List Ken Lewin's assets in one column . His liabilities in another, and calculate his equity.
Q: A piece of equipment is acquired by an entity by issuing 10,000 shares of P10 par ordinary shares. ...
A: Cost of the equipment =List price - Trade discount - Cash discount where, Cash discount = (List pric...
Q: Show the complete solution. IBM is engaged in selling motorcycle spare parts and components is encou...
A: Operating cycle : = Average time to sell the goods + Average time to receive cash from customers
Q: construct the Journal Entry of the transaction: Date/# Account Title Debit Credit Oct-01 Garcia inv...
A: Accounting involves the classification, analysis and summarization of relevant accounting transactio...
Q: Jefferson Enterprises acquired assets and liabilities of Alaska Company for P600,000. At that date, ...
A: As per IFRS 3 In business combination acquired assets and liabilities shall be valued at fair market...
Q: Minnie Oil Co. produces three joint products: gasoline, kerosene, and naphtha. Total joint productio...
A: Total Joint Product Cost = 59500 Total sales = Units * Selling price per unit Total Weights as per u...
Q: SLEX Company purchased a machine with a cash price of P350,000. SLEX gave the following as payment: ...
A: Discount on notes payable to be recorded on the date of purchase = Fair value of shares issued + cas...
Q: Escalera Company reported an impairment loss of P5,200,000 in its income statement for the year 2016...
A: The question is related to Impairment of Assets. The Impairment Loss is Excess of Carrying Amount ov...
Q: The repayment of a mortgage is made on behalf of the business by the bank on the authority of a stan...
A: Bank reconciliation statement refers to a reconciliation between the entries entered in the cash boo...
Q: On January 1, 2020, JJ Company purchased factory equipment for P3,000,000. Estimated useful life of ...
A: Depreciation is considered as an expense charge on the value of the Asset. It can be calculated by u...
Q: 1) What is a budget 2)Compare two characteristics each partial budget and complete budget
A: Budget There are different type of budge which are prepared in the business entity which can be proj...
Q: Jungga Inc is considering relaxing its credit standards to increase its sales. As a result of the pr...
A: Accounts receivable is a current asset which arises out of the merchandise sold on credit. It is rea...
Q: Explain what is Flow Cost Accounting, its nature.
A: Flow Cost Accounting is a part of environmental management accounting
Q: The dollar sales required for the company to break even is closest to:
A:
Q: Angle Silva has recently opened The Sandal Shop in Brisbane, Australa, a store that specializes in f...
A: Degree of operating leverage = contribution margin / net income
Q: If there is a change from double declining balance to straight line method xThe accumulated deprec...
A: Solution: Accounting for Change in depreciation method is based on change in accounting principal f...
Q: [ine ToIioWing inrormation appiies to the questions dispiayea below.j Del Gato Clinic's cash account...
A: It's the summary of banking and business activity which is used to reconcile bank statement with Cas...
Q: Name three budget preparation approaches
A: Budget refers to a financial plan for a defined period prepared by an organisation consisting of est...
Q: In 2020, Ted Baker had total assets of $510.31 million, of which $219.92 million were total noncurre...
A: Calculation of percentage of current assets on total assets are as follows.
Q: n January 1, 2019, ABC Company acquired a machine for 4,500,000. The machine has a useful life of 10...
A: A corporation can use the revaluation model to carry a fixed asset at its revalued value. Following ...
Q: The balance of work in process inventory account as of December 31, of the current year of Purewood ...
A: Cost of inventory = P480,000 Selling price = P450,000 Completion cost = P10,000 Cost to sell = P5,00...
Q: ls inventory Details, beginning P80,000.00, Purchases P55,000.00, Freight In P5,000.00, Freight out ...
A: Direct materials are materials that are consumed during the manufacturing process and directly ident...
Q: Love Inc. and Life Co. have an exchange with no commercial substance. The asset given up by Love Inc...
A: Book value of asset given up by Love Inc = P 12000 Book value of asset given up by Life co. = P 2000...
Q: In 2020, Blue Construction Corp. began construction work under a 3-year contract. The contract price...
A: Construction Contract: The term "construction contract" refers to agreements to do architectural, de...
Q: Presented below is a list of items that may or may not be reported as inventory in a company’s Decem...
A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to...
Q: What are the disadvantages of cutting expenses and costs , when it comes to working capital and oper...
A: Working Capital Working Capital is treated as one of the important element of the business entity an...
Q: Use the following schedule to answer the questions below. Units Cost per unit Beginning inventory 10...
A: Under LIFO method the units sold will be first from the latest purchases and ending inventory should...
Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units a...
A: Calculation of ending inventory cost FIFO= (60*200)+(15*180) = $ 14700
Q: Everlast Manufacturing Company uses a predetermined manufacturing overhead rate based on a percenta...
