was a $185,000 increase. True or False 2. Drawings are an example of an expense. True or False
If the liabilities of a business decreased 25,000 during a period of time and the assets...
If the liabilities of a business decreased 25,000 during a period of time and the assets of the business decreased 15,000 during the same period, the owner's equity in the business must have: a. Decreased 40,000 b. Decreased 10,000 C. Increased 40,000 d. Increased 10,000
If total liabilities increased by $15 000 and equity decreased by $10 000 over a period,...
If total liabilities increased by $15 000 and equity decreased by $10 000 over a period, then total assets must have changed by? A. 5000 increase B. 25000 Increase C. 15000 Increase D. 5000 decrease
At the year end, the total assets of a business were £189,000 and total liabilities were £126,000. During the year, the...
At the year end, the total assets of a business were £189,000 and total liabilities were £126,000. During the year, the owner withdrew £10,000 and introduced a further £18,000 in equity. The business began the year with total assets of £180,000 and total liabilities of £112,000. What is the profit(loss) for the year?
A sole proprietorship had the following assets and liabilities at the beginning and end of this...
A sole proprietorship had the following assets and liabilities at the beginning and end of this year. Beginning of the year End of the year Assets $142,000 195,500 Liabilities $60,875 79,178 a. Owner made no investments in the business, and no withdrawals were made during the year. b. Owner made no investments in the business, but withdrew $900 cash per month for personal use. c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000...
Assets increased by $100,000 during the year. Liabilities increased by $30,000 during the year. Dividends for...
Assets increased by $100,000 during the year. Liabilities increased by $30,000 during the year. Dividends for the year were S50,000. Expenses for the year were $200,000. Capital contributions during the year were S25,000 Compute REVENUES for the year. Note: There are two types of equity: (I) Capital contributions (also called capital stock or paid-in capital) and (2) retained earnings. Capital contributions are amounts invested directly by the owners. Retained earnings represents the amount of assets created by profitable operations and...
A corporation had the following assets and liabilities at the beginning and end of this year....
A corporation had the following assets and liabilities at the beginning and end of this year. Beginning of the year End of the year Assets $100,500 157,000 Liabilities $43,084 63,585 a. Owner made no investments in the business, and no dividends were paid during the year. b. Owner made no investments in the business, but dividends were $1,300 cash per month c. No dividends were paid during the year, but the owner did invest an additional $45,000 cash in exchange...
Q10. The assets of Mitchell's business Increased by $60 000 and the liabilities increased by $20 000 during the current year. If the profit for this period was $48000, what additional contribution or withdrawal was made by the owner? (Assume only a withdrawal or a contribution was made.) a. Drawings $12000 b. Contribution $12 000 Inbox (309) Contribution $8000 d. Drawings $8000 C.
If the assets of a business increased $107,000 during a period of time and its liabilities increased $76,000 during the same period, equity in the business must have: Multiple Choice Increased $31.000 Decreased $31.000 Increased $107.000 Decreased $183,000 Increased $183,000 5 of 18 < Prey Next >
If the liabilities of a business decreased 25,000 during a period of time and the assets of the business decreased 15,000 during the same period, the owner's equity in the business must have: a. Decreased 40,000 b. Decreased 10,000 C. Increased 40,000 d. Increased 10,000
A sole proprietorship had the following assets and liabilities at the beginning and end of this year. Beginning of the year End of the year Assets $142,000 195,500 Liabilities $60,875 79,178 a. Owner made no investments in the business, and no withdrawals were made during the year. b. Owner made no investments in the business, but withdrew $900 cash per month for personal use. c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000...
Assets increased by $100,000 during the year. Liabilities increased by $30,000 during the year. Dividends for the year were S50,000. Expenses for the year were $200,000. Capital contributions during the year were S25,000 Compute REVENUES for the year. Note: There are two types of equity: (I) Capital contributions (also called capital stock or paid-in capital) and (2) retained earnings. Capital contributions are amounts invested directly by the owners. Retained earnings represents the amount of assets created by profitable operations and...
A corporation had the following assets and liabilities at the beginning and end of this year. Beginning of the year End of the year Assets $100,500 157,000 Liabilities $43,084 63,585 a. Owner made no investments in the business, and no dividends were paid during the year. b. Owner made no investments in the business, but dividends were $1,300 cash per month c. No dividends were paid during the year, but the owner did invest an additional $45,000 cash in exchange...
Most questions answered within 3 hours.
-
50 grams each of water (18.015 g/mol) and ethylene glycol
(C2H6O2) (62.07 g/mol) are mixed. At...
asked 51 seconds ago -
The life expectancy of sport utility vehicles follows a normal
distribution with a mean of 145.8...
asked 23 minutes ago -
If an object with mass of 5 kg is pushed with a force of 552 N,...
asked 2 minutes ago -
Suppose your program already has a list called nums, which
contains several numbers. Write a for...
asked 14 minutes ago -
A spherical shell with a finite thickness just barely floats in
water. If the shell is...
asked 14 minutes ago -
Explain in detail whether the following is true or false:
Total factor productivity will rise only...
asked 21 minutes ago -
A firm pays a $2.50 dividend at the end of year one
(D1), has a stock...
asked 23 minutes ago -
The waiting time in line at an ice cream shop has a uniform
distribution between 0...
asked 43 minutes ago -
The term “corporatization” is often used in the former socialist
economies to describe
changing the way...
asked 46 minutes ago -
what sort of treatment is planned for a barrel of wine to be
"aged" for sale?...
asked 1 hour ago -
What is the energy of 500 nm green light, in kilojoules per mole
of photons?
asked 1 hour ago -
2. Your brother, who is 6 years old, just received a trust fund
that will be...
asked 1 hour ago