Andrea Apple opened Apple Photography on January 1 of the current year. DuringJanuary, the following transactions occurred and were recorded in the company's book1. Andrea invested $13,500 cash in the business.2. Andrea contributed $20,000 of photography equipment to the business.3. The company paid $2,100 cash for office furniture.4. The company received $5,700 cash for services provided during January.5. The company purchased $6,200 of office equipment on credit.6. The company provided $2,750 of services to customers on account.7. The company paid cash of $1,500 for monthly rent.8. The company paid $3,100 on the office equipment purchased in transaction #5above.9. Paid $275 cash for January utilities.Based on this information, the amount reported as Owner Capital on the balance sheetat month-end would be:

An owners capital account is the equity account in the balance sheet of a business. It represents…

Answered: Based on this information, the amount…

Business

Accounting

Based on this information, the amount reported as Owner Capital on the balance sheet at month-end would be:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Requirement 7. Calculate the following ratios as of January 31, 2025 for Milton Delivery Service:…

A: Return on Assets: Return on assets (ROA), which is often referred to as return on total assets, is a…

Q: The following are the typical classifications used in a balance sheet: a. Current assets…

A: Balance sheet shows the financial position of the organisation and it has three sections assets,…

Q: Required information Problem 1-2A (Algo) Computing missing information using accounting knowledge LO…

A: Stockholder's Equity -Stockholder's Equity includes the amount contributed by shareholders issued in…

Q: Unadjusted Trial Balance Debit 975 Adjustments Credit Credit Debit Cash Accounts receivable Prepaid…

A: Net Income is calculated by reducing the expenses from the Service Revenue.

Q: sponding item on a diffe or key amount on the sa ustry average.

A: The correct statement is b. a total or key amount on the same statement

Q: can refer to a company's remaining revenues after paying all expenses and taxes. Select one: a.…

A: Revenue is the total amount of income generated by business by way of selling of goods and services.…

Q: ne debt to O the F

A: The debt to asset ratio is a leverage ratio that measures the number of total assets that are…

Q: What is the base vertical analysis on the balance sheet? The first year presented Total…

A: Horizontal and Vertical analysis are one of the tools for analysis of financial statements. It helps…

Q: What is the amount of change in retained earnings for the year?

A: Retained earnings: Retained earnings are the portion of earnings kept by the business for the…

Q: Calculate Return on Total Assets each year separately.

A: Return on Total Assets= EBITAverage Total Assets

Q: How do you calculate average total assets when your annual report only shows the beginning of the…

A: Return on investments (assets): Return on investments (assets) is the financial ratio which…

Q: Based on the foregoing facts, how much total current assets should be reported on the statement of…

A: Answer - Current Assets - A current asset is an item that get easily converted into cash on an…

Q: 17) Based on the balance sheet given for Just Dew It, calculate the following financial ratios for…

A: Here in this question we are required to make ratio analysis for various ratios. Ratio analysis is…

Q: Income Statement

A: Retained earnings refers to that portion of the profit or earnings of a company which is retained or…

Q: Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets…

A: The comparative balance sheet is prepared to get the side-by-side information about the liabilities,…

Q: List the amount of Current Assets and Current Liabilities for the currently reported year, and for…

A: Introduction:- Ratio analysis used identify the business performance of the company. It is used to…

Q: Assets used to generate revenue for a period longer than one year are called :Select one A. Fixed…

A: Assets indicate the resources owned by the company and shows in the balance sheet which represent…

Q: On a consolidated balance sheet as of January 2, calculate the amounts for each of the following: a.…

A: Current assets are those assets that can be converted into cash within a year whereas noncurrent…

Q: From the following accounts (not in order), prepare a post-closing trial balance for Whitbold Co. on…

A: Accounting cycle ends with the post-closing trial balance and expenses and revenue accounts are not…

Q: To calculate a year-to-year percentage change in any financial statement line item such as sales,…

A: The ratio analysis is performed to compare the different elements of the financial statements of the…

Q: Lin horizontal aant anal ysis, eash item is expressed as a Percentage of the (a) net inconr amounb.…

A: Horizontal analysis is carried out with a view to show the changes in values of financial statement…

Q: COBLEM 14–18 Common-Size Statements and Financial Ratios for a Loan Application LO14–1, 14-2,…

A: (a) Sabin Electronics…

Q: What is the value of operations at Year 0? How does the Year-0 value of operations compare with the…

A: Data given: Year Cash Flow ($) 1 -13 2 8.36 3 45.738 4 48.0249 Discount rate=9%

Q: hich of the following provides information about how many months of living expenses you can cover…

A: Just like companies we also use financial ratios for a person to determine the state of financial…

Q: Choy, after receiving her degree in Hotel and Restaurant Management began her own business called…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: The company’s profitability on each dollar invested in assets is represented by which of the…

A: The correct option is option “C”. Return on assets.

