1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
maks197457 [2]
3 years ago
14

Johnson Waterworks Corporation provides plumbing services. Transactions during the first year of operations are provided below.â

a) Received $13,000 cash and issued common stock to Mitchell Johnson.âb) Paid $1,500 for equipment to be used for plumbing repairs.âc) Borrowed $10,000 from a local bank and deposited the money in the checking account.âd) Paid $400 in rent for the year.âe) Paid $300 for plumbing supplies to be used on various jobs next year.âf) Completed a plumbing repair for a law firm and received $3,400. Calculate the amount of total assets at the end of the first year. Assume the plumbing supplies of $400 are left at the end of the year.
Business
1 answer:
lisov135 [29]3 years ago
5 0

Answer:

$ 26,100

Explanation:

Given:

Cash received = $13,000

Amount Paid for equipment to be used for plumbing repairs = $1,500

Amount borrowed = $10,000

Amount paid in rent for the year = $400

Amount paid for plumbing supplies = $300

Amount received for completing a plumbing repair = $3,400

Plumbing supplies left at the end of the year = $400

Now,

the total cash = Total Amount received -  Total Amount paid

or

The total cash = ($ 13000 + $ 10000 + $ 3400) - ($ 1500 + $ 400 + $ 300)

or

The total cash  = $ 24,200

Now

the assets from equipment = $ 1,500

Thus,

the total assets at end of the first year = The total cash + the assets from equipment  + Plumbing supplies left at the end of the year

or

The total assets at end of the first year = $ 24,200 + $ 1,500 + $ 400

or

The total assets at end of the first year = $ 26,100

You might be interested in
A company is currently selling 10,000 units of product monthly for $40 per unit. The unit contribution margin is $27. The compan
Ludmilka [50]

Answer:

The company should accept the idea because profit will increase by $24,000.

Explanation:

A company is currently selling 10,000 units of product monthly for $40 per unit.

The unit contribution margin is $27.

The company believes that spending $50,000 per month on advertising will allow them to increase the selling price to $45 and that sales will increase by 750 units per month.

The unit contribution margin is the difference between selling price and variable cost per unit.

An increase in the selling price of $5 will cause the contribution margin to increase by $5, from $27 to $32.

Profits is the product of contribution margin and number of output.

At initial price, the profit was

= 10,000\ \times\ \$ 27

= $270,000

At the new price the profit will be

= 10,750\ \times\ \$ 32  - $50,000

= $344,000 - $50,000

= $294,000

The increase in profit

= $294,000 - $270,000

= $24,000

3 0
3 years ago
Given the following probability distribution:
tamaranim1 [39]

Answer:

4

Explanation:

4 probability = value of function,. F(3) = P(Y < 3) = 5/12 x. 0. 1. 2 ... The expected value or mean of random variable X is given by. µ = E(X) =.

4 0
2 years ago
Select the correct answer. What is the last and most crucial step in the treatment of alcoholism? A. detoxification B. accepting
Katyanochek1 [597]

Answer: Rehabilitation

Explanation: Because your trying to get the person off the alcohol - not a great explanation but yea.

8 0
3 years ago
Faith Busby and Jeremy Beatty started the B&amp;B partnership on January 1, Year 1. The business acquired $44,000 cash from Busb
Brums [2.3K]

If Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year. The income statement, capital statement, balance sheet, and statement of cash flows for B&B’s 2016 fiscal year are:

  • Income statement $23,600
  • Capital statement: Busby $51,440, Beatty $77,660
  • Balance sheet : Total Assets $129,100, Total Liabilities and Equity $129,100
  • Statement of cash flows for B&B’s $129,100

a. Income Statement

Income Statement for the year ended December 31, 2016  

Cash Revenues $42,000

Less: Cash Expenses ($18,400)

Net Income $23,600

($42,000-$18,400)

b. Capital statement

Capital Statement for the year ended December 31, 2016  

Busby Beatty

Beginning Capital Balance $44,000 $66,000

Less:- Withdrawal ($2,000) ($2,500)

Add:- Net Income $9,440 $14,160

[$44,000/($44,000+$66,000)×$23,600=$9,440]

[$66,000/($44,000+$66,000)×$23,600=$14,160]

Ending Capital Balance $51,440 $77,660

c. Balance Sheet

Balance Sheet As of December 31, 2016  

Assets  

Cash $129,100

($51,440+$77,660)

Total Assets  $129,100

Liabilities  

Equity  

Busby $51,440

Beatty $77,660  

Total Liabilities and Equity  $129,100

d. Cash Flow Statement

Cash Flow Statement  for the year ended December 31, 2016

Cash Flows from Operating Activities:  

Revenue from Operations      $42,000  

Operating Expenses           ($18,400)  

Net Cash flow from operating activities $23,600

($42,000-$18,400)

Net Cash flow from Investing activities  $0

Cash Flows from Financing Activities  

Proceeds from Partners $110,000

($44,000+$66,000)

Withdrawal by Partners ($4,500)

($2,000+$2,500)

Net cash flow from financing activities $105,500

($110,000-$4,500)

Net cash change   $129,100

($23,600+$0+$105,500)

Opening cash balance  $0

Ending Cash Balance  $129,100

Learn more here:

brainly.com/question/16751431

4 0
2 years ago
Which two men are largely credited with establishing the steel and oil industries in the united states? j.p. morgan and corneliu
mihalych1998 [28]

Answer : Andrew Carnegie and John Rockefeller.

Andrew Carnegie owned and operated the largest iron and steel company in the United States.

John.D. Rockefeller is credited with establishing the oil industry in the United States. His astuteness, efficiency and clear vision helped him to steer through the glut in oil drilling in the early 1860s and establish the oil industry.

6 0
3 years ago
Other questions:
  • Simpkins Corporation does not pay any dividends because it is expanding rapidly and needs to retain all of its earnings. However
    10·1 answer
  • Jill's employer has a compensation package that includes vacation pay, retirement, and life insurance but allows all employees t
    15·1 answer
  • Members of mid-south petroleum distributors, a trade group, had trouble obtaining affordable pollution liability insurance. the
    11·1 answer
  • When more than one central bank attempts to shift the equilibrium exchange rate, we refer to this as:?
    10·1 answer
  • What can be a cost of opening a basic checking account?
    11·2 answers
  • Frany and Frank live in southern Alabama where winters are normally fairly mild. Last January, during an unusually cold spell, t
    14·1 answer
  • Which of the following activities are either not accounted for or are measured inaccurately in calculations of GDP for the Unite
    9·1 answer
  • Regardless of how departments like​ accounting, engineering,​ finance, and marketing function in an​ organization, they are all
    14·1 answer
  • Is the cost of equity calculated from the CAPM model, pre -tax or post-tax?
    8·1 answer
  • To develop a portfolio that provides the best return possible with a minimum risk, the linear programming model will have an obj
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!