Just before Henderson Laboratories opened for business, Eugene Henderson, the owner, had the following assets and liabilities. Cash $ 99,000 Laboratory equipment Laboratory supplies Loan payable Accounts payable 155, еее 21,600 30,400 22,750 Determine the totals that would appear in the firm's fundamental accounting equation (Assets = Liabilities + Owner's Equity).

Just before Henderson Laboratories opened for business, Eugene Henderson, the owner, had the following assets and liabilities. Cash $ 99,000 Laboratory equipment Laboratory supplies Loan payable Accounts payable 155, еее 21,600 30,400 22,750 Determine the totals that would appear in the firm's fundamental accounting equation (Assets = Liabilities + Owner's Equity).

Name: Just before Henderson Laboratories opened for business, Eugene Hender
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: Just before Henderson Laboratories opened for business, Eugene Henderson, the owner, had the following assets and liabilities.$ 99,000155, 00ө21,60030,40022,750CashLaboratory equipmentLaboratory suppliesLoan payableAccounts payableDetermine the tota

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

In alphabetical order below are balance sheet items for Robinson Company at December 31, 2022. Sandra Robinson is the owner of Robinson Company. Accounts payable Accounts receivable Cash Owner's capital $94,600 72,400 45,700 23,500 W Prepare a balance sheet. (List Assets in order of liquidity.) ROBINSON COMPANY Balance Sheet Assets Liabilities and Owner's Equity $ $ 17 $
Jon Fulkerson a credit analyst at the True Credit bank, has received a credit application from Seether LLC, a private company. An abbreviation portion of the financial information provided by the company is shown below: Total Assets:$78000 EBIT:$8600 Net Working Capital:$3900 Book value of total equity:$23000 Accumulated retained earnings:$15000 Total Liabilities:$5500 What is the z-score for this company? 2. Which is the following statement about firms will have the most control over the selling price of its produce? A.Customized wine producer B. A low-end mobile phone producer C.A small-scale petrol station outlet D.A retail outlet E. A grape grower
Margaret Moore is the bookkeeper for Carla Vista Company. Margaret has been trying to determine the correct balance sheet for Carla Vista Company, shown as follows. Cash Assets Supplies Equipment Owner's drawings Total assets CARLA VISTA COMPANY Balance Sheet December 31, 2022 $15,000 Accounts payable Accounts receivable Owner's capital Total liabilities and owner's equity 8,000 46,000 13,000 Liabilities $82,000 $24,448 (7,567) 65,119 $82,000
The owners' equity of Graham Interiors appears on the balance sheet as $720,000 and is equal to one-fourth of total assets. Compute the amount of total liabilities.
On May 1, 20x1, the statement of financial position of Juan and Pablo appear below: Juan Pablo 44,708 1,135,780 520,204 Cash Accounts receivable 22,000 469,072 240,070 1,206,000 Inventories Land Building Furniture and fixtures 100,690 4,000 2,041,832 856,534 69,578 7,200 2,634,004 Other assets Total assets Accounts payable Notes payable Juan, Capital Pablo, Capital Total liabilities and equity 357,880 400,000 1,283,952 487,300 690,000 2,041,832 1,456,704 2,634,004 Juan and Pablo agreed to form a partnership contributing their respective assets and equities subject to the following adjustments: a. Accounts receivable of P40,000 in Juan's books and P70,000 in Pablo's books are uncollectible. b. Inventories of P11,000 and P13,400 are worthless in Juan's and Pablo's respective books. c. Other assets of P4,000 and P7,200 in Juan's and Pablo's respective books are to be written off. Required: 1. What are the adjusted capital balances of the partners after formation? 2. Pedro offered to join…
The following data as of July 1, 2020 were taken from the records of Bonbon: Cash 21,000 Other assets 12,000 Accounts Receivable 244,536 Accounts Payable 188,940 Inventories 130,035 Notes Payable 210,000 Land 613,000 Bonbon, capital 681,976 Furniture & Fixtures 60,345 And the following accounts and balances were taken from the records of Caloy: Cash P 32,354 Accounts Receivable 577,890 Other Assets 13,600 Inventories 270,102 Accounts Payable 253,650 Building 438,267 Notes Payable 355,000 Furniture and Fixtures 44,789 Caloy, capital 768.352 Bonbon and Caloy agreed to form a partnership by contributing their respective assets and equities subject to the following adjustments: a) Inventories of P6.500 and P6.700 are worthless in Bonbon's and Caloy's respective books. b) Accounts Receivable of P25,000 Bonbon's book and P30,000 in Caloy's book are uncollectible c) Other assets of P4,000 and P6,000 in Bonbon and Caloy's respective books are to be written off. d. The…
In the image attached, a balance sheet of company is provided. Suppose mr . R wants to acquire this business and he believes that the business is worth $550 000. With reference to the different measurement's methods in accounting, advise on the appropriateness of this assessment. Demonstrates a thorough understanding and knowledge of how the worth of a business is determined and explain the measurement basis that can result he will need to provide.
Questions: 1. What is the total equity of Ackerman Limousine Service? 2. What us the total amount of Mikasa Ackerman's claims against the total assets of the business?
Required information [The following information applies to the questions displayed below.] The transactions of Spade Company appear below. a. K. Spade, owner, invested $19,750 cash in the company in exchange for common stock. b. The company purchased supplies for $573 cash. c. The company purchased $10,922 of equipment on credit. d. The company received $2,331 cash for services provided to a customer. e. The company paid $10,922 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $4,187 for services provided. g. The company paid $510 cash for the monthly rent. h. The company collected $1,759 cash as partial payment for the account receivable created in transaction f. i. The company paid a $1,100 cash dividend to the owner (sole shareholder). Required: 1. Prepare general journal entries to record the transactions of Spade Company by using the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Common…
David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum.Deprec.Equipment AccountsPayable NotesPayable DavidWallace,Capital OlenaDunn,Capital DannyLin,Capital Account balances December 31, 2020 $ 25,600 $ 170,000 $ 95,000 $ 7,600 $ 18,000 $ 37,000 $ 20,000 $ 18,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $62,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively.Required:1. Complete the schedule. (Negative answers should be indicated by a minus sign.) 2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final distribution of cash).
The following transactions were completed by the company: a. The owner invested $17,600 cash in the company. b. The company purchased supplies for $1,150 cash. c. The owner invested $11,300 of equipment in the company in exchange for more common stock. d. The company purchased $330 of additional supplies on credit. e. The company purchased land for $10,300 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. a. b. Balance after a and b C. Transactions Number Balance after c d. Balance after d e. Balance after e Cash 0 0 + 0 + + + + + + 0 + + Assets Supplies 0 0 + Equipment + 0 + + + 0 + + + + + + 0 0 + 0 + + + + 0 + + + Land 0 0 = II 0 11 11 11 0 = 11 || 11 || Liabilities + Accounts Payable 0 + + 0 + + + 0 + + 0 + + + Common Stock 0 0 0 0 I - - 1 I 1 Equity Dividends 0 + 0 + + + + 0 + + + + 0 + Revenue 0 0 0 0 - T - I I F Expenses 0 0 0 0
help me with this accounting question