The accounting equation for Goodboy's enterprises is as follows: Assets Liabilities Owner's Equity $120,000 = $60,000 + $60,000, If Goodboy's purchases office equipment on account for $12,000, the accounting equation will change to? Show Solution.

The accounting equation for Goodboy's enterprises is as follows: Assets Liabilities Owner's Equity $120,000 = $60,000 + $60,000, If Goodboy's purchases office equipment on account for $12,000, the accounting equation will change to? Show Solution.

Name: The accounting equation for Goodboy's enterprises is as follows: Asset
Uploaded: 2022-11-21T15:41:50.000Z
Channel: Bartleby
Description: The accounting equation for Goodboy's enterprises is as follows: Assets Liabilities Owner's Equity $120,000 = $60,000 + $60,000, If Goodboy's purchases office equipment on account for $12,000, the accounting equation will change to? Show Solution.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 2E: Determine the following amounts: a. The amount of the liabilities of a business that has 60,800 in...

See similar textbooks

Similar questions

wner contributed computer costing RO. 9000, inventory worth OR 8000 and in cash OR 32000 . What is his Capital ? Select one: a. OR 49000 b. OR 8000 c. OR 32000 d. OR 39000 Rent revenue received OMR 3500 by cheque . The correct entry--- Select one: a. CASH A/C DR RENT A/C CR b. BANK A/C DR RENT A/C CR c. RENT A/C DR CASH A/C CR d. RENT A/C DR BANK A/C CR If a business has purchased goods for OMR 50000 and 25%was on account . Find out value of account payable? Select one: a. OMR 12500 b. OMR 50000 c. OMR 37500 d. OMR 32500
The accounting equation for Cineo Enterprises is as follows: Assets Liabilities Owner’s Equity $120,000 = $60,000 + $60,000 If Cineo purchases office equipment on account for $15,000, the accounting equation will change to Select one: a. $135,000 = $60,000 + $75,000 b. $135,000 = $67,500 + $67,500 c. $120,000 = $60,000 + $60,000 d. $135,000 = $75,000 + $60,000
The accounting equation for Pharoah Company is as follows: Assets Liabilities Stockholders' Equity $119200 = $59600 + $59600 If Pharoah purchases office equipment on account for $26200, the accounting equation will change to Assets Liabilities Stockholders' Equity $145400 = $72700 + $72700 $119200 = $59600 + $59600 $145400 = $59600 + $85800 $145400 = $85800 + $59600
If the value of owner's equity is initially $10.000, calculate the value of owner's equity after the following transactions cash revenues $9.000 prepay rent $3,000, pay bank loan principal $2.000. pay maintenance fees S4,000 and buy a computer on account for $1,000. Select one a. $13,000 b. $15,000 C $9,000 d. $11,000
Use the following information to CALCULATE THE DOLLAR AMOUNT($) OF J. Biden, capital, 3/31/2021 . Biden, capital 3/31/2021 ???? cash $ 18,000 subscription income 37,000 J. Biden, capital, 3/1/2021 26,000 accounts payable 54,000 owner's name, withdrawals 5,000 salaries expense 14,000 accounts receivable 8,000 utilities expense 2,000 inventory 70,000 A Moving to the next question prevents changes to this answer. Dook Air
Illustration. The balance sheet of Mateo Roa on Oct. 1, 2021, before accepting Martin Penaco as his partner is shown below: Mateo Roa Balance Sheet October 1, 2021 Assets Cash P 60,000 30,000 Notes Receivable Accounts Receivable Less: Allowance for Uncollectible 230,000 Accts. Merchandise Inventory 80,000 Furniture and Fixtures Less: Accumulated Depreciation 54,000 P 454.000 Total Assets Liabilities and Owner's Equity Notes Payable P 40,000 100,000 Accounts Payable Mateo Roa, Capital 314,000 Total Liabilities and Owner's Equity P454,000 Martin Penaco offered to invest cash to give him a capital credit equal to one-half of Mateo Roa's capital after giving effect to the adjustments below. Roa accepted the offer. 1. The merchandise is to be valued at P74,000. 2. The accounts receivable is estimated to be 95% collectible. 3. Interest accrued on the notes receivable will be recognized: P10,000, 12% dated July 1, 2021 and P20,000, 12% dated August 1, 2021. 4. Interest on notes payable to be…
On August 1, 2020, the business accounts of Peter and Senen appear below:Assets Peter SenenCash P11,000 P22,354Accounts receivable 84,536 217,890Inventories 100,035 240,102Land 603,000 428,267Buildings 200,345 384,789Other Assets 22,000 23,600Total P1,020,916 P1,317,002Liabilities and CapitalAccounts payable P178,940 P243,650Notes payable 200,000 345,000Peter, Capital 641,976Senen, Capital 728,352Total P1,020,916 P1,317,002Peter and Senen agreed to form a partnership contributing their respective assets and liabilitiessubject to the following adjustments:Accounts receivable of P20,000 and P35,000 are uncollectible in Peter and Senen’s respectivebooks.Inventories of P5,500 and P6,700 are worthless in Peter and Senen’s respective booksOther Assets of P2,200 and P3,600 in Peter and Senen’s books are written off.After five days Ethel was offered to join Peter and Senen and will contribute for a 20% interestin the firm. They also agreed to divide profits and losses in the ratio of 4:4:2…
Ahmad Jiwa is an entrepreneur who manages the "One Soul" mini market. At the end accounting period December 31, 2021, Satu Jiwa has assets of IDR 250,000,000 and liabilities 150.000.000. Required: Using the accounting equation, calculate the amount: 1. Owner's equity, as of December 31, 2021? 2. Owner's equity, on December 31, 2022, assuming assets decrease by Rp. 20,000,000 and liabilities increase by IDR 25,000,000 during 2022?
David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum.Deprec.Equipment AccountsPayable NotesPayable DavidWallace,Capital OlenaDunn,Capital DannyLin,Capital Account balances December 31, 2020 $ 25,600 $ 170,000 $ 95,000 $ 7,600 $ 18,000 $ 37,000 $ 20,000 $ 18,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $62,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively.Required:1. Complete the schedule. (Negative answers should be indicated by a minus sign.) 2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final distribution of cash).
What is the impact to Liabilities when a business purchases $1,500 supplies on account?
If you have the following account balances, how much are your current assets? Cash $5,921; Building $100,000; Accounts Payable $10,723; Accounts Receivable $25,783; Common Stock $200,000
Use the following information to CALCULATE THE DOLLAR AMOUNT($) OF J. Biden, capital, 3/31/2021 J. Biden, capital 3/31/2021 ???? cash $ 18,000 subscription income 37,000 1. Biden, capital, 3/1/2021 26,000 accounts payable 54,000 owner's name, withdrawals 5,000 salaries expense 14,000 accounts receivable 8,000 utilities expense 2,000 inventory 70,000 A Moving to the next question prevents changes to this answer.