Boehms, Inc has cash of $36,000, supplies costing $1,500, and stockholder's equity of $28,000. Determine the liabilities of the business. Write the accounting equation for Boehms, Inc.
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- You are examining a company's balance sheet and find that it has total assets of $30,791, a cash balance of $2,289, inventory of $5,009, current liabilities of $6,021 and accounts receivable of $2,805. What is the company's net working capital?Boehms, Inc has cash of $36,000, supplies costing $1,500, and stockholder's equity of $28,000. Determine the liabilities of the business. Write the accounting equation for Boehms, Inc.Use the accounting equation to answer each question that follows. 1. Ambria Company’s assets are $240,000, and its liabilities are $90,000. What is the amount of its owner’s equity? 2. Dao Company’s liabilities equal one-fifth of the total assets. The owner’s equity is $40,000. What is the amount of the liabilities?
- If a company uses $1,510 of its cash to purchase supplies, the effect on the accounting equation would be:Provide answer the following requirements for this accounting questionSaddleback Company paid off $39,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation?
- What is the amount of current liabilities on these general accounting question?Determine the following amounts: a. The amount of the liabilities of a business that has 60,800 in assets and in which the owner has 34,500 equity. b. The equity of the owner of a tour bus that cost 57,000 and on which is owed 21,800 on an installment loan payable to the bank. c. The amount of the assets of a business that has 11,780 in liabilities and in which the owner has 28,500 equity.Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.
- Echo Company has assets of $638,000, liabilities of $269,000, and equity of $369,000. It buys office equipment on credit for $94,000. What would be the effects of this transaction on the accounting equation?Below is the complete list of accounts of Sooner Company and the related balances. Cash, $1,900; Prepaid Rent, $7,400; Inventory. $6,000; Accounts Payable $4,300; Common Stock, $40,000; Service Revenue, $25,400; Sales Revenue, $14,000; Salaries Expense, $8,200; Accounts Receivable, $6,100; Land, $60,000; Cost of Goods Sold, $10,000; Deferred Revenue, $2,300: Retained Earnings, $34,800; Supplies Expense, $9,400. Required: 1. Prepare a preliminary balance sheet for Sooner Company. 2. Prepare a preliminary income statement for Sooner Company.Donegal's has completed the following information: solve general accounting question
