What was the change in liabilities for the year

Assignment Help Financial Accounting
Reference no: EM132893325

Question 1: During the year, a firm reported an increase in assets of $50. For the year, revenues were $20, expenses were $12, and dividends were $5. During the year, $40 in common stock was issued. No other equity transactions occurred. What was the change in liabilities for the year?

Reference no: EM132893325

Questions Cloud

What is the negligible pace of expense of x ltd : What is the costing technique that is appropriately characterized for both outer and interior revealing intentions? What is the negligible pace of expense of X?
How much revenue did x ltd bring to create some income : How much revenue did X Ltd. bring to create some income? How long did DEFLtd. repurchase a comparative machine? What year did DEFLtd. purchase the machine?
Why did def ltd choose to sell machine without any problem : Why did DE FLtd. choose to sell the machine without any problem? What year did DEF Ltd. choose to sell the water contamination control machine?
Issues to address in the ongoing advancement : What do you think is being done currently to further protect information from leaking out or being hacked - Issues to address in the ongoing advancement
What was the change in liabilities for the year : During the year, $40 in common stock was issued. No other equity transactions occurred. What was the change in liabilities for the year?
Calculate the price expense for tara corporation : At January 1, 2008 supplies on hand were 2,000. At December 31, 2008 supplies on hand are 2,500. Calculate the price expense for 2008.
Write the journal entry first to record the transaction : Write the journal entry first (if one is needed) to record the transactions; and then the adjusting entry, if any is required, for the end of the accounting
Prepare the adjusting entry for november assuming the entity : Prepare the adjusting entry for November 31, 2020 assuming the entity is using INCOME METHOD in recording its advance consulting fees collections.
Prepare the adjusting entry for november : Prepare the adjusting entry for November 30, 2020 assuming the entity is using EXPENSE METHOD in recording its prepayments.

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is safetys contribution to consolidated net income

Wally Corporation acquired 70 percent of the common shares and 60 percent of the preferred shares of Safety Corporation at underlying book value on January 1, 20X6. At that date, the fair value of the noncontrolling interest in Safety’s common stock ..

  Which violates miller-modigliani conditions

Which violates Miller-Modigliani conditions for their irrelevance theorem? Asymmetry of information in market/ risk of bankruptcy

  Global supply chain management

What does the term "global supply chain management" mean to you? Cite one or more references to back up your position. Be sure to cite or include links to your sources. Why is interest in global logistics and supply chain management growing? Cite one..

  Audit report and financial statements for the system

Audit report and financial statements for the system

  Present value and break-even interest

Consider a firm with a contract to sell an asset for $135,000 three years from now. The asset costs $89,000 to produce today. Given a relevant discount rate on this asset of 13 percent per year, will the firm make a profit on this asset?

  What the standard hours allowed for october would be

During October the company worked 950 direct labor-hours and produced 950 units. The standard hours allowed for October would be

  Develop standard cost for the direct cost

Develop the standard cost for the direct cost components of a 10 gallon batch of rasberry sherbert. For each direct cost component, the standard cost should Identify the Standard Quantity

  Compute the total overhead variance

Byrd Company produces one product, a putter called GO-Putter. Byrd uses a standard cost system and determines that it should take one hour of direct labor to produce one GO-Putter. The normal production capacity for this putter is 145,000 units per y..

  Transaction is disclosed on statement of cash flows

Zeus Manufacturing purchased plant assets that cost $50,000 by paying $20,000 in cash and financing the balance by issuing a note payable to the seller. This transaction is disclosed on a statement of cash flows as follows:

  What is the net rate of return from this investment

An investor purchases a mutual fund share for $65. The fund pays dividends of $1.30, What is the net rate of return from this investment

  What would be new estimated value of Rolen preferred stock

Suppose interest rate levels have risen to the point where the preferred stock now yields 12%. What would be the new estimated value of Rolen's preferred stock

  What are outlay for a capital project

What are the differences between an outlay for a capital project and a capital outlay from the General Fund or special revenue fund?

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