At the end of the first month of operations for FDNACCT, the business had earned P140,500 of revenues and incurred P71,500 of expenses. It also showed the following: Liabilities: P25,000 Assets: P118,000 How much is the owner’s initial investment?

At the end of the first month of operations for FDNACCT, the business had earned P140,500 of revenues and incurred P71,500 of expenses. It also showed the following: Liabilities: P25,000 Assets: P118,000 How much is the owner’s initial investment?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: A company with working capital of $204,046 and a current ratio of 1.8 pays a $78,761 short-term…

A: Formula: Working capital = Current Assets - current liabilities Current ratio = Current Assets /…

Q: The balance sheet showed the following: Total current assets $3,250, accounts payable $470, 8% notes…

A: Current assets = $3250 Accounts payables = $470 Accrued wages = $180

Q: How much is the current ratio?

A: Current ratio: The financial ratio which evaluates the ability of a company to pay off the debt…

Q: Morgantown Movers has a net working capital of $11,300, current assets of $31,200, equity of…

A: Step 1: The calculation of the net fixed assets AB1Net working capital $11,300.00 2Current assets…

Q: urrent assets of NorthPole.com at 1.7 million, 3rd quarter $1.5 million ermanent current assets is:…

A: Current assets are those assets which can be used to pay for current laibilties that means short…

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: Calculate the company’s operating income for the year using a single-step income statement format.

A: The income statement is a financial statement which shows the gross profit and net profit of the…

Q: The current ratio of Company X is 3.0 times. Company X has working capital of $20,000. Total Current…

A: Solution: Given , Current ratio = 3 times Working capital =$20,000 Accordingly, We know, Current…

Q: A property casualty insurer brings in $6.20 million in premiums on its homeowners MP line of…

A: Given the following information: Premium earned: $6,200,000 Losses incurred: $4,278,000 Expenses:…

Q: Bulldogs Inc. has a total asset balance composed of 30% current and 70% non-current. The total…

A: Equity ratio of the company means how much equity portion consisting out of total assets. Debt ratio…

Q: ,000 resulting in an operating income of $183,000. Average invested assets total $801,000. If sales…

A: A company's revenue is compared to its debt and equity in the investment turnover ratio. The ratio…

Q: A company with working capital of $720,000 and a current ratio of 2.2 pays a $125,000 short- term…

A: Working capital = Current assets - Current liabilities. Cash is a current asset. Short-term…

Q: Your business have 343,569 current assets , its current liability is 128,000 and with a loans…

A: Working Capital: Working capital is the difference between a company’s current assets and current…

Q: Ticks Inc. has a total asset balance composed of 30% current and 70% non-current. The total amount…

A: calculation of total assets of the company... As per Equation Total of Assets=Total of…

Q: For the year ended December 31, 2019, Settles Inc. earned an ROI of 9.6%. Sales for the year were…

Q: Fallway, Inc. had current assets of $121,800 and current liabilities of $114,300 last year. This…

A: Net working capital is the difference between current assets and current liabilities.Net working…

Q: A company has total assets of $100,000. Its non-current assets are worth $60,000 and prepaid…

A: Current Assets: Current assets are those assets that can be converted to cash, or used in the…

Q: The liabilities of Faisal Company are $90,000. Owner’s capital account is $150,000; drawings are…

A: Over time, liabilities are settled through the transfer of economic benefits such as money, goods,…

Q: FDNACCT has beginning balance of owner's equity of 187,000. This increased to P500,000 at year-end.…

A: Increase in Owner's equity during the year = beginning balance of owner’s equity - ending balance of…

Q: What is the current ratio if a company's short-term asset balance is $367,597 and short-term…

A: Current assets = $367,597Current liabilites = $25,500Current ratio = ?This is one of the asset…

Q: Allied Construction and Axis Construction reported the following information in their annual…

A: The ratio analysis helps to analyse the financial statements of the business on regular basis.…

Q: Vince Company invested P2,000,000 in Alfred Company for 25% interest. Alfred paid out 40% of net…

A: solution given Initial cost…

Q: A company had beginning net fixed assets of $420,987 and ending net fixed assets of $345,987. During…

A: Beginning net fixed assets = $420,987Ending net fixed assets = $345,987Depreciation for the year =…

Q: LaPlante Inc. has a profit margin of 14% and an investment turnover of 2. Sales revenue is $800,000.…

A: The investment turnover ratio compares the revenue received to its equity and debt. The ratio is…

Q: A company has a current ratio of 5:1 if the company has ₱200,000 current assets, how much is the…

A: The current ratio is calculated as current assets divided by current liabilities.

