Accounting Equation
Assets are 450 and Stockholders Equity is 200. What are total liabilities?
250
Purchased Supplies for 300 cash
debit supplies for 300 and credit cash for 300
Depreciation for an Office Building is 5,000
Debit Depreciation Expense and Credit Accumulated Depreciation for 5,000
A company had fees earned of 2,000 and total expenses of 1,500 what is the company's net income
NI=500
What is an Asset? and give an example
An asset is a resource a company owns.
If Equity Increases by 200 and Liabilities increase by 400 what happens to assets?
It increases by 600
On June 1, the cash account balance was $92,160. During June, cash receipts totaled $337,200 and the June 30 balance was $79,280.
Determine the cash payments made during June. (you've been tricked it is not a journal entry)
350080
Gizmo Inc. purchased a 1-year insurance policy on October 1 for $3,480. Journalize the adjusting entry on December 31
Debit Insurance expense for 870 and Credit Prepaid Insurance for the same amount
If Retained earnings at the beginning of the month are 15,000 and dividends are 3,000 and net income is 12,000. what is retained earnings at the end of the month?
24,000
Donner Company is selling a piece of land adjacent to its business premises. An appraisal reported the market value of the land to be $88,000. The Focus Company initially offered to buy the land for $113,000. The companies settled on a purchase price of $212,000. On the same day, another piece of land on the same block sold for $104,000. Under the cost principle, at what amount should the land be recorded in the accounting records of Focus Company?
212,000
Print Item
MC.01.80.ALGOMC.01.88.ALGOMC.01.89.ALGOMC.01.102.ALGO
If total liabilities decreased by $28,470 during a period of time and stockholders' equity increased by $34,631 during the same period, the amount and direction (increase or decrease) of the period's change in total assets is a
6,161 Decrease
On August 30, JumpStart paid the following expenses:
August rent, $840
August’s utility bill, $293
Employee wages, $9,742
Parking lot cleaning fee, $109
Journalize these payments as one journal entry
Debit rent, utilities expense, wages expense, and cleaning fee for the numbers as listed then credit cash for 10,984
The supplies account had a beginning balance of $2,000. Supplies purchased during the period totaled $5,000. At the end of the period before adjustment, $300 of supplies were on hand.
Debit supplies expense for 6,700 and credit supplies for the same
Accounts payable $2,000 Miscellaneous expense $470 Accounts receivable 10,340 Office expense 420 Cash 21,420 Supplies 1,670 Fees earned 78,510 Wages expense 27,040 Land 47,000 Dividends 16,570 Building 157,630.
Find Net Income
NI=50,580
Explain to me Depreciation.
My evaluation
Land, originally purchased for $25,720, is sold for $77,580 in cash. What is the effect of the sale on the accounting equation?
Assets Increase by 51,860, and Equity increases by the same
On October 17, Nikle Company purchased a building and a plot of land for $423,000. The building was valued at $232,700, while the land carried a value of $190,300. Nikle paid $66,500 down in cash and signed a note payable for the balance.
Debit Land 190,300 and building for 232,700. Credit cash for 66,500 and notes payable for 356,500.
Print Item
EX.03.156.BLANKSHEET.ALGOEX.03.157.ALGOEX.03.158.BLANKSHEET.ALGOEX.03.160.BLANKSHEET.ALGOEX.03.162.ALGOEX.03.165.BLANKSHEET.ALGOEX.03.167.ALGOEX.03.169.ALGOEX.03.170.ALGOEX.03.171.ALGOEX.03.186.ALGOEX.03.189.ALGO
The prepaid insurance account had a beginning balance of $7,660 and was debited for $830 for premiums paid during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $6,780.
Debit Insurance Expense for 1,710 and credit Prepaid insurance for the same amount
My evaluation
What does GAAP stand for
Generally Accepted Accounting Principles
Dave Ryan is the CEO of Ryan's Arcade. At the end of its accounting period, December 31, Ryan's Arcade has assets of $650,900 and liabilities of $233,700. Using the accounting equation, determine the following amounts:
A. Stockholders' equity as of December 31 of the current year.
B. Stockholders' equity as of December 31 at the end of the next year, assuming that assets increased by $76,110 and liabilities increased by $18,700 during the year.
A. 417,200
B. 474,610
On December 1, JumpStart Company provides $2,800 in services to clients.
Journalize this event as if the clients had paid cash at the time the services were rendered.
Journalize this event as if the clients had been rendered the services on account.
Assume that the clients paid $1,200 of the amount on account on December 30. Journalize this transaction.
1. debit cash and credit fees earned for 2,800
2. debit accounts receivable and credit fees earned for 2,800
3. debit cash and credit accounts receivable for 1,200
On January 1, Great Designs Company had a debit balance of $1,729 in the office supplies account. During the month, Great Designs purchased $404 and $725 of office supplies and journalized them to the asset account upon purchasing. On January 31, an inspection of the office supplies cabinet shows that only $857 of office supplies remains.
Journalize the January 31 adjusting entry for office supplies
Debit supplies expense for 2,001 and credit supplies for that amount
A summary of cash flows for Linda's Design Services for the year ended December 31 follows:
Cash receipts: Cash received from customers 89,600 Cash received from sale of stock $23,400 Cash payments: $27,600 Cash paid for expenses $47,000 Cash paid for land $360 Cash paid for supplies $4,400 Dividends $40,700 Cash balance as of January 1
HWhat is the Statement of cash flows? (Basically, Build the Statement of Cash Flows).
Cash balance December 31st should be $74,340
Walk me through the three financial statements. income statement, balance sheet, and Cash flow Statement
Based off of my evaluation.