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ycow [4]
3 years ago
15

Reliable Waterworks provides plumbing services. Transactions of Reliable Waterworks during the first year of operations are give

n below. a) The owner, Steve Sharon, contributed $11,000 cash to form the business. b) Paid $1,400 for equipment to be used for plumbing repairs. c) Borrowed $15,000 from a local bank and deposited the money in the checking account. d) Paid $100 in rent for the year. e) Paid $400 for plumbing supplies to be used on various jobs next year. f) Completed a plumbing repair for a law firm and received $3,200. Calculate the amount of total assets at the end of the first year. Assume the plumbing supplies of $3,200 are left at the end of the year.
Business
1 answer:
Mariana [72]3 years ago
7 0

Answer:

$30,900

Explanation:

Assets are major components of the statement of financial position. They are defined as anything owned by a company as a result of past activities that result to an inflow of economic benefits

                     Cash    Asset    Liability     Expenses  

Capital        11000     11000

Equipment    (1400)    1400                      

Loan             15000    15000     15000

Rent               (100)      (100)                           100

Inventory       (400)      400

Sales             3200      3200

Total                            30900     15000

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The assets of Star Company are $170.000 and the total liabilities are $10,000. The equity is
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160,000

Explanation:

160,000

7 0
2 years ago
The following selected amounts are available for Thomas Company.Retained earnings (beginning) $2,500Net loss 200Cash dividends d
AfilCa [17]

Answer:

c. $1,900

Explanation:

As for the information provided, we have:

Retained Earnings opening balance = $2,500

Current year loss = $200

Balance of retained earnings after this = $2,500 - $200 = $2,300

Now, dividends are provided which shall be paid from retained earnings only.

Cash dividends are the one paid in cash.

Stock dividends are the ones which are paid by issue extra shares from retained earnings.

Thus, both are deductible from retained earnings.

Therefore, closing balance of retained earnings = $2,300 - $200 - $200 = $1,900.

4 0
3 years ago
Last year the Baldwin company increased their equity. In 2020 their equity was $49,131. Last year (2021) it increased to $54,834
Oduvanchick [21]

The Issue and retirement of stock, Profits of $12,805 and Dividend payment of $6,489 causes the change in equity

Basically, in accounting, the primary cause for increase in stockholders' equity is increase in retained earnings.

  • However, there are other factors that contributes to the change in shareholder's equity.

In conclusion, the Issue and retirement of stock, Profits of $12,805 and Dividend payment of $6,489 causes the change in equity

The missing options includes <em>"A bond issue of$1,377. Issue and retirement of stock . Profits of $12,805 . A change of plant and equipment of$9,580. Plant Improvements of $9,580 A change in short term debt of-$4,478. Depreciation of -$41,287 Dividend payment of$6,489. A change in cash of $481. An accounts payable change of$1,546. Change in inventory of-$3,472."</em>

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Read more about stockholders' equity

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3 0
2 years ago
Able Pads, Inc., sells plain white printer paper in a perfectly competitive market. What does its individual demand curve look l
nirvana33 [79]

Answer:

The demand curve will look like a straight  line .

Explanation:

Perfect competition is that in which there are large number of buyers and large number of sellers of a commodity and no individual sellers or buyer can control the prices. If the seller try to influence the price then they will loss their buyers as there are many other seller also exist in the market.

Under perfect competition , the firm produce homogeneous product. Both buyers and sellers have full knowledge of the market.

The curve under perfect competition is indicated by horizontal . It shows that a firm can sell any quantity of a product at the prevailing price . And no quantity if they  influence the price.

<u>The figure under shows the curve:</u>

3 0
3 years ago
Su Industries has international subsidiaries in Asia. These subsidiaries enter into transactions in both the US dollar and local
Savatey [412]

Answer: Increase / Gain of $36,000

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The other comprehensive income will therefore increase by the translation gain of $36,000.

5 0
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