QUESTION 21 Shareholders' Equity Liabilities Assets Retained Earnings Common Stock ||$ |$ On February 20, Wursthaus, Inc., paid for $500 of the sausages purchased on account on January 21. Show the effect of this transaction on the accounting equation below. IF THERE IS NO EFFECT, SELECT "O NO EFFECT." A. 0 No Effect - Assets B. (500) Accounts Payable -Liabilities C. (500) Inventory Expense Shareholders' Equity D. 500 Accounts Payable E. (500) Cost of Goods Sold F. 500 Cash G. (500) Cash

QUESTION 21 Shareholders' Equity Liabilities Assets Retained Earnings Common Stock ||$ |$ On February 20, Wursthaus, Inc., paid for $500 of the sausages purchased on account on January 21. Show the effect of this transaction on the accounting equation below. IF THERE IS NO EFFECT, SELECT "O NO EFFECT." A. 0 No Effect - Assets B. (500) Accounts Payable -Liabilities C. (500) Inventory Expense Shareholders' Equity D. 500 Accounts Payable E. (500) Cost of Goods Sold F. 500 Cash G. (500) Cash

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter13: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 22E

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Question One The following trial balance relates to Succeed Limited as at 30 June 2020 K K 88,000 K1 ordinary shares – issued 88,000 44,000 8% K1 preference shares 44,000 Share premium account 11,000 Revaluation reserve - PPE 33,000 Sales 220,000 Purchases 135,300 Opening inventory 87,279 Trade receivables and prepayments 29,920 Trade payables and accruals 15,094 Bank balance 4,726 10% Loan stock 17,600 General reserve 30,800 Bad debts 374 Wages and salaries 31,020 Installment tax paid 3,850 Insurance 1,551 Dividend paid - Preference 3,520 Dividend paid - Ordinary 2,420 Postage and telephone 682 Light and heat 1,338 Loan stock interest (½ year to 31 December 2019) 880 Directors’ fees 2,750 General expenses 3,419 Vehicles (cost K21,340) 7,480…
Q NO.3: Balance Sheet Liabilities Shareholders Equity (50,000 shares) Long-term Debt Account Payable Amount Assets | Amount 3,50,000 25,000 60,000 65,000 3,00,000 Long-term Assets Cash 1,00,000 Accounts Receivables 80,000 Inventory 20,000 5,00,000 Other Current Liabilities 5,00,000 Income Statement Particulars Аmount 9,00,000 4,00,000 1,00,000 2,50,000 1,50,000 Sales Cost of Goods Sold General, Administrative and Selling Expenses Other Expenses Net Income (PAT)