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
My name is Ann [436]
2 years ago
14

Accounting Equation Shannon Cook is the stockholder and operator of Personality Shine LLC, a motivational consulting business. A

t the end of its accounting period, December 31, 2017, Personality Shine has assets of $836,000 and liabilities of $201,000. Using the accounting equation, determine the following amounts:a. Stockholders' equity as of December 31, 2017?b. b. Stockholders' equity as of December 31, 2018, assuming that assets decreased by $159,000 and liabilities decreased by $48,000 during 2018
Business
1 answer:
Neporo4naja [7]2 years ago
3 0

Answer:

a. Stockholders' equity as of December 31, 2017: $635,000

b. Stockholders' equity as of December 31, 2018: $524,000

Explanation:

Please find the below for detailed explanation and calculations:

We have the Accounting Equation as: Total Asset = Total Liabilities + Total Equity <=> Total Equity = Total Asset - Total Liabilities

Applying the Accounting Equation to find the Stockholder's Equity at the two point of time require, we have the calculation as below:

* December 31, 2017:

Total Asset = $836,000; Total Liabilities = $201,000

<u>=> Total Stockholder's Equity = $836,000 - $201,000 =$635,000</u>

*December 2018:

Total Asset = $836,000 - $159,000 = $677,000; Total Liabilities = $201,000 - $48,000 = $153,000

<u>=> Total Stockholder's equity = $677,000 - $153,000 = $524,000 </u>

You might be interested in
A decrease in money demand for some reason other than a change in the price level causes _________.
goldenfox [79]

Answer:

A

Explanation:

3 0
2 years ago
Retained earnings represents: Multiple Choice Amount of cash available for paying dividends. Total assets minus total liabilitie
kotegsom [21]

Answer:

All net income, less all dividends, since the company began operations.

Explanation:

Retained Earnings are the retained profits that the company keeps with itself, for meeting any case of emergency or for growing company and thus, meeting the growing expenses.

Each year when company earns profits and then, it distributes its profits in the form of dividends, the balance remaining after paying the dividends is added to retained earnings.

Thus, the entire balance of these kind of profits not paid anywhere else and also not utilized is called retained earnings.

4 0
2 years ago
To record a customer's check in full payment for a sale that was made the prior month, the company should debit the ____________
bearhunter [10]

To record a customer's check in full payment for a sale that was made the prior month, the company should debit the payable cash account.

<h3>Payable cash account</h3>

Based on the information given the appropriate journal entry to record a customer's check in full payment for a sale is:

Journal entry

Debit Payable Cash account

Credit Sales accounts

(To record customer's check in full payment)

Inconclusion to record a customer's check in full payment for a sale that was made the prior month, the company should debit the payable cash account.

Learn more about payable cash account here:brainly.com/question/4656883

6 0
2 years ago
does the social responsibility and social efficiency of a company weigh into your decision when buying a product
polet [3.4K]

Answer:

yes very much so

Explanation:

I would not want to associate my self with or support any company that doesn't have any concern for the environment in which operates in. Even if it's social efficiency is high.

6 0
3 years ago
What is meant by the word business
olchik [2.2K]

Answer:

Business is a commercial activity or a persons regular occupation , profession or trade.

6 0
2 years ago
Other questions:
  • Consider the single factor APT. Portfolio A has a beta of 0.5 and an expected return of 12%. Portfolio B has a beta of 0.4 and a
    11·1 answer
  • Carol, age 40, has an IRA with Blue Mutual Fund. Her balance in the fund is $150,000. She has heard good things about the manage
    8·1 answer
  • TOPIC FIVE (TEST - Vocabulary)
    5·1 answer
  • When U.S. goods become more expensive relative to foreign goods, exports will __________ and imports will __________.
    13·1 answer
  • Concord Company pays cash dividends of $670. The entry for this transaction will include a debit of $670 to
    10·1 answer
  • What is the meaning of the X​- and Y​-intercepts? A. These points demonstrate an inefficient use of resources. B. These points s
    7·1 answer
  • Your friend Ed has a money market mutual fund​ account, automatic deposit of his paycheck into an​ interest-bearing checking acc
    10·1 answer
  • Charleston, Inc. has Accounts Receivable of $280,000 and an Allowance for Doubtful Accounts of $18,000. If it writes-off a custo
    6·2 answers
  • An analysis of a firm's financial ratios over time that is used to determine the improvement or deterioration inits financial si
    10·1 answer
  • Corporations are classified into one or more categories that reflect their overall _______. (choose all the correct answers)
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!