Question
In: Accounting
On January 1, Orange Crates had assets of P30,000 and owner’s equity of P20,000. During the...
On January 1, Orange Crates had assets of P30,000 and owner’s equity of P20,000. During the year, the company had cash revenue or income of P10,000, cash expenses of P8,000, paid 3,000 to its creditors, and its owner withdrew P1,000. What are the assets, liabilities, and owner’s equity at the end of the year?
Solutions
ekkarill92 answered 2 years agoRelated Solutions
On January 1, Orange Crates had assets of P30,000 and owner’s equity of P20,000. During the...
On January 1, Orange Crates had assets of P30,000 and owner’s
equity of P20,000.
During the year, the company had cash revenue or income of P10,000,
cash expenses of
P8,000, paid 3,000 to its creditors, and its owner withdrew P1,000.
What are the assets,
liabilities, and owner’s equity at the end of the year?
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...
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...
On January 1, Kirk Corporation had total assets of $861,000. During the month, the following activities...
On January 1, Kirk Corporation had total assets of $861,000.
During the month, the following activities occurred: Kirk
Corporation acquired equipment costing $7,100, promising to pay
cash for it in 60 days. Kirk Corporation purchased $3,610 of
supplies for cash. Kirk Corporation sold land, which it had
acquired 2 years ago. The land had cost $16,100 and it was sold for
$16,100 cash. Kirk Corporation signed an agreement to rent
additional storage space next month at a charge of $1,110...
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...
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.
At the end of September 2021, total owner’s equity for Beaulieu Group Company was $7,840. During...
At the end of September 2021, total owner’s equity for Beaulieu
Group Company was $7,840. During October, the following
transactions occurred:
1.
Provided services to a client and received $1,815 cash.
2.
Paid $1,050 for October’s rent.
3.
Purchased $540 of supplies on account.
4.
Provided services to a client and billed the client
$2,090.
5.
Collected $865 from the client billed in transaction 4.
6.
Received $8,240 cash from a client for services to be provided
in November.
7....
On January 1, 2014 Primo Corporation had the following had the following equity accounts. Amount in...
On January 1, 2014 Primo Corporation had the following
had the following equity accounts.
Amount in OMR
Share Capital – Ordinary 750,000 (OMR 10 par value, 75,000 shares
issued and outstanding)
Share Premium – Ordinary 200,000
Retained Earnings 540,000
During the year, the following transactions occurred.
Jan. 15 Declared an OMR 1 cash dividend per share to shareholders
of record on January 31, payable on February 15.
Feb. 15 Paid the dividend declared in January.
Apr. 15 Declared a 30%...
Apple Company purchased 42% of Orange Company's common stock for $418,000 on January 1, 2021. During...
Apple Company purchased 42% of Orange Company's common stock for
$418,000 on January 1, 2021. During 2021, Orange Company reported a
net income of $79,000 and paid dividends totaling $13,000. For
2022, Orange Company paid dividends totaling $21,000. On December
31, 2022, Apple Company sold three-fourths of its investment in
Orange Company for $319,625 cash. Apple Company reported a loss on
the sale equal to $12,460. What is the amount of net income earned
by Orange Company in 2022?
Crofter Ltd had total assets of $950,000 and equity of $290,000 at the
Crofter Ltd had total assets of $950,000 and equity of $290,000 at the beginning of the year. At the end of the year, the company had total assets of $810,000. During the year, the company sold no new equity. Net income for the year was $140,000. At the end of the year, Crofter Ltd paid total dividends of $120,000.Required(i) Please calculate Crofter's growth rate using start-of-year equity.(ii) Please show how you get the same result if you base your calculation...
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