What is the amount of total assets on this accounting question? A company entered into the following transactions:1. Borrowed $5,100 from the bank by signing a promissory note.2. Issued stock to owners for $11,000.3. Purchased $1,100 of supplies, on the account.4. Paid $500 to suppliers as payment on account for the suppliespurchased.What is the amount of total assets?a. $16,100b. $5,700c. $16,700d. $17,200

Step 1:- Define AssetsAssets can be defined as something of value that a company uses in the…

Answered: A company entered into the following…

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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In the process of your examination of the financial statements of the Malu-oy Company for the year ended December 31, 20X6, you obtained the following data on its current account. The bank statement on November 30, 20X6 showed a balance of P76,500. Among the bank credits in November was a customer’s note for P25,000 collected for the account of the company which the company recognized in December among its receipts. Included on the bank debits were cost of checkbooks amounting to P300 and a P10,000 check which was charged by the bank in error against Malu-oy Company account. Also in November, you ascertained that there were deposits in transit amounting to P20,000 and outstanding checks totaling P42,500. The bank statement for the month of December showed total credit of P104,000 and total charges of P51,000. The company’s books for December showed total receipts of P183,900, disbursements of P101,800 and a balance of P121,400. Bank debit memos for December were: No. 14334 for service…
A business commenced with a bank balance of $3,250; it subsequently purchased goods on credit for $10,000; gross profit mark-up was 120%; half the goods were sold for cash, less cash discount of 5%; all takings were banked. The resulting net profit was A $700 B $3,700 C $5,450 D $5,700
PROBLEM 1: You obtained the following information on the current account of BUGOY CORP. During your examination of its financial statements for the year ended December 31, 2021. The bank statement on November 30, 2021 showed a balance of P918,000. Among the bank credits in November was customer's note for P300,000 collected for the account of the company which the company recognized in December among its receipts. Included in the bank debits were cost of checkbooks amounting to P3,600 and a P120,000 check which was charged by the bank in error against Bugoy's account. Also in November you ascertained that there were deposits in transit amounting to P240,000 and outstanding checks totaling P510,000. The bank statement for the month of December showed total credits of P1,248,000 and total charges of P612,000. The Company's books for December showed total debits of P2,206,800, total credits of P1,221,600 and a balance of P1,456,800. Bank debit memos for December were: No. 121 for service…
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A company received a bank statement with a balance of $6,400. Reconciling items included a bookkeeper error of $400 a $400 check recorded as $700—two outstanding checks totaling $800, a service charge of $23, a deposit in transit of $280,and interest revenue of $21. What is the adjusted bank balance? A. $5,480 B. $5,178 C. $5,880 D. $5624

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