Question
In: Accounting
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
Solutions
Expert Solution
| Geneva Jordan | ||||||
| ASSETS | = | LIABILITIES | + | EQUITY | ||
| Stock holder's Equity | ||||||
| Cash | Supplies | Prepaid Rent | Equipment | Accounts Payable | Common Stock | Retained Earnings |
| $ 4,050.00 | $ 1,300.00 | $ 6,100.00 | $ 26,300.00 | $ 16,750.00 | $ 21,000.00 | |
| $ 4,050.00 | $ 1,300.00 | $ 6,100.00 | $ 26,300.00 | $ 16,750.00 | $ 21,000.00 | $ - |
| ASSETS=($4050+$1300+$6100+$26300) | $ 37,750.00 | |||||
| Liabilities=($1150+$15600) | $ 16,750.00 | |||||
| Equity=($37750-$16750) | $ 21,000.00 | |||||
| Liablities +Equity | $ 37,750.00 | |||||
| Assets=(Cash+Accounts Receivable+Inventory+Equipment) | ||||||
| Equity=(Common Stock+Retained Earnings) | ||||||
ekkarill92 answered 11 months agoRelated Solutions
R. Sedeno had the following assets and liabilities on 31st December, 2019. Items
R. Sedeno had the following assets and liabilities on
31st December, 2019.
Items
$
Items
$
Cash
100
Bank
2,180
Stock
5,900
Petty
Cash
120
Furniture and
Fittings
6,800
Equipment
3,200
Motor
Vehicle
17,500
Premises
40,000
Debtors:
Creditors:
L.
Robertson
1,900
T. Hosein 250
H.
Henry
520
N. Akua
1,200
Transactions during the month of January 2020 were as
follows:
1 Paid N.
Akua’s account less 5% discount by cheque.
2 Bought
$20 stamps and $40...
R. Sedeno had the following assets and liabilities on 31st December, 2019. Items
R. Sedeno had the following assets and liabilities on
31st December, 2019.
Items
$
Items
$
Cash
100
Bank
2,180
Stock
5,900
Petty
Cash
120
Furniture and
Fittings
6,800
Equipment
3,200
Motor
Vehicle
17,500
Premises
40,000
Debtors:
Creditors:
L.
Robertson
1,900
T. Hosein 250
H.
Henry
520
N. Akua
1,200
Transactions during the month of January 2020 were as
follows:
1 Paid N.
Akua’s account less 5% discount by cheque.
2 Bought
$20 stamps and $40...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the...
The amounts of the assets and liabilities of Nordic Travel
Agency at December 31, 2019, the end of the year, and its revenue
and expenses for the year follow. The capital of Ian Eisele, owner,
was $655,000 on January 1, 2019, the beginning of the year. During
the year, Ian withdrew $35,000.
Accounts payable $73,500
Accounts receivable 288,000
Cash 186,000
Fees earned 905,900
Land 542,000
Miscellaneous expense 6,600
Rent expense 30,000
Supplies 5,100
Supplies expense 4,200
Utilities expense 26,500
Wages...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the...
The amounts of the assets and liabilities of Nordic Travel
Agency at December 31, 2019, the end of the year, and its revenue
and expenses for the year follow. The capital of Ian Eisele, owner,
was $645,000 on January 1, 2019, the beginning of the year. During
the year, Ian withdrew $37,000.
Accounts
Amounts
Accounts payable
$73,000
Accounts receivable
277,000
Cash
191,500
Fees earned
918,700
Land
547,000
Miscellaneous expense
6,000
Rent expense
34,000
Supplies
6,000
Supplies expense
4,200
Utilities expense...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the...
The amounts of the assets and liabilities of Nordic Travel
Agency at December 31, 2019, the end of the year, and its revenue
and expenses for the year follow. The capital of Ian Eisele, owner,
was $650,000 on January 1, 2019, the beginning of the year. During
the year, Ian withdrew $36,000.
Accounts
Amounts
Accounts payable
$68,000
Accounts receivable
267,000
Cash
183,000
Fees earned
897,600
Land
544,000
Miscellaneous expense
6,200
Rent expense
35,000
Supplies
5,200
Supplies expense
4,200
Utilities expense...
On December 31, 2019, Little Corporation's Assets and Liabilities were $66,000 and $15,000 respectively. On December...
On December 31, 2019, Little Corporation's Assets and
Liabilities were $66,000 and $15,000 respectively. On December 31,
2020, the assets and liabilities were $94,000 and $28,000
respectively. During 2020, the company issued $7,000 of additional
stock, and paid $3,000 of dividends. Determine the company’s net
income for 2020.
In a new business during the year ended 31 December 2019 the following debts are found...
In a new business during the year ended 31 December 2019 the
following debts are found to be bad and are written-off on the
dates shown below:
31
Jan
S. Seal &
Son
$800
31
July
H. Halt
Ltd
$500
31 Oct
A.Alice
$300
On 31 December 2019 the schedule of remaining accounts
receivable totaling $20,000 is examined and it is decided to make
an allowance for doubtful debts of $700.
Required:
Bad Debts Account for the year ended...
Tom Jackson opened a new real estate agent business on 1 May 2019, called Elite Real...
Tom Jackson opened a new real estate agent business on 1 May
2019, called Elite Real Estate. Tom operates the business as a
sole-trader. The business will specialise in selling luxury
properties on the Central Coast, in New South Wales.
During the first two months of operations, the following
transactions occurred:
Date
Detail
1 May
Tom Jackson contributed $30,000 of personal funds into the
business bank account.
1 May
Elite Real Estate rented a retail premises for the business in...
On December 31, Nate Inc. reported the following (in millions): Current Assets Current Liabilities Long-term Liabilities...
On December 31, Nate Inc. reported the following (in
millions):
Current Assets
Current Liabilities
Long-term Liabilities
Equity
$4,863
$4,544
$5,939
$1,305
What amount did the company report as total assets?
Select one:
a. $6,925 million
b. None of the these are correct.
c. $16,651 million
d. $10,483 million
e. $14,041 million
Silver Ltd acquired all of the assets and liabilities of Pitt Ltd on 1 July 2019....
Silver Ltd acquired all of the assets and liabilities of Pitt
Ltd on 1 July 2019. The accountant, Ms Ball, has shown the Board of
Directors of Silver Ltd the financial information regarding the
acquisition. Ms Ball informed the board about the recognition of
goodwill in the books of Silver as the residual value of business
combination. The directors are not sure whether they want to record
goodwill on Silver Ltd’s statement of financial position. Some
directors are not sure...
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