Using the information below, compute for the Ending Capital of the owner for the year ended December 31, 20 Account Amount Cash 24,200 Notes Payable 120,000 Due from Customers 13,450 Delivery Van 200,000 Office Equipment 48,000 Loan Payable 40,000 Notes Receivable 8,000 Due to Suppliers 21,000 Fixtures and Furnitures 28,000 write your answer using this format " 123,456 " the captial, end is
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- Use the following accounts;CashBankShort-term investmentsLoss on sale of short-term investmentForeign exchange gainForeign exchange lossCapitalGain on sale of short-term investment RA established his own company, r@ktas Co. The following transactions are the events thatoccurred during December 2018, the company’s first month: Date12/1 The owner invested $ 200,000 cash for capital.12/5 r@ktas Co., opened deposit account on Don’t Trust Bank and put 2.000 Euro(Exchange rate was 1 Euro= 1,5 Dollar)12/10 The Company purchased short-term investment with cash for $2,500.12/18 The Company sold short-term investment with cash for $2.000Note:• Exchange rate was 1 Euro= 1,4 Dollar at the end of the period. Requirements:1- Give the journal entry for each transaction.2- Post each transaction to T accounts.T Account entries for Simple Construction:Bob Simple graduated from the BCIT Construction Management Program and decided to start his own construction company. We will record various entries that might be made in a T account sheet in order to account for his second year of operations. At the end of the first year, his income statement and balance sheet havethe following values:Balance Sheet Entries for Last Year:Cash: 365,000Accounts Receivable: $17,000Materials Inventory: $2000Equipment: $15,000Accumulated Amortization: $500Accounts Payable: $22,000Bank Loan –Long Term: $10,000Dividend Payable: $35,000Interest Payable: $500Wages Payable: $5,000Common Stock: $250,000Retained Earnings: $76,000Income statement Final Entries for Last Year:Revenue: $145,000Materials Expense: $20,000Wages Expense: $10,000Amortization Expense: $500Rental Expense: $2,500Interest Expense: $1000Net Income: $111,000 Question 1a.Enter the relevant amounts in the T sheet to start the current year, and designate…The account balances for Premera Blue Cross are listed below. All balances are as of December 31, 2023, except where noted otherwise. $16,500 Rent Expense $18,000 247,500 28,800 Equipment 7,800 Furniture 66,000 3,600 Notes Payable (due 12/31/25) 105,000 6,000 Accumulated Depreciation 31,350 329,250 Cash 78,000 60,000 150,000 42,450 1,200 31,350 12,600 Accounts Payable Accounts Receivable Wages Payable Prepaid Expenses Dividends Sales Revenue Notes Payable (due 4/30/24) Cost of Goods Sold Loss on Sale of Equipment Inventory Advertising Expense Insurance Expense Select one: Determine Total Current Liabilities as of December 31, 2023: a. $27,300 b. $39,900 3,000 Common Stock c. $144,900 d. $132,300 e. $247,350 158,400 Goodwill 10,500 Retained Earnings (1/1/23) 28,500 Marketable Equity Securities 9,000 Depreciation Expense 6,000 Unearned Revenue
- Use the following data to determine the total dollar amount of assets to be classified as 2. property, plant, and equipment. Koonce Office Supplies Balance Sheet December 31, 2022 $ 210,000 30,000 Cash Accounts receivable Inventory Prepaid insurance Stock investments (Long-term) 255,000 Land Buildings Less: Accumulated 195,000 150,000 165,000 90,000 Accounts payable Salaries and wages payable Mortgage payable 240.000 480,000 Total liabilities 360,000 750.000 $1.110,000 270,000 $315,000 depreciation Trademarks Total assets Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity (60,000) 255,000 210,000 $1.590.000 $1.590.000 a. $990,000 b. $525,000 C. $735,000 d. $585,000 3. Use the following data to determine the total dollar amount of assets to be classified as investments. Koonce Office Supplies Balance Sheet December 31, 2022 195,000 150,000 165,000 90,000 Accounts payable Salaries and wages payable Mortgage payable Total liabilities $4…Please provide the following journal entries for these transactions, you can draw the T- Accounts or journal entries; A) Mortgage Company funded a loan for $100,000 and the company only advance 98% of the loan through financing (Warehouse Line). Remaining 2% is gathered from Companys funds. B) The same loan was sold to investor at 102 % 15 days later, please prepare the journal entries. C) The Company has expenses at the end of the month in the amount of $20,000 but has not paid until 30 days later. Please prepare journal entries at the end of the month and 30 days payment. D) The company received funds and has a trust liability account for borrowers in the amount of $10,000. 30 days later the trust liability is being transferred to the final investors. E) Company Prepaid Insurance for 12 months and paid in January for $1,200. You are now in the March 31 st of the year.On July 1, 2024, Sarasota Limited received an 18-month loan for $437,000 from a bank at 6% and with these funds and another $95,000 cash, purchased land for $532,000. Prepare the journal entries to record each of the following on Sarasota's books: (a) The purchase of the land on July 1, 2024. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry for the account titles and enter O for the amounts) Date Account Titles and Explanation July 1, 2024 Debit Credit
