Mr. X has a business of selling shoes. He bought goods worth $50,000 on credit from Mr. Y. Also, he borrowed a sum of $1,00,000 from his friend Mr. Z. What would be the amount of creditors which will be recorded in his books? A. $1,00,000 B. $50,000 C. $1,50,000 D. $2,00,000

Mr. X has a business of selling shoes. He bought goods worth $50,000 on credit from Mr. Y. Also, he borrowed a sum of $1,00,000 from his friend Mr. Z. What would be the amount of creditors which will be recorded in his books? A. $1,00,000 B. $50,000 C. $1,50,000 D. $2,00,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: List Ken Lewin's assets in one column . His liabilities in another, and calculate his equity.

A: Equity = Assets - Liabilities We have to prepare Balance Sheet through in which we will post Assets…

Q: Koykoy is a sales agent of Mikoy Car Company. He was able to sell reposed car worth $648,000.00. He…

A: The sales commission is paid to a sales agent on the net selling price instead of the worth of the…

Q: Lori's Company has the following items: cash in a checking account, $2,000; cash in a savings…

A: Solution We are provided with the following information Cash in checking account = $ 2,000 Cash in…

Q: 38) Solo traders has the following transactions for the month of January 2019. 9- Goods purchased…

A: CASH:- Cash is considered as the most liquid asset that a particular company can buy. Cash can be…

Q: 1- Selling a commodity for the amount of 1,000 dinars to the merchant Muhammad and collecting half…

A: 1-selling commodity to muhammad for half in cash and rest in account. Debtors- Muhammad for the…

Q: Katherine Hunt is evaluating her debt safety ratio. Her monthly take-home pay is $3,160. Each month,…

A: The safety ratio, often used in personal finance and investment, is a financial metric that assesses…

Q: Patricia McDonald has determined the following information about her own financial situation. Her…

A: The total value of assets includes all the possessions of an individual or an organization that are…

Q: Abdul has a debit card linked to a checking account with an available balance of $1480. He also owes…

A: Data given: Checking account balance=$1480 Amount owed to credit card= $1030 Credit card limit=$2400

Q: Martin makes a deposit and has these bills: 18 ones, 3 fives, 12 tens, and 6 twenties. He also has…

A: Net Deposit = Total Cash + Total Checks - Cash to be received

Q: Consider Chandler's incomplete deposit slip: How much cash did Chandler receive? A.$70.00 b. $106.00…

A: Here, Cash is 35.00 Check 1 is 67.45 Check 2 is 73.55 Total is 70

Q: Alphy Jurarim used a credit card from Citibank to help pay for tuition expenses while in college and…

A: Amount owed = 5232.25 Interest Cost = 1.75% per month

Q: What would these securities be called and what does the Bank need to do to ensure the loan monies…

A: Loans refer to the agreement between the borrower and the bank or financial institution for…

Q: Laura borrowed a total of $25,000 from two different banks to start a business. One bank charged the…

A: Given in the question:Total Loan Amount = $25,000Interest rate of one bank = 3%Interest rate of…

Q: Anna has the following income for the quarter:

A: Assuming Anna is resident citizen of Phillipines :- As per…

Q: Ayesha recently started a grocery store and wanted to deposit the daily business transaction in the…

A: Recurring account is an account in which periodic deposits are made which are usually related to…

Q: Financial Position 1. John James has assets of $ 150 000 and liabilities of $ 65 000. What is her…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Vini was owed RM200 by a debtor, Kelvin. However, Kelvin was declared bankrupt. Vini later received…

A: Current assets are those assets which are held by the business for shorter period of time, say less…

Q: Engr. De Robles borrowed Php 10,000 from a bank and promised to pay the amount for 1 year. But he…

A: Loan Amount is Php 10,000 Time period is 1 year. Advance interest payment is Php 400 Total amoun…

Q: Christopher just received his checking account statement from his bank. He has a NOW account with…

A: Financial planning involves setting goals, assessing current financial status, and creating…

Q: Josh Smith has compiled some of his personal financial data in order to determine his liquidity…

A: a) Calculation of liquidity ratio:Josh's liquidity ratio is 2.17.Excel spreadsheet:

