User Account

All Pages

Determine the amounts owners equity

Assignment Help Accounting Basics
Reference no: EM132738306

Question: Shannon Cook is the owner and operator of Galaxy LLC, a motivational consulting business. At the end of its accounting period, December 31, 2011, Galaxy has assets of $800,000 and liabilities of $450,000.Using the accounting equation, determine the following amounts:

a. Owners equity, as December 31, 2011.

b. Owners equity, as of December 31, 2012, assuming that assets increased by $175,000 and liabilities decreased by $60,000 during 2012.

Reference no: EM132738306

Questions Cloud

Determine the net present value : Travolta Company accumulates the following data concerning a proposed capital investment: cash cost $211,900, net annual cash flow $41,350.
Describe the principles of ethical conduct : Smith Manufacturing Company allows employees to purchase materials, such as metal and limber, for personal use at a price equal to the company's cost.
Define incremental analysis for anna basketweaving studio : Anna Garden recently opened her own basketweaving studio. She sells finished baskets in addition to selling the raw materials needed by customers to weave.
What is balance in collins capital account at end of year : Assuming that the net income is $60,000 and that each partner withdraws the maximum amount allowed, what is the balance in Collins capital account at the end.
Determine the amounts owners equity : Shannon Cook is the owner and operator of Galaxy LLC, a motivational consulting business. At the end of its accounting period, December 31, 2011.
What are the practical implications of the article : Lease search online business press and find a recent article related to "Accrual versus Cash Accounting," "Revenue Recognition," or "Accounting Fraud."
In which building would recommend that company locate : The Sweet Inc., a manufacturer of low-sugar, low-sodium, low-cholesterol TV dinners, would like to increase its market share in the Sunbelt. In order to do so.
Determine the times interest earned ratio : For the FY 2018, Frederick Company had net sales of $1,100,000 and net income of $60,000, paid income taxes of $30,000, and had before tax interest expense.
How given can influence organisations : Stakeholder groups such as employees, customers and community groups, may influence organisations to adopt sustainable work practices.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the computer equipments book value

What is the computer equipments book value on May 31 - Post the purchase of May 1 and the depreciation on May 31 to T-accounts

  What is the maximum amount of debt on which he can deduct

David, a single taxpayer, took out a mortgage on his home for $300,000 nine years ago

  Summarizes teslas employee share purchases for the year

Prepare the journal entry that summarizes Tesla's employee share purchases for the year ending December 31, 2017

  Compute the amount of gross profit to recognized each year

Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used

  Accounting policy note on investment property

Disclose the following notes to the financial statements of Slender Limited for the year ended 31 December 2013 and accounting policy note on investment property

  How many years must you wait until it will grow

You wish to join a club that has an initiation fee of $40,000. You only have $23,000 available for this right now. You can invest in a fund that pays 3.5% per.

  Management is considering closing the shoe operation

sophisticates corner sells clothing shoes and accessories at a suburban location near boston. information for the just

  How much is the 2019 depreciation expense

Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $19,000 for the truck. The truck is expected to have a $3,500 residual value and a 4-year

  How Accounting and Governance helped Amanda Ltd

Amanda Ltd is a manufacturing company operating in Parramatta, Sydney. Discuss how Accounting and Governance helped Amanda Ltd

  Record the acquisition of the assets

Required: Prepare journal entry on P Company's books to record the acquisition of the assets and assumption of the liabilities of S Company

  In order to have the amount needed for the cruise

You will need $15,000 in 7 years when you want to take a world cruise. If you can earn 6% annually how much do you need to invest now, in order to have the amount needed for the cruise?

  Research the risks associated with capital budgeting

Research the risks associated with capital budgeting. How can describe these risks and support your assertion with specific reasons

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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