Q: Merle Company pays $1,000 for this month’s rent in cash. The effect to Assets would be: Merle…

A: Accounting equation is based on the double entry system which shows the effect of transactions on…

Q: Bay Plumbing's balance sheet shows operating current assets of $6,300. Its current liabilities…

A: Formula used: Net operating working capital = Current Assets - Current liabilities. Deduction of…

Q: Operating profit earned by M/s Asmit & Khurana in 2021-22 was $17,00,000. Its non-operating incomes…

A: The amount of money your business produces over a certain time period after deducting all operating,…

Q: A company with $70,000 in current assets and $50,000 in current liabilities pays a $1,000 current…

A: Current Ratio - Current Ratio shows the liquidity of the company assets. Assets that are convertible…

Q: Muffin's Masonry, Inc.'s, balance sheet lists net fixed assets as $24 million. The fixed assets…

A: Book value refers to the amount that assets are valued at when they are recorded in a company's…

Q: ndo, Inc., has current assets of $4,957, net fixed assets of $14,890, current liabilities of $4,928,…

A: Working capital is very important in the business. Working capital show the liquidity of firm and…

Q: 1. Helo Company has provided the following data: Sales, P5,000,000; Interest expense, P30,000; Total…

A: Net income When the revenues or incomes received by a company are higher than the expenses or…

Q: FDN Accounting Services purchased office supplies for P31,000 on terms 20% down payment and the…

A: The balance sheet represents the financial position of the business with assets and liabilities on a…

Q: Acme Inc.'s total assets at the beginning of the year amount to $500,000,000, and its total assets…

A: To determine Acme Inc.'s net income for the year, we can use the Return on Assets (ROA) formula. The…

Q: solution star industries has published its annual account. it indicates that during the year the…

A: Operating cash flows refers to the flows of the cash (inflows and outflows both) in the business…

Q: Mason Corporation had $1,164,000 in invested assets, sales of $1,240,000, income from operations…

A: The investment turnover ratio measures the ability of an enterprise to generate revenue with the…

Q: In a business with an asset turnover rate of 2, the return on assets rate is 30% and the net profit…

A: Net sales refer to the amount of goods sold and services provided by the business less discounts…

Q: Allianze Ltd has the following data information as of 30 June 2022: Current assets of $ 6,970 Net…

A: Working capital is a measure of a company's capacity to meet its current liabilities with its…

Q: Aboridor company had the following results last year: Sales, P700,000; Return on Investment, 28%;…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Prescott Football Manufacturing had the following operating results for 2019 sales = $30,074; cost…

A: Analysing and comprehending cash flows is essential for determining an entity's sustainability and…

Q: Vinny's Overhead Construction had free cash flow during 2021 of $25.4 million. The change in gross…

A: The income statement provides a summary of revenues, expenses, gains, and losses incurred by the…

Q: If for the most recent year, a firm's RNOA is 12.0%, its sales were $2,400,000, its asset turnover…

A: ROCE stands for "Return On Capital Employed". It is computed by dividing EBIT by the (total assets -…

Q: Use this information for Mason Corporation to answer the question that follow. Mason Corporation had…

A: Sales =$1204000 investment =1118000

Q: 2. Ending owner s equity amounted to P70.000 Additional investments during the year amounted to…

A: Formula: Ending capital = Beginning capital +Additional investments + Net income - withdrawals

Q: At the end of the year, Wrinkle Free Laundry (WFL) had $150,000 in total assets. (a)If WFL’s total…

A: Given: Total assets = $150,000 Total asset turnover ratio = 2 Return on asset = 6%

