If the liabilities of a business increased RM75,000 during a period of time and the owner's equity in the business decreased R30,000 during the same period, the assets of the business must have
Q: net income
A: If no additions or withdrawals are made, the increase in the capital balance is due to net income.
Q: Bayler Enterprises had a capital balance of $186,000 at the beginning of the period. At the end of…
A: Here in this question, we are required to calculate net income which is earned under both the…
Q: At the start of the period, 2 points MN Business has total assets of P500,000 and total liabilities…
A: The accounting equation formula, often known as the balance sheet equation, is Assets = Liabilities…
Q: If the asset of a business increased $93,000 during a period of time and it's liabilities increased…
A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation;…
Q: Determine the Assets, Liabilities, and Equity of this situation: The business was put up from a…
A: Assets: These are the resources owned and controlled by business and used to produce benefits for…
Q: The liabilities of Dexter Company equal to one-third of the total assets, and the owner's equity is…
A: Difference between Liabilities and Equity - Difference - Liabilities are the obligation of the…
Q: If beginning capital was $25,000, ending capital is $37,000, and the owner's withdrawals were…
A: Ending capital = Beginning capital + Net income (loss) - Owner's withdrawals
Q: The profit made by a business in 20X2 was $35,400. The proprietor injected new capital of $10,200…
A: Capital is the money invested in the business by the entrepreneur which gives him the right to take…
Q: 1. Beginning assets were P 57,000 and liabilities were twice the amount of equity. If total…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: At the beginning of the year a sole proprietorship had liabilities of 100k and owners equity of 96k.…
A: Asset :— Assets is Something which Containing economic Value & Future Value. It is the Part of…
Q: If beginning capital was $100,000, ending capital is $85,000, and the owner's withdrawals were…
A: Formula: Net income = Beginning capital - Owners withdrawals - Ending capital
Q: Total Liabilities of Munimuni Company amounts to P400,000 which is 40% of the total assets. How much…
A: Owner's equity = total assets - liabilities…
Q: The business was put up from a cash of P200,000, the initial capital of the owner.Then, P40,000 of…
A: Assets are the resources of the business which the company owns for generating revenues and income…
Q: An enterprise opened for business in December of the current year. During the month, it renders…
A: Accounting is the process of recording financial transactions that are material to the business. It…
Q: The total assets of the business at the end of the year was RM120,000 and the liabilities were 50%…
A: The accounting equation refers to the equation of the balance sheet. It is based on the method of…
Q: Alpha Company has assets of $638,000, liabilities of $269,000, and equity of $369,000. It buys…
A: Total assets = Total liabilities + Stockholders' equity Given, Office equipment purchased on credit…
Q: At the start of the period, a business has total assets of ₱500,000 and total liabilities of…
A: Beginning Equity = Total assets - Total liabilities = ₱500,000 -…
Q: The start-up capital of a business consisted of ₱1,000,000 cash provided by the business owner and…
A: Start-up capital provided by: Business owner is ₱1,000,000. Additional loan taken from bank is…
Q: If a company receives $10,800 from the owner to establish a proprietorship, the effect on the…
A: When a proprietor makes investment to start a business it is known as capital contribution. Money…
Q: 9. At the beginning of the year, an Entity had total assets of P700,000 and total liabilities of…
A: Ending total assets = beginning total assets + beginning total assets x 30% = 700000 + 700000 x 30%…
Q: Assume that the total assets, liabilities, Equity of the firm are OMR 40000, OMR 10000 and OMR 30000…
A: The accounting equation states that, assets = liabilities + equity
Q: A group of individuals formed a new company with an investment of $500,000. Th e most likely eff ect…
A: The funds procured by owners of the business are referred as Owners Fund. It also includes funds…
Q: A business had revenues of $679,000 and operating expenses of $588,000. Did the business (a) incur a…
A: Net income: The bottom line of income statement which is the result of excess of earnings from…
Q: Fill in trhe If the liabilities of the business amount to P120,000 and its residual interest amounts…
A: Total assets are the sum of current assets and fixed assets. And total asset is equal to the total…
Q: The profit made by a business in 20X7 was $35,400. The proprietor injected new capital of $10,200…
A: We have the following information: Profit: $35,400 New Capital: $10,200 Drawings: $500 per month…
Q: At the end of an accounting period, a company's total assets equaled $505,000, and owner's equity…
