Get accurate answer and step by step calculation with explanation of this general accounting question Consider the information given below for Summit Technologies. Ifthe net income is $3,500 and owner withdrawals are $5,000, howmuch did the owner contribute (owner, capital)?Assets:Beginning of Year: $40,000End of Year: $75,000Liabilities:Beginning of Year: $20,000End of Year: $30,000

Step 1: Definition of Owner's Contribution (Owner Capital)Owner's contribution (or owner's capital)…

Answered: Consider the information given below…

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Huron has provided the following year-end balances:· Cash, $25,000· Long-term Investments, $7,900· Accounts receivable, $9,300· Property, plant, and equipment, $98,700· Prepaid insurance, $3,600· Accumulated depreciation, $10,000· Inventory, $37,000· Retained earnings, $12,600How much are Huron's current assets? Group of answer choices a)$74,900. B)$163,600. c)$87,500.D)$95,400
Given the following, calculate total current assets. Prepaid insurance=$300Long-term investments=$1,200Cash=$540Prepaid Rent=$2,050Inventory=$640Plant assets, at cost=$16,800Accounts receivable=$5,900Accumulated depreciation=$6,600
Beginning of year assets 24000 & liabilities 18,000
The financial information is presented below for Bob's Appliance for the fiscal year ended 12/31/2020. $720,000 12,000 31,000 25,000 8,000 10,000 400,000 24,000 12,000 6,000 120,000 48,000 9,000 8,000 4,000 24,000 95,000 38,000 Sales Tax-exempt interest Long-term capital gain Short-term capital loss Interest income Passive activity loss Cost of goods sold Depreciation Section 179 expense Charitable contributions Bob's salary expense Employee salary expense Payroll taxes on employee Medical insurance expense for Bob Medical insurance expense for employee Rent expense Other operating expenses Net operating loss (from year ended 12/31/2019) Bob is a sole proprietor of the company and he has 1 employee. Assume Bob is single, no dependents, and does not itemize his deductions. Other than the income from Bob's Appliance, Bob has a short term capital loss of 22,000. Question #1) What is the income from Bob's appliance business? Be sure to show and label all your work and cell reference.…
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Consider the following data extracted from an after-tax cash flow calculation. Before-Tax-and-Loan = $22,500 Loan Principal Payment = $5,926 Loan Interest Payment = $2,400 MACRS Depreciation Deduction = $16,665 Which of the following is closest to the Taxable Income? a. −$2,491. b. −$91. c. $3,435. d. $14,174
Under accrual basis, rental income of Hamilton company for the current year is P300,000. Additional information is as follows:Unearned rental income, January 1 25,000Unearned rental income, December 31 37,500Accrued rental income, January 1 15,000Accrued rental income, December 31 20,000How much cash was received from rental in the current year?
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- Use the following facts to calculate Return on Assets: Ending Total Assets = $825,000; Beginning Total Assets = $425,000; Earnings before interest and taxes (EBIT) - $200,000; Tax Expense = $31,000; and Interest Expense = $26,000.
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If Net Working Capital Current Assets - Current Liabilities, what is Kelley Corp's net working capital for the year ending December 31, 2023, given the following account balances? Accounts Receivable: $40 Equipment: $20 Accumulated Depreciation: $10 Patent: $50 Inventory: $15 Accounts payable: $30 Goodwill: $65 Long-term note payable: $70 =

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Consider the information given below for Summit Technologies. If the net income is $3,500 and owner withdrawals are $5,000, how much did the owner contribute (owner, capital)? Assets: Beginning of Year: $40,000 End of Year: $75,000 Liabilities: Beginning of Year: $20,000 End of Year: $30,000