User Account

All Pages

What is the amount of total assets after all transactions

Assignment Help Financial Accounting
Reference no: EM132983760

Carter Wilson is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm's financial records showed the following assets, liabilities, and owner's equity.

Cash $144,000

Accounts receivable 37,000

Office furniture 85,000

Auto 55,000

Accounts payable 30,600

Carter Wilson, Capital 214,500

Revenue 131,600

Expenses 55,700

TRANSACTIONS

  1. Performed services for $14,400 on credit.
  2. Paid $3,640 in cash for new office chairs.
  3. Received $27,600 in cash from credit clients.
  4. Paid $1,820 in cash for telephone service.
  5. Sent a check for $10,400 in partial payment of the amount due creditors.
  6. Paid salaries of $21,160 in cash.
  7. Sent a check for $2,570 to pay electric bill.
  8. Performed services for $25,800 in cash.
  9. Paid $5,320 in cash for auto repairs.
  10. Performed services for $27,600 on account.

Problem 1: What is the amount of total assets after all transactions have been recorded on an accounting equation sheet?

Reference no: EM132983760

Questions Cloud

What is the terminal cash flow in year five : The machine is expected to save the firm £50,000 per year in operating costs. The corporate tax rate is 40%. What is the terminal cash flow in year five
What sort of risk is a financial institution exposed : What sort of risk is a financial institution exposed to in the above examples? As a financial institution manager, what approach can you take to reduce exposure
Find current liabilities : Find current liabilities when current ratio is 2:1 and current assets Rs. 60,000. Find current assets when current ratio is 4:1 and current liabilities 40,000
What amount will the family need for living expenses : If prices increase by 2 percent per year for the next three years, what amount will the family need for living expenses after three years?
What is the amount of total assets after all transactions : Carter Wilson is a painting contractor, What is the amount of total assets after all transactions have been recorded on an accounting equation sheet?
Which statements concerning accrued benefits in qualified : Which statements concerning accrued benefits in qualified plans is (are) correct? In a defined benefit plan, the participant's accrued benefit at any point
What was the direct labor efficiency variance for the month : What was the direct labor efficiency variance for the month? Mom's Apple Pie Company uses a standard cost system. The standard direct labor time for each pie.
Compute what is the coupon rate on the bond : It pays interest every six months. If you require an 8 percent return from this bond, what is the coupon rate on this bond? Par value is $1000.
Prepare correct statement of comprehensive income beginning : For its fiscal year ending October 31, 2020, Prepare a correct statement of comprehensive income beginning with income before income taxes.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Show the stockholders equity section of the balance sheet

Prepare the stockholders' equity section (including schedules of retained earnings and additional paid-in capital) of the balance sheet of Pina Corporation

  Calculate interest to be capitalized

The office was completed and ready for occupancy on December.Calculate WAAE, avoidable interest, actual interest and interest to be capitalized? (show ur steps)

  Compute the expected dividend for the second year

Compute the expected dividend for the second year. (Round answer to 2 decimal places). Compute the expected dividend for the third year.

  Compute the effective interest rate

Suppose you put $1000 into a savings account for 5 years and were paid $10 every quarter. Compute the effective interest rate

  Determine mikes depreciation on the apartment building

Mike Brady ourchased an apartment building on April 12,2016, for a total pf $3 million of which $800,000 was the value of the land on which the apartment building was located. Also, Mike purchased 7-year class new business equipment for $40,000 on Ma..

  Manufacturing overhead costs in product costs ensures

Including manufacturing overhead costs in product costs ensures that each product will earn a profit. Normally a job cost sheet is not prepared for a job until after the job has been completed. In a job-order costing system, the incurrence of indirec..

  How many pounds of material are used in the current period

For the current period, Kayenta Company’s manufacturing operations yield a $4,000 unfavourable price variance on its direct materials usage. The actual price per pound of material is $78; the standard price is $77.50. How many pounds of material are ..

  Journalise transactions fo month of may for road bike ltd

Road Bike Ltd, Journalise the above transactions for the month of May for Road Bike Ltd using a perpetual inventory system. IGNORE GST.

  Affected by the choice of depreciation methods

Which of the following measurements would not be affected by the choice of depreciation methods?

  Wacc and cost of common equitykahn inc has a target capital

wacc and cost of common equitykahn inc. has a target capital structure of 60 common equity and 40 debt to fund its 10

  How can you avoid the value of your stock from going down

Your friend told you that she invested $1,000 in a portfolio of large-company stocks 5 years ago. How can you avoid the value of your stock from going down

  How much of the items were included in operating income

How much of these items were included in operating income? Cash collections from customers for services yet to be provided totaled $38,000.

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