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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- As a financial analyst of Bintang Bulan Berhad, you are required to analyse the company's financial performance. The financial statements of the company are as follows: BINTANG BULAN BERHAD STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022 (RM) Cash Account Receivable Inventory Prepaid expenses Net buildings and equipment TOTAL ASSETS Depreciation 48,500 Account Payable Notes Payable 64,000 Operating profit Less: Interest Profit before tax Less: Tax PROFIT AFTER TAX 56,000 21,000 2,500,500 Revenue Less: Cost of goods sold Gross profit Less: Selling and administrative expenses Current Ratio Quick Ratio Debt Ratio Time Interest Earned Accruals Long-term debt Bond Preferred share Common share Retained earnings 2,690,000 TOTAL CLAIMS BINTANG BULAN BERHAD STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 2022 INDUSTRY AVERAGE RATIOS 2.10 times Average Collection Period 1.30 times Inventory Turnover Net Profit Margin 30 percent 6.5 times Return on Assets 38,000 24,000 20,000…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.please give me answer
- 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.Based on the following information, what is the amount of McKee Company’s income before income taxes, assuming the accrual method of accounting? Credit Sales totaled $320,000. Cash Sales totaled $414,000. Cash collected from customers for services not performed yet $93,000. Dividend Income $4,500. Cost of Goods Sold $336,000. Salaries Expense $50,000. Rent Expense $32,000. Other Operating Expenses $80,000. Interest Expense $21,000. Prepaid Rent $3,000. Gain on the sale of equipment $20,000. Group of answer choices $239,500 $332,500 $232,000 $236,000Holloway Company earned $4,300 of service revenue on account during Year 1. The company collected $3,655 cash from accounts receivable during Year 1. Based on this information alone, determine the following for Holloway Company. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. The amount of net income that would be reported on the Year 1 income statement.
- The company made a sale of goods for RO. 15000 (cost RO 10000) and received 30% in cash and balance on the account. Whích of the following is the correct presentation on the accounting equation?Gibson Company engaged in the following transactions for Year 1. The beginning cash balance was $28,100 and the ending cash balance was $74,991. 1. Sales on account were $283,100. The beginning receivables balance was $94,700 and the ending balance was $77,000. 2. Salaries expense for the period was $55,460. The beginning salaries payable balance was $3,815 and the ending balance was $2,180. 3. Other operating expenses for the period were $120,170. The beginning other operating expenses payable balance was $4,860 and the ending balance was $9,181. 4. Recorded $19,330 of depreciation expense. The beginning and ending balances in the Accumulated Depreciation account were $14,340 and $33,670, respectively. 5. The Equipment account had beginning and ending balances of $211,970 and $238,570, respectively. There were no sales of equipment during the period. 6. The beginning and ending balances in the Notes Payable account were $48,500 and $150,500, respectively. There were no payoffs of…Saddleback Company paid off $39,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation?
- Johnson Company had the following account balances at the end of the most recent fiscal year: Cash: $4,300, Accounts Receivable: $1,200, Supplies: $200, Accounts Payable: $700, S. Johnson, Capital: $2,900, S. Johnson, Drawing: $300, Fees Income: $4,900, Rent Expense: $1,300, Advertising Expense: $1,000, Supplies Expense: $200. Assuming that these were the only accounts used by Johnson Company during the year, for which of the following steps in the closing process would a compound entry be necessary? Multiple Choice Step 1: Transfer Revenue Account Balances Step 2: Transfer Expense Account Balances Step 3: Transfer Net Income or Net Loss to Owner’s Equity Step 4: Transfer the Drawing Account Balance to CapitalUse the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $34,251 Accounts receivable 69,478 Accrued liabilities 6,529 Cash 23,300 Intangible assets 36,101 Inventory 89,377 Long-term investments 104,908 Long-term liabilities 70,482 Notes payable (short-term) 21,433 Property, plant, and equipment 695,698 Prepaid expenses 1,772 Temporary investments 39,777 Based on the data for Harding Company, what is the amount of working capital? a. $223,704 b. $1,060,411 c. $693,926 d. $161,491Use 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?