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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- Anthony Clement is applying for a car loan. The lending institution requires a personal net worth statement. Anthony currently has $1,085.00 in cash, and his camera is worth $635.00. He also owes Vista Travel $305.00 and Kelley Electronics $83.00. Complete a net worth statement for Anthony Clement. Select Current Date in the appropriate field. Assets should be listed in order of liquidity, so Cash should be listed first. Liabilities should be reported in alphabetic order.Illustrate how the transaction affects the accounting equation: Reyes, the owner, made a cash withdrawal of 5000php for personal use.hey I need help figuring out the numbers for these accounting homework assignments. Clint M. Invests $30,000. Into Merle company. The effect to Liabilities would be: ( Type your numeric number) Clint M. Invests $30,000 into Merle Company. The effect to Equity would be: (Type your numeric number) Merle company purchases s piece of equipment for $5,000 on account. The effect to Assets would be: (Type your numeric answer) Merle company purchases a piece of equipment for $5,000. The effect to Liabilities would be: (Type your numeric answer) Merle Company purchases a piece of equipment for $5,000 on account. The effect to Equit would be: (type your numeric answer)
- Solve both parts.PROBLEM: Alex Sun had the following transactions. Use the accounting equation show their effect on his Assets, Liabilities, and Capital. A. Invested P65,000. B. Purchased securities for cash P8,500. C. Purchased a home for P15,000: giving P 5,000 in cash and the balance through loan account. D. Sold securities costing P 1,000 for P 1,500. E. Purchase an old car for P 2,800. F. Received cash as salary P 3,600. G Paid cash P 600 for loan and P 200 for interest. H. Paid cash for expense P 400. 1. Received cash for dividend on securities P 300.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…
- Mr. Steve Persian hired Elizabeth to prepare the Statement of Financial Position of his business. To prepare the statement, Elizabeth identified the following assets and liabilities of Mr. Persian: a. Cash deposited in YKY Bank amounting to P100, 000 b. He has uncollected sales from customers amounting to P50, 000 c. The total amount of merchandise left inside the warehouse is P35, 000 d. Steve paid in advance the rent amounting to P15, 000 for one year. e. The machineries and equipment amounted to P150, 000 f. He bought the materials from his suppliers amounting to P30, 000 and promised to pay the said amount one month after the end of the year. g. He paid the contributions of his employees such as SSS, Philhealth and Pag ibig amounting to P6, 500 h. Outstanding balance to Meralco is amounting to P3, 500 i. He acquired a 2 year loan from YKY Bank amounting to P45, 000.If a business owner invests $5,000 in cash into the business, which side of the T for the cash account would the $5,000 be recorded? Debit Credit Net income It would not be recorded because the cash comes from the owner.help