Q: Christina's Curtains paid cash for the telephone bill, $110. What is the journal entry to record…

A: Solution: Journal entry to record cash paid for telephone bill: Telephone Expense Dr $110…

Q: Jack Lowes $358.32 on his Visa account. He returns two items costing $23.13 and $32.77 for credit.…

A: Total amount to be paid off shall be: = Opening Balance + Purchases - Returns Further, the said…

Q: Problem: You are a mortgage broker at your local bank. Your cousin submitted an application for a…

A: As per the given information: Details of cousin:Monthly PITI - $1,319Financial and other obligations…

Q: property. his equity is in mutual fund a. What is Robert's debt-to-equity ratio? (Round your answer…

A: Ratio analysis:The ratio analysis is the study of the accounting ratio or the financial ratio that…

Q: Ted Riley owns a Lexus worth $42,000. He owns a home worth $320,000. He has a checking account with…

A: A financial indicator called net worth measures an individual's or an entity's value of assets less…

Q: Assume that Louisa carried an average balance of $1,000 from her credit card purchases over the past…

A: Interest charges are the amount of cost and charges paid for the amount borrowed either for personal…

Q: leth Adriano, who plans to go abroad, is selling her mini-donut business. Her friend, Benita Solido…

A: Journal entry is the practice of recording commercial transactions for the first time in the books…

Q: 10) olo traders has the following transactions for the month of February 2019. 9- Goods purchased…

A: Three column cash book means the book which include detail regarding cash , bank and discount…

Q: Prepare a cash receipts journal and then record the following cash receipts transactions. July 1 The…

A: Special Journal: Special journals are used to record similar kind of transactions to expedite…

Q: Jackson will buy the items listed below. He has $422.76 in his checking account. He had a…

A: Ending Money = Beginning Money - Drawings - Bank Fees

Q: 2. Suppose that Vickie has the following assets and liabilities: Checking account Credit card debt…

A: Capital Gain = Selling price - Buying Price

Q: 6 Trey James sold his bike and received a check for eighty-five dollars and 50 cents. What is the…

A: The total deposit is the sum of all forms of money deposited in the account. This may be in the form…

Q: Tamara goes on a spring break trip with her school to visit historical sites in Italy. She purchases…

A: Introduction: A credit card report is a statement of your credit card spending for a given billing…

Q: Christopher just received his checking account statement from his bank. He has a NOW account with…

A: Cash management refers to the efficient and strategic handling of an individual's or a business's…

Q: 3 3. Margo Xavier makes a deposit at an ATM. She has a paycheck for $375.42 and a refund check for…

A: Companies, businesses, or individuals use banking services such as loans, deposits, withdrawals,…

Q: Venus Waldo reviewed her account statement and wanted to verify that the interest amount was…

A: Interest: It refers to the monetary charge on the amount borrowed by the borrower from the lender.…

Q: Anthony has a Visa card with a $33,500 limit, a MasterCard with a $22,000 limit, a Chase Card with a…

A: Debt-to-credit ratio is also known as Credit Utilization rate.It represents how much debt you have…

Q: Mrs. C-hammer, the owner of Tura innovations, invests N$140 000 in her business. She also approaches…

A: A business valuation seems to be the procedure of evaluating the economic worth of an entire company…

Q: Compute the debt to credit ratio for a young man name John. He currently has a $15,000 car loan,…

A: Debt to credit ratio is to be calculated by taking the amount of total debt as the numerator and the…

Q: Hillary borrowed $2,000 from her credit union to purchase a new computer. This is an example of a…

A: Loan or credit is an arrangement where lenders provide cash to borrowers to fulfill the borrowers'…

Q: In 2021, how much taxable income does Hansen recognize from the bank forgiving the home loan to…

A: There are three questions but our guideline is to provide solution to the one question so for the…

