Jones Enterprises was started when it acquired $7,500 cash from creditors and $17,500 from owners. The company immediatelypurchased land that cost $21,000.Requireda. Record the events under an accounting equation.b. After all events have been recorded, Jones's obligations to creditors represent what percentage of total assets?c. After all events have been recorded, Jones's stockholders' equity represents what percentage of total assets?d. Assume the debt is due. Given that Jones has $17,500 in stockholders' equity, can the company repay the creditors at this point?Complete this question by entering your answers in the tabs below.Req AReq B to DRecord the events under an accounting equation.Note: Enter any decreases to account balances with a minus sign.Balance$Cash++0+JONES ENTERPRISESAccounting EquationLand01111Creditors +Stockholders'Equity++Req A0+$0Req B to D >

a. First Payments from Owners and Creditors: $7,500 from creditors plus $17,500 from owners equals…

Answered: Jones Enterprises was started when it…

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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Determine the effects of the following transactions on Current assets, Current liabilities, and Working Capital. Write “Inc” for an Increase, “Dec” for a Decrease, or “NE” if there is No Effect. Write your answers in the blanks provided. Current Asset Current Liability Net Working Capital 1. Sale of merchandise on account 2. Acquired shares of ABS CBN for cash 3. Pays the long-term debt of P150,000 4. Sells old machine for P10,000 cash 5. Issued shares of stock to cash investors 6. Declared cash dividends 7. Payment of advance rentals (asset method) 8. One year loan from a bank 9. Issued shares of stock to pay short term loan 10. Collection of receivables 11. Cash redemption of bonded debt 12. Six months interest received in advance(liability method is used) 13. Issued stock dividends 14. Payment of cash dividends declared in #6 15. Sell of equipment for P50,000;…
Please help me to understand this by writing your solution in good accounting form, thank you! PROBLEM: The following data were taken from the statement of affairs of ROBINSONS Corp.: Assets pledged for fully secured liabilities (current fairvalue, $75,000) $90,000 Assets pledged for partially secured liabilities (currentfair value $52,000) $74,000 Free assets (current fair value, $40,000) $70,000 Unsecured liabilities with priority $7,000 Fully secured liabilities $30,000 Partially secured liabilities $60,000 Unsecured liabilities without priority $112,000 *The amount that will be paid to creditors with priority is:a. 7,000 b. 6,000 c. 7,500 d. 6,200 *The amount to be paid fully secured creditors is:a. 30,000 b. 32,000 c. 20,000 d. 35,000 *The amount to be paid to partially secured creditors is:a. 52,700 b. 57,200 c. 56,200 d. 57,000 *The amount to be paid to unsecured creditors:a. 78,200 b. 70,800 c. 72,000 d. 72,800
During 2022, Pronghorn Corp entered into the following transactions. 1. Borrowed $62,200 by issuing bonds. 2. Paid $8,890 cash dividend to stockholders. 3. Received $13,900 cash from a previously billed customer for services performed. 4. Purchased supplies on account for $5,000. Using the following tabular analysis, show the effect of each transaction on the accounting equation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-4 for example.) Assets = Liabilities + Stockholders’ Equity Cash + Accounts Receivable + Supplies = Accounts Payable + Bonds Payable + Common Stock + Retained EarningsDividends (1) $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount…
A statement of affairs shows $30,000 of assets pledged to partially secured creditors, liabilities of $65,000 to partially secured creditors, liabilities of $25,000 to unsecured creditors with priority, and liabilities of $90,000 to other unsecured creditors.What are total unsecured liabilities, as reported on the statement of affairs? Select one: a. $155,000 b. $100,000 c. $ 90,000 d. $125,000
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During 2025, Crane Corp. entered into the following transactions. 1. Borrowed $61,700 by issuing bonds. Paid $9,350 cash dividend to stockholders. Received $17,500 cash from a previously billed customer for services performed. 4. Purchased supplies on account for $3,600. 2 3. Using the following tabular analysis, show the effect of each transaction on the accounting equation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced) (1) (2) (3) (4) $ Cash $ Assets Accounts Receivable $ Supplies $ Accounts Payable Liabilities + Bonds Payable + + $ Stockholders' Equity Common Stock + $ Retained Earnings Dividends

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