ZuoTi.Pro
Question

Last 4 Student ID Formulas Revenue Assets xpense Net Income Lee Capital Beginning Capital Contributions Net Income Draw Lee Capital, End Owners Equity Total L + OE
media%2Fc6c%2Fc6c0fa46-4479-4f60-9888-bc
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

ournal Date t Titles and Explanation Debit ($) Credit ($) 9/1/2017 Cash 2,000,000 Lee Capital 2,000,000 To record the capital contribution of the owne b 9/1/2017 Rent Expense 2,000 Cash To record the rent paid for septembe 2,000 c 9/1/2017 Supplies 11,000 Accounts Payable To record the purchase of supplies on credit) 11,000 d 9/1/2017 Equipment 400,000 Cash Notes Payable (400000-300000) 300,000 100,000 To record the purchase of equipment) e 9/1/2017 Cash 100,000 Unearned Revenue 100,000 To record the cash received for future services) f 9/30/2017 Accounts Receivable 200,000 Fees Earned 200,000 To record the services rendered on credit) g 9/30/2017 Cash 100,000 Accounts Receivable 100,000 To record the payment received from customers) Depreciation Expense (400000-160000)/5 X 1/12 4,000 Acc. Depr. Equip To record the depreciation expense for the month) 4,000 Interest Expense (100000 X 12% X 1/12) 1,000 Interest Payable To record the interest accrued for the month) 1,000

0 0
Add a comment
Know the answer?
Add Answer to:
Last 4 Student ID Formulas Revenue Assets xpense Net Income Lee Capital Beginning Capital Contributions Net...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Georgio Company began 2014 with net assets of $80,000. Net income calculated by using the capital...

    Georgio Company began 2014 with net assets of $80,000. Net income calculated by using the capital maintenance concept was $21,000. During 2014 owners contributed $26,000 of new capital. By year-end, the net assets totaled $78,000. Dividends to the owners during 2014 were: a. $49,000 b. $28,000 c. $23,000 d. $2,000

  • Using the data below, compute the CHANGE IN RETAINED EARNINGS during the year. Total Revenue Total...

    [REMOVED] Using the data below, compute the CHANGE IN RETAINED EARNINGS during the year. Total Revenue Total Expenses Dividend:s Capital Contributions 1,000 700 120 250 during the year Owners' Equity 1,400 start of the year Note: There are two types of equity: (2) Capital contributions (also called capital stock or paid-in capita) 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 kept within the...

  • Excel, please explain the formulas used in excel. Red ID: Student Name: REMBRANT PAINT COMPANY Income...

    Excel, please explain the formulas used in excel. Red ID: Student Name: REMBRANT PAINT COMPANY Income Statement For the year ended December 31, 2021 ($ in thousands, except per share amounts) $ Gross profit Operating expense REMBRANDT PAINT COMPANY $ Operating Income Other income (expense) Income statement items, year ended 12/31/2021 ($ in thousands): Sales revenue Interest revenue Interest expense Cost of goods sold Advertising expense Salaries expense Depreciation expense Dividend income Restructuring costs Loss on selling equipment Loss from...

  • Need formulas for areas in red Home Insert Draw Page Layout Formulas Date Review View Developer...

    Need formulas for areas in red Home Insert Draw Page Layout Formulas Date Review View Developer Help Power Piv Cut Copy- Parte Clipboard - Font Alignment G28 Cash Flow Identity Exercise Complete the CFI using the given income statements and other information below 2019 2018 11 12 13 Comparative Balance Sheets Assets 2019 2018 Liabilities Current Assets Current Liabilities Cash & Equivalents 2.500 2.550 Accounts payable Short term investments 1,834 2.400 Accruals and Other Accounts receivable 5,672 4.966 Total current...

  • QUESTION 29 Capital at the beginning of the month amounted to $4,000, net income for the...

    QUESTION 29 Capital at the beginning of the month amounted to $4,000, net income for the month amounted to $1,000, and withdrawals for personal use during the month amounted to $2,000. Capital at the end of the month is a. $7.000 b. $5,000 OC $3,000. O d. $2,000 QUESTION 30 Changes in owner's equity that result from investments or withdrawals of assets by the owner are included in the O a. income statement Ob.chart of accounts Oc statement of owner's...

  • Last year Harrington Inc. had sales of $325,000 and a net income of $19,000, and its...

    Last year Harrington Inc. had sales of $325,000 and a net income of $19,000, and its year-end assets were $250,000. The firm’s total-debt-to-total-capital ratio was 45.0%. The firm finances using only debt and common equity and its total assets equal total invested capital. Based on the DuPont equation, what was the ROE? DuPont equation: ROE = profit margin * total asset turnover * equity multiplier ROE = (NI / Sales) * (Sales / Total assets) * (Total assets / Total...

  • Last year FBGS Inc. had sales of $325,000 and a net income of $19,000, and its...

    Last year FBGS Inc. had sales of $325,000 and a net income of $19,000, and its year-end assets were $250,000. The firm's total-debt-to-total-capital ratio was 15.0%. The firm finances using only debt and common equity and its total assets equal total invested capital. Based on the DuPont equation, what was the ROE?

  • Need formulas for everything in green. Le Capy Wap Tent - pont Alignment Clipboard SI ODOS...

    Need formulas for everything in green. Le Capy Wap Tent - pont Alignment Clipboard SI ODOS Cash Flow Identity Exercise Complete the CFI using the given income statements and other information below 2019 2018 Assets Current Assets Cash & Equivalents Short term investments Accounts receivable inventories Other current assets Total current assets Comparative Balance Sheets 2019 2018 Liabilities Current Liabilities 2.500 2.550 Accounts payable 1,834 2.400 Accruals and other 5,672 4.966 Total current liabilities 2.700 2.675 Bonds Payable 1,001 941...

  • 1. Calculate the net income DuPont Analysis - Excel HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW...

    1. Calculate the net income DuPont Analysis - Excel HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri Paste A Alignment Number Conditional Format as Cell ormatting Table Styles- Clipboard Font Styles Last year, Stumble-on-Inn, Inc., reported an ROE of 19 percent. The firm's debt ratio was 60 percent, sales were $34 million, and the capital intensity was 1.30 times. 4 Calculate the net income for Stumble- on-Inn last year. (Do not round intermediate calculations. Enter your answer...

  • 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

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT