Question
In: Accounting
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 of $15,000.
net income of $39,000.
net income of $69,000.
Q2：
Marsh Company does not ring up sales taxes separately on the cash register. Total receipts for February were $14,310. If the sales tax rate is 6%, what amount must be remitted to the state for February's sales taxes?
Group of answer choices
$ 810.00
$858.60
cannot be determined
Q3：
Machinery was purchased for $50,000, has an estimated scrap value of $6,000 and has a current carrying value of $33,000. Its depreciable cost is
Group of answer choices
$19,000.
$11,000.
$44,000.
$17,000.
$27,000.
$1,013.40
$807.08
Solutions
Expert Solution
| 1 | Correct Answer : Option D - net income of 39000 | |||
| Working Notes: | ||||
| (A) | (B) | (A) - (B) | ||
| Assets | Liabilities | Stockholder's Equity | ||
| Beginning of year | 395000 | 190000 | 205000 | |
| End of year | 555000 | 320000 | 235000 | |
| Beginning stockholder's equity | 205000 | |||
| Add: Common Stock issued | 15000 | |||
| Less : Dividend Paid | -24000 | |||
| 196000 | ||||
| Net Income | 39000 | |||
| Ending stockholder's equity | 235000 | |||
| 2 | Correct Answer : Option A - 810.00 | |||
| Working Notes: | ||||
| Total Receipts | 14310 | |||
| Sales Tax (14310/106*6) | 810 | |||
| 3 | Correct Answer: Option C - 44000 | |||
| Working Notes: | ||||
| Machinery Purchased | Scrap Value | Depreciable Cost | ||
| 50000 | 6000 | 44000 | (50000-6000) | |
ekkarill92 answered 1 year agoRelated Solutions
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...
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 ...
A company had the following assets and liabilities at the beginning and end of the current...
A company had the following
assets and liabilities at the beginning and end of the current
year:
Assets
Liabilities
Beginning of
year
$
230,000
$
96,000
End of the year
261,000
78,200
Common stock in the amount of $ 23,000 was issued and dividends of
$ 6,600 were paid during the year. What is the amount of net income
for the year?
A corporation had the following assets and liabilities at the beginning and end of this year....
A corporation had the following assets and liabilities at the
beginning and end of this year.
Assets
Liabilities
Beginning of the year
$
133,000
$
57,017
End of the year
182,500
73,913
Owner made no investments in the business, and no dividends
were paid during the year.
Owner made no investments in the business, but dividends were
$700 cash per month.
No dividends were paid during the year, but the owner did
invest an additional $45,000 cash in exchange for...
If total assets of Brooks Corporation are $100,000, total liabilities are $17,000, and capital stock is...
If total assets of Brooks Corporation are $100,000, total
liabilities are $17,000, and capital stock is $20,000, how much are
the retained earnings of Brooks Corporation?
A bank's balance sheet equates the value of total assets to the sum of total liabilities...
A bank's balance sheet equates the value of total assets to the
sum of total liabilities and equity capital. (T/F)
Negotiable certificates of deposit (CDs) do not have an active
secondary market. (T/F)
In a bankruptcy situation, the Federal Reserve acts as the
liquidator of the bank. (T/F)
International expansion for financial institutions coming from
highly integrated countries maximizes the risk diversification.
(T/F)
The financial crisis of 2008, demonstrated that activities such
as trading in financial futures and interest-rate swaps...
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?
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...
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.
1.) If at the end of the accounting period the assets total$8,000, and the liabilities...
1.) If at the end of the accounting period the assets total
$8,000, and the liabilities total $5,000, then what must be the
amount of equity?$3,000$4,000$5,000$1,000None of the above2.)If at the end of the accounting period the liabilities
total $6,000, and equity totals $10,000, then what must be the
total of the assets?$16,000$14,000$15,000$11,000None of the above3.)Which of the following financial statements does
not cover a period of time?Income StatementBalance sheetStatement of retained earningsStatement of cash flowsAll of the above4.)Which of...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- 1. Consider the following nuclides: &
- In general, teams can be described three ways. Name and define each.
- JAVASCRIPT: Please create an array of student names and another array of student grades. - Create...
- Topic - Construction: Structural, loads, tension 1.) Explain why pure tension members are the most efficient...
- Procter and Gamble (PG) paid an annual dividend of $ 1.62$1.62 in 2009. You expect PG...
- locate a recent case of online child pornography. Write a summary of the incident and describe...
- #Python 5. Write function called evaluate() that evaluates the following Python expressions or assignments as specified:...
ADVERTISEMENT