Don't use ai given answer accounting questions The beginning capital balance shown on a statement of owner'sequity is $120,000. Net income for the period is $45,000. The ownerwithdrew $25,000 cash from the business and made no additionalinvestments during the period. The owner's capital balance at theend of the period is

Step 1: Definition of Owner's Capital BalanceThe owner's capital balance at the end of the period is…

Answered: The beginning capital balance shown on…

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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Shep Company's records show the following information for the current year. Beginning of year End of year Total assets $ 51, 600 $ 82,000 Total liabilities $ 22, 800 $ 35, 800 Determine net income (loss) for each of the following separate situations. Note: For all requirements, losses should be entered with a minus sign. Additional owner investments of $3,800 were contributed, and withdrawals of $7,800 were made during the current year. Additional owner investments of $15, 200 were contributed, and no withdrawals were made during the current year. No additional owner investments were contributed, and withdrawals of $12, 800 were made during the current year.
The beginning net assets of a single proprietorship was P150,000. At the end of the year, the single proprietorship has net assets of P100,000. During the year, the owner made personal drawing of P70,000 from the business. The business income for the year is
Assume for each of the following independent cases that the annual accounting period ends onDecember 31 and that the total of all revenue accounts was $150,000 and the total of all expenseaccounts was $130,000.Case A: Assume that the business is a sole proprietorship owned by Proprietor A. Prior tothe closing entries, the Capital account reflected a credit balance of $50,000 and theDrawings account showed a balance of $8,000.Case B: Assume that the business is a partnership owned by Partner A and Partner B. Priorto the closing entries, the owners’ equity accounts reflected the following balances:A, Capital, $40,000; B, Capital, $38,000; A, Drawings, $5,000; and B, Drawings,$9,000. Profits and losses are divided equally.Case C: Assume that the business is a corporation. Prior to the closing entries, the stockholders’ equity accounts showed the following: Capital Stock, par $10, authorized 30,000shares, outstanding 15,000 shares; Additional Paid-In Capital, $5,000; RetainedEarnings,…
Under accrual basis, rental income of Hamilton company for the current year is P300,000. Additional information is as follows:Unearned rental income, January 1 25,000Unearned rental income, December 31 37,500Accrued rental income, January 1 15,000Accrued rental income, December 31 20,000How much cash was received from rental in the current year?
Hyde Company's records for 2019 provide the following information: a. amortization of premium on bonds payable, $500 h. gain on sale of land, $7,800 b. purchase of equipment, $6,000 i. increase in prepaid assets, $400 c. depreciation expense, $7,300 j. declaration and payment of cash dividends, d. decrease in accounts receivable, $700 $1,800 e. decrease in accounts payable, $2,900 k. increase in wages payable, $600 f. issuance of long-term note for cash, $4,200 l. patent amortization expense, $1,000 g. increase in inventories, $7,600 m. net income, $10,400 Required: Prepare the operating activities section of the 2019 statement of cash flows for Hyde Company using the indirect method. Use a minus sign to indicate cash outflows, a decrease in cash or cash payments.
The following information was extracted from the records of Lodh Ltd for the year ended 30 June 2021. Lodh LTD Statement of financial position (extract) As at 30 June 2021 Assets Accounts Receivable $50,000 Allowance for doubtful debts (4,000) $46,000 Plant 200,000 Accumulated depreciation - Plant (50,000) 150,000 Liabilities Interest Payable 2,000 Provision for long service leave 10,000 Additional information · The accumulated tax depreciation for machines at 30 June 2021 was $66 667. · Long service leave has not been taken by any employee during the year. · The tax rate is 30%. Required Prepare a (partial) deferred tax worksheet to identify the TTD and DTD from the above information [You are required to input CA (Carrying Amount) and TB (tax Base) only in the response…
Displayed here are the draft financial statements which have been prepared for Valerie’s business for the year ended 30 April 2021. Draft Statement of Financial Position as at 30 April 2021 Assets Non-current assets see point a. below Cost 90,000 Provision for depreciation 30,600 Net Book Value 59,400 Current assets Inventory To be advised Trade receivables 43,200 Cash 4,680 47,880 Total assets 107,280 Liabilities Current liabilities Trade payables 17,280 Non-current liabilities Bank loan 16,000 Total liabilities 33,280 Net assets 74,000 Owner’s interest Capital invested 24,000 Profit and Loss Reserve: Opening balance 34,720 Draft profit for the year…
During the year ended 30 September 20X9, H recorded the following cash transactions: (1) A payment of an annual insurance premium of $6,000. This covered the period to 31 December 20X9. (2) Receipt of $3,000 in respect of rent from a tenant covering the three-month period to 30 November 20X9. What is the impact on profit and net assets of making the year-end adjustments for deferred income and prepayments at 30 September 20X9? Profit Net assets A. Decrease of $500 Increase of $500 B. Decrease of $1,000 Increase of $1,000 C. Decrease of $500 Decrease of $500 D. Increase of $1,000 Increase of $1,000
The ending owner's equity of the business amounts to P100,000. The beginning assets and liabilities are P100,000 and P60,000 respectively. The owner contributed additional investments of P10,000 and incurred P15,000 expenses during the period. 6. How much is the net income?7. How much is the ending total assets assuming liabilities remain the same?8. How much is the total revenues?
A company has depreciation of $250,000 for the year. Interest is $75,000 on an outstanding loan of $1,000,000. Employee pay, outside services, repairs, utilities, transportation, legal fees, and similar expenses are $2,150,000. Taxable income is $225,000. What is the gross income for the year? a. $3,700,000 b. $2,700,000 c. $2,625,000 d. $1,700,000.
Watkins Inc. has the following assets at the end of Year One: Cash, $400; Inventory, $730; Prepaid Rent, $460; Equipment (net book value), $4,000. Watkins also has the following liabilities at the end of Year One: Accounts Payable, $560; Rent Payable, $200; Note Payable, due on June 1, Year Four, $3,500. At the end of Year One, what is Watkins’s current ratio? Responses 1.49 to 1.0 1.31 to 1.0 2.09 to 1.0 1.14 to 1.00
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The beginning capital balance shown on a statement of owner's equity is $120,000. Net income for the period is $45,000. The owner withdrew $25,000 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is