Financial Accounting
15th Edition
ISBN: 9781337272124
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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- 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 The profit for the year was 440,000 Tony had withdrawn 110,000 during the year for his personal use.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 Equityarrow_forwardWhite 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:arrow_forwardThe owner's equity of FDNACCT was P190,000 at January 1, 2020. The assets and liabilities on December 31, 2020, the end of the accounting year, and its revenue and expenses for the year are listed below. Accounts Payable 1,200 Accounts Receivable 12,340 Building 143,670 Cash 32,990 |Cleaning Expense 560 Fees Earned 82,350 Land 65,000 Miscellaneous Expense 220 Office Supplies 1,670 Owner's Drawings 3,000 Wages Expense 35,770 How much is the net income for the year ended December 31, 2020?arrow_forward
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