Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity. 1. Buy $15,000 worth of manufacturing supplies on credit. 2. Issue $85,000 in stock. 3. Borrow $63,000 from a bank. 4. Pay $5,000 owed to a supplier. 5. Receive payment of $12,000 owed by a customer. 6. Purchase equipment for $44,000 in cash. 7. Pay $7,000 owed to a supplier. What is the net change in total liabilities?

Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity. 1. Buy $15,000 worth of manufacturing supplies on credit. 2. Issue $85,000 in stock. 3. Borrow $63,000 from a bank. 4. Pay $5,000 owed to a supplier. 5. Receive payment of $12,000 owed by a customer. 6. Purchase equipment for $44,000 in cash. 7. Pay $7,000 owed to a supplier. What is the net change in total liabilities?

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 2E: Determine the following amounts: a. The amount of the liabilities of a business that has 60,800 in...

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Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity. 1. Purchase equipment for $43,000 in cash 2. Receive payment of $11,000 owed by a customer 3. Buy $14,000 worth of manufacturing supplies on credit 4. Issue $70,000 in stock 5. Pay $8,000 owed to a supplier 6. Borrow $55,000 from a bank 7. Buy $17,000 worth of manufacturing supplies on credit What is the net change in Total Equity?
Consider the following transactions for Julianne Corporation: a. Issue common stock for $15,000. b. Purchase equipment for $11,400 cash. c. Pay employees' salaries of $3,800. d. Provide services to customers for $6,800 cash. 1. Post the beginning Cash balance of $4,000 and then post the above transactions. 2. Calculate the ending balance of the Cash account. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post these transactions to the Cash T-account. Assume the balance of Cash before these transac Beginning Balance Debit Cash Credit
In order to prepare the statement of Financial position, you identified the following assets and liabilities of Ms. Santos after she made an investment of 159,000. A. Her store has cash deposited in a bank account amounting to 25,000.B. Her store has a lot of uncollected sales from customers amounting to 75,000.C. The total amount of merchandise left inside the store is 30,000.D. He already paid one year's rent in advance amounting to 12,000.E. The value of all the company's furniture amounted to 100,000F. He bought merchandise from his supplier amounting to 25,000 and the supplier agreed that payment can be made 2 months after year end.G. SSS, PHILHEALTH and PAG-IBIG payables for his one employee totaled 5,000.H. The sari-sari store had outstanding Liabilities to utility companies amounting to 3,000.I. She had a loan from the bank amounting to 50,000 to be paid in 3 years. Please make the statement of Financial position.
Consider the following transactions. 1. Receive cash from customers, $15,000. 2. Pay cash for employee salaries, $9,000. 3. Pay cash for rent, $3,000. 4. Receive cash from sale of equipment, $8,000. 5. Pay cash for utilities, $1,000. 6. Receive cash from a bank loan, $4,000. 7. Pay cash for advertising, $7,000. 8. Purchase supplies on account, $3,000. Required: Post transactions to the Cash T-account and calculate the ending balance. The beginning balance in the Cash T-account is $5,000.
The Pioneer Company has provided the following account balances: Cash $38,500; Short-term investments $4,500; Accounts receivable $6,500; Supplies $50,500; Long-term notes receivable $2,500; Equipment $98,500; Factory Building $185,000; Intangible assets $6,500; Accounts payable $29,500; Accrued liabilities payable $3,750; Short-term notes payable $15,000; Long-term notes payable $94,500; Common stock $185,000; Retained earnings $64,750. What are Pioneer's total current liabilities?
Answer from D to G please.
am. 110.
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.
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