4-2 account McGregor Insurance Agency started the year with a beginning capital balance of $27,500. During the year, McGregor Insurance Agency earned $34,000 of Service Revenue and incurred $23,500 of various expenses. McGregor withdrew $12,000 from the business. After the closing entries are recorded and posted, what will be the balance of McGregor, Capital?

4-2 account McGregor Insurance Agency started the year with a beginning capital balance of $27,500. During the year, McGregor Insurance Agency earned $34,000 of Service Revenue and incurred $23,500 of various expenses. McGregor withdrew $12,000 from the business. After the closing entries are recorded and posted, what will be the balance of McGregor, Capital?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Give me write answers and I give you good reviews
Do not give answer in image
Not Applicabl 16. UWner s Capital Activity #6: Accounting Equations 15,500,000. What is the amount of liabilities? respectively. What is the amount of the assets? c) The liabilities of Mindanao Farms equal one-third of the assets, and the oWners equity is 16,000,000. What is the amount of the liabilities? d) At the beginning of the year. LVM Consulting assets were 27,500,000, and its owner's equity was 15,000,000. During the year, assets increased 7,500,000 and liabilities decrease 2,250,000. What is the owner's equity at the end? 19 | Page Instructions: Use the accounting equations to answer the following: b) The liabilities and owner's equity of Visayas Tours are 7,200,000 and 7,950,00, a) The assets of Luzon Petroleum are 40,000,000, and the owner's equity is
Scenario: It's 12/31 and I'm doing financial statement accounting adjustments. On October 1st, my company borrowed $25,000 from the a bank involving a 1-year, 12% note payable. Principal ands interest are due after 1 year. On the Balance Sheet, I thought the Liabilities and Stocholders Equity would be $7k and -$7k, respectively, but that's not correct. I figured for the Income Statement, the Expenses and Net Income would be $7k and -$7k, respectively. That also isn't correct. The categories are correct, but my $ figures aren't. Could someone please help.
Analyze: Assume the business earned net income of $141,000. If 20X1 was the first year of operation, what balance should be reflected for the Rosie Wilsman, Capital account at the end of the year if Wilsman's beginning capital was $101,000? Complete this question by entering your answer in the tabs below. Required 1 Required 2 Analyze Prepare general journal entries to close the Income Summary account and the partners' drawing accounts. View transaction list View journal entry worksheet No Date General Journal 3 December 31, 20X1 2 December 31, 20X1 December 31, 20X1 Income summary Rosa Escobedo, Capital Rosie Wilsman, Capital Rosie Wilsman, Capital Rosie Wilsman, Drawing Rosa Escobedo, Capital Rosa Escobedo, Drawing Required 2 > Debit Credit 141,000 56,400 84,600 43,200 43,200 56,400 43,200 43,200
-Prepare the closing entries -Post the entries to the T accounts
On March 1, Blossom Co. began construction of a small building. The following expenditures were incurred for construction: March 1 April 1 May 1 June 1 July 1 $301,200 267,600 789,600 (a) 1,185,600 402,000 The building was completed and occupied on July 1. To help pay for construction $191,000 was borrowed on March 1 on a 12%, three- year note payable. The only other debt outstanding during the year was a $1,887,000, 10% note issued two years ago. Calculate the weighted-average accumulated expenditures. The weighted-average accumulated expenditures LA
1 Assume an investor deposits $115,332 in a professionally managed account. One year later, the account has grown in value to $147,367 and the investor withdraws $44,209. At the end of the second year, the account value is $91,455. No other additions or withdrawals were made. Calculate holding period return during year 2. Round the answer to two decimals in percentage form. Please write % sign in the units box. Your Answer: 2 Assume an investor deposits $118,152 in a professionally managed account. One year later, the account has grown in value to $149,976 and the investor withdraws $42,343. At the end of the second year, the account value is $91,322. No other additions or withdrawals were made. Calculate holding period return during year 2. Round the answer to two decimals in percentage form. Please write % sign in the units box. Answer:
Instructions The capital accounts of Hassan Khan and Dmitri Palovich have balances of $877,500 and $710,800, respectively, on January 1, 20Y4, the beginning of the fisca year. On July 10, Khan invested an additional $25,000. During the year, Khan and Palovich withdrew $110,000 and $150,000, respectively, and net income for the year was $325,000. Revenues were $1,260,000, and expenses were $935,000. The articles of partnership make no reference to the division of net income. a. Journalize the entries to close (1) the revenues and expenses and (2) the drawing accounts on December 31. b. Prepare a statement of partnership equity for the current year for the partnership of Khan and Palovich.
1. A company has a fiscal year-end of December 31: (1) on October 1, $13,000 was paid for a one-year fire insurance policy; (2) on June 30 the company advanced its chief financial officer $11,000; principal and interest at 5% on the note are due in one year; and (3) equipment costing $61,000 was purchased at the beginning of the year for cash.Prepare journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 3. Equipment costing $61,000 was purchased at the beginning of the year for cash.
Accounting Shane Tamarisk began a business, on January 1 2024 with an investment of $115,000. The company had the following assets and liabilities on the dates indicated: December 31 total assets $376,000 $440,000 $525,000 total liabilities $205,000 $280,000 $325,000 2024 2025 2026 1) In 2024, assuming Shanes's drawings were $50,000 for the year how much was his profit or loss? 2) In 2025, assuming Shane made an additional investment of $51,000 for the year and no drawings in 2024, how much was his profit or loss? 3) In 2026, assuming Shanes made an additional investment of $10,000 and his drawings were $41,000 for the year, how much was his profit or loss?
Hello I need some help, also need B, C, D, E, F, G, H, I