A: Solution: As per basic accounting equation: Total Assets = Liabilities + Owner's Equity Total Assets…
Q: A business had revenues of $640,000 and operating expenses of $715,000. Did the business (a) incur a…
A: Net Income is the difference between revenue and expenses reported in an accounting period.Net…
Q: If total liabilities amount to P2,196,000 which is 60% of the total assets, then _____ is the total…
A: Formula: Accounting Equation: Assets = Liabilities + Equity
Q: Choose the letter of answer At the start of the period, a business has total assets of ₱500,000 and…
A: Question 1: Total Assets = Equity + Total Liabilities Equity (capital) at the beginning of the year:…
Q: At the beginning of the period, the owner’s capital account of a business has a balance of ₱220,000.…
A: Owners ending balance = Beginning balance of owners capital + Net income - drawings
Q: A company purchased a building worth $500,000 by paying $50,000 in cash and acquiring a bank loan…
A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…
Q: At the start of its most recent financial year the owner's equity in a business was £25,960. At the…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: The total assets of the business amount to OMR 24,000 and the total liabilities amount to OMR…
A: Formula: Accounting equation: Assets = Liabilities + Owners equity
Q: Alpha Company has assets of $604,000, liabilities of $252,000, and equity of $352,000. It buys…
A: Accounting Equation: Total Assets = Total equity + Total Liabilities
Q: At the start of the year, Rahman Marketing had total assets of RM450,000 and owner’s equity of…
A: Owner’s equity refers to the ownership of assets that have liabilities associated with it. It is…
Q: The ending owner’s capital of the business amounts to P100, 000. The beginning assets and…
A: Total assets=Owner’s capital+Liabilities
Q: at the beginning of the period,. the owners capital account of a business has a balance of 220,000.…
A: Capital refers to the amount that is kept by the company for multiple purposes or to be used in an…
Q: A business has $100,000 of capital at the beginning of a reporting period. The entity earns $15,000…
A: Note:As per the policy we are authorized to solve the first question. Since the exact one wasn’t…
Q: The ending owner's equity of the business amounts to P100,000. The beginning assets and liabilities…
A: The ending equity is calculated as: Beginning equity + Net income - losses + additional investment -…
Q: What is the amount of owners equity at the end of year ?
A:
Q: A company had the following assets and liabilities at the beginning and end of this year. Assets $…
A: Accounting equation: The accounting equation shows company assets are equal to the sum of…
Q: At the beginning of the year, the assets of MM Services were P495,765 and its owner's equity was…
A: Owner's equity shows the value in the business of owner or ownership in the business. It increases…
Q: The business was put up from a cash of 200 000 pesos the initial capital of the owner.Then,40 000 of…
A: Assets = Liabilities + Capital Cash Equipment Initial Capital +200,000…
Q: At the end of an accounting period, a company's liabilities equaled $295,000, and owner's equity…
A: Introduction: The connection between a company's assets, liabilities, and capital is referred to as…
Q: At the start of the year, Rahman Marketing had total assets of RM450,000 1 and owner's equity of…
A: Accounting Equation: The accounting equation is a basic principle of accounting and a fundamental…
Q: The Owner's Capital has a beginning balance of P500,545. The owner gave P300,000 additional…
A: The fund invested by the owner in the business is known as Owner's Equity. Ending Owners' capital =…
If the liabilities of a business increased RM75,000 during a period of time and the owner's equity in the business decreased R30,000 during the same period, the assets of the business must have
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Assume that the Current Assets for Rain Co. as of Decebmer 31, 20Y8, are listed below. A. Assume further that the total Current Liabilites on the same date are $75,000. What is the amount of the working capital for Rain Co. on December 31, 20Y8? B. Assume further that the total Current Liabilites on the same date are $75,000. What is the amount of the working capital for Rain Co. on December 31, 20Y8? ASSETS Current assets: Cash $ 17,500 Temporary Investments 15,000 Accounts Receivable (net) 42,500 Inventories 72,000 Prepaid Expenses 3,000 Total current assets $150,000Which of the following increases the current assets of a business entity? A) Consumable inventory B) Bank (credit balance) C) Investment (with a maturity date of more than one year hance) D) Deferred incomeAssuming that a business total asset is 1/3 liabilities which includes an account payable of 50,000 how much is the total liabilities if the total equity balance is thrice as much as the accounts payable balance?
