User Account

All Pages

Would say pb-j cafe co owes more money and why

Assignment Help Financial Accounting
Reference no: EM132625800

Reha is working on her favorite thing ever - T accounts for PB&J Cafe Co. Currently, she's working with the T accounts for the following accounts:

  1. The Peanut Gallery--a liability--from which PB&J Cafe Co. buys its bushels of peanuts, has a credit of $450.
  2. For Rover's Sake--an asset--for which PB&J Cafe Co. provides catering services, has a debit of $125.

Problem 1: If you're looking at these accounts and these accounts only, would you say PB&J Cafe Co. owes more money than it has, or vice versa? Why?

Reference no: EM132625800

Questions Cloud

Identify which individuals and corporations emily is related : Identify which individuals and corporations Emily is related to and which she is not related to according to the Income Tax Act. Provide explanation to support
Analyze why physics is central to understanding our world : Analyze why physics is central to understanding our world.
Analysis of dimensions of oppression and marginalization : Post an analysis of the dimensions of oppression and marginalization that might impact your future clients.
Prepare the journal entry at the date of purchase : The company will pay off the note in five $336,000 installments due at the end of each year over the life of the note. Prepare journal entry at date of purchase
Would say pb-j cafe co owes more money and why : Reha, If you're looking at these accounts and these accounts only, would you say PB&J Cafe Co. owes more money than it has, or vice versa? Why?
What is the straight-line depreciation for one year : Don's Landscaping Service purchased a backhoe for $12,000. Based on this information, what is the straight-line depreciation for one year for this asset
Investigate and modify workplace visual media communication : Investigate and modify workplace visual media communication to enhance efficiency in completing tasks.
How much did richardson company have in revenues : How much did Richardson Company have in revenues for the year? Additional investments by owner8,000. Liabilities, December 3158,000
Media visuals to improve persuasive-marketing communication : Prepare and evaluate the use of media visuals to improve persuasive and marketing communication.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Identify the first section heading as statement of cash flow

What is the par or stated value per share of Apples common stock - How many shares of common stock were outstanding and Calculate the payout ratio

  Required return on green equity

What is the required return on Green's equity after the restructuring? Required Return?

  Identify four problems with system

Customers become impatient when creit approvals delayed the checkout process or when the computer was down, thus stopping all sales, including cash sales. Identify four problems with system and how you would remedy each of them.

  Why are assets and liabilities of the subsidiary consolidate

For acquisition accounting, why are assets and liabilities of the subsidiary consolidated at fair value? Explain in detail with an example.

  Prepare journal entries to record transactions

During the current month, a company that uses job order costing incurred a monthly factory payroll of $194,500. Of this amount, $50,000 is classified as indirect labor and the remainder as direct. Prepare journal entries to record these transactions.

  Describe the purpose and the financial reporting requirement

Describe the purpose and the financial reporting requirements for the General and Special Revenue Funds. Include the way the modified basis of accounting

  Prepare a new contribution format income statement

Prepare a new contribution format income statement under each of the following conditions - the sales volume increases by 100 units.

  Calculate breakeven point margin of safety breakeven

calculate breakeven point margin of safety breakeven level.alex miller inc. sells car batteries to service stations for

  Calculate the increase or decrease in profits

Calculate the increase or decrease in profits for the three divisions and the company as a whole (four separate computations) if the agreement is enforced. Explain your thought process.

  What is saturns capital balance

What is Saturn's capital balance after closing Income Summary to Capital?- How much of the net income of $75,000 is allocated to Xavier?

  Questionaccounting for sales tax and short-term debt -two

questionaccounting for sales tax and short-term debt -two accounting cyclesthe subsequent transactions apply to artesia

  Elaborate the appropriate accounting treatment

Elaborate the appropriate accounting treatment in accordance with MFRS 137 Provisions, Contingent Liabilities and Contingent Assets for the events.

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