Homework Answers
1. 4 th option is the answer limited liablity corporation
The owner is not responsible for entity's taxes and debts if the
entity is organised as a limited liablity
corporation.
The liability of a limited liability corporation is limited to the
amount of capital brought by owner into the business.
2. 4th option is the answer $ 76,900
Total Assets = Total Liabilities
Total Assets = $ 183,000 (as given)
So, Total Liabilities = $ 183,000
Total Liabilities = Common stock + Accounts Payable + Retained
Earnings + Notes Payable
183,000 = 12,700 + 64,700 + 28,700 + Notes Payable
Notes Payable = 183,000 - 12,700 - 64,700 - 28,700
Notes Payable = $ 76,900
3. 1st option is the answer Revenue minus expenses
Stock holders' equuity consists of Common Stock and Retained
Earnings
Retained Earnings is the profit accumulated over period of
time
Profit is revenue minus expenses
4. 4 th option is the answer $ 450
The option as mentioned by you in the question is 5450 instead of $450, it might be an error. Please check as the answer is $ 450. Explanation follows:
Profit = Revenue - Expenses
Profit = 6,100 - 3,550
Profit = $ 2,550
Retained Earnings = Profit - Dividend
Retained Earnings = 2,550 - 2100
Retained Earnings = $ 450
Add Answer to:
^last answer is 5450
The owner is not responsible for the entity's taxes and debts if...
The owner is not responsible for the entity's taxes and debts if the entity is organized...
The owner is not responsible for the entity's taxes and debts if the entity is organized as a(n): corporation sole proprietorship. unlimited liability corporation. limited liability corporation. Which of the following expressions of the accounting equation is correct? Liabilities + Assets = Stockholders' Equity Stockholders' Equity + Assets = Liabilities Assets = Liabilities – Stockholders' Equity Stockholders' Equity = Assets – Liabilities Expenses are reported on the: income statement in the time period in which they are paid. income statement...
1. At December 31, Year 1, the accounting records of Braun Corporation contain the following items:...
1. At December 31, Year 1, the accounting records of Braun Corporation contain the following items: Accounts Payable $ 13,500 Accounts Receivable $ 35,000 Land $ 235,000 Cash ? Capital Stock ? Equipment $ 115,000 Building $ 175,000 Notes Payable $ 185,000 Retained Earnings $ 155,000 If Capital Stock is $315,000, total assets of Braun Corporation at December 31, Year 1, amounts to: Multiple Choice $668,500. $703,500. $98,500. 2. At December 31, Year 1, the accounting records of Braun Corporation...
2 - Montauk Oil Company reports these account balances at December 31, Year 1 Accounts Payable...
2 - Montauk Oil Company reports these account balances at December 31, Year 1 Accounts Payable $ 116,000 Land 206,000 Notes Payable 266,000 Equipment 166,000 Cash 86,000 Accounts Receivable 106,000 Buildings 246,000 Capital Stock 346,000 Retained Earnings 76,000 On January 2, Year 2, Montauk Oil collected $56,000 of its accounts receivable and paid $26,000 of its accounts payable. In a trial balance prepared at January 3, Year 2, the total of the debit column is: Multiple Choice $1,624,000. $382,000. $784,000....
Please find the answers and show how to solve: At December 31. Year 1, the accounting...
Please find the answers and show how to solve:
At December 31. Year 1, the accounting records of Braun Corporation contain the following items: 10 $ 11,000 $ 230,000 30,000 Accounts Payable Land Capital Stock Building Retained Earnings Accounts Receivable Cash Equipment Notes Payable $ 170,000 $ 150,000 $ 110,000 $ 180,000 cBook If Cash at December 31, Year 1, is $56,000, total assets amounts to: Multiple Choice $607.000 $746.000 Ο Ο Ο Ο $566,000. $596,000 At December 31, Year...
^ last answer is 16,800(its cut off) A company began the year with assets of $107.000,...
^ last answer is 16,800(its cut off)
A company began the year with assets of $107.000, liabilities of $23,500, and stockholders' equity of $83,500. During the year assets increased $55,700 and stockholders' equity increased $21,400. What was the change in liabilities for the year? Multiple Choice o increase of $77300 Decrease of $77100 O Increase of $34.300 O Decrease of $34,300 < Prev 5 of 32 Next > Which of the following would appear in the cash flows from operating...
^a- 102,000 b- 30,000 c-87,000 d-57,000 ^same question Which of the following would not be reported...
^a- 102,000
b- 30,000
c-87,000
d-57,000
^same question
Which of the following would not be reported as a liability on the balance sheet? Multiple Choice Accounts Payable Common Stock Salaries and Wages Payable Notes Payable Which of the following statements about financial statement information is correct? Multiple Choice A company with liabilities of $80,000 and stockholders' equity of $50,000 will have assets of $30,000 A company with total stockholders' equity of $120,000 and common stock of $75,000 must have total...
Please answer, Im posting again because the answer is not 28,740 like the last person said....
Please answer, Im posting again because the answer is not 28,740
like the last person said.
P2-9 (similar to) Question Help Statement of retained earnings. Use the data from the following financial statements in the popup window, . The company paid interest expense of $17,100 for 2017 and had an overall tax rate of 40% for 2017. Complete the statement of retained earnings for 2017, and determine the dividends paid last year. The distributed earnings is $ . (Round to...
Assume that you are the owner operator of College Park Veterinary Clinic. At the end of...
Assume that you are the owner operator of College Park Veterinary Clinic. At the end of the second year of operations (June 30, 2017 the following financial data for the company are available: 123,600 26,000 236,100 15.500 . 141,000 Cash Accounts Receivable Supplies Property and Equipment Other Assets Accounts Payable Notes Payable Other Llabilities Sales Revenue Operating Expenses Selling and Administrative Expenses Advertising and Marketing Expenses Interest Expense Retained Earnings, July 1, 2016 Contributed Capital Dividends 285,000 199,00 24,00 35,000...
1.) Express the following comparative income statements in common-size percents. Using the common-size percentages, which item...
1.) Express the following comparative income statements in common-size percents. Using the common-size percentages, which item is most responsible for the decline in net income? Reason for Income Statement Decline in Net Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year % % Sales Cost of goods sold 770,000 $635,000 284,400 568,100 Gross profit Operating expenses Net...
best answer explenation Problem A-I - Multiple Choice. Choose the best answer for each of the...
best answer explenation
Problem A-I - Multiple Choice. Choose the best answer for each of the following questions and enter the identifying letter in the space provided. 1. How does failure to record accrued revenue distort the financial reports? a. It understates revenue, net income, and current assets. b. It understates net income, stockholders' equity, and current liabilities. c. It overstates revenue, stockholders' equity, and current liabilities d. It understates current assets and overstates stockholders' equity. A contingent liability which...
Please find the answers and show how to solve:
At December 31. Year 1, the accounting records of Braun Corporation contain the following items: 10 $ 11,000 $ 230,000 30,000 Accounts Payable Land Capital Stock Building Retained Earnings Accounts Receivable Cash Equipment Notes Payable $ 170,000 $ 150,000 $ 110,000 $ 180,000 cBook If Cash at December 31, Year 1, is $56,000, total assets amounts to: Multiple Choice $607.000 $746.000 Ο Ο Ο Ο $566,000. $596,000 At December 31, Year...
^ last answer is 16,800(its cut off)
A company began the year with assets of $107.000, liabilities of $23,500, and stockholders' equity of $83,500. During the year assets increased $55,700 and stockholders' equity increased $21,400. What was the change in liabilities for the year? Multiple Choice o increase of $77300 Decrease of $77100 O Increase of $34.300 O Decrease of $34,300 < Prev 5 of 32 Next > Which of the following would appear in the cash flows from operating...
^a- 102,000
b- 30,000
c-87,000
d-57,000
^same question
Which of the following would not be reported as a liability on the balance sheet? Multiple Choice Accounts Payable Common Stock Salaries and Wages Payable Notes Payable Which of the following statements about financial statement information is correct? Multiple Choice A company with liabilities of $80,000 and stockholders' equity of $50,000 will have assets of $30,000 A company with total stockholders' equity of $120,000 and common stock of $75,000 must have total...
Please answer, Im posting again because the answer is not 28,740
like the last person said.
P2-9 (similar to) Question Help Statement of retained earnings. Use the data from the following financial statements in the popup window, . The company paid interest expense of $17,100 for 2017 and had an overall tax rate of 40% for 2017. Complete the statement of retained earnings for 2017, and determine the dividends paid last year. The distributed earnings is $ . (Round to...
Assume that you are the owner operator of College Park Veterinary Clinic. At the end of the second year of operations (June 30, 2017 the following financial data for the company are available: 123,600 26,000 236,100 15.500 . 141,000 Cash Accounts Receivable Supplies Property and Equipment Other Assets Accounts Payable Notes Payable Other Llabilities Sales Revenue Operating Expenses Selling and Administrative Expenses Advertising and Marketing Expenses Interest Expense Retained Earnings, July 1, 2016 Contributed Capital Dividends 285,000 199,00 24,00 35,000...
1.) Express the following comparative income statements in common-size percents. Using the common-size percentages, which item is most responsible for the decline in net income? Reason for Income Statement Decline in Net Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year % % Sales Cost of goods sold 770,000 $635,000 284,400 568,100 Gross profit Operating expenses Net...
best answer explenation
Problem A-I - Multiple Choice. Choose the best answer for each of the following questions and enter the identifying letter in the space provided. 1. How does failure to record accrued revenue distort the financial reports? a. It understates revenue, net income, and current assets. b. It understates net income, stockholders' equity, and current liabilities. c. It overstates revenue, stockholders' equity, and current liabilities d. It understates current assets and overstates stockholders' equity. A contingent liability which...
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