How do analyze business transactions in accounting equation

Assignment Help Financial Accounting
Reference no: EM133006942

Problem 1: Business-Sofia Perez opens a photography business. She rents a studio and also offers services for special events. Analyze the following business transactions in the accounting equation. Use plus (+) and minus (-) signs to show the change in account balance.

Transactions:

a. Sofia Perez invests $50,000 cash to start a photography business named "Sofia Perez Photography"
b. Sofia purchased photography equipment for $15,000 in cash
c. Sofia purchased supplies for $5,000 on credit.
d. Sofia paid the monthly rent for the studio, $2,100
e. Sofia performed services for $6,300 in cash
f. Sofia performed services for $4,800 on account
g. Sofia paid $2,500 in cash to the creditor for supplies.
h. Sofia withdrew $3,000 cash for personal use.
i. Sofia received $2,600 in cash from credit customers.

 

Reference no: EM133006942

Questions Cloud

What is the amount of the initial cash flow : A current market value of $39,000. Other investment in machinery is $780,000. What is the amount of the initial cash flow for this expansion project
Does media coverage of one firm affect the likelihood : Does Media Coverage of one firm affect the likelihood of Financial reporting fraud? -(Media coverage could be any news articles, video content)
What are the potential gains and losses : Currently the Astra Plc stock price is $39 per share, What are the potential gains and losses from each alternative
Compute the compound annual rate of growth in earnings : Compute the compound annual rate of growth in earnings (n = 11). Business has been good for Keystone Control Systems, as indicated by the eleven-year growth
How do analyze business transactions in accounting equation : How do analyze the business transactions in the accounting equation. Business-Sofia Perez opens photography business. She rents a studio and also offers service
What is journal entry to adjust the carry-forward balances : The balances were calculated when the tax rate was 30%. What is the journal entry to adjust the carry-forward balances of the deferred tax asset
What journal entry is recorded for distance plus : If Sergio invests $70,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the goodwill method is used.
Which alternative you choose and why : An 80% LTV that is fully amortized over 20 years with 8% interest rate and subject to 3 points. Which alternative you choose? Why
Calculate the net present value or npv of the project : Tesla is planning to open its first manufacturing, Calculate the net present value (NPV) of project. Should the project be undertaken? Explain why or why not

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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