At the beginning of the year, the assets of Baby Shark Services were P360,000 andits owners equity was P200,000. During the year, assets increased by P120,000 andliabilities increased by P20,000. What was the owners equity at the end of the year?Select your answer.160,000300,000200,000140,000

Answered: Image /qna-images/answer/04f311fe-f5b5-405c-a77f-dc629f20b02a.jpg

Answered: At the beginning of the year, the…

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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At the beginning of the current fiscal year, the balance sheet of Cummings Company showed liabilities of $431,000. During the year, liabilities decreased by $74,000, assets increased by $152,000, and paid-in capital increased by $17,000 to $370,000. Dividends declared and paid during the year were $123,000. At the end of the year, stockholders' equity totaled $752,000. Required: Calculate net income or loss for the year. Note: Amounts to be deducted should be indicated with a minus sign. Beginning Changes Changes Ending Assets $ 957,000 152,000 Liabilities $ 431,000+ $ (74,000) + $ 74,000+ Stockholders' Equity RE PIC + 17,000+ 17,000+ $ 370,000+ $752,000 SE
Casello Mowing & Landscaping’s year-end 2018 balance sheet lists current assets of $436,600, fixed assets of $551,400, current liabilities of $418,000, and long-term debt of $317,300. Calculate Casello’s total stockholders’ equity. (Enter your answer in dollars. Round your answer to the nearest dollar amount.)
2.The Moon Company had net income in 2022 of AED 40 million. Here are some of the financial ratios from the annual report. Return on Assets = 5% Debt Assets Ratio = 55% Profit Margin = 4.5% Inventory in days = 20 days Using these ratios, calculate the following for the Remal Company: a) Salesb) Total assetsc) Total asset turnover d) Total debte) Stockholders' equity f) Return on equityg) Inventory
1) John made the following investments in Stock A. Calculate his money-weighted return earned over the 5- year period. The cost of equity for Stock A is 10% p.a. Balance from previous year New investment by investor Net balance at beginning of year Investment return for the year Investment gains or (loss) Withdrawal by investor Balance at end of year 1 0 100 100 -50% -50 0 50 2 50 950 1000 35% 350 -350 1000 3 1000 0 1000 27% 270 0 1270 4 1270 230 1500 10% 150 -150 1500 5 1500 0 1500 20% 300 -1800 0
During the year, a merchandising company had the following transactions: Generated 300.000 TL revenue and incurred 225.000 TL expense. Issued new shares of 20.000 at a price of 1,2 TL (par value is 1 TL). Repurchased 10.000 of these new shares at a price of 1,1 TL. Sold these repurchased shares at a price of 0,5 TL. Revalued its headquarters building as well as its one of the rental properties. The increases in the relevant equity and income items have been found to be 15.000 TL and 20.000 TL. Suppose that the ending retained earnings balance in the Statement of Changes in Shareholders Equity is 105.000 TL. Then, what was the opening balance of the retained earnings at the beginning of the year? a) 10.000 TL b) 16.000 TL c) 20.000 TL d) 26.000 TL
The balance sheet of Pacific Ocean Resort reports total assets of $660,000 and $810,000 at the beginning and end of the year, respectively. The return on assets for the year is 16%. Calculate Pacific Ocean's net income for the year.
Last year, you purchased 700 shares of GreenZone Energy Corp stock at $630 per share. You later sold all the shares for $675 per share. What is your holding period return on this investment? Enter your answer as a percentage rounded to 2 decimal places.
Walter Mart has net assets of P3,358,000 after liabilities of P1,267,000 at the end of the year. What is Walter Mart's equity at year-end?
At the beginning of last year, you invested €4000 in 80 shares of an EU based company. During the year, the company paid dividends of €5 per share. At the end of the year, you sold the 80 shares for €59 a share. Calculate your total HPY on these shares and indicate how much was due to the price change and how much was due to the dividend income.
26 )
Sherwood, Inc., had the following current assets and current liabilities at the end of two recent years: Year 2(in millions) Year 1(in millions) Cash and cash equivalents $4,165 $4,528 Short-term investments, at cost 2,958 8,408 Accounts and notes receivable, net 9,404 8,624 Inventories 1,771 787 Prepaid expenses and other current assets 590 291 Short-term obligations (liabilities) 315 3,342 Accounts payable and other current liabilities 7,453 6,813 a. Determine the (1) current ratio and (2) quick ratio for both years. Round to one decimal place. Year 2 Year 1 Current ratio fill in the blank 1 fill in the blank 2 Quick ratio fill in the blank 3 fill in the blank 4
48

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