During 2015, the assets of Inspiring Sky increased by $45,000, and the liabilities increased by $20,000. If the owner's equity in Inspiring Sky is $100,000 at the end of 2015, the owner's equity at the beginning of 2015 must have been __.Answer this question
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During 2015, the assets of Inspiring Sky increased by $45,000, and the liabilities increased by $20,000. If the owner's equity in Inspiring Sky is $100,000 at the end of 2015, the owner's equity at the beginning of 2015 must have been __.Answer this question
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- Cole Co. began constructing a building for its own use in January 2016. During 2016, Cole incurred interest of $50,000 on specific construction debt, and $20,000 on other borrowings. Interest computed on the weighted-average amount of accumulated expenditures for the building during 2016 was $40,000. What amount of interest should Cole capitalize? a. $20,000 b. $40,000 c. $50,000 d. $70,000Kobe Company began constructing a building for its own use in February 2017. During 2017, Kobe incurred interest of $70,000 on specific construction debt and $15,000 on other borrowings. Interest computed on the weighted-average amount of accumulated expenditures for the building during 2017 was $60,000. Required: What amount of interest should Kobe capitalize? Prepare the journal entry to record payment of the interest. If interest computed on the weighted-average amount of accumulated expenditures for the building during 2017 was instead $90,000, what amount of interest should Kobe capitalize?The amount of gross profit to appear on the income statement for the period ended 2019 is: a. (330,000) b. (441,000) c. (2,920,000) d. (100,000) Please refer to the picture below to answer the question.
- How much working capital does Airbnb have for the year 2024? State the components of working capital and calculations. What is the amount of the total assets that Airbnb reported for the year of 2024 and list the assets?On December 31, 2015, Bit Co. had capitalized costs for a new computer software product with an economic life of five years. Sales for 2016 were 30 percent of expected total sales of the software. At December 31, 2016, the software had a fair value equal to 90 percent of the capitalized cost. What percentage of the original capitalized cost should be reported as the net amount in Bit’s December 31, 2016, balance sheet? a. 70% b. 72% c. 80% d. 90%Jemson Enterprises reported net fixed assets of $3.6 million on its 2023 balance sheet and $3.4 million on its 2022 balance sheet. The 2023 income statement reported a depreciation expense of $300,000. How much did Jemson spend to acquire new fixed assets during 2023? Answer
- On January 1, 2017. Agronomist Inc. had a balance of $340,000 in the long-term investments account. During 2017, Agronomist Inc. sold long-term investments for $115,000 cash, resulting in a $13,000 gain. On December 31, 2013, the long-term investments account showed a balance of $380,000. The long-term investments purchased during 2013 totalled: a) $75,000 b) $155,000 c) $142,000 d) $265,000Jemson Enterprises reported net fixed assets of $3.6 million on its 2023 balance sheet and $3.4 million on its 2022 balance sheet. The 2023 income statement reported a depreciation expense of $300,000. How much did Jemson spend to acquire new fixed assets during 2023?Jill's 2023 balance sheet showed net fixed assets of $2.4 million, while its 2020 balance sheet showed net fixed assets of $2.3 million. Its 2023 income statement reported a depreciation expense of $240,000. How much did Jill spend to acquire new fixed assets during 2023?
- I want to answer this questionAt year end 2015, Yung.com had notes payable of $1200, accounts payable of $3400, andlong-term debt of $3000. Corresponding entries for 2016 are $1600, $3000, and $2800.Asset values are below:Current Assets 2015 2016Cash $600 $300Marketable Securities 400 300Accounts Receivable 900 800Inventory 2000 2200Fixed AssetsNet Plant & Equipment $7000 $9000 1. Prepare the company’s balance sheets for the end of 2016 and 2015, respectively.Hint: you must calculate equity in order to balance! 2. Prepare an income statement for Yung.com for 2016. During the year 2016,Yung.com had sales of $1000, cost of goods sold of $400, depreciation of $100,and interest paid of $150. The tax rate is 34%.In January 2010 the Status Quo Company was formed. Total assets were $500,000, of which $300,000 consisted of capital assets. Status Quo uses straight-line amortization, and in 2010 it estimated its capital assets to have useful lives of 10 years. Aftertax income has been $26,000 per year each of the last 10 years. Other assets have not changed since 2010. a. Compute ROA at year-end for 2010, 2012, 2015, 2017, and 2019. (Round the final answers to 2 decimal places.) 2010 2012 2015 2017 2019 Return on assets % % de de % % % b. This part of the question is not part of your Connect assignment. c. This part of the question is not part of your Connect assignment.