On May 31 of the current year, the assets and liabilities of Riser, Inc. are as...
On May 31 of the current year, the assets and liabilities of Riser, Inc. are as follows: Cash $14,800; Accounts Receivable, $6,950; Supplies, $500; Equipment, $11,550; Accounts Payable, $8,850. What is the amount of equity as of May 31 of the current year?
Homework Answers
Cash + Accounts Receivable + Supplies + Equipment = Accounts Payable + Equity
14,800+6,950+500+11,550 = 8,850+Equity
33,800 = 8,850+Equity
Therefore, Equity = 33,800-8,850 = $24,950
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On May 31 of the current year, the assets and liabilities of
Riser, Inc. are as...
On July 1 of the current year, the assets and liabilities of John Wong, DVM, are...
On July 1 of the current year, the assets and liabilities of John Wong, DVM, are as follows: Cash, $10,927, Accounts Receivable, $8,456; Supplies, $1,827; Land, $24,652; Accounts Payable, 55,972. What is the amount of stockholders' equity as of July 1 of the current year?
MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 34,500 $...
MONTGOMERY INC.
Comparative Balance Sheets
December 31
Current Year
Prior Year
Assets
Cash
$
34,500
$
34,900
Accounts receivable, net
10,000
12,400
Inventory
89,600
71,700
Total current assets
134,100
119,000
Equipment
49,600
42,400
Accum. depreciation—Equipment
(22,400
)
(15,600
)
Total assets
$
161,300
$
145,800
Liabilities and Equity
Accounts payable
$
23,800
$
25,900
Salaries payable
400
500
Total current liabilities
24,200
26,400
Equity
Common stock, no par value
117,100
108,500
Retained earnings
20,000
10,900
Total liabilities and equity
$...
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17. On November 1 of the current year, the assets and liabilities of Jim Chu, M.D., are as follows: Cash, $10,000; Accounts Receivable, $8,200; Supplies, $1,050; Land, $25,000; Accounts Payable, $6,530. What is the amount of the stockholders' equity (Jim Chu's capital) as of November 1 of the current year? a. $37,720 b. $44,430 c. $21,500 d. $48,780 I
The assets and liabilities of Thompson Computer Services at March 31, the end of the current...
The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year are listed below. The common stock was $121,100 and the retained earnings were $58,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $24,100 in stock. Accounts payable $1,820 Miscellaneous expense $1,010 Accounts receivable 10,370 Office expense 1,270 Cash 18,730 Supplies 1,670 Fees earned 67,840 Wages expense 22,440...
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The assets and liabilities of Thompson Computer Services atMarch 31, the end of the current...
The assets and liabilities of Thompson Computer Services at
March 31, the end of the current year, and its revenue and expenses
for the year are listed below. The capital of the owner was
$180,000 at April 1, the beginning of the current year. Mr.
Thompson invested an additional $25,000 in the business during the
year. Accounts payable $ 2,000 Miscellaneous expense $ 1,030
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The assets and liabilities of Thompson Computer Services at March 31, the end of the current...
The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year are listed below. The capital of the owner was $186,800 at April 1, the beginning of the current year. Mr. Thompson invested an additional $15,900 in the business during the year. Accounts payable $1,200 Miscellaneous expense $580 Accounts receivable 8,970 Office expense 470 Cash 34,990 Supplies 1,670 Fees earned 70,870 Wages expense 32,590 Land 45,700...
On July 1 of the current year, the assets and liabilities of John Wong, DVM, are as follows: Cash, $10,927, Accounts Receivable, $8,456; Supplies, $1,827; Land, $24,652; Accounts Payable, 55,972. What is the amount of stockholders' equity as of July 1 of the current year?
MONTGOMERY INC.
Comparative Balance Sheets
December 31
Current Year
Prior Year
Assets
Cash
$
34,500
$
34,900
Accounts receivable, net
10,000
12,400
Inventory
89,600
71,700
Total current assets
134,100
119,000
Equipment
49,600
42,400
Accum. depreciation—Equipment
(22,400
)
(15,600
)
Total assets
$
161,300
$
145,800
Liabilities and Equity
Accounts payable
$
23,800
$
25,900
Salaries payable
400
500
Total current liabilities
24,200
26,400
Equity
Common stock, no par value
117,100
108,500
Retained earnings
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10,900
Total liabilities and equity
$...
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