Fritz Evans is the owner and operator of Be-The-One, a motivational consulting business. At the end of its accounting period, December 31, 2018, Be-The-One has assets of $395,000 and liabilities of $97,000. Using the accounting equation, determine the following amounts: a. Owner's equity as of December 31, 2018.
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Fritz Evans is the owner and operator of Be-The-One, a motivational consulting business. At the end of its accounting period, December 31, 2018, Be-The-One has assets of $395,000 and liabilities of $97,000. Using the
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- 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.Financial information related to Udder Products Company, a proprietorship, for the month ended April 30, 2019, is as follows: Net income for April $166,000 Mark Kominksy's withdrawals during April 25,000 Mark Kominksy's capital, April 1, 2019 384,500 a. Prepare a statement of owner's equity for the month ended April 30, 2019. b. Why is the statement of owner's equity prepared before the April 30, 2019, balance sheet?Ahmad Jiwa is an entrepreneur who manages the "One Soul" mini market. At the end accounting period December 31, 2021, Satu Jiwa has assets of IDR 250,000,000 and liabilities 150.000.000. Required: Using the accounting equation, calculate the amount: 1. Owner's equity, as of December 31, 2021? 2. Owner's equity, on December 31, 2022, assuming assets decrease by Rp. 20,000,000 and liabilities increase by IDR 25,000,000 during 2022?
- Prepare a statement of owner’s equity for the year ended April 30, 2019. Jerome Foley, the owner, invested an additional $60,000 in the business during the year and withdrew cash of $40,000 for personal use. Jerome Foley, capital as of May 1, 2018, was $1,020,000. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or there is a decrease in owner’s equity, enter that amount as a negative number using a minus sign.Engr. Jeon Bassett is the owner of JBA Engineering and Design Firm. At the end of its accounting period on December 31, 2020, JBA Engineering and Design Firm had assets of $1,322,000 and liabilities of $150,000. Using the accounting equation, determine Engr. Bassett's capital as of December 31, 2020. — $1,172,000 Question: How much is Engr. Bassett's capital as of December 31, 2021, if assets increased by $84,000 and liabilities increased to $200,000 during 2021?Engr. Jeon Bassett is the owner of JBA Engineering and Design Firm. At the end of its accounting period on December 31, 2020, JBA Engineering and Design Firm had assets of $1,322,000 and liabilities of $150,000. Question: Using the accounting equation, determine Engr. Bassett's capital as of December 31, 2020.
- You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company's interest expense for the year ended December 31, 2018. Your accounting group provided you the following information on the company's debt: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1. On July 1, 2018, Moonlight Bay issued bonds with a face amount of $2,600,000. The bonds mature in 10 years and interest of 11% is payable semiannually on June 30 and December 31, The bonds were issued at a price to yield investors 12%. Moonlight Bay records interest at the effective rate of $690,000. The annual payment is $155,000, payable each June 30. of $80,000 beginning January 1, 2018. Moonlight Bay's incremental borrowing rate on the date of the lease was 2. At December 31, 2017, Moonlight Bay had a 10% installment note payable to Third Mercantile Bank with a balance 3. On January 1, 2018 Moonlight Bay leased…7) Evergreen traders had the gross profit of RO 78,200, advertising of RO 1,700, salesperson salary of RO 1,500, office rent of RO 7,400, office insurance of RO 1,200, interest expense of RO 500, loss on sale of machinery RO 700, dividend revenue RO 2,500 and repairs and maintenance of RO 450 for the year 2019. Calculate and show the Net income of the business transferred to the balance sheet for the year ended 2019? a. RO 68,650 b. RO 78,200 c. RO 69,550 d. RO 67,250The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: 1. Prepare a multiple-step income statement.2. Prepare a statement of owner’s equity.3. Prepare a balance sheet, assuming that the current portion of the note payable is$7,000.4. Briefly explain how multiple-step and single-step income statements differ.
- You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company's interest expense for the year ended December 31, 2021. Your accounting group provided you the following information on the company's debt. (EV of $1. PV of 51. EVA of S1. PVA ofS1 EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1. On July 1, 2021, Moonlight Bay issued bonds with a face amount of $2.300,000. The bonds mature in 15 years and interest of 11% is payable semiannually on June 30 and December 31. The bonds were issued at a price to yield investors 12%. Moonlight Bay records interest at the effective rate 2 At December 31, 2020, Moonlight Bay had a 10% installment note payable to Third Mercantile Bank with a balance of $670,000. The annual payment is $145,000, payable each June 30 3, On January 1, 2021, Moonlight Bay leased a building under a finance lease calling for four annual lease payments of $70,000 beginning January 1, 2021.…You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company’s interest expense for the year ended December 31, 2021. Your accounting group provided you the following information on the company's debt: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) On July 1, 2021, Moonlight Bay issued bonds with a face amount of $2,000,000. The bonds mature in 20 years and interest of 11% is payable semiannually on June 30 and December 31. The bonds were issued at a price to yield investors 12%. Moonlight Bay records interest at the effective rate. At December 31, 2020, Moonlight Bay had a 10% installment note payable to Third Mercantile Bank with a balance of $530,000. The annual payment is $75,000, payable each June 30. On January 1, 2021, Moonlight Bay leased a building under a finance lease calling for four annual lease payments of $40,000 beginning January 1, 2021.…You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company’s interest expense for the year ended December 31, 2021. Your accounting group provided you the following information on the company's debt: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) On July 1, 2021, Moonlight Bay issued bonds with a face amount of $1,600,000. The bonds mature in 10 years and interest of 11% is payable semiannually on June 30 and December 31. The bonds were issued at a price to yield investors 12%. Moonlight Bay records interest at the effective rate. At December 31, 2020, Moonlight Bay had a 10% installment note payable to Third Mercantile Bank with a balance of $630,000. The annual payment is $125,000, payable each June 30. On January 1, 2021, Moonlight Bay leased a building under a finance lease calling for four annual lease payments of $50,000 beginning January 1, 2021.…