Homework Answers
| A | ||
| Assets as of December 31,2017 | 1000000 | |
| Less: Liabilities as of December 31,2017 | 550000 | |
| Owner's Equity as of December 31,2017 | 450000 | |
| B | ||
| Assets as of December 31,2018 | 930000 | =1000000-70000 |
| Less: Liabilities as of December 31,2018 | 610000 | =550000+60000 |
| Owner's Equity as of December 31,2018 | 320000 | |
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Number 1 2018720 Semester Name: Student number: Score: 1, Mik December 31, 2017, XYZ Company has...
1.John is the owner and operator of A Star Company, a motivational consulting business. At the...
1.John is the owner and operator of A Star Company, a motivational consulting business. At the end of its accounting period, December 31, 2017, A Star has assets of $900,000 and liabilities of $250,000. Using the accounting equation, determine the following amounts: A. Owner's equity, as of December 31, 2017 B. Owner's equity, as of December 31, 2018, Assuming that assets increased by $230,000 and liabilities decreased by $30,000 during 2018
Question: The financial statements of XYZ Company appear below: XYZ COMPANY Comparative Balance Sheet December 31,...
Question: The financial statements of XYZ Company appear below: XYZ COMPANY Comparative Balance Sheet December 31, Assets Cash .........+4000... Short-term investments. Accounts receivable (net)...-9000 Inventory Property, plant and equipment (net) ........ Total assets ...... 2018 $ 35,000 15,000 50,000 50,000 250.000 $400.000 2017 $ 40,000 60,000 30,000 70,000 300.000 $500.000 Liabilities and stockholders' equity Accounts payable......... $ 10,000 Short-term notes payable ................. 40,000 Bonds payable ...... 88,000 Common stock ............ .....2.1.X 160,000 Retained earnings.- 960.0. 102.000 Total liabilities and stockholders'...
Inspirational Inc. is a motivational consulting business. At the end of its accounting period, December 31,...
Inspirational Inc. is a motivational consulting business. At the end of its accounting period, December 31, 2017, Inspirational has assets of $623,840 and liabilities of $197,130. Using the accounting equation and considering each case independently, determine the following amounts. a. Stockholders' equity as of December 31, 2017. b. Stockholders' equity as of December 31, 2018, assuming that assets increased by $98,570 and liabilities increased by $59,260 during 2018. Stockholders' equity as of December 31, C. 2018, assuming that assets decreased...
PE 1-2A Accounting equation Obj. 3 Example Exercise 1-2 Show Me How Terry Fleming is the...
PE 1-2A Accounting equation Obj. 3 Example Exercise 1-2 Show Me How Terry Fleming is the owner and operator of Go For It LLC, a motivational consulting business. At the end of its accounting period. December 31, 2018. Go-For-It has assets of $675,000 and Tabilities of $215,000. Using the accounting equation, determine the following amounts a Owner's equity as of December 31, 2018 b. Owner's equity as of December 31, 2019 assuming that assets increased by $112,300 and liabilities increased...
KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current...
KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 52,390 $ 37,924 $ 51,748 Long-term investments 0 500 3,950 Plant assets, net 100,000 96,000 60,000 Total assets $ 152,390 $ 134,424 $ 115,698 Liabilities and Equity Current liabilities $ 22,800 $ 19,960 $ 20,300 Common stock 72,000 72,000 60,000 Other paid-in capital 9,000 9,000 6,000 Retained earnings 48,590 33,464 29,398 Total liabilities and equity $ 152,390 $ 134,424 $ 115,698 3....
Homework Problem 1-4A Preparing a statement of owner's equity LO P2 As of December 31, 2017....
Homework 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 $11.96 10,900 7.900 6.900 26,800 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 expen 10,800 14,989 25,880 21.909 13, see Required: Prepare a yearend statement of owner's equity for Armani...
compute the missing amount for Smith company will need to work through owners equity. Score: 0...
compute the missing amount for Smith company will need to work
through owners equity.
Score: 0 of 3 pts 3 of 7 (2 complete) E1-24 (similar to) The records of Smith Company show the following at December 31, 2018 E (Click the icon to view the data.) Requirements 1. Compute the missing amount for Smith Company. You will need to work through owner's equity 2. Did Smith earn a net income or suffer a net loss for the year? Compute...
Exercise 242 On December 31, 2017, Colski Company prepared an income statement and balance sheet and...
Exercise 242 On December 31, 2017, Colski Company prepared an income statement and balance sheet and failed to take into account three adjustments. The incorrect income statement showed net income of $40,000. The balance sheet showed total assets, $130,000; total liabilities, $60,000; and stockholders' equity, $70,000. The data for the three adjustments were (1) Depreciation of $9,000 was not recorded on equipment. (2) Salaries and wages amounting to $10,000 for the last two days in December were not paid and...
OSHUA COMPANY Comparative Balance Sheets December 31, 2016 and 2017 2017 2016 Current assets: Cash and...
OSHUA COMPANY Comparative Balance Sheets December 31, 2016 and 2017 2017 2016 Current assets: Cash and cash equivalents $ 204 $ 133 Accounts receivable 267 157 Inventories 131 264 Prepaid insurance 12 42 Total current assets 614 596 Long term assets: Property, plant, and equipment 245 260 Less accumulated depreciation - 140 - 125 Property, plant, and equipment, net 105 135 Total assets $ 719 $ 731 Current liabilities: Accounts payable $ 97 $ 83 Wages payable 20 17 Current...
scc EX 1-7 Accounting equation Show We Obj. 3, 4 Annie Rasmussen is the owner and...
scc
EX 1-7 Accounting equation Show We Obj. 3, 4 Annie Rasmussen is the owner and operator of Go4, a motivational consulting business. At the end of its accounting period. December 31, 2018, Go44 has assets of $720,000 and liabilities of $180,000. Using the accounting equation and considering each case independently, determine the following amounts: a. Annie Rasmussen, capital, as of December 31, 2018, b. Annte Rasmussen, capital, as of December 31, 2019, assuming that assets increased by $96.500 and...
1.John is the owner and operator of A Star Company, a motivational consulting business. At the end of its accounting period, December 31, 2017, A Star has assets of $900,000 and liabilities of $250,000. Using the accounting equation, determine the following amounts: A. Owner's equity, as of December 31, 2017 B. Owner's equity, as of December 31, 2018, Assuming that assets increased by $230,000 and liabilities decreased by $30,000 during 2018
Question: The financial statements of XYZ Company appear below: XYZ COMPANY Comparative Balance Sheet December 31, Assets Cash .........+4000... Short-term investments. Accounts receivable (net)...-9000 Inventory Property, plant and equipment (net) ........ Total assets ...... 2018 $ 35,000 15,000 50,000 50,000 250.000 $400.000 2017 $ 40,000 60,000 30,000 70,000 300.000 $500.000 Liabilities and stockholders' equity Accounts payable......... $ 10,000 Short-term notes payable ................. 40,000 Bonds payable ...... 88,000 Common stock ............ .....2.1.X 160,000 Retained earnings.- 960.0. 102.000 Total liabilities and stockholders'...
Inspirational Inc. is a motivational consulting business. At the end of its accounting period, December 31, 2017, Inspirational has assets of $623,840 and liabilities of $197,130. Using the accounting equation and considering each case independently, determine the following amounts. a. Stockholders' equity as of December 31, 2017. b. Stockholders' equity as of December 31, 2018, assuming that assets increased by $98,570 and liabilities increased by $59,260 during 2018. Stockholders' equity as of December 31, C. 2018, assuming that assets decreased...
PE 1-2A Accounting equation Obj. 3 Example Exercise 1-2 Show Me How Terry Fleming is the owner and operator of Go For It LLC, a motivational consulting business. At the end of its accounting period. December 31, 2018. Go-For-It has assets of $675,000 and Tabilities of $215,000. Using the accounting equation, determine the following amounts a Owner's equity as of December 31, 2018 b. Owner's equity as of December 31, 2019 assuming that assets increased by $112,300 and liabilities increased...
Homework 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 $11.96 10,900 7.900 6.900 26,800 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 expen 10,800 14,989 25,880 21.909 13, see Required: Prepare a yearend statement of owner's equity for Armani...
compute the missing amount for Smith company will need to work
through owners equity.
Score: 0 of 3 pts 3 of 7 (2 complete) E1-24 (similar to) The records of Smith Company show the following at December 31, 2018 E (Click the icon to view the data.) Requirements 1. Compute the missing amount for Smith Company. You will need to work through owner's equity 2. Did Smith earn a net income or suffer a net loss for the year? Compute...
Exercise 242 On December 31, 2017, Colski Company prepared an income statement and balance sheet and failed to take into account three adjustments. The incorrect income statement showed net income of $40,000. The balance sheet showed total assets, $130,000; total liabilities, $60,000; and stockholders' equity, $70,000. The data for the three adjustments were (1) Depreciation of $9,000 was not recorded on equipment. (2) Salaries and wages amounting to $10,000 for the last two days in December were not paid and...
scc
EX 1-7 Accounting equation Show We Obj. 3, 4 Annie Rasmussen is the owner and operator of Go4, a motivational consulting business. At the end of its accounting period. December 31, 2018, Go44 has assets of $720,000 and liabilities of $180,000. Using the accounting equation and considering each case independently, determine the following amounts: a. Annie Rasmussen, capital, as of December 31, 2018, b. Annte Rasmussen, capital, as of December 31, 2019, assuming that assets increased by $96.500 and...
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