Question
In: Finance
TOTAL ASSETS $_____________ = TOTAL LIABILITIES AND OWNER’S EQUITY $____________ A. Elvis Li opened a business...
TOTAL ASSETS $_____________ = TOTAL LIABILITIES AND OWNER’S EQUITY $____________
A. Elvis Li opened a business bank account for his cleaning supplies company on March 1 with a deposit of $10,000.
B. Elvis Li Cleaning Supplies Co. sold $1,900 supplies to its customers on account. Cost of supplies sold was $1,200.
C. Elvis Li Cleaning Supplies Co. bought inventory for $10,000 on account suppliers on March 7.
D. Elvis Li Cleaning Supplies Co. sold inventory on account to customers on March 15 for $3,000. Cost of supplies sold was $2,500.
E. Elvis Li Cleaning Supplies Co. paid trucking fee of $500 in cash on March 16 to deliver goods to customers.
F. Elvis Li withdrew $4,000 cash from the company for personal
use on March 29.
G. Company paid March trucking fee of $3,000 in cash on March
29.
H. On March 30, Elvis Li invested $5,000 more of his own cash in
Elvis Li Cleaning Supplies Co.
Solutions
jeff jeffy answered 3 months agoRelated Solutions
For each transaction, indicate whether the balance of total assets, liabilities and owner’s equity (OE) increased,...
For each transaction, indicate whether the balance of total
assets, liabilities and owner’s equity (OE) increased, decreased,
or did not change.
Transaction #
Description
Assets
Liabilities
Owner’s Equity
1
Paid salaries for current month.
AnswerDecreaseIncreaseNo Change
AnswerDecreaseIncreaseNo Change
AnswerDecreaseIncreaseNo Change
2
Purchased equipment on credit.
AnswerDecreaseIncreaseNo Change
AnswerDecreaseIncreaseNo Change
AnswerDecreaseIncreaseNo Change
3
Purchased furniture using cash.
AnswerDecreaseIncreaseNo Change
AnswerDecreaseIncreaseNo Change
AnswerDecreaseIncreaseNo Change
4
Additional investment into the business.
AnswerDecreaseIncreaseNo Change
AnswerDecreaseIncreaseNo Change
AnswerDecreaseIncreaseNo Change
5
Received immediate payment for services...
With referring to the basic accounting equation: Assets = Liabilities + Owner’s Equity, determine the effect...
With referring to the basic accounting equation: Assets
= Liabilities + Owner’s Equity, determine the effect of
the following transactions to the equation.
Oct 1
Commenced business with cash RM200,000,
land RM50,000, and equipment RM35,000.
5
Purchased furniture of RM5,000 on
account.
7
Purchased supplies for a month, RM500,
cash.
10
Provided services to Hakimi RM1,700, on
account.
11
Received cash, RM500, from services
performed to Saadiah.
17
Received cash from Hakimi.
20
Paid creditor in full for furniture
purchased...
Assets total $100,000 and liabilities total $20,000. What is the equity of the business? $800 $8,000 ...
Assets total $100,000 and liabilities total $20,000. What is
the equity of the business?
$800
$8,000
$80,000
$88,000
None of the above
If during the accounting period the assets decreased by
$10,000, and equity increased by $2,000, then how did liabilities
change?
Increased by $12,000
Increased by $8,000
Decreased by $12,000
Decreased by $8,000
Decreased by $6,000
If during the accounting period the assets increased by
$14,000, and equity increased by $4,000, then how did liabilities
change?
Increased by $10,000 ...
he accounting equation is assets = liabilities + owner’s equity. Please explain the relationship between economic...
he accounting equation is assets = liabilities + owner’s equity.
Please explain the relationship between economic resources and
claims to economic resources. Why must this equation always
balance? What transactions increase or decrease owner’s equity? How
does net income or loss affect owner’s equity? Please give an
example of a transaction, applied to the accounting equation.
Q1： The total assets and the total liabilities of a business at the beginning and at...
Q1：
The total assets and the total liabilities of a business at the
beginning and at the end of the year appear below. During the year,
the corporation paid cash dividends of $24,000 and the stockholders
made an additional investment of $15,000.
Assets Liabilities
Beginning of year $395,000 $190,000
End of year 555,000 320,000
The amount of net income or net loss for the year was
Group of answer choices
net income of $54,000.
net income of $30,000.
net loss...
The bank has total assets of 967,151 and total liabilities of 902,027. The shareholder's equity is...
The bank has total assets of 967,151 and total liabilities of
902,027. The shareholder's equity is 65,124. all the amounts are in
millions. the debt to equity ratio will be 13.85. so, what does
13.85 mean?
This data is taken from a legit bank from its balance sheet but
can debt to equity ratio be 13.85 for good banks?
Total Assets Total Liabilities Total Equity or Total Shareholders’ Investments Financial Statement Name as stated in...
Total Assets
Total Liabilities
Total Equity or Total Shareholders’ Investments
Financial Statement Name as stated in the 10-K
Dollar Tree, Inc. Numbers are stated in:
Millions
Target Corporation
Numbers are stated in: Millions
Compare and Contrast the size of the
net assets (same as book value or same as equity) of the
two companies.
Please fill in the blanks: __________________ - Liabilities = Owner’s Equity. Please express the equation for...
Please fill in the blanks:
__________________ - Liabilities = Owner’s
Equity.
Please express the equation for the Income
Statement:
____________________ -
________________ = Net Income.
Please express the equation for the Statement of
Retained Earnings:
BB + or -
______________________ - Dividends +or- =
_____________________.
Please express the equation for the Balance
Sheet:
________________________ =
____________________________ +
_________________________.
What are the three types of cash flows listed in the
Statement of Cash Flows?
_________________________, __________________________,
_________________________.
What are the four...
If total assets equal $346000 and total stockholders' equity equal $140400, then total liabilities must equal...
If total assets equal $346000 and total stockholders' equity
equal $140400, then total liabilities must equal
a) $205600
b) $140400
c) There is not enough information given to determine this
d) $486400
On December 1, 2019, Geneva Jordan opened her new business with the following assets and liabilities....
On December 1, 2019, Geneva Jordan opened her new business with the
following assets and liabilities.
Accounts Payable
$
1,150
Prepaid Rent
$
6,100
Cash
4,050
Loans Payable
15,600
Equipment
26,300
Supplies
1,300
Complete the accounting equation for the firm
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