Q: Return on total assets; a company reports the following income statement and balance sheet…

A: ROTA stands for return on total assets which is accounting ratio that is determined by dividing the…

Q: What is the amount of working capital and the current ratio at the end of this year? What is the…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub parts for…

Q: How would each of the following items be reported on the balance sheet? Item Reported on…

A: “Since you have asked multiple sub-parts, we will solve the first three sub-parts for you. If you…

Q: Trend Analysis incorporates this into the calculations: income ratio debt ratio. Analysis year…

A: Trend analysis is the analysis of percentage change between two or more period. It shows the trend…

Q: The liability for a dividend is recorded on which of the following dates? a.last day of the fiscal…

A: Dividend: It is the portion of the profit which is distributed to the shareholders of the company

Q: Required: 1. The amount included as current asset in the financial statements of BUNNY related to…

A: The Current Assets are those assets from which the business is expected to derive economic benefits…

Q: What amounts did Target report for the following items for the year ended January 30, 2016?a. Total…

A: Target reported the following items for the year ended January 30,2016:

Q: Use the Income Statement worksheet below to answer: Which of the following items on the Income…

A: Income statement is the financial statement which shows the profitability of the entity and balance…

Q: Consider the following company’s balance sheet and income statement. Number of days in inventory.…

A: Inventory days is the velocity of inventory. It shows the average number of days taken by business…

Q: Iacouva Company reported the following on the company’s income statement for two recent years:…

A: Times-Interest-Earned Ratio Formula:

Q: Ratio of Liabilities to Stockholders' Equity and Times Interest Earned The following data were taken…

A: Ratio analysis is a tool used to measure and evaluate the financial condition and profitability of a…

Q: Average age of a company's long-term operating assets is computed as ________. Group of answer…

A: The objective of the question is to determine the correct formula for calculating the average age of…

Q: Calculate the change in the company's net working capital between the years 20x8 and 20x9. Explain…

A: The net working capital refers to the difference between the current assets and liabilities of the…

Q: Calculate the following profitability ratios for 2018 and 2019. a. Gross profit ratio b. Return…

A: The ratio analysis helps to analyse the financial statements of the business on the basis of various…

Q: Computing Working capital changes Data for Research Enterprises follows: Compute the dollar amount…

A: Working capital = Total current assets - Total current liability 2019 = $490,000 - $235,000 =…

Q: Use the Ulta annual report to calculate profit margin, total debt ratio, and cash ratio for the year…

A: Profit margin is the ratio of company profit to its sales. It is a profitably ratio and tell the…

Q: What is the current assets for each company? What are the short term investments for each company?…

A: As per our guidelines, we are supposed to answer only 3 sub-parts (if there are multiple sub-parts…

Q: Define each of the following terms:a. Annual report; balance sheet; income statement; statement of…

A: This question have more than 3 sub parts, solution for first three parts will be provided. If you…

Question

100%

Andrea Apple opened Apple Photography on January 1 of the current year. During
January, the following transactions occurred and were recorded in the company's book
1. Andrea invested $13,500 cash in the business.
2. Andrea contributed $20,000 of photography equipment to the business.
3. The company paid $2,100 cash for office furniture.
4. The company received $5,700 cash for services provided during January.
5. The company purchased $6,200 of office equipment on credit.
6. The company provided $2,750 of services to customers on account.
7. The company paid cash of $1,500 for monthly rent.
8. The company paid $3,100 on the office equipment purchased in transaction #5
above.
9. Paid $275 cash for January utilities.
Based on this information, the amount reported as Owner Capital on the balance sheet
at month-end would be:

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1 : Introduction

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Accounting provides information on (A) Cost and income for managers (B) Company’s tax liability for a particular year (C) Financial conditions of an institution (D) All of the above
Byers Company presents the following condensed income statement for 2019 and condensed December 31, 2019, balance sheet: Compute the following ratios for Byers ( round all computations to two decimals): ( 1) earnings per share, ( 2) gross profit margin, ( 3) operating profit margin, ( 4) net profit margin, ( 5) total asset turnover, ( 6) return on assets, (7) return on common equity, (8) receivables turnover (in days), and (9 ) interest coverage.
Base on the income statement below, and if my Ave total assets is 1,725.What is my Return on assets? Formula:Return on Assets = Net Income (before Interest znd Tax) / Average Total assets Thanks in Advance, expert!
Joseph Bright lists the following transactions for the period ended 30 September 2017. Classify EACH item as follows: i. Write either capital or revenue in the expenditure type column to indicate the type of expenditure involved or EACH item. ii. Insert a-check mark (√) in the appropriate column to indicate whether the item is reported-in the Statement of profit or loss or in the Statement of financial position. The first one is done as an example. Description CLASSIFICATION OF EXPENDITURE Expenditure Type Statement where item should be reported Statement of Profit Statement of Example Wages of the computer operators 1 Cost of customizing software for use in business 2 Installing thief detection equipment 3 Cost of paper used for printing receipts during the year 4 Cost of toner used by the computer printer 5 Cost of adding extra memory to the compute or loss Revenue financial position
The __________ is used to determine a sole proprietor’s or company’s worth by listing all the assets and liabilities. a income statement b balance sheet c productivity analysis d budget forecast
Find in Amount ($) and Percentage(%) for Year 2 over Year 1: Income Statement - (a) Operating Expense and interest expense (b) Earnings before income taxes (c) Income tax expenses
On the basis of this information, NUBD's weighted-average cost of capital is: (round-off to 2 decimal places)
How to calculate Net Operating Asset from this balance sheet for fiscal year-end 2015 .
Given below are the comparative balance sheets and an income statement for the excellent corporation. calculate the working capital at year end.
The Income Summary is always closed into the Capital account by the amount of: Select one: Revenue minus expenses Total assets minus total liabilities plus owner’s equity The Net Income from the previous year’s closed accounts Liabilities minus Capital plus drawings
What is the current year's accounts payable balance?
The balance of this account shows the net income or net loss for the period before it is closed to the capital account.