I am looking for help with this general accounting question using proper accounting standards.

The equity of Nil Corporation is $245,600 and the total liabilities are $32,400. The total assets are _.

Kensington Ventures had a beginning capital of $28,000. The owner made additional investments during the year of $35,000 and withdrew $22,000. At the end of the year, the ending capital balance was $61,000. What was the net income or net loss for the period?

Correct Answer

Q1. S-Sports Ltd specialises in selling premium sports equipment. Over the month, it recorded the following transactions. -Incurred $10,000 on credit for a one-time promotional event organised for its customers and local sports team. This amount will be paid in the coming month. -Made sales of $50,000 to customers, of which $5,000 is credit sales and will be collected in the following month. The goods sold were purchased from a local supplier at $20,000. -Purchased $15,000 of goods from a supplier on credit, with payment due in 30 days. -Paid rents of $12,000 for three months, with this month being the first month. -Repaired a window broken by a typhoon in summer. The repair cost is $3,000 in cash. -Paid supplier $25,000 for goods purchased last month. -Collected $8,000 in advance and promised to deliver goods the following month. -Incurred $1,800 depreciation expense and $9,000 other operating expenses. The operating expenses will be paid early next month. Q. For each item…

Direct Labor Cost??

Alec Corporation issued stock to Maria Alec in exchange for her investment of $82,000 cash in the business. The company recorded revenues of $725,000 and expenses of $585,000, and the company paid dividends of $42,000. What was Alec's net income for the year?

The following relate to Dynamics Corporation in 2012

Alpine Textiles has determined a standard direct materials cost per unit of $6.00 (2 meters at $3.00 per meter). Last month, Alpine purchased and used 4,600 meters of direct materials, for which it paid $14,260. The company produced and sold 2,200 units during the month. Calculate the direct materials price variance, direct materials quantity variance, and direct materials spending variance.