Young Software began with cash of $12,500. Young then bought supplies for $1,500 on account. Separately, Young paid $3,000 for a computer. Answer these questions. a. How much in total assets does Young have? b. How much in liabilities does Young owe? a. How much in total assets does Young have? Young has $ ☐ in total assets.
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- You were hired by Mr. Juan Dela Cruz to prepare his sari-sari store’s Statement of Financial Position. In order to prepare the statement, you identified the following assets and liabilities of Mr. Dela Cruz:a. His sari-sari store has cash deposited in a bank account amounting to P50,000b. His sari-sari store had a lot of uncollected sales from customers amounting to P75,000c. The total amount of inventory left inside the store is P30,000d. He already paid one year’s rent in advance amounting to P12,000e. The value of all the company’s furniture amounted to P100,000f. He bought merchandise from his supplier amounting to P25,000 and the supplier agreed that payment can be made 2 months after.g. Salaries Payable for his one employee totaled P5,000h. The sari-sari store had outstanding liabilities to utility companies amounting to P3,000i. He had a loan from the bank amounting to P50,000 to be paid in 3 yearsLanni Products is a start-up computer software development firm. It currently owns computer equipment worth $30,000 and has cash on hand of $20,000 contributed by Lanni’s owners. For each of the following transactions, identify the real and/or financial assets that trade hands. Are any financial assets created or destroyed in the transaction?a. Lanni takes out a bank loan. It receives $50,000 in cash and signs a note promising to pay back the loan over 3 years.b. Lanni uses the cash from the bank plus $20,000 of its own funds to finance the development of new financial planning software. c. Lanni sells the software product to Microsoft, which will market it to the public under the Microsoft name. Lanni accepts payment in the form of 2,500 shares of Microsoft stock.d. Lanni sells the shares of stock for $50 per share and uses part of the proceeds to pay off the bank loan.Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $31,000 and has cash on hand of $18,000 contributed by Lanni’s owners. For each of the following transactions, identify the real and/or financial assets that trade hands. Choose one option for following blank: A. real asset. B. financial asset. C. real liability. D. Finanical liability. The bank loan is a Financial liability for Lanni, and a Financial asset for the bank. The cash Lanni receives is a Financial asset . 1. The new financial asset destroyed or created is Lanni's promissory note to repay the loan. Lanni uses the cash from the bank plus $18,000 of its own funds to finance the development of new financial planning software. Lanni transfers financial asset (cash) to the software developers. In return, Lanni receives the completed software package, which is a real asset. Lanni exchanges the real asset (the software) for a Financial asset, which is 1,400 shares of…
- In the books of Billings Computers Ltd., a journal entry is recorded to debit the bank loan account for $10,000 and to credit the cash account for $10,000. What is the most likely transaction underlying this journal entry? * O The bank paid Billings $10,000 for computer equipment. O Billings paid the bank $10,000 interest on its bank loan. Billings borrowed $10,000 from the bank. Billings repaid a $10,000 bank loan. Billings paid the owners of the business $10,000Please answer correctly.Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $20,000 and has cash on hand of $29,000 contributed by Lanni’s owners. Lanni takes out a bank loan. It receives $31,000 in cash and signs a note promising to pay back the loan over 3 years. a. Prepare the balance sheet just after it gets the bank loan. What is the ratio of real assets to total assets? (Round your answer to 2 decimal places.) ASSETS Liabilities & shareholders' equity CASH: bank loan : computers : shareholder's equity : total: total : ratio b. Prepare the balance sheet after Lanni spends the $60,000 to develop its software product. What is the ratio of real assets to total assets? (Round your answer to 2 decimal places.) ASSETS Liabilities & shareholders' equity software product: bank loan : computers : shareholder's equity : total: total : ratio c. Lanni sells the software product to Microsoft, which will market it to…
- Cool waters total liabilities are?Rush Corporation borrowed $25,000 from the bank. Which of the following accurately shows the effects of the transaction?Hadiya Benzema is reviewing her assets and liabilities. What is her net worth? Assets: Cash in checking account, $1,000 Cash in savings account, $2,800 Current value of investments in U.S. savings bonds, $4,000 Current value of investments in stocks & mutual funds, $9,700 Current cash value of life insurance, $7,300 Current value accrued pension benefit, $25,000 Current value of house, $155,000 Current value of furniture and appliances, $8,000 Current value of jewelry, $600 Current value of automobile, $7,200 Liabilities: Current unpaid bills, $800 Home mortgage unpaid balance, $100,000 Auto loan unpaid balance, $3,200 Property Taxes owed, $1,000 Home improvement loan balance, $1,200
- Please answer the question correctly. Thank you.Mark Waugh starts business. Before any sales, he has purchased fixtures $12,000, motor vehicle $30,000 and stock of goods $21,000. Although he has paid in full for the fixtures and motor vehicle, he still owes $8,400 for some of the stock. His brother Steve has lent him $18,000. Mark, after the above, has $16,800 in the business bank account and $600 cash in hand. Calculate Mark’s capital?Do the Math:Determine the Cash balance for Wiemack Landscape Designs after the third transaction that follows. All three transactions occurred on the same day. The Cash balance before the first transaction was $10,000.1. The owner withdrew $1,000 from personal savings and deposited it in the business account.2. Bought computer equipment for $5,000, issued a check for 20 percent of the price and agreed to pay the balance at a later date.3. Issued a check for $100 to buy tools and equipment.