Compute the missing amount in the accounting equation for each entity from the financial information presented: Liabilities Equity $ 21,000 45,000 ? 75,000 New Rock Gas Flowers and Gifts Hair Styles New Rock Gas Flowers and Gifts Hair Styles Assets $? 86,000 114,000 Assets 86,000 114,000 $ Liabilities $ 21,000 $ 75,000 53,000 ? Equity 45,000 53,000

Compute the missing amount in the accounting equation for each entity from the financial information presented: Liabilities Equity $ 21,000 45,000 ? 75,000 New Rock Gas Flowers and Gifts Hair Styles New Rock Gas Flowers and Gifts Hair Styles Assets $? 86,000 114,000 Assets 86,000 114,000 $ Liabilities $ 21,000 $ 75,000 53,000 ? Equity 45,000 53,000

Name: Compute the missing amount in the accounting equation for each entity
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Compute the missing amount in the accounting equation for each entity from the financial information presented:LiabilitiesEquity$ 21,000?75,000New Rock GasFlowers and GiftsHair StylesNew Rock GasFlowers and GiftsHair StylesAssets$?86,000114,000Asset

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: What are the correct accounts for long term liabilities? Cash $ ? Supplies…

A: Long term liabilities are those obligations and liabilities which needs to be paid or settled by the…

Q: Veltri Incorporated has the following assets and liabilities (assets are stated at net realizable…

A: The objective of the question is to calculate the amount of free assets after payment of liabilities…

Q: ABC Inc., Balance Sheet…

A: Comparative Analysis: It is an analysis where the company compares two or more years of financial…

Q: How does the owner finance the business in terms of debt and equity?

A: Capital structure refers to the blend that is used by an organization to finance its overall…

Q: The financial statements of Carrier Office Furniture Company include the following items: Cash…

A: for the calculation of the networking the consideration of the current assets and the current…

Q: A company's statement of comprehensive income for the year to 31s December 2020 is shown below. The…

A: A Cash Flow Statement is a statement showing inflows and outflows of Cash and Cash equivalent on…

Q: Assume the following information (numbers in millions). Note: You can copy this table directly into…

A: Free cash flow to equity (FCFE) is the amount of cash a business generates that is available to be…

Q: Using the following balance sheet and income statement data, what is the debt to assets ratio?…

A: Ratio analysis means where different ratio of various years of years companies has been compared and…

Q: In a liquidation, how much money would be paid on the partially secured liabilities?

A: The payment to the partially secured liabilities is the payment which is made upon the liquidation…

Q: Selected financial data regarding current assets and current liabilities for ACME Corporation and…

A: Acid test ratio :— It is the ratio between quick assets and current liabilities. It is calculated by…

Q: Some selected financial statement items belonging to MNO Company are given in the table below.…

A: Return on Assets: Return on assets measure the profitability of business in relation to its total…

Q: resented below are data taken from the records of Shamrock Company. December 31, 2020…

A: The question is based on the concept of Cash flow statement. Cash flow statement is the statement…

Q: The following information pertains to Austin, Incorporated and Huston Company. Account Title…

A: Ratio analysis is one of the useful tool used in management accounting. Under this, several…

Q: This is the financial position of Hospital AMIH, Inc. regarding the repayment of its debts. These…

A: Solution: Introduction: Cash flow to total debt ratio represents a business organization's flow of…

Q: The financial statements of Carrier Office Furniture Company include the following items: 2025…

A: Working capital is the amount that should be available for the normal working operations. It can be…

Q: Provide Correct Answer from the options given

A: Method 1:The return on assets (ROA) is calculated by dividing the net income by the average total…

Q: 5 revenue rest revenue on sale of investments on debt securities on projected benefit obligation I…

A: Step 1: Introduction to statement of comprehensive incomeThe statement of income is produced at year…

Q: Southwestern Wear Inc. has the following balance sheet: Current assets Fixed assets $1,875,000…

A: General creditors are those who lend money to businesses. General creditors don't have an agreement…

Q: How do I get both sides to balance? Assets =Liabilities and Stockholders Equity? I cant seem to find…

A: STATEMENT OF SHAREHOLDERS EQUITY Statement of Shareholders Equity is also Known as Changes in…

Q: The following data are for the 2018 fiscal year of Meme-Me Corporation and Sozhal Incorporated. All…

A: Solving first three subparts. EBIT - Earnings before interest and taxes (EBIT) is a financial…

Q: Given the following information for Smashville, Inc., construct a balance sheet: Current…

Q: What is the D/E Ratio=Total Debt/Total Equity? Equity Ratio=Total Shareholders equity/Total assets?…

Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

Compute the missing amount in the accounting equation for each entity from the financial information presented:
Liabilities
Equity
$ 21,000
?
75,000
New Rock Gas
Flowers and Gifts
Hair Styles
New Rock Gas
Flowers and Gifts
Hair Styles
Assets
$?
86,000
114,000
Assets
86,000
114,000
Liabilities
$
21,000 $
75,000
45,000
53,000
?
Equity
45,000
53,000

Expert Solution

This question has been solved!

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

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Calculation

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

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

Please do not give solution in image format thanku
Give me correct answer and explanation.h
This is the financial position of Hospital AMIH, Inc. regarding the repayment of its debts. These are the most relevant data of its financial statements: Total revenues $ 245,000 Total expenses $ 145,000 Depreciation $ 10,000 Changes in receivable accounts +$ 50,000 Changes in inventory ($ 20,000) Changes in accounts payable ($ 25,000) Total current liabilities $ 30,000 Total long-term debt $ 45,000 cash flow (total margin + depreciation expense) + interest expense/principal payment + interest expense Calculate the operating cash flow.
Alpesh
If a business has the following balances, what would be the amount of total liabilities?ASSETSCash $ 5000Accounts Receivable 2575Equipment 14000OWNER'S EQUITYAnne Miller, Capital 2600
Accounting equation The total assets and total liabilities (in millions) of ABC Corporation and XYZ Corporation follow: Assets ABC Liabilities XYZ $47,172 $45,757 20,756 21,963 Determine the stockholders' equity of each company. ABC Corporation stockholders' equity $ XYZ Corporation stockholders' equity $ million million
(a) Show the workings for the following financial ratios for Ka Ming Metal Manufacturing Ltd. (KM) and Sun Tool Metal Engineering works Ltd. (ST) during the year of 2021. (Shown in the photo below) (round final answer to 2 decimal places, thanks)
Hi There, I need ask a favor... How to calculate "Current Liabilites" if I only know, these following data : - Cash and Equivalents : $ 100.00 - Fixed Assets : # 283.50 - Sales : $ 1,000.00 - Net Income : $ 50.00 - Quick Ratio : 2.0 x - Current Ratio : 3.0 x - DSO : 40 Days - ROE : 12% Thank you
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 do not give solution in image format thanku
Veltri Incorporated has the following assets and liabilities (assets are stated at net realizable value): Assets pledged with secured creditors $ 80,000 Assets pledged with partially secured creditors 70,000 Other assets 180,000 Secured liabilities 40,000 Partially secured liabilities 95,000 Liabilities with priority 55,000 Unsecured liabilities 225,000 In a liquidation, how much money would be paid on the partially secured liabilities?