Question

A. $1,00,000

B. $50,000

C. $1,50,000

D. $2,00,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Using the following information about the family’s assets and liabilities, calculate the total assets: Checking account: $3,000 Savings account: $13,000 Credit card balance: $5,500 Utility bill: $500 Home: $320,000 Mortgage (30 years): $210,000 Car: $25,000 Car loan (60 months): $18,000 Student loan (7 years): $25,000 Household items: $15,000 Retirement account: $64,000 Other assets: $39,000 A) 464,000 B) 400,000 C) 415,000 D) 479,000
Sidney took a cash advance of $200 by using checks linked to her credit card account. The bank charges a cash advance fee of 2 percent on the amount borrowed and offers no grace period on cash advances. Sidney paid the balance in full when the bill arrived. a. What was the cash advance fee? b. What was the interest for one month at an APR of 18 percent? c. What was the total amount she paid? d. What if she had made the purchase with her credit card and paid off her bill in full promptly? Assume the credit card has a 30-day grace period.
Kristian purchased a new home for $200,000. He put down $50,000 in cash and took out a mortgage for the rest. At the time of closing, he also paid $1,000 for title insurance, $500 in recording fees, and the bank required that he place $2,500 in an escrow account for property taxes. What is the basis of the home?
Fred’s net worth is shown in the table below. Assets are positive numbers and liabilities are negative numbers. If Fred’s net worth is $74,000 how much does he owe in credit card debt?
Maria Reid has determined that the value of her assets is $64,000 and the value of her debts is $23,000. The difference between these two is $41,000. The $41,000 could be referred to as her: Group of answer choices nest egg. total assets. adjusted assets. debt equity. net worth.
Steinar loaned a friend $9,500 to buy some stock 3 years ago. In the current year the debt became worthless. a. How much is Steinar's deduction for the bad debt for this year? (Assume he has no other capital gains or losses.) 4,750 X as a nonbusiness ✓ bad debt. Feedback ▼ Check My Work Bad debts fall into one of two categories, business bad debts or nonbusiness bad debts. Debts that arise from the taxpayer's trade or busin are classified as business bad debts, while all other debts are considered nonbusiness bad debts. The distinction between the two types of debts is important, since business bad debts are ordinary deductions and nonbusiness bad debts are short-term capital losses. b. What can Steinar do with the deduction not used this year? The remaining $ 0x can be carried forward as a short-term capital loss and deducted in future years, subject to an annual limitation
Calculation of Net Realizable Value K. L. Dearborn owns a department store that has a $45,500 balance in Accounts Receivable and a $3,000 credit balance in Allowance for Doubtful Accounts. 1. Determine the net realizable value of the accounts receivable? 2. Assume that an account receivable in the amount of $500 was written off using the allowance method. Determine the net realizable value of the accounts receivable after the write-off?
Suppose that before ATMs and credit cards, a person goes to the bank once at the beginning of each four-day period and withdraws from her savings account all the money she needs for four days. Assume that she spends $100 per day. Calculate the amount of money this person withdraws each time she goes to the bank.
S Robert owns a $187,000 town house and still has an unpaid mortgage of $119,000. In addition to his mortgage, he has the following liabilities: Liabilities Visa MasterCard Discover card Education loan Personal bank loan Auto loan Total Robert's net worth (not including his home) is about $24,100. This equity is in mutual funds, an automobile, a coin collection, furniture, and other personal property. $ 595 527 399 994 838 5,170 $ 8,523 a. What is Robert's debt-to-equity ratio? Note: Round your answer to 2 decimal places. Debt-to-equity ratio b. Has he reached the upper limit of debt obligations? Yes
46. Jill's credit card was stolen. The thief charged a $500 kayak before shereported it stolen. How much of the thief's purchase is Jill responsible for?A. $0B. $100C. $500D. $50
Naomi Greenwell fills out a deposit slip for her saving account. She deposits a check for $445.96. She also has $215.44 in cash and $23.17 in coins. What is her total deposit?
Marcos purchases a top-up card for his pre-paid cell phone. His remaining balance, B, can be modeled by the equation B = 45 – 0.35n, where n is the number of minutes he's talked since purchasing the card. a) How much money was on the card when he purchased it? $ Which intercept is this? Select an answer v b) How many minutes will he have talked when he runs out of money? minutes. Which intercept is this? Select an answer v c) What is the slope of this equation? What are the units on the slope? Select an answer