#3Determine the missing amounts. (Hint: For example, to solve for (a), Assets - Liabilities Owner's equity = $29,000.)January 1,2022EAssetsLiabilitiesOwner'sequityDecember31, 2022AssetsLiabilitiesOwner'sequityOwner'sequitychanges inyearAdditionalinvestmentDrawingsTotalrevenuesTotalexpenses4eTextbook and MediaSave for Later$OrioleCompanyR%$78,000549,00029,000 (a)111,000 (b)59,00052,00024,000 (c)18,000348,000G Search or type URL331,000T6YPharoahCompany$89,00048,000 (d)41,000106,00075,00031,0006,00047,000&7413,000382,000(e)(1)U=$* 00SheridanCompany8Attempts: 1 of 5 used132,00084,00048,000189,000 [111,00078,000382,70010,40012,100351,000(i)(9(h)Submit Answer[(*0)P haroahcompany$89,000and Media%548,000 (d)41.000106,00075,00031,000T6.00047,000(e)413,000382,000$6(1)Search or type URLSheridanCompanyY132,00084,000&748,000i189,000111,000 (h)78,00010,40012,100(g)382,700 (0)351.000U*SunlandCompany8$160,00090,0009104,000147,00018,00012,000512,000Attempts: 1 of 5 used Submit Anwer(1)*(₁)(k))0P+

Name: #3Determine the missing amounts. (Hint: For example, to solve for (a)
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Description: #3Determine the missing amounts. (Hint: For example, to solve for (a), Assets - Liabilities Owner's equity = $29,000.)January 1,2022EAssetsLiabilitiesOwner'sequityDecember31, 2022AssetsLiabilitiesOwner'sequityOwner'sequitychanges inyearAdditionalinv

The balance sheet follows an approach that the assets would always be equal to the liabilities and…

Answered: Determine the missing amounts. (Hint:…

Business

Accounting

Determine the missing amounts. (Hint: For example, to solve for (a), Assets - Liabilities = Owner's equity = $29,000.)

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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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

#3
Determine the missing amounts. (Hint: For example, to solve for (a), Assets - Liabilities Owner's equity = $29,000.)
January 1,
2022
E
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
4
eTextbook and Media
Save for Later
$
Oriole
Company
R
%
$78,000
5
49,000
29,000 (a)
111,000 (b)
59,000
52,000
24,000 (c)
18,000
348,000
G Search or type URL
331,000
T
6
Y
Pharoah
Company
$89,000
48,000 (d)
41,000
106,000
75,000
31,000
6,000
47,000
&
7
413,000
382,000
(e)
(1)
U
=
$
* 00
Sheridan
Company
8
Attempts: 1 of 5 used
132,000
84,000
48,000
189,000 [
111,000
78,000
382,700
10,400
12,100
351,000
(i)
(
9
(h)
Submit Answer
[
(*
0
)
P

haroah
company
$89,000
and Media
%
5
48,000 (d)
41.000
106,000
75,000
31,000
T
6.000
47,000
(e)
413,000
382,000
$
6
(1)
Search or type URL
Sheridan
Company
Y
132,000
84,000
&
7
48,000
i
189,000
111,000 (h)
78,000
10,400
12,100
(g)
382,700 (0)
351.000
U
*
Sunland
Company
8
$160,000
90,000
9
104,000
147,000
18,000
12,000
512,000
Attempts: 1 of 5 used Submit Anwer
(1)
*
(₁)
(k)
)
0
P
+

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Ill. For each transaction listed below for 2022 and 2023: Indicate the net effect of the transaction on: A (Assets), L (Liabilities), SE (Stockholders' Equity), and NI (Net Income). Use: + for increase, - for decrease, or 0 for no net effect. Support the above work with entries for transactions (without numbers). I Transactions: a) Collected customer's account (before had billed for services); no cash discount b) Bought equipment; gave down payment and long-term note for the rest c) Recorded depreciation on equipment d) Declared and paid dividends e) Issued company's own common stock at more than par value f) Sold merchandise on account (on credit) g) Recorded the cost of merchandise sold - use perpetual system h) Accrued estimated assurance warranty obligation i) Bought supplies on account (on credit) - used "real" (balance sheet) account j) Bought land by issuing own stock; included stockbroker fees k) Sold building at less than acquisition cost; received cash 1) Paid salaries:…
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