EBK ACCOUNTING PRINCIPLES
13th Edition
ISBN: 9781119411017
Author: Weygandt
Publisher: WILEY
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Students have asked these similar questions
Jones Corp. had a total asset turnover of 4.0 in 2019 and had sales of $10.0 million. If the corresponding statement of financial position or balance sheet reported shareholders’ equity of $1.4 million, what were the total liabilities for Jones Corp.?
Shane Sunland began a business, Sunland Company, on January 1, 2021, with an investment of $105,000. The company had the following assets and liabilities on the dates indicated:
December 31
Total Assets
Total Liabilities
2021
$355,000
$200,000
2022
440,000
285,000
2023
535,000
310,000
Use the accounting equation and the change in owner's equity during the year to calculate the profit (or loss) for:
a) 2021, assuming Shane Sunland's drawings were $50,000 for the year.
b) 2022, assuming Shane Sunland's made an additional investment of $51,000 and had no drawings in 2022.
c) 2023, assuming Shane Sunland's made an additional investment of $10,000 and his drawings were $40,000 for the year.
Please explain for all questions, thank you.
The Sheffield Company had the following assets and liabilities on the dates indicated.
December 31
Total Assets
Total Liabilities
2019
$528,000
$262,000
2020
$520,000
$239,200
2021
$638,000
$304,000
Sheffield began business on January 1, 2019, with an investment of $124,000.
From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (Enter negative amounts using
either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).)
(a)
2019, assuming Sheffield's drawings were $69,000 for the year.
(b)
2020, assuming Sheffield made an additional investment of $74,000 and had no drawings in 2020.
(c)
2021, assuming Sheffield made an additional investment of $22,500 and had drawings of $64,000 in 2021.
(a)
Net income/loss for 2019 $
335000
(b)
Net income/loss for 2020
$
594000
(c)
Net income/loss for 2021
$
596500
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