Compute the missing amount in the accounting equation for each business.AssetsLiabilitiesOwner's EquityCorner Grocery$?$128,000$72,000Neighbourhood Pharmacy200.000?142,000Dauphin Gift and Cards145,000115,0002Compute the missing amount in the accounting equation for each business.Corner Grocery: Assets =Neighbourhood Pharmacy: Liabilities =Dauphin Gift and Cards: Owner's Equity =N

Lets understand the basics.As per balance sheet equation, total assets are always equal to total…

the missing amount in the accounting equation for each business. Assets Liabilities Owner's Equity orner Grocery $? $ 128,000 $ 72,000 eighbourhood Pharmacy 200,000 ? 142,000 auphin Gift and Cards 145,000 115,000 ?

the missing amount in the accounting equation for each business. Assets Liabilities Owner's Equity orner Grocery $? $ 128,000 $ 72,000 eighbourhood Pharmacy 200,000 ? 142,000 auphin Gift and Cards 145,000 115,000 ?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: answer the questions

A: Hi there, thanks for posting the question. But as per our guidelines, we must answer the first…

Q: Skysong, Inc. had the following accounts and balances: Accounts payable $31100 Equipment $35300…

A: Assets = Liabilities + stock holder's equity.

Q: Park Mischner owns Old Times Buttons, which employs thirteen people. Park wants to perform a…

A: Answer:- Here discuss about the benefits package which are available to the employees in the…

Q: Selected financial data from Crew Restaurant is provided below. $64.000 $235,000 $267,000 Short-Term…

A: Quick ratio is calculated by dividing the quick assets by the total current liabilities. Quick ratio…

Q: Given the following items, how much are total assets? Cash $1,000 Food expense Unpaid accounts Car…

A: Assets are resources owned by an individual or entity that hold economic value, such as cash,…

Q: ine following palance sneet information was provided by western Company. Year 2 Year 1 $2,800…

A: Average days to collect the accounts receivables is the number of days taken by the entity to cover…

Q: Accounts Balances Accounts payable Accounts Receivable Administrative expenses 108,000 Cash DBA…

A: Formula: Net profit = Revenues - Expenses

Q: Manji

Q: 1 2 3 4 5 6 Account Name 7 Cash 8 A/Receivable 9 Supplies A 10 Equipment 11 A/Depr.-Equipment 12…

A: An income statement is a financial report that indicates the revenue and expenses of a business. It…

Q: Balance Sheet - (000's) Assets Cash Accounts Receivable Inventory Total Current Assets Property…

A: Financial Statements: The statement that shows all the assets, liabilities, revenue, expenses, and…

Q: Whispering Winds Corp. had the following accounts and balances: Accounts payable $ Equipment $ 28500…

A: To Find:- Total of liabilities and stock holders equity

Q: Assets sh counts receivable (net) estments entory paid rent Total current assets $ 65 178 53 203 28…

A: Current ratio is based on Current assets and current liabilities of the company. It generally…

Q: The general ledger of JEONGCHEOL INDUSTRIES showed the following balances: Dr Cr Cash ? Accounts…

A: Basic accounting equation is Total assets = Total liabilities + Owners Capital

Q: Net worth = Assets - Liabilities (own) (owe) Paula believes her gross income will double in 2019 but…

A: For computing 2019 adjusted finance list, we have to work as per the information and increase and…

Q: Balance Sheet June 30th, Year 5 Assets Cash 10,000 Accounts receivables 34,000 Inventory 60,000…

A: Balance sheet:A balance sheet is a summary of the resources and obligations of the company, it shows…

Q: XYZ Company Balance Sheet Assets Cash $15,000 Inventory $61,000 Property $114,000 Liabilities Notes…

A: Ratio analysis is used for the analysis and interpretation of financial statements. Ratio refers to…

Q: Date Account Debit Credit Adj. 1 12/31/21 Bad Debt Expense $ 481,250 Allowance for Doubtful Accounts…

A: Journal entry is the process of recording the business transactions in the accounting books for the…

Q: A9 please help.....

Q: Blossom Services Corporation had the following accounts and balances: Accounts payable 2$ Equipment…

A: The question is based on the concept of Final Accounts

Q: Knowledge Check Accounting data of Commercial Signs are presented here. Net income Total assets 2025…

A: Ratio analysis helps to analyze the financial statements of the company. The management can take…

Q: The following items are reported on a company's balance sheet: Cash $258,000 Marketable securities…

A: Current Ratio = Current Assets/ Current Liabilities Quick Ratio = Liquid Assets/ Current Liabilities

Q: Roland and Cathy have the foiOwing assets and llabilides: $145,000 $105,000 $360,000 Checking and…

A: So cathy share is JTWROS assets and liab is 50% for estate of cathy =Assets-liability

Question

Compute the missing amount in the accounting equation for each business.
Assets
Liabilities
Owner's Equity
Corner Grocery
$?
$
128,000
$
72,000
Neighbourhood Pharmacy
200.000
?
142,000
Dauphin Gift and Cards
145,000
115,000
2
Compute the missing amount in the accounting equation for each business.
Corner Grocery: Assets =
Neighbourhood Pharmacy: Liabilities =
Dauphin Gift and Cards: Owner's Equity =
N

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Understanding of balance sheet equation

VIEW

Step 2: Calculation of missing figure

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

what is balance sheet? cash $14,785.00 A/R $100.00 Packing and office supplies $370.00 inventory $6,350.00 office forniture and equipment $1,100.00 AD:office furn and equipment $31.00 A/P $1,850.00 interest payable $133.00 unearned revenue $350.00 bank loan $5,000.00 equity $11,089.00 drawings $15.00 shoe sales revenue $7,180.00 sales returns $120.00 cost of sales $500.00 online store expenses $650.00 shipping costs $1,199.00 interest expense $133.00 inventory shrink $150.00 depreciation expense $31.00 supplies expense $130.00 25,633 25,633
Bramble Corp. had the following accounts and balances: Accounts payable Accounts receivable Buildings Cash $29800 Equipment 4900 Land 96000 Unearned service revenue 15100 Total stockholders' equity $34100 35800 9800 ? If the equipment was sold for $34100, what would be the total of stockholders' equity?
45) Based on the following information from a business's financial statements, what amount of accounts receivable change was attributed to sales Sales Ending account receivable a. $37.00 b. $40.00 c. $44.40 d. $48.00 Year 1 ($) 4,440 500 Year 2 ($) 4,795 600
Why are the following items listed as a DR? Aren't they CR accounts? Exp;enses are CR accounts aren't they since they reduce assets? Income Statement Sales and Labor Revenue $1,592,430Cost of Goods $762,200Gross Profit $ 830,230 Operating Expenses:Salary Expense $337,425Depreciation Expense $44,500 Tax Expense $30,200Insurance Expense $22,000Office Expense $3,050Miscellaneous Expense $9,730Total Expenses $446,905 $383,325
2. Information: Prepaid insurance Accrued salaries Petty cash Investment in trading securities Total current assets Cash 200 150 1,200 4,560 600 Inventory, at sales value (cost = S1,500) 2,100 Unearned rent 40 Allowance for bad debts 150 Office supplies Accounts receivable 110 800 Required: Prepare the current asset section of the balance sheet. to
Vishnu
I need help with this problem