User Account

All Pages

What is the amount of the owners equity

Assignment Help Accounting Basics
Reference no: EM132046265

Question - Precision camera services started the year with total assets of 120,000 and total liabilities of 40,000. The company is a sole proprietor ship. The revenues and the expenses for the year amounted to 140,000 and 50,000, respectively. During the year, there were no new capital contributions, and the owner with Drew 45,000. What is the amount of the owners equity at the end of the year?

Reference no: EM132046265

Questions Cloud

Demand for computers likely to be elastic or inelastic : How about the demand for new homes? The demand for six-packs of Seven-Up?
Make education a public good : High school education is a positive externality. When we have public high schools we are trying to make education a public good.
Establish its optimal capital structure : Situational Software Co. (SSC) is trying to establish its optimal capital structure.
Is the mission statement realistic : Is the mission statement motivating and does it inspire employee commitment? Is the mission statement realistic?
What is the amount of the owners equity : During the year, there were no new capital contributions, and the owner with Drew 45,000. What is the amount of the owners equity at the end of the year
What about any relevant new stories : What about any relevant new stories you have noticed on television?
What is the purpose of your message : Write the last sentence of your email. Strive for a forward-looking approach, but be careful not to minimize employees' feelings.
Taking advantage from the others : It is more about choices than money and resources. The choice that you made prevents you from taking advantage from the others.
Calculate the amount of the loss on the sale of the machine : XYZ Company purchased a new machine on January 1, 2023 for $149,800. Calculate the amount of the loss on the sale of the machine recorded by XYZ Company

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the purpose of gaap in the accounting cycle

What is the purpose of GAAP in the accounting cycle? Is it possible to deviate from GAAP and still prepare financial statements?

  Rosa corporation had these transactions pertaining

During its first year of operations, Rosa Corporation had these transactions pertaining to its common stock

  How much taxable gain will piper recognize from the sale

Piper and Adam formed a partnership. Piper received a 50% interest in partnership capital and profits. How much taxable gain will Piper recognize from the sale?

  Nut house manufactures and sells jars of peanut butter all

nut house manufactures and sells jars of peanut butter. all of the companys output passes through five production

  Why did you select these steps and what makes them confusing

Identify and discuss the key steps in the closing process that provide the most opportunity to make mistakes in processing account transactions. Why did you select these steps and what makes them confusing?

  Elks taxable income

Elk, a C corporation, has $500,000 operating income and $350,000 operating expenses during the year. In addition, Elk has a $20,000 long-term capital gain and a $52,000 short-term capital loss. Elk's taxable income is:

  Corporate tax return problem

CORPORATE TAX RETURN PROBLEM

  Company purchasing supplies

O'Connor Company purchased supplies totaling $21,600. By year end, $9,300 of supplies were still on hand. How much supplies expense should O'Connor recognize?

  Realized gain on the sale of stock problem

Woods sold all of the Holmes stock for $17 per share on December 3, 2011, incurring $14,000 in brokerage commissions. Woods Company should report a realized gain on the sale of stock in 2011 of ??

  Prepare addison controls statement of cash flows

Using the indirect method, prepare Addison Controls' statement of cash flows

  The net income reported on the income statement for the

the net income reported on the income statement for the current year was 225000. depreciation recorded on plant assets

  What are futures options

Explain how they can be used by speculators. Why would an investor want to use an option on an interest rate futures contract rather than the futures contract.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd