Solution-What is the net change in total assets

What is the net change in total assets

Assignment Help Accounting Basics

Reference no: EM132599762

Question -

Part 1) Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity.

1. Issue $80,000 in stock

2. Borrow $65,000 from a bank

3. Receive payment of $12,000 owed by a customer

4. Pay $6,000 owed to a supplier

What is the net change in Total Assets?

Part 2) Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity.

1. Purchase equipment for $43,000 in cash

2. Receive payment of $11,000 owed by a customer

3. Buy $14,000 worth of manufacturing supplies on credit

4. Issue $70,000 in stock

5. Pay $8,000 owed to a supplier

6. Borrow $55,000 from a bank

7. Buy $17,000 worth of manufacturing supplies on credt

What is the net change in Total Equity?

Reference no: EM132599762

Questions Cloud

What is the main thing that brings a sense of security : What is the main thing that brings a sense of security and purpose in life? What does this parable mean to you as you prepare for a life of adulthood?

Discuss electricity and describe how it is formed : Discuss electricity and describe how it is formed

Constitution properly separate foreign policy : Does the constitution properly separate foreign policy powers between the president and the US Congress?

Journalize entry to record first interest payment on october : Journalize entry to record first interest payment on October 1, 20Y1, and amortization of bond premium for six months, using the straight-line method.

What is the net change in total assets : Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity. What is the net change in Total Assets

What amount of interest expense should be recorded : 9 percent and the effective interest rate is 10 percent. if the annual interest payment is due today, what amount of interest expense should be recorded?

Bureaucratic politics model : Is the bureaucratic politics model a valid explanation for understanding how policy is made? Why or why not?

Record necessary adjusting entries for shocker at december : Record the necessary adjusting entries for Shocker at December 31, 2021. No adjusting entries were made during the year. (If no entry is required)

Predict the overeall development of public administration : Using current events, predict the overeall development of public administration in the next five (5) years. Provide a rationale for your response. Determine on

User Account

All Pages

What is the net change in total assets

Reference no: EM132599762

Reference no: EM132599762

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

Compute equivalent units for each department

Drago distribution handles the warehousing of perishable

Barnes and miller manufacturing is trying to determine the

Prepare the adjusting entries required at April

Prepare the adjusting general journal entry

Determine whether management assertion is supportable

Current assets totaled 100000 and the current ratio was 15

Prepare a statement of retained earnings for the year ended

Determine the direct material quantity variance

What is the component cost of debt

Preparing an income statement

What is the budgeted operating income

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT