the missing amount in the accounting equation for each business. Assets Liabilities Owner's Equity orner Grocery $? $ 128,000 $ 72,000 eighbourhood Pharmacy 200,000 ? 142,000 auphin Gift and Cards 145,000 115,000 ?
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A: The objective of this question is to identify the key component of the definition of accounting.
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- If a business has the following balances, what would be the amount of total liabilities?ASSETSCash $ 5000Accounts Receivable 2575Equipment 14000OWNER'S EQUITYAnne Miller, Capital 2600T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation expense11,600Sales183,000Salaries expense39,000Sales discounts4,200Miscellaneous expenses5,000Sales returns and allowances5,200 1. Record the entry to close the income statement accounts with credit balances. 2. Record the entry to close the income statement accounts with debit balances. 3. Record the entry to close the Income Summary account. 4. Record the entry to close the Withdrawals account.Find out value of account receivable from following Cash P48,000 accounts payable P33,000 office equipment P21,000 owner equity P77,000? a. P110,000 b. P15,000 c. P41,000 d. P21,000
- Saved e Quiz: Accounting for Current Liabi... A Required information Knowledge Check 01 The records of Pippins, Incorporated, included the following information: Net sales 475,000 Gross margin Interest expense Income tax expense Net income 000'0 000'0 Compute the times interest earned ratio, rounded to the nearest decimal. O 4.8 O 6.4 O7.4 O 20.0 *********** II F3 F5 F6 F8 F4 #3engageNOWv2 | Online teachir X * CengageNOWv2| Online teachir x .com/ilrm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre. * A eBook Show Me How Accounts Receivable Analysis A company reports the following: Sales $671,600 Average accounts receivable (net) 67,160 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover b. Number of days' sales in receivables days Previous Next Check My Work 11:16 AM 67°F Sunny A O E D a ) 12/3/2021 n sc hone backsoceis a merchandising company selling OFFICE A) ARTEK CO. SUPPLIES, Company's 01.01.2019 Balance Sheet Accounts are; Cash 45.000 TL, Account Payable 25.000 TL, Machinary 85.000TL, Bank Credit 65.000TL, Bank 90.00OTL, Note Payable 60.000TL , Merchandise 130.000TL ,Account Receivable 75.000TL, Capital ?TL. B) In January 2019 ARTEK CO. Made The following business trancactions. 1)Merchandise purchased for 135.000TL + %10 VAT and note endorsed for purchase. 8.00OTL+%10 VAT Freight in is paid by signing (issuing) check. 2) Mercha ndise sold for 160.000TL, on account + VAT %10. Customer is sued a check Cost of goods sold is 86.000TL 3)78.000 TL payment of Note transferred by the customer to the Bank, to close the open account.
- eNOWv2 | Online teachin X + Wilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress... A Accounts Receivable Analysis Xavier Stores Company and Lestrade Stores Inc. are large retail department stores. Both companies offer credit to their customers through their own credit card operations. Information from the financial statements for both companies for two recent years is as f (in millions): Xavier Lestrade Sales $255,500 $357,700 Credit card receivables-beginning 24,416 47,840 Credit card receivables-ending 20,384 36,832 a. Determine the (1) accounts receivable turnover and (2) the number of days' sales in receivables for both companies. Round answers to one decimal place. Assume 365 days a year. Xavier Lestrade 1. Accounts receivable turnover days days 2. Number of days' sales in receivables than Lestrade's. The number of days' sales in receivables is b. Xavier's accounts receivable turnover is for Xavier than for Lestrade. These differences…Q/ provided you with the following data. You are required to find the missing amount, bearing in mind that the company uses the single entry theory 1/1/2020 Furniture 400,000 / land 1,000,000 / fund 100,000 / bank 600,000 / loan 40,000 / notes receivable 60,000 / debtors 50,000 31/12/2020 Furniture 200,000 / land 1,000,000 / fund 160,000/ loan 40,000 / notes receivable 30,000 / debtors??? The additions during the period are equal to 10% of the capital at the end of the period and the withdrawals were 100,000 It is required to find the debtors at the end of the period if you know that the project achieved a profit of 90000Directions: Record the transactions directly into the T-accounts. The transactions are independent of one another. Use the following account titles: CashOwner’s WithdrawalsAccounts ReceivableProfessional FeesOffice EquipmentSalaries ExpenseOffice FurnitureRent ExpenseAccounts PayableUtility ExpenseOwner’s CapitalMiscellaneous Expense a. The owner deposited P280,000 in the name of his business.b. He purchased 4-in-1 equipment from Limay Equipment for P4,950, paying P1,000 in cash and the balance on the account.c. He bought chairs and tables for the office for P12,300 cash.d. He purchased furniture from Orion Company for P2,750 in cash.e. He received and paid the telephone bill from Ph Telecom amounting to P1,080.f. He billed his customers P12,940 for services on account.g. He paid P1,850 for the electric bill from BEBECO.h. He paid P3,500 for the membership fee.i. He received P17,650 in cash for services rendered.j. He paid P1,000 to partially settle accounts with Orion Company.k. He…
- Preparing a statement of owner's equity and a balance sheet BALANCE SHEET ACCOUNT TITLE DEBIT CREDIT 265000 20000 25000 13000 35 000 |29000 Cash | Petty Cash Accounts Receivable-Sunshine Café Accounts Receivable-Dependable Cleaners Supplies Prepaid Insurance - Accounts Payable-Computer Supplies Co. Accounts Payable-Westside Supplies Eva Nelsen, Capital 10 Eva Nelsen, Drawing 34000 - 12000 395000 150000 10 537000 44|1000 20 96000 513|기0100| 5|3|기01002 20 21 Net Income 22 On your own 7-2 Preparing a statement of owner's equity and a balance sheet A partial work sheet of A-1 Computer Repair for the month ended October 31 of the current year is given in the Working Papers. Also given is a blank form for completing a balance sheet. Work this problem independently. 1. Prepare a statement of owner's equity for the month ended October 31 of the current year. 2. Prepare a balance sheet for October 31 of the current year.action Analysis: Debit and Credit Rules Chap APPLY WHAT YOU HAVE LEARNED 2-1. Accounting equation. Use the following table to show the effects of transactions 1-10. Use+ or – and the dollar amount to show the effects. If a transaction affects only one cell, show the dollar amount and both + and -. The transactions describe events for Copymaster Corporation, a photocopying business. Assets Liabilities 1. 000 Equity t 5060 2. 5. 6. 7. 8. 9. 10. 1. Shareholders invested $5,000 cash to begin the business. 2. Copymaster bought a copying machine for $1,500 cash. 3. Copymaster sold copies to customers for $500 cash. 4. Copymaster produced copies for Fellows Corporation, its customer. The total sale amount was $1,200. Copymaster agreed to bill Fellows for the sale at the end of the month. bloe 5. Copymaster paid employees $600. 6. Copymaster bought supplies for $300. 7. Copymaster paid rent of $700. 8. Copymaster paid utilities of $200. 9. Copymaster bought office furniture for $500. 10.…YE3tcuBfirwShOSzu2prZ7nd44k0L-w/formResponse?pli=1 e following to answer the five questions below: owing accounts are extracted from the worksheet of X Company on ber 31, 2020 Sales Retums and Allowances S 410,000 Sales Discount 140,000 Sales 1,500,000 Salaries Expenses - Sales 52,000 Rent Revenue 22,000 Purchases Retums and Allowances 120,000 Purchases 600,000 Loss from write down of Inventory 17,000 Inventory, January 1, 2020 460,000 Interest Expense A 55,000 Gain from Sale of Building 23,000 Freight-out 14,000 Freight-in 30,000 Depreciation Expense - Sales 22,000 Cost of Goods Sold 600,000 n the data above, the inventory account sho ed a holon