Shiny Kar Company had the following transactions. For each transaction, show the effect on the accounting equation by putting the amount and direction ("+" for an increase,"-" for a decrease, or "NC" for no change) in each box of the table below. If the effect is no change, then enter a "0" in amount box. Enter all dollar amounts as positivenumbers.Owner's EquityTransactionAssetsLiabilitiesa. Shiny Kar withdrew $500 cash for food.Shiny Kar Company sold 2 cars for a total ofb.$55,000 on account.Shiny Kar received a $35,000 payment for a carC.$4previously sold on account.d. Shiny Kar paid $450 for advertising.Shiny Kar purchased $150 of cleaning supplies one.account.

Following table shows the effect of given transactions:

Answered: Shiny Kar Company had the following…

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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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 $
On December 31, 2023, Cullumber Linen Supplies Ltd. had the following account balances: \table[[Cash, $90,000, Accumulated Depreciation, Equipment,$90,000 Prepare an adjusted trial balance, and ensure that the total of the debit balances is equal to the total of the credit balances. Cullumber Linen Supplies Ltd. Adjusted Trial Balance $ Debit Credit
Listed below, in alphabetical order, are the account balances (after adjustments) from the general ledger of KS Services Limited for the year ended December 31, 2018. All accounts have normal balances. Accounts payable Accounts receivable Accumulated depreciation-equipment Bank loan payable $ 4,660 9,600 5,200 1,000 1,100 Cash Common shares 5,000 Depreciation expense Dividends declared Equipment Income tax expense Interest expense Other expenses Rent expense Retained earnings Salaries expense Salaries payable Service revenue 2,600 1,000 20,800 3,500 50 1,675 16,800 3,700 30,700 710 67,200 Supplies Supplies expense Unearned revenue 180 475 1,010 (a) Prepare an adjusted trial balance. (c) Calculate net income for the year. (d) Calculate total assets, liabilities, and shareholders' equity at December 31. (e) Present your answer in part (d) in the form of the basic accounting equation.
The account balances for Premera Blue Cross are listed below. All balances are as of December 31, 2023, except where noted otherwise. $16,500 Rent Expense $18,000 247,500 28,800 Equipment 7,800 Furniture 66,000 3,600 Notes Payable (due 12/31/25) 105,000 6,000 Accumulated Depreciation 31,350 329,250 Cash 78,000 60,000 150,000 42,450 1,200 31,350 12,600 Accounts Payable Accounts Receivable Wages Payable Prepaid Expenses Dividends Sales Revenue Notes Payable (due 4/30/24) Cost of Goods Sold Loss on Sale of Equipment Inventory Advertising Expense Insurance Expense Select one: Determine Total Current Liabilities as of December 31, 2023: a. $27,300 b. $39,900 3,000 Common Stock c. $144,900 d. $132,300 e. $247,350 158,400 Goodwill 10,500 Retained Earnings (1/1/23) 28,500 Marketable Equity Securities 9,000 Depreciation Expense 6,000 Unearned Revenue
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Make a t chart(balancing) Asset, Liabilty, and equity
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Directions shown in picture attached
Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Accounts receivable Building and equipment Cash Interest receivable. Inventory Land Notes receivable (long-term) Prepaid rent Supplies Trademark Accounts payable Accumulated depreciation Additional paid-in capital Divide Dividends payable Common stock (at par) Income tax payable Notes payable (long-term) Retained earnings Deferred revenue. TOTALS Multiple Choice $792 million O $819 million $1,635 million Debit $846 million $ 666 938 54 38 38 26 26 170 What would Symphony report as total shareholders' equity? 474 26 12 59 $ 2,463 Credit $ 647 77 475 27 16 15 48 816 329 29 $ 2,463

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