A: Production Cost: It is the cost to manufacture a product Cost is inclusive of raw materials, lab...
Q: On an entity’s April 30,2021 balance sheet a note receivable was reported as a noncurrent asset and ...
A: Note means an instrument issued by company acknowledging the debt due from company to bond holder. I...
Q: Maria was asked to go to the market to buy 2 1/2 kilos of pork, 1/4kilo of garlic, and 6 pieces of s...
A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new q...
Q: The following information has been gathered onthe costs and effectiveness of the two treatments, Aan...
A: Introduction:- A cost-effectiveness research looks at the costs of one or more medicines as well as ...
Q: Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Planning Bud...
A: Variance analysis is the analysis of difference between actual and standard cost.
Q: . On January 1, 2019, Tarlac Company acquired a machine for P4,500,000. The machine has a useful lif...
A: Depreciation is a method of accounting that distributes the expense of a tangible or physical asset ...
Q: A, B and C are partners with the following P/L ratio and capital balances: A (60%) P100,000; B(30%) ...
A: The partnership comes into existence when two or more persons agree to do the business and further s...
Q: The notes receivable account of Caimito, Inc. consisted of the following: 1. 60-day note of P10,...
A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined...
Q: What is the business value of the Lexis-Nexis DSS?
A: Business valuation is the process of evaluating the economic value of a whole company or company uni...
Q: Net credit sales $120,000 Average accounts receivable 20,000 Cash collections on credit sales 1...
A: Solution We are provided with the following information Net credit sales = $ 120,000 Average account...
Q: Everest acquired assets and liabilities of Cola for Cola 's book value at the balance sheet date, At...
A: In the books of acquirer , assets acquired will be recorded at fair value . In the balance sheet , i...
Q: On June 30, Year 1, Marshall Company borrowed $15,000 from its bank for business expansion. The bank...
A: Loan amount =$15,000 Interest rate =10% quarterly rate=10%/4 (2.5%) present value of annuity factor...
Q: You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door ope...
A: Spending Variance = Actual Results - Flexible budget results Activity Variance = Planning Budget - F...
Q: Heather Hudson makes stuffed teddy bears. Recent information for her business follows: Sell...
A: The degree of operating leverage is a ratio that measures how much operating income of a company wil...
Q: During 2020, Cullumber Company started a construction job with a contract price of $1,600,000. The j...
A: Solution a: Computation of % of completion, revenue recognition and Gross Profit - Cullumber Comp...
Q: SecuriCorp operates a fieet of armored cars that make scheduled pickups and dellverles In the Los An...
A: "Since you have asked multiple questions, we will solve first question for you. If you want any spec...
Q: What is the value of the following payment stream 1 year from now, at a simple interest rate of 4.4%...
A: solution Given Simple interest rate =4.4% Amounts $10000 ,3 years ago $6000 ,1.25 years ago 1...
Q: BC Corporation accepted several office equipment from a stockholder which originally cost the donor ...
A: Solution Concept When the asset is donated to the company ,in such case it shall be recorded as dona...
Q: The following is the Trial Balance of Sonia HR Enterprises, a dealer in HR Software, as at 31st Dece...
A:
Q: After reading the paragraphs, list the journal entries you think Rite-Aid would have used to do what...
A: The case of Rite-Aid is one of window dressing of the financial statements. Window dressing means th...
Q: Diamond Enterprises acquired assets and liabilities of Silver Company for Silver's book value at the...
A: IFRS 3 Business combination guides valuation of asstes and liabilities.
Q: Morgan Financial Services, Inc. was incorporated on January 1, 2021, with 300,000 no par value commo...
A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...
Q: 15. The work in process inventories of Jungkook Manufacturing, Inc. were completely destroyed by fir...
A: Works in progress refer to the partially completed or unfinished goods at the end of operating cycle...
