Smith Insurance Agency started the year with a beginning capital balance of $30,000. During the year, Smith Insurance Agency earned $38,000 in Service Revenue and incurred $21,500 in various expenses. Smith withdrew $6,000 from the business. After the closing entries are recorded and posted, what will be the balance of Smith, Capital?
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- R. Davis Company has the following accounts and balances at the end of the year:Cash, $1,200Accounts Receivable, $280Office Equipment, $3,000Accounts Payable, $1,400Income from Services, $3,500Rent Expense, $670Salaries Expense, $1,000R. Davis, Capital at the beginning of the year was $2,050. Rob Davis also withdrew $800 from the company during the year. What is the amount of total assets reported on the balance sheet? a.$4,480 b.$1,480 c.$9,800 d.$3,080Wetty Company began the year with owner's equity of $105,000. During the year, Wetty receive additional owner investments of $147,000, recorded expenses of $420,000, and had owner drawings of $28,000. If LWetty's ending owner's equity was $290,000, what was the company's revenue for the year? Select one: a. $486,000. b. $458,000. C. $605,000. O d. $633,000 Previous page Next pa hpAt the start of the year, the balance on Sara's capital account was $55,689. During the year Sara made drawings of S16,600 and the net profit for the year was $17500. What is the balance on Sara's capital account at the end of the year? OA S56.589 B. $30,069 OC $4,789 O D. $62,189
- Consider the following transactions for Huskies Insurance Company: 1. Equipment costing $42,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $7,000 per year. 2. On June 30, the company lends its chief financial officer $50,000; principal and interest at 7% are due in one year. 3. On October 1, the company receives $16,000 from a customer for a one-year property insurance policy. Deferred Revenue is credited.Required: For each item, record the necessary adjusting entry for Huskies Insurance at its year-end of December 31. No adjusting entries were made during the year.On September 1, 2021, Feeling Company began a service proprietorship with an initial investment of P400,000. Feeling rendered P800,000 worth of services during September. Collections were made except for P200,000 which were collected the following month. Expenses were incurred in the amount of P400,000, including P100,000 which are to be paid next month. The owner withdrew P60,000 for personal use. In September 30, 2021 financial statement, what amount of capital should be reported under the cash basis accounting? P640,000 P800,000 P740,000 P840,000The Owner's Capital has a beginning balance of P626,000. The owner gave P130,000 additional contribution during the year. Based on the Statement of Comprehensive Income. net income for the year was P355,000. How much money did the owner withdrew from the business? Accounts Payable Accounts Receivable Accrued Expenses Accumulated Depreciation Cash Inventory Investments Your answer Mortgage Payable 57,000 65,000 Notes Payable 37,000 Notes Receivable Your answer 110,000 Owner, Capital 91,000 Prepaid Expenses 89,000 Property, Plant and Equipment 143,000 Unearned Revenue 400,000 130,000 283,000 ? 64,000 850,000 18,000 An entity began October with office supplies of P16,500. During the month, the entity purchased supplies of P27,100. On October 30, supplies on hand totaled P21,200. How much should be recorded as supplies expense for the month?
- The net income of Edwards Corporation amounted to $65,000 for this year. The beginning balance of owner's equity was $20,000 and the ending balance was $80,000. The company received $15,000 additional contributions during the year. What was the amount of the owner's withdrawals during the year?At the beginning of the current year, B started a retail merchandise business. During the current year, the business paid trade creditors P2,000,000 in cash and suffered a net loss of P350,000. The ledger pre-closing balances at year-end included the following: Accounts receivable – P600,000; Accounts payable – P750,000; Capital (total investment in cash) – P2,000,000; Expenses (paid in cash) – P100,000; Merchandise (unadjusted debit balance) – P700,000. There were no withdrawals. All sales and purchases were on credit. The “Merchandise” account is debited for purchases and credited for sales. What is the amount of purchases for the year? [A] 2,000,000 [B] 2,750,000 [C] 1,250,000 [D] 2.050,000At the beginning of the current year, B started a retail merchandise business. During the current year, the business paid trade creditors P2,000,000 in cash and suffered a net loss of P350,000. The ledger pre-closing balances at year-end included the following: Accounts receivable – P600,000; Accounts payable – P750,000; Capital (total investment in cash) – P2,000,000; Expenses (paid in cash) – P100,000; Merchandise (unadjusted debit balance) – P700,000. There were no withdrawals. All sales and purchases were on credit. The “Merchandise” account is debited for purchases and credited for sales. What is the amount of sales for the year? [A] 2,750,000 [B] 2,050,000 [C] 2,650,000 [D] 700,000
- Tony Ling was reviewing his business activities at the end of the year (February 28, 2019) and decided to prepare a statement of Owner's Equity. At the beginning of the year his assets were. $600,000 and his liabilities were 165,000. At the end of the year the assets had grown to $1075,000 but liabilities had also increased to 310,000. The profit for the year was 440,000 Tony had withdrawn 110,000 during the year for his personal use. Prepare a Statement of owner's EquityThe current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The balance sheet reported the following: cash, $1,450,000, prepaid expenses, $510,000; long-term assets, $3,900,000; and shareholders equity, $4,000,000. The current ratio at the end of the year was 2.0 and the debt to equity ratio was 1.4. Required: Determine the following amounts and ratios Note: Round your "The acid-test ratio" answer to 1 decimal place. 1. Current liabilities 2. Long-term liabilities 3. Accounts receivable 4. The acid-test ratio S 980,000Shep Company's records show the following information for the current year. Beginning of year End of year Total assets $ 51, 600 $ 82,000 Total liabilities $ 22, 800 $ 35, 800 Determine net income (loss) for each of the following separate situations. Note: For all requirements, losses should be entered with a minus sign. Additional owner investments of $3,800 were contributed, and withdrawals of $7,800 were made during the current year. Additional owner investments of $15, 200 were contributed, and no withdrawals were made during the current year. No additional owner investments were contributed, and withdrawals of $12, 800 were made during the current year.