Susan Mitchell Law Firm purchases $1,000 worth of office equipment on account. This causes: A. Cash and Mitchell, Capital to decrease by $1,000 B. Office Equipment and Accounts Payable to increase by $1,000 C. Office Equipment to decrease and Accounts Payable to increase by $1,000 D. Accounts Payable to increase and Mitchell, Capital to decrease by $1,000
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- a. Received $60,000 cash from the investors who organized Down, Incorporated b. Borrowed $20,000 cash and signed a note due in two years. c. Ordered equipment costing $16,000. d. Purchased $9,000 in equipment, paying $2,000 in cash and signing a six-month note for the balance. e. Received the equipment ordered in (c), paid for half of it, and put the rest on account. 3. Prepare a classified balance sheet at May 31. Include Retained Earnings with a balance of zero. Current Assets Cash Total Current Assets Equipment Total Assets Assets DOWN.INCORPORATED Balance Sheet At May 31 $ 70,000 70,000 25,000 Liabilities Current Liabilities Common Stock Notes Payable (long-term) $ 95,000 $ $ 60,000 20,000 80,000 80,000 0 80,0008. A company pays one of its employees $800 per week. How much is the amount withheld from his pay for Social Security taxes? Group of answer choices A.$49.60 B.$11.60 C.$61.20 D.$34.52 9.Squeaky Clean laundromat purchased $6,000 worth of washing machines which are expected to last for 5 years, at which time they will have a trade-in value of $1,000. Calculate the annual depreciation using the straight line depreciation method. Group of answer choices A.$1,200 B.$1,150 C.$1,000 D.$950 10. On July 1, 2017, a company purchased a delivery van for $32,000. In five years, when they trade in the van, they will receive $3,000 toward the purchase of the next model. Using the straight-line method of depreciation, how much will they be allowed to depreciate during the first year? Group of answer choices A.$6,400 B.$5,800 C.$3,200 D.$2,900 ABC Company purchased a $65,000 piece of equipment which had an expected life of 10 years and a scrap value…Give the Journal Entry
- Give the entry for the additional information8. Anthony Taverna invited Jose Elchico and Ted Baylon to be his partners on June 1.2010 to set up an advertising company. His business showed the following balances: Debit Credit Cash P 20,000 Accounts Receivable 80,000 Allowance for bad Debts P 2,000 120,000 90,000 Merchandise Inventory Furniture & Equipment Allowance for Depreciation Accounts Payable Taverna, Capital 18,000 40,000 250,000 P310,000 Totals P310,000 Taverna will invest only the non- cash assets as well as the liabilities of his sole- proprietor owned business for a 60% share in partners' equity, the other two partners contributing cash equally for the remaining interest. They agree to consider the following adjustments for Taverna's contribution: 1. The accounts receivable has a realizable value of P70,000. 2. Merchandise inventory should be decreased by 10%. 3. Furniture and equipment are only worth 75% of its cost. Direction: a) Compute for the adjusted capital of Taverna. Adjust and close his books b) How much will…D1. Account
- Team Shirts, Inc. had net cash from operating activities of $50,000. It paid $40,000 to buy a new computer system by signing a $30,000 note and paying the balance. Net cash from (or used for) investing activities for the period was a. $40,000 b. ($10,000) c. $10,000 d. ($40,000)17 You are given the following information is for Engwenya Traders at 31 August 2024 R ut of Capital Sales Credit losses recovered Cost of sales Operating expenses 253 000 278 300 7 400 117 300 68 900 Time left 0:09:27 On May 15, 2024, the owner, withdrew an amount of R15 200 to pay for the school fees for one of her nephews. She further withdrew R40 500 on 18 June 2024 to pay for a family trip to the Olympics 2024 in Paris. A stock take of the tables was conducted on July 31, 2024. During this assessment, it was discovered that 3 tables, valued at R12 600, were damaged by the trailer when they were transported to the storeroom. These damaged tables were offered to the local church at a reduced price of R3 000 each. This offer was accepted by the church and the tables were delivered at the church on 5 August 2024. Which one of the following alternatives represents the correct capital balance in the statement of financial position of Engwenya Windows Traders as at 31 August 2024?…6
- 1) OWNER INVESTS 25,000 CASH 2) BUY MACHINE FOR 3,000 ON CREDIT 3) PAY UP 1,000 OF THE 3,000 DUE 4) PERFORM SERVICES FOR 5,000 ON ACCOUNT 5) COLLECT 2,000 OF THE 5,000 6) RECEDIVE CON ED BILL OF 400 AND PAY IT 7) RECEIVE A TELEP BILL OF 800 , NOT PAYING NOW 8) OWNER WITHDRAWS 4,000 CASH FOR PERSONAL USE A. DO THE EQUATION B. DO JOURNAL ENTRIES C. POST TO THE T-ACCTS AND FIND THEIR BALANCES D. DO THE FINANCIAL STMTS 1. INC STMT 2. STMT OF OE 3 BALANCE SHEET THIS IS THE FIRST YEAR (2020) OF OPERATIONS FOR COMP ABCYi Min started an engineering firm called Min Engineering. He began operations and completed seventransactions in May, which included his initial investment of $18,000 cash. After those seven transactions,the ledger included the following accounts with normal balances. Cash . . . . . . . . . . . . . . . . . . $37,600Office supplies. . . . . . . . . . 890Prepaid insurance. . . . . . . 4,600Office equipment. . . . . . . $12,900Accounts payable. . . . . . . 12,900Y. Min, Capital. . . . . . . . . . 18,000Y. Min, Withdrawals . . . . . . . . . . . $ 3,370Engineering fees earned. . . . . . . 36,000Rent expense. . . . . . . . . . . . . . . . 7,540 Required 1. Prepare a trial balance for this business as of the end of May. 2. The following seven transactions produced the account balances shown above. a. Y. Min invested $18,000 cash in the business. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d.…Create a journal entries and Ledger posting (T-accounts) for these transactions; 1. Commenced business with cash 500000 2. Purchased goods 25000 3. Paid salary 10000 4. Sold good costing 20000 at a profit of 25% on the cost 5. Paid salary in advance 2000 6. Introduced additional capital 10000 7. Purchased computer 15000 8. Deposited 50000 into the bank