Gray Beast, a local cleaning company, has the following transactions:(a) Provide services to customers on account for $4,800.(b) Purchase equipment by signing a note with the bank for $10,100.(c) Pay advertising of $1,800 for the current month.Show you each transaction impacts the accounting equation. (Enter "O" wherever required.)Stockholders' EquityAssets=Liabilities(a)(b)(c)+++1

Step 1: The effects of various transactions on accounting equation is made as follows:- Assets…

Answered: Gray Beast, a local cleaning company,…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 1EB: Provide journal entries to record each of the following transactions. For each, identify whether the...

See similar textbooks

Similar questions

Jon Fulkerson, a credit analyst at the True Credit bank, has received a credit application from Seether, LLC, a private company. An abbreviated portion of the financial information provided by the company is shown below: Total assets EBIT Net working capital Book value of equity Accumulated retained earnings Total liabilities $75,000 9,100 5,400 30,000 17,200 69,000 What is the Z-score for this company? (Do not round intermediate calculations and round your answer to 3 decimal places, e.g., 32.161.) Z-score
Complete the following problem in Excel. Use a different tab for each financial statement. A. Calculate the ending balance for each account.(The area shaded in yellow) B. Create the income statement. C. Create the statement of owner's equity. D. Create the balance sheet. Assets Liabilities Owner's Equity Equipment Accounts Рayable Cash Inventory Wages Payable Common Retained Stock Earnings $50,000 (6,000) 50,000 6,000 22,000 22,000 1,250 (750) 1,250 (750) (600) 600 3,000 (3,000) 3,200 (175) 3,200 175 (1,000) 1,000
Jon Fulkerson a credit analyst at the True Credit bank, has received a credit application from Seether LLC, a private company. An abbreviation portion of the financial information provided by the company is shown below: Total Assets:$78000 EBIT:$8600 Net Working Capital:$3900 Book value of total equity:$23000 Accumulated retained earnings:$15000 Total Liabilities:$5500 What is the z-score for this company? 2. Which is the following statement about firms will have the most control over the selling price of its produce? A.Customized wine producer B. A low-end mobile phone producer C.A small-scale petrol station outlet D.A retail outlet E. A grape grower
Required: Using the following categories, Indicate the effects of the following transactions. Indicate the accounts affected and the amounts. (Enter any decreases to Assets, Liabilities, or Stockholders Equity with a minus sign.) a. During the period, customer balances are written off in the amount of $11,800. b. At the end of the period, bad debt expense is estimated to be $9,800. 3. Assets Liabilities Stockholders' Equity
Is the organization in a good position to pay its bills? Use the Hillside, Inc. Balance Sheet information in cells A2 through D18 and cells A21 through B38 to complete the Financial Performance Calculations in cells A40 through C60. Table 1: Hillside, Inc. Balance Sheet ($ in Millions) ASSETS LIABILITIES Cash & Marketable Securities 449.90 Accounts Payable 1,611.20 Accounts Receivable 954.80 Salaries Payable 225.20 Inventories 3,645.20 Other Current Liabilities 1,118.80 Other Current Assets 116.60 Total Current Liabilities 2,955.20 Total Current Assets 5,165.27 Other Liabilities 693.40 Machinery & Equipment 1,688.90 Land 1,129.70 Total Liabilities 3,648.60 Buildings 2,348.40 Depreciation (575.60) SHAREHOLDER'S EQUITY…
EA16. Discuss how each of the following transactions for Watson, International, will affect assets, liabilities, and stockholders’ equity, and prove the company’s accounts will still be in balance. A. An investor invests an additional $25,000 into a company receiving stock in exchange.B. Services are performed for customers for a total of $4,500. Sixty percent was paid in cash, and the remaining customers asked to be billed.C. An electric bill was received for $35. Payment is due in thirty days. D. Part-time workers earned $750 and were paid.E. The electric bill in “C” is paid.Your answer: (Answer B, C, D, and E by referring to the answer example for A)A. (as an example, the answer for A. is shown below)Cash will increase $25,000, so total assets will increase $25,000.Common stock will increase $25,000, increasing total stockholders’ equity $25,000.There is an equal increase on each side of the equation.There is an equal decrease on each side of the equation.
