Need help On June 30, 2014, the balance sheet of Zorab & Co. showed total assetsof $400,000, total liabilities of $300,000, and owner's equity of $100,000.The following transactions occurred in July 2004:The owner invested an additional $70,000 cash in the business.The business purchased equipment for $150,000, paying $60,000 cashand issuing a note payable for $90,000.The business paid off $40,000 of its accounts payable.As of July 31, 2014, what best represents the accounting equation of thiscompany?A) $490,000 = $390,000+ $100,000B) $470,000 = $300,000+ $170,000C) None of the other alternatives are correct.D) $520,000 = $350,000+ $170,000E) $430,000 = $260,000 + $170,000

Step 1: Introduction to the Chart of AccountsBusinesses use a chart of accounts to categorize…

Answered: On June 30, 2014, the balance sheet of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Swifty Corporation's transactions for the year ended December 31, 2021 included the following:• Purchased real estate for $1245000 cash which was borrowed from a bank.• Sold available-for-sale securities for $1080000.• Paid dividends of $1180000.• Issued 550 shares of common stock for $550000.• Purchased machinery and equipment for $250000 cash.• Paid $908000 toward a bank loan.• Reduced accounts receivable by $195000.• Increased accounts payable $396000.Swifty's net cash used in financing activities for 2021 was $843000. $445000. $908000. $293000.
[The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for 2018: The business was started when the company received $50,000 from the issue of common stock. Purchased equipment inventory of $176,500 on account. Sold equipment for $197,000 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $122,000. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 4 percent of sales. Paid the sales tax to the state agency on $147,000 of the sales. On September 1, 2018, borrowed $20,000 from the local bank. The note had a 7 percent interest rate and matured on March 1, 2019. Paid $5,600 for warranty repairs during the year. Paid operating expenses of $54,500 for the year. Paid $125,300 of accounts payable. Recorded accrued interest on the note issued in transaction no. 6.…
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