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 $1,000
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- The company was established in 1 January 20X5, the owner's capital consisted of only cash contribution 200000$ and 10000$ by computers. We bought necessary equipment (2 cars each by 6000$). The company hired employees with monthly salary 10000$ including taxes and social payments. There was rented an office with monthly fee 1000$. During a week company purchased goods amounting 60000$. Prior to payment there was found out some damage, and our company claimed for return of 5000$ inventory. Return was accepted and the supplier offered a 10% discount in case the company paid by cash in 5 days. Our company doesn't pay within discounted period. Within a week, we make sales 90000$. The customer pays 45000$ by cash. We offered a customer 10% discount if he pays the rest amount within 3 days by cash and he pays. Depreciation expenses for the end of the month for cars were 2000$, for computers 800$. Company decided to change 1 of the cars for truck and pays on it additionally 1000$. At the end…Purchasing a building for $120,000 by paying cash of $35,000 and signing a note payable for $85,000 will OA. increase both total assets and total liabilities by $120,000. B. decrease total assets and increase total liabilities by $35,000. O C. decrease both total assets and total liabilities by $35,000. OD. increase both total assets and total liabilities by $85,000. ...Financial update as of June 15 • Your existing business generates $135,000 in EBIT. • The corporate tax rate applicable to your business is 25%. • The depreciation expense reported in the financial statements is $25,714. • You don’t need to spend any money for new equipment in your existing cafés; however, you do need $20,250 of additional cash. • You also need to purchase $10,800 in additional supplies—such as tableclothes and napkins, and more formal tableware—on credit. • It is also estimated that your accruals, including taxes and wages payable, will increase by $6,750. Based on your evaluation you have______in free cash flow.
- wner contributed computer costing RO. 9000, inventory worth OR 8000 and in cash OR 32000 . What is his Capital ? Select one: a. OR 49000 b. OR 8000 c. OR 32000 d. OR 39000 Rent revenue received OMR 3500 by cheque . The correct entry--- Select one: a. CASH A/C DR RENT A/C CR b. BANK A/C DR RENT A/C CR c. RENT A/C DR CASH A/C CR d. RENT A/C DR BANK A/C CR If a business has purchased goods for OMR 50000 and 25%was on account . Find out value of account payable? Select one: a. OMR 12500 b. OMR 50000 c. OMR 37500 d. OMR 32500a. 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 80,000The Chief Financial Officer of Company X decides to purchase 1000 units of a key component for the company’s core Widget line for $1.0 million in cash. The purchase is recorded as the final entry at the close of business on the last working day of Fiscal Year 2019. As a result.... The Gross Margin declines. The Payables Turnover ratio increases. The Return on Equity increases. The Cash Flow Margin declines.
- ABC Corporation sells $150,000 of accounts receivable to a factor, who charges a 4% service fee. Which of the following will not result from this transaction? O a. ABC's operating expenses will Increase by $6,000. O b. ABC's cash balance will increase by $144,000. O c. ABC's net revenues will decrease by $6,000. O d. ABC's net accounts receivable will decrease by $150,000. « » A Moving to another question will save this response. 12:01 PM pe here to search 5/5/2021 DELL F1 F2 F3 F4 F5 F6 FZ F8 F9 F10 F11 F12 PrtScr Insert Delete 188 @ $ & ) 2 3 4 5 7 8 9. Backspa W E R Y UPurchasing a building for $115,000 by paying cash of $25,000 and signing a note payable for $90,000 willa. decrease total assets and increase total liabilities by $25,000.b. increase both total assets and total liabilities by $115,000.c. decrease both total assets and total liabilities by $25,000.d. increase both total assets and total liabilities by $90,000.Give the Journal Entry
- Give the entry for the additional informationJane Dear Tractors has cash in bank of $85,000, cash set aside for a plant expansion in a separate account of $105,000, short-term paper that matures in 10 months for $35,000, and a compensating balance of $90,000 at another bank for a long-term loan. How much should be reported under the heading Cash? O $315,000 $190,000 $85,000 $225,000Team 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)