.......................................................................................................
DATE | CASH | A/R | SUPP. | EQUIP | CAR | A/P | N/P | CAPITAL |
Jan-01 | 30000 | 30000 | ||||||
3 | -1500 | 1500 | ||||||
5 | 400 | 400 | ||||||
12 | -2000 | 12000 | 10000 | |||||
14 | 1000 | |||||||
15 | -600 | |||||||
18 | -2000 | -2000 | ||||||
24 | 2500 | |||||||
27 | 500 | -500 | ||||||
30 | -400 | -400 | ||||||
TOTAL | 26500 | 500 | 400 | 1500 | 12000 | 400 | 8000 | 29600 |
ACCOUNTING EQUATION:
ASSETS=EQUITY +LIABILITIES
IN THE ABOVE CASE TOTAL ASSETS =26500+500+400+1500+12000
=40900
LIABILITIES=8000+400=8400
CAPITAL + NET PROFIT =29600+2900=32,500
40900=8400+32500
40900=40900
NOTE:NET PROFIT =2500+1000-600=2900
DRAWINGS FOR PERSONAL USE ARE DEDUCTED FROM CAPITAL .
unit 1 Assignment - solve accounting equation Materials Accounting Scenario Accounting Equation Complete the accounting equations in each of the following scenarios that appear to the right. Accounting Equation A Assets 129,839 = How much is the owner's equity? Player: $136847 Enter a response then click Submit below Submit LIUse Accounting Materials Scenario Accounting Equation Complete the accounting equations in each of the following scenarios that appear to the right. + Equity Liabilities 87,000 How much is the owner's equity?...
What is accounting equation?
SOLVING THE ACCOUNTING EQUATION - 10 POINTS State the Accounting Equation and use as a guide to complete the problems below: Solve for the missing value REQUIRED: USE THE EXPLANATIONS PROVIDED TO SHOW THE ACCOUNTING EQUATION AT THE BEGINNING OF THE YEAR, CHANGES DURING THE YEAR, AND THE ENDING BALANCES. THERE WILL BE 9 AMOUNTS TO COMPLETE FOR EACH DESCRIPTION At the beginning of the year, Always Balance Inc has liabilities equal $150,000. During the year, assets increase by $90,000...
SOLVING THE ACCOUNTING EQUATION - 10 POINTS State the Accounting Equation and use as a guide to complete the problems below: Solve for the missing value REQUIRED: USE THE EXPLANATIONS PROVIDED TO SHOW THE ACCOUNTING EQUATION AT THE BEGINNING OF THE YEAR, CHANGES DURING THE YEAR, AND THE ENDING BALANCES. THERE WILL BE 9 AMOUNTS TO COMPLETE FOR EACH DESCRIPTION At the beginning of the year, Always Balance Inc has liabilities equal $150,000. During the year, assets increase by $90,000...
Case Study : Nonprofit Hospital Accounting Equation The expanded accounting equation for a nonprofit is as follows: Assets = Liabilities + Net assets + Revenues – Expenses Assignment: a) Indicate all financial effects of each transaction on the expanded accounting equation See transaction 1 below- effect on equation is increase of Assets and Liabilities for $5M each - everything is in excel, below it shows transaction descriptions of 1-10, then Assets, Liabilities, Net Assets, Revenues, Expenses b) After recording the...
LO3. What is the accounting equation? a) Please write the basic accounting equation: a. List 3 examples of Assets b. List 3 examples of Liabilities. c. In your own words, what is Equity
TF QU.02-07 The accounting equation must be... The accounting equation must be in balance at the end of the accounting period, but does not necessarily need to be in balance after each individual transaction is recorded True or False True False < Prev 18 of 19 il Next > MacBook Air
Begin by identifying the accounting equation and the formula to calculate the change in the stockholders' equity during a period Begin by identifying the accounting equation and the formula to calculate the change in the stockholders' equity during a period
If the owner contribute $8100 and the writer withdraws $36700 how much is net income loss