Solution-What is amount of total assets at the end of the

What is amount of total assets at the end of the period

Reference no: EM13523424

Mark Dixon started a small merchandising business in 2012. The business experienced the following events during its first year of operation. Assume that Dixon uses the perpetual inventory system.

1. Acquired $40,000 cash from the issue of common stock.

2. Purchased inventory for $30,000 cash.

3. Sold inventory costing $20,000 for $32,000.

a. Record the events in a statement model

b. Prepare an income statement for 2012 (Use multistep format)

c. What is the amount of total assets at the end of the period

Reference no: EM13523424

Questions Cloud

Find by how much did the energy change during the insertion : A 12.0 micro F capacitor is connected to a power supply that keeps a constant potential difference of 22.0V across the plates. By how much did the energy change during the insertion

Evaluate the solubility in molarity of cahpo4·2h2o : "Hard" water contains relatively high concentrations of dissolved calcium ions. Calculate the solubility (in molarity) of CaHPO4·2H2O at 25°C in hard water that initially contains 95 mg/L of Ca2+

Deteremine sales required for the new store to break even : Deteremine the sales required for the new store to break even. Determine the sales required for the new store to earn a profit of $20,000 per year (keep in mind that the $300 increase in rent is a monthly amount and the fixed cost of $48,000 is an..

Find how long does it take the electron to come to rest : An electron has an initial velocity of 8.00 106 m/s in a uniform 7.00 105 N/C strength electric field. How long does it take the electron to come to rest

What is amount of total assets at the end of the period : Prepare an income statement for 2012 and what is the amount of total assets at the end of the period

Define potassium dichromate can be used to conduct : Potassium dichromate can be used to conduct a potentiometric titration of iron II chloride in acidic medium. if 50.0 mL of 0.100 M FeCl2 in 1.00 M HClO4 is titrated with 0.0167 M K2Cr2O7

Obtain how much heat is released by the water : Suppose a grower sprays 7.2 kg of water at 0 °C onto a fruit tree. How much heat is released by the water when it freezes

Prepare a statement of stockholders equity for 2011 : Based on the above information, prepare a statement of stockholders equity for 2011.

Explain chloride be acidic and neutral or basic : Would a solution of diethylammonium chloride be acidic, neutral or basic. Explain briefly, include any relevant equations

User Account

All Pages

What is amount of total assets at the end of the period

Reference no: EM13523424

Reference no: EM13523424

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

What is the average customer waiting time

He paid 2000 in stamp duty on the transfer and incurred

Within one year of the contribution red constructs a

Suppose a situation in which the client under audit by the

Fomtech inc had net income of 750000 based on variable

Which statements is true about nestor hobby activity

Prepare the journal entry to record depreciation expense

Accounts receivable turnover ratios coca-cola and wal-mart

Gaap provides guidelines for inclusion of interest in

Compare the effects of renouncing citizenship

Income division section of the income statement

Amount of working capital required

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT