1. Compute the owner's equity for Norman Gonzales on Dec. 31, 20X1 based on thefollowing data:Norman Gonzales, Capital January 1, 20X1Norman Gonzales, Cash Drawings for 20X1Norman Gonzales, Additional Investment 20X1P450,000120,00080,000Net Income 20X190,000

Owner equity means the amount that belong to the owner of the business. Any profit will increase…

Answered: 1. Compute the owner's equity for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question 2: If a business owns a piece of eal estate worth $250,000, and they owe 180,000 on a loan for that real state, what s owners' equity in the propert,?
Problem 1 At the end of the its first year of operations on December 31, 2020, HEART ATTACK Company's accounts show the following: Partner Mr. Chicharon Mr. Bulalo Mr. L. Kawali Drawings P 23,000 P 14,000 P 10,000 Capital P 48,000 P 30,000 P 25,000 The capital balances represents each partner's initial capital investment. Therefore, net income or net loss for 2020 has not been closed to the partners' capital accounts. Instructions: a. Journalize the entry to record the division of net income for the year 2020 under each of the following independent assumptions. 1. Net income is P 30,000. Income is shared 6:3:1 2. Net income is P 40,000, Mr. Chicharon and Mr. Bulalo are given salary allowances of P 15,000 and P 10,000, respectively. The remainder is shared equally. 3. Net income is P 19,000. Each partner is allowed interest of 10% on beginning capital balances. Mr. Chicharon is given a P 15,0000 salary…
Juan and Pedro have the following transactions during the year:Juan:Beginning capital – 01/01/2022 – 1,000,000Debit - - 08/01/2022 – 300,000Debit - - 09/01/2022 – 800,000Credit - - 10/30/2022 – 900,000Credit - - 04/01/2022 – 70,000Pedro:Beginning capital – 01/01/2022 – 700,000Debit - - 09/01/2022 – 100,000Debit - - 05/30/2022 – 90,000Credit - - 11/30/2022 – 500,000Credit - - 06/30/2022 – 100,000What is the ratio of Juan’s share in income if the partnership calls for profit sharing equivalent to the average capital ratio?
Received $17000 cash investment from the business owners and distributed 1000 shares of common stock to them with a market price of $17 per share? which accounts are affected in this transactions?
A corporation using the equity method of accounting for its investment in a 80%–owned investee, which earned $20,000 and paid $5,000 in dividends What is the ending balance of investment on 31/12 if investment in 1/1 amount 100,000$ ? Select one: a. 112,000 b. 115,000 c. 120,000 d. 100,00
B, C D are partners in a firm. Their Balance Sheet as on 31/12/2021 is as follows: Liabilities R.O Assets R.O Creditors 10,000 12,000 Plant and Machinery 12,000 Furniture and fittings General Reserve 10,000 Capitals: Debtors 5,000 B: 10,000 Stock 15,000 Investment 14,000 C: 10,000 D: 10,000 30,000 Total 54,000 Total 54,000 C died on 30-7-2021. The partnership provides that the representative of the deceased partner shall be entitled to: • Balance of the capital account of the deceases partner • Interest on capital at 3% p.a. up to date of death. • His share of profits up to date of death on the average of last 3 years' profit. • His share of any undistributed profits and losses as per last balance Sheet. • Profits for the last 3 years was OMR 30,000, OMR 40,000, OMR 20000 (Loss) • Determine the amount payable to the legal representative of C.
S. Panya has total assets of $1,000,000; common equity of $400,000; a gross profit of $800,000; total operating expenses of $620,000; interest expense of $20,000; income taxes of $74,000; and preferred dividends of $30,000. What is S. Panya's return on equity? A. 20% B. 14% C. 7.5% D. 21.5%
Instructions Instructions Chart of Accounts General Journal Gavin invested $42,000 in the Jason and Kelly Partnership for ownership equity of $42,000. Prior to the investment, land was revalued to a market value of $412,000 from a book value of $211,000 Jason and Kelly share net income in a 1:2 ratio. Required: a. Provide the journal entry for the revaluation of land. b. Provide the journal entry to admit Gavin." *Refer to the Chart of Accounts for exact wording of account titles.
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1. Compute the owner's equity for Norman Gonzales on Dec. 31, 20X1 based on the following data: Norman Gonzales, Capital January 1, 20X1 Norman Gonzales, Cash Drawings for 20X1 Norman Gonzales, Additional Investment 20X1 Net Income 20X1 P 450,000 120,000 80,000 90,000