Part B: Owner's EquityExamine the following fictitious equity scenarios. Following the report form balance sheet format, prepareonly the owner's equity section for each owner. Use spreadsheet software, such as Excel, and use theprovided Total Liabilities value to determine the new capital balance and Total Liabilities and Owner's Equityvalue. Be sure to use formulas for all calculations.Save your workbook as "OESections_YourName". Label the individual tabs accordingly: "Sit1", "Sit2" and"Sit3".SituationOwnerFiscalPeriodTotalLiabilitiesBeginningCapitalNetIncome/DrawingsNet LossYear ended1H. Campbell December$10 000$31 560$42 500$5 20031, 20-Month2T. Smythended May$14 200$78 256-$2 100$12531, 20-Quarterended2K. Dearing$59 250March 31,20-$125 645$6 200$1 250

Here's a breakdown of the steps involved in balancing a chemical equation:Chemical Equation:A…

Answered: Part B: Owner's Equity Examine the…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 3CE

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*Required: Record the transactions using a general journal. Create your own account titles that will appropriately describe the exchanges of values. Post in T-accounts and compute the total assets, liabilities, and equity.
The following list of accounts is from the adjusted trial balance for Monty Corporation: Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation-equipment Advertising expenses Buildings Cash ommon shares Cost of goods sold Deferred revenue Depreciation expense ype here to search Amis 21 $128,640 179,520 94,080 217,920 107,520 410.880 68.160 220,800 1.069.440 30,720 180,480 Equipment Income tax expense Insurance expense Inventory $907,200 Sales 58,560 112,320 222,720 Land 1,056,000 Loan payable (due in 2 years) 1,872,000 Prepaid expenses 27,840 Property tax payable Refund liability Salaries expense Salaries payable 17,280 20,160 744.960 24.960 2.519,040 23°C Mostly
Select the correct answer from the dropdown menu which describes the impact the following transactions have on the asset. liabilities and equity sections of the accounting equation. You must select an answer for every cell Le. Assets, Liabilities and Equity.
Question Directions: Establish the following T-Accounts and record the transactions directly into the T-accounts. Use the following account titles: CashMasunurin, CapitalAccounts ReceivableMasunurin, WithdrawalsSuppliesLaundry RevenuesPrepaid InsuranceSalaries ExpenseEquipmentRent ExpenseFurniture and FixturesUtility ExpenseAccounts PayableMiscellaneous Expense On January 1, 2017, Jaime Masunurin opened BLS Laundry Shop. Throughout the month of January, the following transactions were completed: 1. He deposited P400,000 in a bank account in the name of the business.2. He bought chairs and a table and paid them with P5,700 cash.3. He bought supplies on account from Morong Supply Inc. P3,250.4. He paid P5,750 for the monthly rental of the place.5. He bought washing machines and dryers from Bataan Equipment Corp. amounting to P115,000. He paid them with P35,000 in cash and the balance on the account.6. He earned P19,250 revenues on cash basis for the first half of the month.7. He…
Directions: Establish the following T-Accounts and record the transactions directly into the T-accounts. Use the following account titles: CashMasunurin, CapitalAccounts ReceivableMasunurin, WithdrawalsSuppliesLaundry RevenuesPrepaid InsuranceSalaries ExpenseEquipmentRent ExpenseFurniture and FixturesUtility ExpenseAccounts PayableMiscellaneous Expense On January 1, 2017, Jaime Masunurin opened BLS Laundry Shop. Throughout the month of January, the following transactions were completed: 1. He deposited P400,000 in a bank account in the name of the business.2. He bought chairs and a table and paid them with P5,700 cash.3. He bought supplies on account from Morong Supply Inc. P3,250.4. He paid P5,750 for the monthly rental of the place.5. He bought washing machines and dryers from Bataan Equipment Corp. amounting to P115,000. He paid them with P35,000 in cash and the balance on the account.6. He earned P19,250 revenues on cash basis for the first half of the month.7. He bought…
Directions: Establish the following T-Accounts and record the transactions directly into the T-accounts. Use the following account titles: CashMasunurin, CapitalAccounts ReceivableMasunurin, WithdrawalsSuppliesLaundry RevenuesPrepaid InsuranceSalaries ExpenseEquipmentRent ExpenseFurniture and FixturesUtility ExpenseAccounts PayableMiscellaneous Expense On January 1, 2017, Jaime Masunurin opened BLS Laundry Shop. Throughout the month of January, the following transactions were completed: 1. He deposited P400,000 in a bank account in the name of the business.2. He bought chairs and a table and paid them with P5,700 cash.3. He bought supplies on account from Morong Supply Inc. P3,250.4. He paid P5,750 for the monthly rental of the place.
Construct an analysis of the following transaction (refer to the image) and use the table: Assets = Liabilities + Owner's Equity Account title Debit Credit Account title Debit Credit Account title Debit Credit
Write a paragraph on each of the following topics: liquidity, asset management, debt management and profitability. Be sure to label these separately. Analyze each topic using the answers from your ratios to support your analysis by deciphering what they are telling you. Create a text box (Insert Menu, click on the “Text” button on the right side of the menu bar, and choose, “Text box”. Then click and drag a box to write in.
Where do I fill the information in? Where does what go? I'm not sure when to fill in information in the Assets, Owner's Equity or Liabilities column. I would like you to show me how to fill in the table correctly.
What's New The activity below will help you check how much you know about the key elements of the Statement of Financial Position (SFP). Activity 1: "HULA ME" Directions: 1. Guess the account title being described in each sentence. 2. Identify what element of SFP (Assets, Liabilities or Equity) it is listed/ included. 3. Write your answers on the columns provided. Description Account title SFP Element I am used as a medium of exchange in business transactions. I may be held on hand or put in banks for safekeeping. 2. 1. I can be in the form of cash or other assets invested by the owner to start- up a business. 3. I am items held for resale. 4. I am expenses paid in advance. 5. I am expenses incurred but not yet paid. 6. I am amounts due to suppliers for the purchase of goods or services received on account. 7. I am an amount taken by the owner from the business for personal use. 8. I am an account due with supporting promissory notes. I am 9. an account due from customers as a result…
Directions: Read the following sentences. Write the letter “T” if the statement is True and “F” if the statement is False. Write your answer on the space before the number. You may view this test at our google class. __________1. An excess of equity over current assets is equal to liabilities. __________2. The asset is cash or cash equivalent restricted to settle a liability for more than twelve months after the reporting period is classify as current assets. __________3. Assets are classified as noncurrent if the assets are reasonably expected to be realize in cash or consume beyond the normal operating cycle. __________4. LCNRV should always be equal to net realizable value. __________5. Lower of cost and net realizable value gives the lowest valuation if applied to individual item of inventory. __________6. The amount of any writedown of inventory to net realizable value and all losses of inventory should be recognized as operating expense in the period the…
CClassify each of the following items as an Asset (A), Liability (L), or part of Owner’s Equity (OE). a. Computer Tabletb. Accounts Payablec. Accounts Receivabled. Cashe. A. Jones, Capital

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