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Calculate owners’ equity. (LO 4). Doughnut Company shows $130,000 worth of assets on its December 31, 2009,
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Chapter 1 Solutions
Financial Accounting
- Rahularrow_forwardPractice work. How do I calculate for d, e, f, please?arrow_forwardThe bookkeeper for Geronimo Company has prepared the following balance sheet at 31/12/2007 Balance sheet for (Geronimo Company) at 31/12/2007 liabilities and owner equity Assets ID ID Current assets: Short-term liabilities: Bills payable 40625 Account payable (A/P) 28000 Long-Term Liabilities: bonds payable 82350 Long-term notes payable. Owners' Equity: Cash 22000 22000 Account receivable(A/R) Ending inventory Fixed assets: 35000 Machinery and equipment Intangible assets: Patents 40000 54900 Capital 155500 Total Total 274500 If you know Current assets 50% from total assets, fixed assets 30% from total assets, Intangible assets 20% from total assets, Cash 50% from Current assets R/ Complete the balance sheetarrow_forward
- 70. Subject :- Accountingarrow_forwardIn alphabetical order below are balance sheet items for Robinson Company at December 31, 2022. Sandra Robinson is the owner of Robinson Company. Accounts payable Accounts receivable Cash Owner's capital Total Assets Liabilities $94,600 Prepare a balance sheet. (List Assets in order of liquidity.) Owner's Equity 72,400 45,700 23,500 ROBINSON COMPANY Balance Sheet For the Year Ended December 31, 2022 Assets Liabilities and Owner's Equity Total Liabilities and Owner's Equity $ $ $ 118,100 94,600 23,500 118,100arrow_forwardDetermine the effects of the following transactions on Current assets, Current liabilities, and Working Capital. Write “Inc” for an Increase, “Dec” for a Decrease, or “NE” if there is No Effect. Write your answers in the blanks provided. Current Asset Current Liability Net Working Capital 1. Sale of merchandise on account 2. Acquired shares of ABS CBN for cash 3. Pays the long-term debt of P150,000 4. Sells old machine for P10,000 cash 5. Issued shares of stock to cash investors 6. Declared cash dividends 7. Payment of advance rentals (asset method) 8. One year loan from a bank 9. Issued shares of stock to pay short term loan 10. Collection of receivables 11. Cash redemption of bonded debt 12. Six months interest received in advance(liability method is used) 13. Issued stock dividends 14. Payment of cash dividends declared in #6 15. Sell of equipment for P50,000;…arrow_forward
- Answer in typingarrow_forwardHello, just need help on net income and return on equityarrow_forwardDetermine the missing amounts. (Hint: For example, to solve for (a), Assets – Liabilities = Stockholders’ Equity = $35,000.) Ayayai Company Kingbird Company Michelangelo Company Raphael CompanyJanuary 1, 2019 Assets $ 105,000 $154,000 $ (g) $210,000 Liabilities 70,000 (d) 105,000 (j)Stockholders’ equity (a) 84,000 63,000 140,000 December 31, 2019 Assets (b) 191,800 280,000 (k)Liabilities 77,000 105,000 (h) 112,000 Stockholders’ equity 56,000 (e) 182,000 196,000 Stockholders’ equity changes in year Additional investment (c) 21,000 14,000 21,000 Dividends 14,000 (f) 19,600 14,000 Total revenues 490,000 588,000 (i) 700,000 Total expenses 462,000 539,000 478,800 (l)arrow_forward
- Need Answer please provide itarrow_forwardPlease help with both. Thank you :)arrow_forwardImagine a balance sheet: Current assets = $105, current liabilities = $100, fixed assets = $340, and %3D the owner's equity = $135. What is the value of long term debt if it is the only other item on the %3D balance sheet? O $210 O $235 O $445 O $105 O $205arrow_forward
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
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