- The following is the balance sheet of A. B and C who shared profits and losses equally as on 31 December 2021 Liabilities Bank overdraft Account payable Reserve fund Capitals A B C Assets Amount 15,000 Bank 1,800 Account receivable 6,000 Investment Inventory 20.000 Furniture 12000 Premises 14.000 Land c) a) A took over the Land at RO15,000 b) C took over computer at book value. The other assets realized as under:- Account receivable: RO 7.500 Furniture: RO 4,500 Investments: RO 13.500 1. Realization Account 2. Partner's capital Account 3. Cash Account 68,800 It was decided to dissolve the partnership firm on the following terms:- Computer Inventory: RO 15,600 Premises: RO 15,750 d) Realization expenses amounted to RO 500. Prepare: - Amount 6.500 8.600 10,000 13,700 5,100 12,900 11,000 1,000 68,800On April 1, 2021, Betty Trout created a new self-storage company called Betty Storage Company. The following eventsoccurred during the company's first month:April1Betty invested $75,000 cash, land and buildings worth $300,000 and $225,000 respectively.2Rented equipment by paying $4,800 for the first month.5Purchased $5,200 of office supplies for cash.10Paid $10,800 for the premium on a one-year insurance policy effective today.14Paid an employee $2,000 for two weeks' salary.24Collected $22,500 of storage revenue from customers27Collected $2,400 on a rental agreement for storage from May 1, 2021 to April 30, 202228Paid an employee $2,000 for two weeks' salary.29Paid the month's $600 phone bill30Repaired a leak in the roof of the buidling for $2,000 on account31Betty withdrew $3,500 cash from the company for personal use.The following is the company's chart of accounts:101Cash301Betty Trout, Capital106Accounts Receivable302Betty Trout, Drawings124Office Supplies401Storage…From the following accounts balances as of March 31, 2021 were taken from the records of Dr. Pun, the proprietor of Omni Laboratories. Dr. Pun, Capital P250,000 Dr. Pun, Drawing 75,000 Laboratory Equipment 200,750 Furniture and Fixtures 45,000 Small Tools 8,550 Unused Supplies 22,365 Accumulated Depreciation - Lab Equipment 20,075 Accumulated Depreciation - Furniture and Fixtures 9,000 Cash on Hand and In Bank 22,250 Accrued Income 12,500 Notes Receivable 20,000 Notes Payable 75,000 Other Prepaid Expenses 5,750 Accrued Taxes 3,850 Accrued Utility Expenses 7,525 Other Accrued Expenses 1,390 Profit during the period 45,325 How much is the total assets as of March 31, 2021?
- 15)Use the following data to determine the total dollar amount of assets to be classified as current assets. Vitz Pool Supplies Balance Sheet December 31, 2024 Cash and cash equivalents $ 1,000 Accounts payable $ 1,800 Accounts receivable 200 Salaries and wages payable 200 Inventory 1,500 Bonds payable 40,000 Prepaid insurance 300 Total liabilities 42,000 Stock investments 2,000 Land 3,000 Buildings $20,000 Common stock 15,000 Less: Accumulated Retained earnings (25,000) depreciation (6,000) 14,000 Total stockholders' equity (10,000) Goodwill 10,000 Total liabilities and Total assets $32,000 stockholders' equity $32,000 A) $8,000 B) $5,000 C) $2,000 D) $3,000The following balances are provided: Cash $234,000 Accounts Payable $ 97,000 Inventories 121,000 Notes Payable (due 2018) 211,000 Land 453,000 Accounts Receivable 46,000 Refer to Benchmark Surveyors. Calculate Current Assets. a.$854,000 b.$401,000 c.$709,000 d.$498,000Alice Angle is an architect who set up her own on 1 March 2021. She supplied the following information about transactions for the first month ended 31 March 2021: 2021 Transaction March 1 eg. Alice deposited capital R70 000 into the business bank account. 1 Paid R5 000 as rent for March 2021. 2. Alice contributed equipment valued at R75 000 that she was using at home. The equipment was fully paid for personally by Alice. Additional equipment was purchased for R35 000 and paid through Alice's personal bank account. 6 The business obtained a loan of R150 000 from Kind Bank and deposited into the _business bank account. The loan is repayable in 3 equal annual instalments. The first instalment is payable on 31 March 2023. Interest is payable monthly at 7% per year beginning on 1 April 2021. 10 Purchased a vehicle for business purposes from Fast Cars Ltd for R220 000. Paid a deposit equal to 20% of the purchases price by making an electronic finds payment (EFT). The balance will be paid in…