Q: Last year, an investor in rental property had gross income of $160,000 with the following expenses:…

A: Net operating income: It can be defined as the excess of sales revenue over the costs incurred by…

Question

At the end of the first month of operations for FDNACCT, the business had earned P140,500 of revenues and incurred P71,500 of expenses. It also showed the following:

Liabilities: P25,000

Assets: P118,000

How much is the owner’s initial investment?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

King Industries has net working capital of $17,700, current assets of $39,800, equity of $55,400, and long-term debt of $11,800. What is the amount of the net fixed assets?
MTC company's sales was 1,830,000 with a net margin of 5%. Changes in the company's balance sheet accounts for the year appears below. Cash(13,000) Accounts receivable 16,000 Inventory 21,000 Prepaid expenses (8,000) Long term investments 30,000 Property, plant, and eauipment 60,000 Accumulated depreciation 36,000 Accounts payable (21,000) Acrued expenses 14,000 Income taxes payable 42,000 Bonds payable (50,000) Common stock 20,000 Retained earnings 65,000 The company did not dispose of any property, plant, and equipment, sell any long-term investment, issue any bonds payable, or repurchase any of its own common stock during the year. The company declared and paid a cash dividend. The beginning and ending cash balances were P20,000 and 7,000 respectively. Based on the above data: a) The company's cashflow from operating activities is..................... b) The company's cashflow from investing activities is........... c) The company's cashflow from financing activities…
During the year, a merchandising company had the following transactions: Generated 300.000 TL revenue and incurred 225.000 TL expense. Issued new shares of 20.000 at a price of 1,2 TL (par value is 1 TL). Repurchased 10.000 of these new shares at a price of 1,1 TL. Sold these repurchased shares at a price of 0,5 TL. Revalued its headquarters building as well as its one of the rental properties. The increases in the relevant equity and income items have been found to be 15.000 TL and 20.000 TL. Suppose that the ending retained earnings balance in the Statement of Changes in Shareholders Equity is 105.000 TL. Then, what was the opening balance of the retained earnings at the beginning of the year? a) 10.000 TL b) 16.000 TL c) 20.000 TL d) 26.000 TL
A firm has net working capital of $460, net fixed assets of $2,206, sales of $5,700, and current liabilities of $770. How many dollars worth of sales are generated from every $1 in total assets? O a. $2.58 O b. $1.66 O c. $1.92 O d. $1.67 O e. $2.14
Armstrong Industries had the following operating results for 2021: Sales = $35,000; Cost of goods sold = $24,000; Depreciation expense = $6,000; Interest expense = $2,700; Dividends paid = $2000. At the beginning of the year, net fixed assets were $20,000, current assets were $7,000, and current liabilities were $4,000. At the end of the year, net fixed assets were $21,500, current assets were $8,700, and current liabilities were $4,700. The tax rate for 2021 was 21 percent. What is Armstrong's 2021 Cash Flow from Assets (CFFA)? 2000 2021 Sales $35000 COGS $24000 Depreciation $6000 Interest Expense $2700 Dividends Paid $2000 Net Fixed Assets $20000 $21500 Current Assets $7000 $8700 Current Liabilities $4000 $4700 Tax Rate 21% 21% Group of answer choices $483 $3,017 $2,017 $1,817 $7,334 $1,000 $7,500 $10,517
Please answer correctly. Thank you.
If current assets appear to be 42% of the sum of the total liabilities and owner's equity which is Php115,000 and Php 291,000 respectively, how much is the company's non-current assets?
The total liabilities and capital of Saturn Store is P350,000. Subsequently, from its P50,000 accounts receivable, P22,500 was collected. What is the new balance of its total assets?
The Green Carpet has current liabilities of $72,100 and accounts receivable of $107,800. The firm has total assets of $443,500 and net fixed assets of $323,700. The owners' equity has a book value of $191,400. What is the amount of the net working capital? a. $47,700 b. $6,500 c. $50,100 d. -$29,700 e. -$18,800
A. What is the combined net income? B. What is the balance of the unrealized gain account?