Solution-Determine the owner equity

Determine the owner equity

Assignment Help Accounting Basics

Reference no: EM133101104

Question - At year-end 2002, Yung had notes payable of $1200, accounts payable of $2400, and long-term debt of $3000. Corresponding entries for 2003 are $1600, $2000, and $7000. Asset values are below. During 2003, Yung had sales of $2000, cost of goods sold of $400, depreciation of $100, and interest paid of $150. The (average) tax rate is 21% and all taxes are paid currently.

Current Asset	2002	2003
Cash	$800	$600
Marketable securities	400	300
Accounts receivable	900	800
Inventory	1800	2000
Fixed Assets
Net Fixed Asset (Plant&Equipment)	$6000	$3000

Required - In 2003, determine the Owner (Stockholder)'s Equity?

Reference no: EM133101104

Questions Cloud

Journal article and critical analysis assignment : Summarizing and critiquing an academic journal article and Discussing sociological concepts, theories, and social trends

Calculate ROI, RI and EVA for each alternative : In the current year, the division had operating assets of $440,000; sales of $300,000 and operating profit of $88,000. Calculate ROI, RI and EVA

Primary forecasting techniques : Differentiate at least two or three key elements for each of the four primary forecasting techniques and how they apply to your chosen organization.

What is the total amortization expense : ABC Company capitalized patent costs of $40,000 at the beginning of the first year. What is the total amortization expense from year one to year ten

Determine the owner equity : During 2003, Yung had sales of $2000, cost of goods sold of $400, depreciation of $100, In 2003, determine the Owner (Stockholder)'s Equity

Apply Contract Law principles : Apply Contract Law principles. Ignore the operation of Sale of Goods Act and Australian Consumer Law (ACL).

What is the effective cost of the trade credit : Suppose that your company is purchasing raw materials with the credit terms offered by the supplier being 3/5, Net 30. What is the effective cost of the trade

Scientific Data and Material Properties Assignment : Scientific Data and Material Properties Assignment - Examine both quantitative and qualitative data and ensure appropriate software is used to give graphical

Why are Brazil and Dominica upset : Why are Brazil and Dominica upset? How do the effects differ in the two districts? What could Brazil and Dominica do in response

User Account

All Pages

Determine the owner equity

Reference no: EM133101104

Reference no: EM133101104

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT