Calculate the amount of total equity that xyz company would

Assignment Help Accounting Basics

Reference no: EM13576314

At January 1, 2010, XYZ Company reported total assets of $400,000, total liabilities of $150,000, and total equity of $250,000. During 2010, XYZ Company entered into the following transactions:

1. On April 1, XYZ Company purchased inventory for $60,000 cash

2. On July 1, XYZ Company borrowed $30,000 from the local bank on a 9-month, 10% note payable

3. On September 1, XYZ Company received $16,000 cash from a customer for services to be performed over the next 20 months

4. On October 1, XYZ Company sold one-half of the inventory purchased on April 1 to a customer for $50,000 cash

Calculate the amount of total equity that XYZ Company would report in its December 31, 2010 balance sheet after all the above transactions are recorded and all necessary adjusting entries are made. Do not use decimals in your answer.

Reference no: EM13576314

Questions Cloud

Sam weber finances a new automobile by paying 6500 cash : sam weber finances a new automobile by paying 6500 cash and agreeing to make 40 monthly payments of 500 each the first

The company desires a 35 profit margin per hour of labor : padong remanufacturing rebuilds spot welders for manufacturers. the following budgeted cost data for 2006 is available

E15-15 dividend entries the following data were taken from : e15-15 dividend entries the following data were taken from the balance sheet accounts of wickham corporation on

The company desires a 35 profit margin per hour of labor : padong remanufacturing rebuilds spot welders for manufacturers. the following budgeted cost data for 2006 is available

Calculate the amount of total equity that xyz company would : at january 1 2010 xyz company reported total assets of 400000 total liabilities of 150000 and total equity of 250000.

The red white amp blue partnership was begun with : the red white amp blue partnership was begun with investments by the partners as follows red 129000 white 159000 and

As a long-term investment painters equipment company : as a long-term investment painters equipment company purchased 20 of amc supplies inc.s 400000 shares for 480000 at the

Complete the following exercise and provide a : complete the following exercise and provide a recommendation for each of the four scenarios presented. there is often

House of organs inc purchases organs from a well-known : house of organs inc. purchases organs from a well-known manufacturer and sells them at the retail level. the organs

User Account

All Pages