Please answer the following questions.1. Complete the table below using Accounting Equation (Assets= Liabilities + Owner's Equity):Compute the missing amounts in theaccounting equation for eachbusinesses.Economy CutsMaple Dry CleanersDauphin Gift and Cards2. Record the following Transactions in a Journal.DateJanuary202423ASSETS4=ABC Yoga engaged in the following transactions during January 2024, its first month ofoperations:January 02 - The business received a $15,000 cash investment from the owner, YulaGregore, to start ABC Yoga.January 03 - Paid $4,000 cash to rent a yoga studio for the month of March.January 04 - Purchased Studio Supplies for $4,000 on Account.January 06 - Earned Service Revenue and received cash, $3,000.January 09 - Paid $1,000 on Accounts Payable of January 04.January 17 - Earned Service Revenue from a client on account.6$100,000$145,000Identify transactions by their date and include an explanation for each entry. Use thefollowing accounts: Cash;Accounts Receivable; Studio Supplies; Accounts Payable; Yula Gregore, Capital; ServiceRevenue and Rent Expense.LIABILITIES$120,000Accounts and Explanations$115,000DrCrOWNER'SEQUITY$40,000$50,000

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Description: Please answer the following questions.1. Complete the table below using Accounting Equation (Assets= Liabilities + Owner's Equity):Compute the missing amounts in theaccounting equation for eachbusinesses.Economy CutsMaple Dry CleanersDauphin Gift an

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Business

Accounting

Please answer the following questions. 1. Complete the table below using Accounting Equation (Assets= Liabilities + Owner's Equity): Compute the missing amounts in the accounting equation for each businesses. Economy Cuts Maple Dry Cleaners Dauphin Gift and Cards ASSETS = $100,000 $145,000 LIABILITIES $120,000 $115,000 OWNER'S EQUITY $40,000 $50,000

Please answer the following questions. 1. Complete the table below using Accounting Equation (Assets= Liabilities + Owner's Equity): Compute the missing amounts in the accounting equation for each businesses. Economy Cuts Maple Dry Cleaners Dauphin Gift and Cards ASSETS = $100,000 $145,000 LIABILITIES $120,000 $115,000 OWNER'S EQUITY $40,000 $50,000

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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Based on this information can you create an Income Statment Accounts Receivable $1,200 Accounts Payable $20,200 Advertising Expense $750 Cash $28,600 Cost of Goods Sold $8,800 Drawings by Owner $1,625 Equipment $5,150 Interest Expense $300 Interest Payable $300 Inventory $3,900 Investments by Owner $10,000 Rent Expense $3,600 Sales Returns $600 Sales Revenue $11,900 Service Revenue $20,750 Supplies $600 Supplies Expense $2,025 Utilities Expense $600 Wages Expense $5,400
In a minimum of 175 words Imagine that you’ve been asked to explain 1 of the major accounting ratios to a group of high school students who have no background in business or accounting but are eager to learn. Choose 1 of the following ratios and describe how you would explain it in your own words, using a specific example: current ratio asset turnover profit margin on sales
Required: Use the financial statements of Heifer Sports Incorporated to find the information below for Heifer. Note: Use 365 days a year. Do not round intermediate calculations. Round all answers to 2 decimal places except $ amounts and Round Average collection period to 1 decimal place. Income Statement Sales Cost of goods sold Depreciation Selling and administrative expenses EBIT Interest expense Taxable income Taxes Net income 2023 $5,750,000 3,036,000 301,400 1,614,000 $ 798,600 173,000 $ 625,600 284,500 $ 341,100 Balance Sheet, Year-End Assets Cash Accounts receivable Inventory Total current assets Fixed assets Total assets Liabilities and shareholders' equity Accounts payable Short-term debt Total current liabilities Long-term bonds Total liabilities Common stock Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 2023 $ 41,600 592,000 439,600 $ 1,073,200 2,827,000 $ 3,900,200 $ 313,300 501,000 $ 814,300 1,783,800 $2,598,100 $ 312,500 989,600 $…
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