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Financial Position 1. John James has assets of $ 150 000 and liabilities of $ 65 000. What is her equity? 2. If the total assets of a business are $37 486.49 and the total liabilities are $ 11 547.80.calculate the owner's net worth. 3. On June 31, 2020, Anthony Brown's accounting equation was as follows: Assets ($ 150 000) - Liabilities ($70 000) = Equity ($ 80 000), If during 20 -21 the assets increase by $70 000 and the liabilities decrease by $ 20 000, Calculate the owner's equity.at June 31, 20- 22.Carlos opens a dry cleaning store during the year. He invests 30,000 of his own money and borrows 60,000 from a local bank. He uses 40,000 of the loan to buy a building and the remaining 20,000 for equipment. During the first year, the store has a loss of 24,000. How much of the loss can Carlos deduct if the loan from the bank is nonrecourse? How much does Carlos have at risk at the end of the first year?Lileth Adriano, who plans to go abroad, is selling her mini-donut business. Her friend, Benita Solido is interested to buy it but can only afford to pay P350,000. The following are the assets of Adriano’s business: a. How much is the net worth assuming there is a mortgage note of P150,000 attached to the equipment? b. Will Benita Solido be able to afford to buy the business? c. Make the entry in the books of Benita. Book Value Market Value Equipment (net of accumulated depreciation of P25,000) P350,000 P300,000 Furniture and Fixtures (net of accumulated depreciation of P5,000) 75,000 50,000 Raw Materials 35,000 25,000 Franchise Right 150,000 100,000 Total P610,000 P475,
- Jordan Harris owns a vehicle worth $ 20,000 and a home worth $230,000. He has a checking account balance of $1,000, a savings account balance of $1,000, and a mutual fund worth $ 75,000. His personal assets are worth $100,000. He still owes $ 10,000 on his car, $101,000 on his home, and $1,000 on his credit card. What is Jordan's net worth? Multiple Choice $538, 000 $427,000 $315,000 $112,000 $136, 000Ted Riley owns a vehicle worth $38,000 and a home worth $340,000. He has a checking account balance of $700, a savings account balance of $2,100, and a mutual fund worth $84,000. His personal assets are worth $70,000. He still owes $19,000 on his car, $100,000 on his home, and $1,200 on his credit card. What is Ted's net worth? Multiple Choice $655,000 $534,800 $414,600 $120,200 None of the above is correct.Patricia McDonald has determined the following information about her own financial situation. Her checking account is worth $650 and her savings account is worth $1,400. She owns her own home that has a market value of $100,000. She has furniture and appliances worth $14,000 and a laptop worth $3,400. She has a car worth $9,500 and owes $8000 on her auto loan. She has also purchased some stock worth $5,300 and she has a retirement account worth $37,000. What is the total value of her assets? Multiple Choice $171,250 $172,650 $100,000 $172,000 $170,600 C
- Gabrielle owns the following major assets: $280,000 house, $10,000 car, $70,000 in a Roth IRA, and $20,000 in a savings account. She owes $70,000 on her mortgage, the car is paid off, and she does have not credit card debt. Gabrielle is 32 years old and makes $67,000 a year as a professional photographer & Web designer. Calculate her net worth. O $310,000 O $140,000 O $280,000 O $377,000Ted Riley owns a Lexus worth $42,000. He owns a home worth $320,000. He has a checking account with $500 in it and a savings account with $2,400 in it. He has a mutual fund worth $114,000. His personal assets are worth $94,000. He still owes $21,300 on his car and $192,000 on his home, and he has a balance on his credit card of $2,100. What is Ted’s net worth?Sarah and Gabe are considering the following transactions and have asked you to explain the impact of the transactions on their Statement of Financial Position: Purchase a baseball card collection from Gabe’s uncle for $5,000 cash. Gabe feels the cards are worth more than $5,000. There has never been an official appraisal of the collection. Secure a home-equity loan of $25,000 to have on hand for various projects and possibly to take a family vacation abroad. Trade the pick-up for an SUV at a cost of $40,000. They will use their pick-up truck as a trade-in as a down payment, the current value is estimated at $7,000, and borrow the balance at a projected rate of 5%. Also, they anticipate their respective 401(k) accounts increasing in value by 15% this year and have asked if this will have any impact on their financial statements. please explain properly thnku
- Kristian purchased a new home for $200,000. He put down $50,000 in cash and took out a mortgage for the rest. At the time of closing, he also paid $1,000 for title insurance, $500 in recording fees, and the bank required that he place $2,500 in an escrow account for property taxes. What is the basis of the home?Suppose that David's only assets are an automobile worth $10,000 and a checking account with a $5,000 balance. His only liabilities are a student loan balance of $12,000 and a balance of $9,000 on his car loan. What is his net worth?Lucy buys a $4,000 piano (transaction 4). The purchase is funded by a $1,200 bank loan (transaction 1), the redemption of a $2,600 term deposit (transaction 2) and the sale of $200 worth of corporate bonds (transaction 3), which were bought in the past for $250. The piano is an asset _ Type Y if true, N if incorrect. The term deposit is an asset _ Type Y if true, N if incorrect. The loan is an asset _ Type Y if true, N if incorrect. In net, the balance sheet size changes by _ Type a sign + or - followed by one number with no dollar sign. Type 0 (the number zero) if there is no change. The stock of bonds changes by _ Type a sign + or - followed by one number with no dollar sign. Type 0 (the number zero) if there is no change. The income from the sale of the bonds is _ Type a sign + or - followed by one number with no dollar sign. Type 0 (the number zero) if there is no change. In net, the deposits change by _ Type a sign + or - followed by one number with no dollar sign. Type…