The Accounting Equation Dr. John Salvaggi Is a chiropractor. As of December 31, he owned the following property that related to his professional practice. Cash office Equipment X-ray Equipment Laboratory Equipment He also owes the following business suppliers: Chateau Gas Company Aloe Medical Supply Company Required: 1. From the preceding Information, compute the accounting elements and enter them in the accounting equation shown as follows Liabilities Owner's Equity Assets Assets $3,430 6,400 10,360 6,850 = $3,410 2. During January, the assets Increase by $8,790, and the liabilities increase by $3,310. Compute the resulting accounting equatio Liabilities Owner's Equity J200 3. During February, the assets decrease by $3,430, and the liabilities increase by $1,920. Compute the resulting accounting equat Assets Liabilities Owner's Equity

The Accounting Equation Dr. John Salvaggi Is a chiropractor. As of December 31, he owned the following property that related to his professional practice. Cash office Equipment X-ray Equipment Laboratory Equipment He also owes the following business suppliers: Chateau Gas Company Aloe Medical Supply Company Required: 1. From the preceding Information, compute the accounting elements and enter them in the accounting equation shown as follows Liabilities Owner's Equity Assets Assets $3,430 6,400 10,360 6,850 = $3,410 2. During January, the assets Increase by $8,790, and the liabilities increase by $3,310. Compute the resulting accounting equatio Liabilities Owner's Equity J200 3. During February, the assets decrease by $3,430, and the liabilities increase by $1,920. Compute the resulting accounting equat Assets Liabilities Owner's Equity

Name: The Accounting EquationDr. John Salvaggi Is a chiropractor. As of Dec
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Description: The Accounting EquationDr. John Salvaggi Is a chiropractor. As of December 31, he owned the following property that related to his professional practice.CashOffice EquipmentX-ray EquipmentLaboratory EquipmentHe also owes the following business suppl

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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5 Required information Phil Williams and Liz Johnson are 60% and 40% partners, respectively, in Williams & Johnson Partnership. Their beginning basis is $33,000 for Phil and $31,000 for Liz. The partnership had the following activity during the year: Income Interest income Dividend income (qualified) Long-term capital gains Total revenue Expenses Salaries and wages (nonpartners) Guaranteed payments Williams Johnson Depreciation (MACRS-includes $9,000 $ 179 expense) Interest expense Taxes and licenses Meals (100%) Auto Insurance (nonpartner health) Accounting and legal Repairs Charitable contributions Payroll penalties Total expenses Net income $ 336,123 1,259 4,586 13,458 $ 355,426 $ 47,000 Williams & Johnson Partnership's non-financial information is as follows: • Name: Williams and Johnson Partnership 75,000 50,000 41,888 5,220 15,548 15,257 5,254 6,000 2,800 1,200 2,500 500 $ 268,167 $ 87,259 Check m
Journal entries? Jackson Invested $ 250000 in to Electronics shop as capital Paid salaries to employees of $ 20000
Please don't provide answer in image format thank you Terrilson Trading is a company in the business of manufacturing parts for train wagons. Terri and Nilson formed this company in 2015 after they were both retrenched from their employment. The following information pertains to the business activities of the partnership for the year ended 31 August 2022. Extract from the statement of financial position as at 31 August 2022: 2022 2021 R R Land and buildings (at cost) 1,010,600 660,600 Equipment (at cost) 624,900 569,400 Accumulated depreciation: Equipment 175,200 74,400 Long-term loan 283,600 198,200 Members’ contributions 1,276,500 1,080,100 Retained earnings 231,200 79,700 Loans to members 98,100 34,100 Loans from members 118,700 - Distribution to members payable 78,200 108,600 Inventory 59,100 33,200 Dividend receivable 21,600 101,200 Trade payables control 137,000 66,900 Accrued security expenses 7,700 3,400 Current tax payable 62,200 40,000 Accrued rental income 6,200…
Current Attempt in Progress The following information relates to Bramble Real Estate Agency. Oct. 1 James Bramble begins business as a real estate agent with a cash investment of $21,900. Hires an administrative assistant. Purchases office furniture for $2,774, on account. Sells a house and lot for C. Rouse; bills C. Rouse $5,256 for realty services performed. Pays $1,606 on the balance related to the transaction of October 3. 30 Pays the administrative assistant $3,650 in salary for October. 2 Oct. 1 3 27 Oct. 2 6 Prepare the debit-credit analysis for each transaction. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debits Credits Debits Credits Affect on Accounts Debit Credit Debit Debit-Credit Analysis Credit $ $ $ $ A
Using T accounts to record all business transactions. The following accounts and transactions are for Randy Guttery, Landscape Consultant. INSTRUCTIONS Analyze the transactions. Record each in the appropriate T accounts. Use plus and minus signs in front of the amounts to show the increases and decreases. Identify each entry in the T accounts by writing the letter of the transaction next to the entry. ASSETS Cash Accounts Receivable Office Furniture Office Equipment Problem 3.4A Objectives 3-1, 3-2,3-4
subject:accounting
The following were the balances of the partnership between Crayon and Pencil as at 31 Question 2 December 2009: DR Capital on 2 January 2009 Crayon Pencil CR 30 000 30 000 Current accounts on 1 January 2009 Crayon Pencil 1 500 200 Drawings during the year Crayon Pencil 6 000 4 400 .160 000 Land and building... Equipment... Cash and bank... .15 000 ..20 000 Bank loan.... .90 000 ..1 400 .40 000 Electricity.. Office salaries.... Advertising.. Bad debts.... .30 000 ... 700 Provision for bad debts.. 700 Debtors.... ...6 000 Creditors.... Provision for depreciation: equipment... Stock on 31 December 2009..... Gross profit for the year.... .9 500 ..2 000 .30 000 ..150 000 Additional information available includes: i. The provision for bad debts is to be increased by $50 ii. The amount of advertising includes a payment of $120 for 2004 iii. There is an electricity bill of $145 due iv. Equipment is to be depreciated at 20% on cost per annum v. Interest on capital is allowed at 20% per annum…
Ratio Analyses for Victor and Maria Review the financial statements of Victor and Maria Hernandez and the financial ratios provided below. Balance Sheet for a Couple with Two Children-Victor and Maria Hernandez, January 1, 2018 Dollars Percent ASSETS Monetary Assets Cash on hand 1,200 0.3 Savings account 4,200 1.1 Victor's checking account 2,700 0.7 Maria's checking account 3,300 0.8 Tax refund due 700 0.2 Rent receivable 650 0.2 Total Monetary Assets $ 12,750 3.3% Tangible Assets Home 192,000 49.0 Personal property 9,000 2.3 Automobiles 9,500 2.4 Total Tangible Assets $ 210,500 53.7% Investment Assets Fidelity mutual funds 4,000 1.0 Scudder mutual fund 4,500 1.1 Ford Motor Company stock 2,500 0.6 New York 2038 bonds 4,100 1.0 Life insurance cash value 5,400 1.4 IRA accounts 34,400 8.8 Real estate investment 114,000 29.1…
PROBLEM RECOGNITION TASK Determine the maximum deposit insurance coverage by PDIC in the following items. 5. Ronel is a partner of MW Partnership and a stockholder of LG Corporation. He has the following deposit accounts in a closed bank: Ronel’s business (sole proprietorship) P350,000 Ronel’s personal savings account P500,000 Ronel and Jhun and Eff and Karla P600,000 Ronel and MW Partnership P650,000 Ronel and LG Corporation P400,000 What is the maximum deposit insurance coverage as far as Ronel is concerned?
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