Calculate the amount of drawings that were made

Assignment Help Accounting Basics
Reference no: EM132810240

Problem 1: If equity at the beginning of the accounting period was $120,000 and at the end of the period $165,000 and profit made by the business during the period were $90,000. Calculate the amount of Drawings that were made during the period.

Reference no: EM132810240

Questions Cloud

Outline the advantages to a company from having high quality : Explain the three criteria you would consider in assessing Telstra's earnings quality. Outline the advantages to a company from having high quality earnings
Categories of human resource metrics : What are main types and categories of Human Resource Metrics. What do each of these metrics measure?
What is revenue for the current period : What is revenue for the current period? $1,000 cash collected from earnings recorded in the prior period. $3,000 cash collected in advance of services
What is criminal aspects of health care : What is Criminal Aspects of Health Care? What is the importance of Criminal Aspects of Health Care?
Calculate the amount of drawings that were made : Profit made by the business during the period were $90,000. Calculate the amount of Drawings that were made during the period.
Find the swot analysis for the case study : You are a management consultant appointed by a local law firm that is having trouble expanding into lucrative markets in the mining industry
Which is not an advantage to ifrs adoption : Which of the following is not an advantage to IFRS adoption? It is a cost-effective way to have a comprehensive set of standards.
Prepare the journal entries to record employer pension : Prepare the journal entries to record employer's pension contribution and vacation pay accrual. Canada Pension Plan is 4.95 percent of the pensionable earnings
Case study of nordstrom-the workplace violence dilemm : Ezaldein was killed on her 22nd birthday. Her family had planned a surprise birthday party after she completed her shift at Nordstrom.37 Ezaldein's co-workers

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the amount to reconcile beginning retained earnings

Using the amounts in the statement of changes in stockholders' equity, what is the amount to reconcile or roll-forward the beginning retained earnings.

  During the month the company began production of 108300

regal polish manufactures a single product in one department and uses a process costing system. at the start of may

  Explain concisely to your staff the similarities between

explain concisely to your staff the similarities between an external audit and an internal audit the differences an it

  How would the net present value method help

How would the Net Present Value method help you decide whether to purchase the automated welding machine

  Compute kates taxable income

Kate is single and a homeowner. In 2016, she has property taxes on her home of $3,000, makes charitable contributions. Compute Kates taxable income for 2016.

  How would type of industry affect your valuation approach

How would you estimate the value of "intellectual" property or comparable intangible assets? How would the type of industry affect your valuation approach

  Stockholders equity section of the balance-sheet

Prepare the stockholders' equity section of the balance sheet at December 31, 2007.

  What conclusions concerning the management of cash

What conclusions concerning the management of cash can be drawn from the ratios computed in

  The cash account balance was 38750 during june cash

on june 1 the cash account balance was 38750. during june cash payments totaled 239140 and the june 30 balance was

  What is estimated effective gross income

You are considering the purchase of an office building for $1.5 million today. Your expectations include the following: first-year potential gross income of $340,000; vacancy and collection losses equal to 15 percent of potential gross income;

  Record the purchase of the building on january

On January 1, 2018, Stoops Entertainment purchases a building for $550,000, Record the purchase of the building on January 1, 2018

  Sales value at product board feet splitoff point ending

oregon lumber processes timber into four products. during january the joint costs of processing were 280000. there was

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd