1.8A R. Hill is starting a business. Before starting to sell anything, he bought fixtures for £3,200, avan for £4,750 and an inventory of goods for £2,340. Although he has paid in full for the fixtures andthe van, he still owes £1,910 for some of the inventory. P. Harding lent him £5,000. After the above,Hill has £520 in the business bank account and £100 cash in hand. You are required to calculate hiscapital.

The balance sheet equation, also known as the accounting equation, is a fundamental concept in…

Answered: 1.8A R. Hill is starting a business.…

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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Record the following transaction in the transaction analysis chart: Shawna Portia bought a new piece of computer equipment for $25,000, paying $6,000 down and charging the rest.
II. Accounting Vouchers Entries Enter the following transactions in the same company created above. (Create ledger accounts wherever necessary) Date Transactions 10 – 4- 2021 Mr. Salman invested additional Capital 15,000 to develop his business. 18 – 4- 2021 He purchased Phones from Mina Phones for RO 10,000 out of which 60% paid in cash and 40% on credit. (Credit Invoice No. B1) 22 - 4- 2021 The owner sold phones to Grand Phones for RO 12,000 (Credit Invoice No.1) 25 – 4- 2021 The business returned RO 2,000 worth of phones 27 - 4- 2021 Mr. Salman received an invoice for RO 500 from Akbar Travels. This invoice includes RO 200 towards Ticket expense RO 300 towards Dubai trip undertaken by him. (Invoice No. AB1) Term : 10 days 29 - 4- 2021 Grand Phones returned RO 800 worth of phones 30 – 4- 2021 The owner received cash from Grand phones RO 11,150 in full settlement of their account.
this is for financial mathematics, thank youuuuu
3
g). Problem 20 Cnartan started a mobile ice cream service on January 2, 20X5, depositing $10,000 of her unds in a bank account in the name of Spartan Mobile Ice Cream. She purchased a fully auipped truck and operated the business on a cash accounting basis for the first year. She provided you with the following information: 1. She purchased a $30,000 fully equipped truck in early January that is depreciable at 25 percent per year. She paid $5,000 cash and financed $25,000 on a note at 6 percent interest.
thank youuu!!
38
I invest $10,000 in a new company. The company then gets a bank loan for $5,000. The company then buys a machine for $3,000 and inventory for $2,000. Create a balance sheet for the company.
Bob Jacobs wishes to expand his business and has borrowed $100,000. As a condition for making this loan, the bank requires that the business maintain a current ratio of at least 1.50. Business has been good but not great. The expansion costs have brought the current ratio down to 1.20 in the middle of December. Bob, as the owner of the business, is considering what might happen if he reports a current ratio of 1.4 to the bank. One possible action for Bob is to record in December $10,000 of revenue that the business will earn in January of next year. He thinks this is doable because the contract for this job has been signed. Journalize the revenue transaction and indicate how recording this revenue in December would affect the current ratio. Discuss whether it is ethical to record the revenue transaction in December. Identify the accounting principle relevant to this situation. and give the reasons underlying your conclusion. Propose an ethical action for Bob Jacobs.
25-Mr. Said Al busaidi is a trader of Mobile business. Which of the following transactions will be recorded in his cash disbursement Journal? a. Bought mobiles worth RO 30,000 from Muscat Supplies LLC 2/10, n/30 b. Bought mobiles worth RO 18,000 from Nizwa Mobiles under the terms of 2/10 n/30 c. Received cash from Sohar Supplies LLC for RO 12,500 d. Cash paid to Muscat Mobiles LLC RO 12,500
TRANSACTION : He bought a 10k office equipment paying 3k cash only and the balance will be paid after 30days QUESTIONS 1. So if recording in LEDGER (account name : CASH) is the 3k will be recorded on credit or the 10k? 2. In the LEDGER (account name : OFFICE EQUIPMENT) is the 10k must be recorded on the debit or the 3k? Please be on point on the answer, I'm just a little bit confused to this situation, thankyou! Don't answer the pic attached just answer my 2 questions only

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