Select all that apply Show the effect of recording the borrowing of $10,000 from a bank on the accounting equation. Stockholders' equity increases Stockholders' equity decreases Assets decrease Assets increase Liabilities increase by $10,000. (Select all that apply.)
From the account equation: Which part of the account equation showed below increase and Which one decrease? Stockholders' Equity Liabilities Assests Assests and Stockholders' Equity Assests and Liabilities Liabilities and Stockholders' Equity None Identify the impact on the accounting equation of the transactions using parts of the account equation above: 1.- Purchases 35-month insurance policy for cash. 2.- Paid utility bill previously accrued.
Assume that Denis Savard Inc. has the following accounts at the end of the current year. 1. Common Stock. 2. Discount on Bonds Payable. 3. Treasury Stock (at cost). 4. Notes Payable (short-term). 5. Raw Materials. 6. Preferred Stock Investments (long-term). 7. Unearned Rent Revenue. 8. Work in Process. 9. Copyrights. 10. Buildings. 11. Notes Receivable (short-term). 12. Cash. 13. Salaries and Wages Payable. 14. Accumulated Depreciation—Buildings. 15. Restricted Cash for Plant Expansion. 16. Land Held for Future Plant Site. 17. Allowance for Doubtful Accounts. 18. Retained Earnings. 19. Paid-in Capital in Excess of Par—Common Stock. 20. Unearned Subscriptions Revenue. 21. Receivables—Officers (due in one year). 22. Inventory (finished goods). 23. Accounts Receivable. 24. Bonds Payable (due in 4 years). 25. Noncontrolling Interest. Instructions Prepare a classified balance sheet in good form. (No monetary amounts…
hey I need help figuring out the numbers for these accounting homework assignments. Clint M. Invests $30,000. Into Merle company. The effect to Liabilities would be: ( Type your numeric number) Clint M. Invests $30,000 into Merle Company. The effect to Equity would be: (Type your numeric number) Merle company purchases s piece of equipment for $5,000 on account. The effect to Assets would be: (Type your numeric answer) Merle company purchases a piece of equipment for $5,000. The effect to Liabilities would be: (Type your numeric answer) Merle Company purchases a piece of equipment for $5,000 on account. The effect to Equit would be: (type your numeric answer)
1. Issued common stock in the amount of $280,000 2. Paid a $84,000 cash dividend 3. Borrowed $70,000 from a bank 4. Made a principal payment of $7,000 on an outstanding bank loan 5. Made an interest payment of $3,360 on an outstanding bank loan Prepare journal entries and post your transaction analysis to the appropriate T-accounts. HINT: When posting the journal entries to the T-accounts, enter them in order. General Journal Ref. 1. 2. 3. 4. 5. Cash Description Common stock Cash > Debit 280,000 0 0 0 0 0 0 0 0 0 Credit 0 280,000 0 0 0 0
Review the following transactions. (Click the icon to view the transactions.) Requirement 1. Record the transactions directly in the T-accounts without using a journal. Use the letters to identify the transactions. Determine the ending balance in each account. (Select the "Bal" label on the normal balance side of the account and enter the ending balances.) Cash Common Stock More info Luke Newton opened a law firm by investing $22,000 cash and office furniture with a fair value of $8,700. Organized as a professional corporation, the а. business issued common stock to Newton. Paid monthly rent of $1,000 Purchased office supplies on account, $1,500. b. с. Accounts Receivable Dividends d. Paid employees' salaries of $2,700. Paid $550 of the accounts payable created in transaction c. Performed legal service on account, $11,100. Declared and paid dividends of $2,300. е. f. g. Office Supplies Service Revenue Print Done

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Financial Accounting: The Impact on Decision Make…

Accounting

ISBN:

9781305654174

Author:

Gary A. Porter, Curtis L. Norton

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Financial Accounting: The Impact on Decision Make…

Accounting

ISBN:

9781305654174

Author:

Gary A. Porter, Curtis L. Norton

Publisher:

Cengage Learning

Financial Accounting

Accounting

ISBN:

9781337272124

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Financial Accounting

Accounting

ISBN:

9781305088436

Author:

Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS