What amount should be reported as capital

Assignment Help Financial Accounting
Reference no: EM131106461

On February 1, 2011, Tory began a service proprietorship with an initial cash investment of $2,000. The proprietorship provided $5,000 of services in February and received full payment in March.

The proprietorship incurred expenses of $3,000 in February, which were paid in April. During March, Tory drew $1,000 against the capital account.

In the proprietorship's financial statements for the two months ended March 31, 2011, prepared under the cash basis method of accounting, what amount should be reported as capital?

Reference no: EM131106461

Questions Cloud

Describe how the dekf algorithm can be used to train : Describe how the DEKF algorithm can be used to train the simple recurrent network shown in Fig. 15.3 You may also invoke the BPTT algorithm for this training.
What amount of revenue should amar recognize in 2010 : Amar sold the remaining 100,000 pounds during 2011 at the market price of $.72. What amount of revenue should Amar recognize in 2010?
Income statement and supporting schedules : The following financial information is for Caravelli Company. (Note that the most current financial information is presented in the first column.)
What reasons might a company restrict : For what reasons might a company restrict a portion of its retained earnings?
What amount should be reported as capital : In the proprietorship's financial statements for the two months ended March 31, 2011, prepared under the cash basis method of accounting, what amount should be reported as capital?
The efficiency of an inventory system : a. Does a high turnover ratio indicate an efficient inventory system? b. If the EOQ model is being used, determine TR in terms of K, D, h, and Q.
Calculate the amount of dougs deductible expenses : Doug incurred and paid the following expenses during the year - Calculate the amount of Dougs deductible expenses
Identify topics that are of particular interest to you : What are some common job titles for and duties of the contemporary I/O professional associated with each area you researched? Make sure to support your position with the peer-reviewed scholarly literature.
How is a property dividend accounted for in the financial : How is a property dividend accounted for in the financial records?

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