COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 2, Problem 2.5SRE
To determine
Show the effect of revenues and expenses on owners’ equity by using
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How do you find the profit margin when given this information?
Revenue: $1000
Expenses: $900
Total Assets: $1500
Total Liabilites: $500
Is there a specific formula?
If a business received $2,000.00 from sales, this would ____. a. increase assets and increase owner's equity b. increase assets and decrease liabilities c. increase liabilities and decrease owner's equity d. decrease assets and decrease owner's equityAnswer the question and explain why did you pick this answer
1. If Lakay Lugawan has total assets of P115,000 and total lists of P12,500, how much is LakayLugawal total equity?
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Chapter 2 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 2 - What is a business transaction?Ch. 2 - Prob. 1.2SRQCh. 2 - Prob. 1.3SRQCh. 2 - Prob. 1.4SRECh. 2 - Prob. 1.5SRECh. 2 - Prob. 1.6SRACh. 2 - Prob. 2.1SRQCh. 2 - Prob. 2.2SRQCh. 2 - What information is included in the financial...Ch. 2 - Prob. 2.4SRE
Ch. 2 - Prob. 2.5SRECh. 2 - Prob. 2.6SRACh. 2 - Prob. 1CSRCh. 2 - Prob. 2CSRCh. 2 - Prob. 3CSRCh. 2 - Prob. 4CSRCh. 2 - Prob. 5CSRCh. 2 - Prob. 1DQCh. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Describe the effects of each of the following...Ch. 2 - What is the fundamental accounting equation?Ch. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 1ECh. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Computing net income or net loss. The Computer...Ch. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Preparing a statement of owners equity and a...Ch. 2 - Analyzing the effects of transactions on the...Ch. 2 - Prob. 2PACh. 2 - Prob. 3PACh. 2 - The following equation shows the transactions of...Ch. 2 - Prob. 1PBCh. 2 - Prob. 2PBCh. 2 - Prob. 3PBCh. 2 - Prob. 4PBCh. 2 - The following account balances are for William...Ch. 2 - Richard Harris opened a gym and fitness studio...Ch. 2 - Prob. 1MFCh. 2 - Prob. 2MFCh. 2 - Prob. 3MFCh. 2 - How does an accounting system help managers...Ch. 2 - Prob. 1ED
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- The liabilities of Ganern Stylist equal one-third of the total assets, and the owner’s equity is P480,000. What is the amount of the liabilities?arrow_forwardA sole trader has the following items in the book accounts: Sales R60 000; Cost of Sales R50 000; Opening Stock R10 000; Purchases R40 000; Wages R20 000 and Office Rent R10 000. What is the value of net profit /loss?arrow_forwardThe assets of a company total $736,000; the liabilities, $218,000. What is the amount of equity? Multiple Choice O $954,000. It is impossible to determine unless the amount of the owners' investment is known. $736,000. $518,000. $218,000.arrow_forward
- Jake Bake Shop has total liabilities amounting to $35,000. Total equity had an ending balance of $42,000. What percentage of the bake shop's asset is financed by the liabilities?arrow_forwardIf revenue was P45,000, expenses were 37,500, and the owner's equity withdrawals were 10,000, the amount of net income or net loss was choices: a.P45,000 net income b.P7,500 net income c.P37,500 net loss d.P2,500 net lossarrow_forwardUse the following information from separate companies a through d: Net Income (Loss) Interest Expense Income Taxes $117,000 111,600 99,450 120, 100 a. b. C. d. Compute times interest earned. Which company indicates the strongest ability to pay interest expense as it comes due Times Interest Interest Earned Ratio Coverage Compute times interest earned. Complete this question by entering your answers in the tabs below. Company $46,800 47,988 36,797 4,804 a b C d $29,250 40,176 41,769 57,648 Times Interest Earned Ratio Choose Numerator: 1 1 1 1 1 1 Choose Denominator:arrow_forward
- Why are the following items listed as a DR? Aren't they CR accounts? Exp;enses are CR accounts aren't they since they reduce assets? Income Statement Sales and Labor Revenue $1,592,430Cost of Goods $762,200Gross Profit $ 830,230 Operating Expenses:Salary Expense $337,425Depreciation Expense $44,500 Tax Expense $30,200Insurance Expense $22,000Office Expense $3,050Miscellaneous Expense $9,730Total Expenses $446,905 $383,325arrow_forwardDetermine the value of Owner's Equity when Current Assets = $23,242, Current Liabilities = $12,634, Non Current Assets = $62,124, and Non Current Liabilities = $39,473.arrow_forwardIf the assets are $2,000,000 and liabilities are $1,600,000, what is the owners’equity?arrow_forward
- Duckies, Etc. is a bath toy manufacturer reviewing their current Balance Sheet. 1. What are the total current assets? 2. What are the total long term assets? 3. What are total assets? 4. What is the balance for Accounts Payable? 5. What is the balance for Total Liabilities? 6. What is the balance for Total Liabilities and Shareholder Equity? 7. What is the balance for Capital Surplus?arrow_forwardFill in the blanks: If the liabilities of the business amount to P120,000 and its residual interest amounts to P195,000, then is the amount of the economic resources of the business. ( Previous Continue >arrow_forwardThe bike so shoppe has total assets of $536,712 and an equity multiplier of 1.36. what is the dept-equity ratio?arrow_forward
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