Beginning of Year:End of Year:AssetsNet Income (Loss)$29,000$60,000Owner,WithdrawalsLiabilities$15,0001) What is the equity at the beginning of the year?Beginning Equity 14000$25,0003) If the owner contributes $9,000 and the owner withdraws $41,400, how much is net income (loss)?5) If the owner contributes $17,000 and net income is $15,300, how much did the owner withdraw (owner,withdrawals)?2) What is the equity at the end of the year?Ending Equity350004) If net income is $2,300 and owner withdrawals are $9,200, how much did the owner contribute (owner,capital)?Owner, Capital6) If the owner contributes $41,600 and the owner withdraws $1,100, how much is net income (loss)?Net Income (Loss)

Lets understand the basics. As per balancing equation, total assets are always equal to total of…

Answered: Beginning of Year: End of Year: Assets…

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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derived the following income in 2020: Business income of P400,000 Compensation income of P200,000 Interest income from 5/6 lending to clients: P150,000 Interest income from bank deposits in the amount of P25,000. Royalty income for the sale of books where he is the author: P120,000. Capital gain on sale of personal car in the amount of P20,000. Capital gain on the sale of stocks directly to buyer: P30,000. Ordinary gain on sale of old office furniture in the amount of P10,000. Dividend income from stocks of San Miguel Corporation: P60,000. Proceeds received from the life insurance of his deceased father: P1,000,000 How much is the capital gain of X which is subject to capital gains tax?
Income Statement: The income statement of Taco Bell company is given for the years 2020 & 2019. 2020 2019 General and administrative expenses 25,000 24,000 Interest expense 1,200 1,500 Net sales $124,000 S138,000 Selling expenses 11,880 12,720 Income taxes $1,109.5 1,883 108 000 95,000 COGS 450 600 Gain on Sale of land l2020 and
The following information is from a new business Liabilities $122,000 153,000 #5.300 Owner's Equity $125,000 End of Year 1 End of Year 2 143,000 End of Year 3 134,700 Comment on the year-to-year changes in the accounts and possible sources and uses of funds (how were the funds obtained and used). End of Year It Asset ( Cof and combination of End of Year 2: Asset End of Year 31 Assets of withdrawals) Assets $250,000 296,000 220,000 used to financed by and combination of of taboties, company also had combination of tor amat net income offart by large
Problem 3: The records of ABC Trading for the current year show the following: December 31, 2020 January 1, 2020 500,000 150,000 Assets 300,000 Liabilities 50,000 During the year, the sole proprietor made a total withdrawal from the business amounting to 240,000. Using the information above, how much is the net taxable income using the Net Asset Approach?
Accounts Payable$ 46,000 Accounts Receivable23, 800Cash (balance on January 1, 2021)90, 400Cash ( balance on December 31, 2021)78,000Common Stock152, 500 Dividends0Equipment137, 700Income Tax Expense10, 200Interest Expense 29, 600Inventory 17, 300Notes Payable25,000Office Expense 14, 400Prepaid Rent7, 100 Retained Earnings (beginning)6, 800Salaries and Wages Expense35, 800Service Revenue139,800 Utilities Expense25, 200Salaries and Wages Payable9, 000 Other cash flow information: Cash from issuing common stock$ 22,000Cash paid to reacquire common stock24, 500Cash paid for income taxes11, 100Cash paid to purchase long-term assets53, 400Cash paid to suppliers and employees84, 400Cash received from customers139,000 Prepare a statement of retained earnings for 2021.
For each independent situation below, calculate the missing values for owner's equity. Beginning Ending Balance Investments Distributions Balance $0 $22,750 $14,000 $ $17,600 $7,600 $69,000 $75,000 $160,000 $142,000 $0 $172,000 $156,300 $87,000 $65,000 $43,000
Deprecation 10000 2. Net income 75000 The following accounts increased during 2020: Accounts receivable 18000 Loan 45000 Bonds 32000 Prepaid expenses 15000 Building 28000 The cash flow from investing activities are
service revenue (all cash) $175 operrating expenses saleries (all cash) $85 Net income $90 2020 2019 current assets cash $1,250 $1,600 short- term investment 100 200 $1,350 $1,800 Liabilities Borrowings 600 1,000 Stockholder's Equity Common Stock 200 300 Retained Earnings 550 500 750 800 $1,350 $1,800 Other information: short-term investments are riskless and will…
Please use the following information for the year ended 12/31/2021 for Clare & Co. International to answer the question Revenue COGS Selling Expenses Depreciation Net Income Long Term Assets Non-Cash Working Capital Long Term Debt O $119,000,000 O $118,000,000 O $98,000,000 What is Free Cashflow to Equity for 2021 O $340,680,000 $ 200,000,000 $ 60,000,000 $ 20,000,000 $ 10,000,000 $ 110,000,000 12/31/2021 $ 420,000,000 $ 6,000,000 $ 30,000,000 12/31/2020 $415,000,000 $ 5,000,000 $25,000,000
Oriole Company had the following assets and liabilities on the dates indicated. December 31 Total Assets 2021 2022 2023 Net income $496,000 $556,000 $686,000 Oriole began business on January 1, 2021, with an investment of $98,000. From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (a) 2021, assuming Oriole's drawings were $15,000 for the year. Net loss for 2021 Net income Total Liabilities (b) 2022, assuming Oriole made an additional investment of $50,000 and had no drawings in 2022. for 2022 $209,000 $259,000 $359,000 for 2023 $ (c) 2023, assuming Oriole made an additional investment of $23,000 and had drawings of $27,000 in 2023. $ $
January 1, 2022 (b) Assets Liabilities Owner's equity December 31, 2022 Assets Liabilities Owner's equity Owner's equity changes in year Additional investment Drawings Total revenues Total expenses Your answer is partially correct. Owner's Capital, January 1 Add Cullumber Company Net Income/(Los) $78,000 49,000 30,000 110.000 60,000 50,000 $ 13,000 (c) 18,000 351,000 326,000 (2) (b) Ivanhoe Company $91,000 49,000 42,000 113,000 71,000 42,000 6,000 Prepare the owner's equity statement for Cullumber Company. (List items that increase owner's equity first.) CULLUMBER COMPANY Owner's Equity Statement 43,000 420,000 383,000 (d) $ 000 Oriole Company 122,000 77,000 45,000 187,000 103,000 84,000 11,500 12,400 385,900 346,000 A 0 Pharoah Company $143,000 48,000 95,000 245,000 100,000 145,000 14,000 12,000 515,000 467,000 0 (k) 00

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