Determining owner capital account

Assignment Help Accounting Basics
Reference no: EM13152927

At the beginning of 2009, Beta Company's balance sheet reported Total Assets of $195,000 and Total Liabilities of $75,000. During 2009, the company reported total revenues of $226,000 and expenses of $175,000. Also, owner withdrawals during 2009 totaled $48,000. Assuming no other changes to owner's capital, the balance in the owner's capital account at the end of 2009 would be:

a. $174,000.

b. $78,000.

c. cannot be determined from the information provided.

d. $120,000.

e. $123,000.

Reference no: EM13152927

Questions Cloud

How much helium gas would it take to ?ll a gas balloon : How much helium gas would it take to ?ll a gas balloon with a volume of 1020 cm 3 when the temperature is 39.0? C and the atmospheric pressure is 724 mm Hg? Answer in units of mol.
Vendor contract outlining recourse : What information should be in a vendor contract outlining recourse and limit of liability?
Find consesequence of replacing the lactose : with respect to the MacConkey Agar, what would be the possible consesequence of replacing the lactose with glucose.
Explain chemical equation describing the freezing process : Write a chemical equation describing the condensation process for CO2 and a chemical equation describing the freezing process for CO2. For each process discuss the change in enthalpy and entropy that occurs.
Determining owner capital account : Also, owner withdrawals during 2009 totaled $48,000. Assuming no other changes to owner's capital, the balance in the owner's capital account at the end of 2009 would be:
What is the approximated value of company before-tax marr : The company uses an effective income tax rate of 40%, and the after-tax MARR of 15% per year. What is the approximated value of the company's before-tax MARR?
Outline a microeconomic reform issue : Outline a microeconomic reform issue that is relevant to the Australian economy and how successful do you think these reform measures were and say why referring to some data or research that has been performed?
Redemption qualifies for sale or exchange treatment : The redemption qualifies for sale or exchange treatment, and Ali has no other transactions in the current year involving capital assets?
Explain chemical engineer measured a less-than-expected : During studies of the reaction below, 2 N2H4(l) + N2O4(l) ? 3 N2(g) + 4 H2O(g) a chemical engineer measured a less-than-expected yield of N2 and discovered that the following side reaction occurs

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the payback period

ABC Company is adding a new product line that will require an investment of $1500000. The product line is estimated to generate cash inflows of $300,000 the first year, $250000 the second year, and $200,000 each year thereafter for ten more years...

  In what direction did the cost of purchases move

Quayle Corporation's inventory cost on its balance sheet was lower using first-in, first-out than it would have been using last-in, first-out. Assuming no beginning inventory, in what direction did the cost of purchases move during the period?

  What was the account balance at the end of specific year

At the end of the sixth year, the account balance was transferred to a bank paying 10%, and annual deposits of $80,000 were made at the end of each year from the seventh through the tenth years. what was the account balance at the end of the tenth..

  Prepare the journal entry to record the purchase

Assume Broadcourt Electronics purchased the entire issue in a private placement of the bonds. Using the data in requirement 2, prepare the journal entry to record the purchase by Broadcourt.

  Executive stock option plans

The compensation associated with executive stock option plans is:

  Merchandise was delivered fob shipping point

Purchases inventory costing $5,600 on account from Smoot Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $500 were paid in cash.

  Prepare basic journal entries under proper accounting method

Big Co. acquired 1,000 shares of voting stock in Little Co. for $100,000 cash. Little Co. currently has 10,000 shares of voting stock issued and outstanding. Little Co.'s shares are trading at $115 per share. Big Co. subsequently receives a divide..

  Six steps of accounting analysis

Know the six steps of accounting analysis. Understand some of the key issues which are considered important for analysing firms in the biotechnology industry.

  Pay all of the liabilities

Identify two ways to finance the remaining $20,000 you will need, so you can pay all of the liabilities when they are due.

  What controls must have been lacking at white electric

What the bookkeeper did was definitely unethical. But what if one of her grandchildren had been ill and needed an expensive operation? If this had been the case, would it have been ethical for her to take company funds to pay for the operation if ..

  Financial impact of buying ct unit

The user has updated the question: User's response: Calculate the financial impact of buying a CT unit that would cost $3.0 million, would have a five-year useful life, would have a 10 percent salvage value.

  Short-run pricing decisions

Short-run pricing decisions include: (a) pricing a main product in a major market (b) adjusting product mix and volume in a competitive market while maintaining a stable price if demand fluctuates from strong to weak

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