- The ending owner’s capital of the business amounts to P100, 000. The beginning assets and liabilities are P100, 000 and P60, 000, respectively, and the owner contributed additional investment of P10, 000. a.the net income would be b.How much is the ending total assets of the business? c.how much is the total revenue of the business?Determine the effects of the following transactions on Current assets, Current liabilities, and Working Capital. Write “Inc” for an Increase, “Dec” for a Decrease, or “NE” if there is No Effect. Write your answers in the blanks provided. Current Asset Current Liability Net Working Capital 1. Sale of merchandise on account 2. Acquired shares of ABS CBN for cash 3. Pays the long-term debt of P150,000 4. Sells old machine for P10,000 cash 5. Issued shares of stock to cash investors 6. Declared cash dividends 7. Payment of advance rentals (asset method) 8. One year loan from a bank 9. Issued shares of stock to pay short term loan 10. Collection of receivables 11. Cash redemption of bonded debt 12. Six months interest received in advance(liability method is used) 13. Issued stock dividends 14. Payment of cash dividends declared in #6 15. Sell of equipment for P50,000;…1. A company has a total liabilities of ₱65,000 and owner’s equity of ₱35,000. What is the percentage of equity to total assets? 2. The total owner’s equity for 2018 is ₱175,000 and for 2019 is ₱235,500, what is the percentage of increase or decrease of owner’s equity? 3. If the current assets are ₱75,000 and the total assets are ₱300,000, what is the percentage of noncurrent assets? 4. Long-term liabilities are ₱150,000 which is equivalent to 50% of the total liabilities, the owners equity is 40% of the total assets, how much would be the total assets? 5. The total sales this year is ₱1,200,000, which resulted from an increase in sales for 10%. How much was the sales for last year? 6. The total current asset is 45%, total liability is 60%, total equity is ₱300,000. How much is the total noncurrent assets? 7. The Gross Profit is 40%, total sales is ₱625,000. The company incurred an operating expense of 20%,…
- Assuming the entity invested 500,000 to the business the effect of this transaction would have an increase in asset by debiting Cash worth 500,000 and crediting what account? a. Owner’s Drawing b. Owner’s Equity c. Owner’s Additional Investment d. Accounts PayableA company with $60,000 in current assets and $35,000 in current labilities pays a $1,000 current liability. As a resu of this transaction, the current ratio and working capital will a. remain the same and decrease, respectively. b. both decrease. C. both increase. d. increase and remain the same, respectively.The net income of Blue-Sky Ltd. for the year ended March 31, 2021 was Rs. 4,89,000. Depreciation charged for the year was Rs. 87,000. Income for the year was arrived at after adjusting for gain on sale of land Rs. 1,05,000, loss on sale of equipment Rs. 48,000 and writing off cost of equity issue Rs. 25,000. The current assets and current liabilities of Blue Sky Ltd. as March 31, 2020 and 2021 are given here: 31-Mar-20 31-Mar-21 Rs. Rs. Stocks 1,85,000 1,67,000 Receivables 1,42,000 1,45,000 Prepaid Expenses 12,000 8,000 Cash in hand and at bank 17,000 32,000 Payables 95,000 1,07,000 Expenses outstanding 13,000 9,000 Bank Overdraft 60,000 80,000 Required: Calculate cash from operating activities. don't give hand written answers plz
- At the beginning of the year, an Entity had total assets of P700,000 and total liabilities of P500,000. If the total assets increased by 30% which corresponds to decrease in total liabilities by 20%, what is the amount of owner’s equity at the end of the year?A. P200,000B. P210,000C. P110,000D. P510,000The ending owner's equity of the business amounts to P100,000. The beginning assets and liabilities are P100,000 and P60,000 respectively. The owner contributed additional investments of P10,000 and incurred P15,000 expenses during the period. 6. How much is the net income?7. How much is the ending total assets assuming liabilities remain the same?8. How much is the total revenues?Prepare a statement of profit and loss allocation, capital account, current account, and extract of statement of financial position at that date from the following for the year ending December 31, 2020: i) A net gain of RM30,350 ii) Capitalized interest to be assessed: Halim paid RM900, Wong RM2,000, and Pang RM1,500. iii) Drawings for Wong, Pang, and Halim will each be subject to RM240 in interest. iv) Salary credits to be given: RM2,000 for Pang; RM3,500 for Halim. v) Wong will receive 50% of the profit, Pang 30%, and Halim 20%. vi) Current account b/f: Halim RM717, Pang RM946, and Wong RM1,860 vii) Capital account between Wong, Pang, and Halim: RM40,000; RM30,000; and RM18,000 viii) Drawings: Halim RM6,900; Wong RM 9,200; Pang RM 7,100