Homework Answers
| QUESTION-29 | |
| Capital at the beginning of the month | 4,000 |
| Add: Net Income for the month | 1,000 |
| Less: Withdrawels during the month | (2,000) |
| Capital at the end of the month | 3,000 |
| Hence, the Capital at the end of the month will be $3,000 | |
| QUESTION-30 | |
| The right answer choice is "(c). Statement of Owners Equity" |
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QUESTION 29 Capital at the beginning of the month amounted to $4,000, net income for the...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still have a balance? a. Salaries Expense b. Miscellaneous Revemes Oc Supplies Expense d. Accumulated Depreciation Equipment QUESTION 21 After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? a. Service Revenue b. Cash c. Accounts Payable d. Office Supplies QUESTION 22 After the accounts are closed and the journal entries have been posted, which of the...
The beginning capital balance shown on a statement of owner's equity is $80,000. Net income for...
The beginning capital balance shown on a statement of owner's equity is $80,000. Net income for the period is $37,000. The owner made no additional investments during the period. The owner's capital balance at the end of the period is $96,000. The amount the owner withdrew for personal use during the period is
Just need help with the net income portion. Please and thank you! Problem 1-4A Preparing a...
Just need help with the net income portion. Please and thank
you!
Problem 1-4A Preparing a statement of owner's equity LO P2 As of December 31, 2017, Armani Company's financial records show the following items and amounts. $11,000 10,000 7,000 6,000 Cash Accounts receivable Supplies Equipment Accounts payable A. Armani, Capital, Dec. 31, 2016 A. Armani, Capital, Dec. 31, 2017 A. Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses 25,000 5,000 9,000 14,000 35,000...
The beginning capital balance shown on a statement of owner's equity is $83,000. Net income for...
The beginning capital balance shown on a statement of owner's equity is $83,000. Net income for the period is $33,000. The owner withdrew $41,000 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is
The beginning capital balance shown on a statement of owner's equity is $72,000. Net income for...
The beginning capital balance shown on a statement of owner's equity is $72,000. Net income for the period is 22,000. The owner withdrew $30,000 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is
Use the following Adjusted Trial Balance to create an Income Statement, Statement of Owner's Equity and...
Use the following Adjusted Trial Balance to create an Income Statement, Statement of Owner's Equity and a classified Balance Sheet. Please use proper terminology, such as Current Assets, Current Liabilities, Total Assets, Total Liabilities and "Total Liabilities and Owner's Equity". Feel free to use extra paper for your answer. Accumulated Depreciation - Bldg. 5,000 Accounts Payable 4,000 Accounts Receivable 20,000 Building 35,000 Cash 1,000 Cost of Goods Sold 27,000 Depreciation expense -bldg 3,000 Not included in Cost of Goods Sold...
The beginning capital balance shown on a statement of owner's equity is $72,000. Net income for...
The beginning capital balance shown on a statement of owner's equity is $72,000. Net income for the period is $22,000. The owner withdrew $30,000 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is $64,000. $94,000. $124,000. $80,000.
The beginning capital balance shown on a statement of owner's equity is $270,000. Net income for...
The beginning capital balance shown on a statement of owner's equity is $270,000. Net income for the period is $67,000. The owner withdrew $33,500 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is Multiple Choice $303,500. $370,500 $270,000. $337,000
The beginning capital balance shown on a statement of owner's equity is $48,000. Net income for...
The beginning capital balance shown on a statement of owner's equity is $48,000. Net income for the period is $14,500 and the owner withdrew $18,500 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is Multiple Choice $62,500. $52,000. $81,000. $44,000.
The beginning capital balance shown on a statement of owner's equity is $200,000. Net income for...
The beginning capital balance shown on a statement of owner's equity is $200,000. Net income for the period is $60,000. The owner withdrew $30,000 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is Multiple Choice $200,000. $230,000. $290,000. $260,000.
QUESTION 20 After the closing entries have been posted, which of the following accounts would still have a balance? a. Salaries Expense b. Miscellaneous Revemes Oc Supplies Expense d. Accumulated Depreciation Equipment QUESTION 21 After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? a. Service Revenue b. Cash c. Accounts Payable d. Office Supplies QUESTION 22 After the accounts are closed and the journal entries have been posted, which of the...
Just need help with the net income portion. Please and thank
you!
Problem 1-4A Preparing a statement of owner's equity LO P2 As of December 31, 2017, Armani Company's financial records show the following items and amounts. $11,000 10,000 7,000 6,000 Cash Accounts receivable Supplies Equipment Accounts payable A. Armani, Capital, Dec. 31, 2016 A. Armani, Capital, Dec. 31, 2017 A. Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses 25,000 5,000 9,000 14,000 35,000...
Use the following Adjusted Trial Balance to create an Income Statement, Statement of Owner's Equity and a classified Balance Sheet. Please use proper terminology, such as Current Assets, Current Liabilities, Total Assets, Total Liabilities and "Total Liabilities and Owner's Equity". Feel free to use extra paper for your answer. Accumulated Depreciation - Bldg. 5,000 Accounts Payable 4,000 Accounts Receivable 20,000 Building 35,000 Cash 1,000 Cost of Goods Sold 27,000 Depreciation expense -bldg 3,000 Not included in Cost of Goods Sold...
The beginning capital balance shown on a statement of owner's equity is $270,000. Net income for the period is $67,000. The owner withdrew $33,500 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is Multiple Choice $303,500. $370,500 $270,000. $337,000
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