a. Jack Repair Shop started the year with total assets of $300,000 and total liabilities of...

a. Jack Repair Shop started the year with total assets of $300,000 and total liabilities of $200,000. During the year, the repair shop recorded $500,000 in computer repair revenues, $300,000 in expenses, and paid dividends of $50,000. The repair shop stockholders' equity at the end of the year was $___________.

b. Costs of goods sold is $15,000 greater than net purchases. If beginning inventory is $110,000, what is ending inventory? Using COGS=BI+P-EI

c. Revenue of $45,000 had been collected, but only $39,000 had been earned. Expenses of $24,000 had been incurred, but only $29,000 had been paid. Based on the accrual basis of accounting, what is the amount of net income?

d. The following is selected information from Tiff. Co for the fiscal year ending October 31, 2019.

Cash received from customers $300,000

Revenue recognized $375,000

Cash paid for expenses $180,000

Cash paid for computers on November 1, 2018 that will be used for 3 years (annual depreciation is $16,000) $48,000

Expenses incurred, including interest, but excluding any depreciation $220,000

Proceeds from a bank loan, part of which was used to pay for the computers $100,000

Based on the accrual basis of accounting, what is Tiff. Co's net income for the year ending October 31, 2019?

Expert Solution

ekkarill92 answered 2 years ago

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