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 The profit for the year was 440,000 Tony had withdrawn 110,000 during the year for his personal use.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 Equity

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 The profit for the year was 440,000 Tony had withdrawn 110,000 during the year for his personal use.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 Equity

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 55P

See similar textbooks

Similar questions

TigerPaw started business on January 1, 2020. He invested $5,000 in the business. During the year, his revenue was 45,000 and his expenses were 47,555. He withdrew $1,000 for personal expenses. Prepare a statement of owner’s equity. His year ends on December 31, 2020.
Timothy has been trading for many years preparing his accounts to 31 December eachyear. He decided to change his accounting date to 30 June. His first period prepared tonew date was 1 January 2019 to 30 June 2019, which showed a profit of £34,320. Theprevious year ending 31 December 2018 showed a profit of 65,410. On 30 April 2021 hedecided to pass his business to his son and retire.His business profits were as follows:i. £72,980 for year ended 30 June 2020,ii. £46,760 for period ended 30 April 2021.He had overlap profits from the first periods of trading of £6,120 – which is a profit for 2months. Required:Calculate Timothy's trading income for all tax years starting from 2018-19.
Sam is a small business owner. In the year ended at the 30th of June 2019 the business has the below information: Beginning of Sam’s Capital account: $55,000 Net Income: $32,000 Outstanding Note Payable: $150,000 Total Expenses: $125,000 Ending of Sam’s Capital account: $54,000 Amounts withdrawn by Sam during 2019 will be: Select one: a. $33,000 b. $31,000 c. $23,000 d. $25,000
White Cleaning Services was established by Mr. Mansoor early in 2021. On 1/1/2022, business had total assets of $ 85,000, and total liabilities of $ 17,000 During the year 2022, total revenue was $ 61,000, while total expenses amounted to $ 35,000 Also, during the year, Mr. Mansoor made an additional investment of $ 12,000 to his business. On 31/12/2022, total business assets amounted to $ 126,000. Calculate the total liabilities on 31/12/2022. Please note to insert only a number. NO signs or commas are to be used. الرجاء كتابة الرقم فقط بدون فواصل أو الشارة دولار أو غيرها Answer
Lyka provided the following data on sale of his personal property sold in 2018 held by him for 15 months: Jerry, married, with 2 minor choldren, had the following data: 2019 2020 Business income P 410.800 P 306,700 Cost P 225,000 Interest on time deposit 3,000 2,000 Mortgage assumed by the buyer with BPI 270,000 Short-term capital gain 290.500 10,000 Long-term capital gain 20.600 290,000 80,200 Installment Collection Schedule: Short-term capital loss 20,900 Long-term capital loss 80,400 2018 67,500 2019 67,500 How much is the taxable income of Jerry for 2020 45,000 year 2019? How much is the taxable income of Jerry for the year 2020? How much is the selling price? A resident corporation has the following data on income and expenses In 2020: Gross sales P 1,025.O00 Sales returns and allowances 10,000 Sales discounts 3,500 Interest incone on t ade notes receivable 15,000 Capital gain on asset helld for 2 years 50.000 Cost of sales 415.670 Operating expenses with vouchers and receipts…
Sam is a small business owner. In the year ended at the 30th of June 2019 the business has the below information: Beginning of Sam’s Capital account: $55,000 Net Income: $32,000 Outstanding Note Payable: $150,000 Total Expenses: $125,000 Ending of Sam’s Capital account: $54,000 Amounts withdrawn by Sam during 2019 will be
White Cleaning Services was established by Mr. Mansoor early in 2021. On 1/1/2022, business hac total assets of $ 85,000, and total liabilities of $ 13,000. During the year 2022, total revenue was $ 62,000, while total expenses amounted to $ 35,000. Also, during the year, Mr. Mansoor withdrew 12,000 from the business for personal use. On 31/12/2022, total business assets amounted to $ 136,000. Calculate the total liabilities on 31/12/2022. Please note to insert only a number. NO signs or commas are to be used. الرجاء كتابة الرقم فقط، بدون فواصل او اشارة دولار أو غيرها Answer:
In the early part of 2021, the partners of Hugh, Jacobs, and Thomas sought assistance from a local accountant. They had begun a new business in 2020 but had never used an accountant’s services. Hugh and Jacobs began the partnership by contributing $125,000 and $75,000 in cash, respectively. Hugh was to work occasionally at the business, and Jacobs was to be employed full-time. They decided that year-end profits and losses should be assigned as follows: Each partner was to be allocated 10 percent interest computed on the beginning capital balances for the period. A compensation allowance of $7,000 was to go to Hugh with a $21,000 amount assigned to Jacobs. Any remaining income would be split on a 4:6 basis to Hugh and Jacobs, respectively. In 2020, revenues totaled $150,000, and expenses were $131,000 (not including the partners’ compensation allowance). Hugh withdrew cash of $7,000 during the year, and Jacobs took out $12,000. In addition, the business paid $8,000 for repairs…
Herbert was employed for the first six months of 2023 and earned $90,000 in salary. During the next six months, he collected $8,800 of unemployment compensation, borrowed $12,000 (using his personal residence as collateral), and withdrew $2,000 from his savings account (including $60 of interest). He received dividends of $550. His luck was not all bad; in December, he won $1,500 in the lottery on a $5 ticket. Indicate how much (if any) of each item is included in Herbert's gross income. If your answer is zero enter "0". Item Salary Unemployment compensation Loan proceeds Savings account withdrawal (including interest) Dividend income Lottery winnings Gross income Amount Included in Gross Income 1000
Tala Isabel is the sole owner and operator of Star Service Company. As of the end of its accounting penod, December 31, 2019, Star Company has assets of P925.000 and liabilities of P285.000. During the year 2020, Tala Isabel invested an additional P50.000 and withdrew P30,000 from the business. What is the amount of net income during 2020, assuming that as of December 31, 2021, assets were P980.000 and liabilities were P255.0007 Kors Flower Shop reported total revenues of P184 000 for 2021 as well as Total Liabilities as of December 31, 2021-P240.000//2021 Net loss-P38.000// 2021 Total cash payments-P104.000 The company's total expenses must have been
Mr. Wa Is started a service business on October 1,2020 with an initial investment of P400,000. During 2020, he provided P800,000 worth of services to customers of which P200,000 were collected during January 2021. Expenses incurred amounted to P400,000 including P100,000 which were paid during January 2021. Mr. Wa Is withdrew P60,000 during 2020.How much should be the capital balance of Mr. Wa Is on December 31,2020 under the cash basis of accounting? *
As of May 31, 2020, Mr. Michael Kors has a capital balance of P 235,000. During the month of June, he withdrew P15,000 to be used for his annual medical checkup. His company’s Statement of Comprehensive Income reveals various expenses totaling P 89,000 thereby a Net Loss of P 7,150. During the same period, he was unable to pay a note amounting to P 50,000. How much would be the capital balance of Mr. Michael Kors at the end of June, 2020?