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
zalisa [80]
3 years ago
14

Crusoe Waterworks Company provides plumbing services. Transactions of Crusoe Waterworks during the first year of operations are

given below. a) The owner, Robin Crusoe, invested $5,000 cash in the company. The cash was deposited in the business checking account. b) Paid $4,000 cash for equipment to be used for plumbing repairs. c) Borrowed $26,000 from a local bank and deposited the money in the checking account. d) Paid $700 rent for the year. e) Purchased $1,500 of office supplies on account. f) Completed a plumbing repair project for a local lawyer and received $3,400 cash. Calculate the amount of total owner's equity after recording the transactions. Assume office supplies of $1,500 are left at the end of the year. Group of answer choices $7,700 $3,400 $5,000 $26,000
Business
1 answer:
Tanya [424]3 years ago
5 0

Answer:

$7,700

Explanation:

Equity of a company is Total Assets minus Total liabilities. Equity is the business worth for shareholders. For Crusoe Waterworks Company the equity will be the initial capital investment by Robin Crusoe plus any revenue received from the business operations.

The equity will be calculated by,

Equity = Capital Investment + Revenue - Expense

Equity = $5,000 + $3,400 - $700

You might be interested in
Stonewall Corporation issued $52,000 of 5%, 10-year convertible bonds. Each $1,000 bond is convertible to 10 shares of common st
zalisa [80]

Answer:

A January 1, 2020

Dr Cash $54,600

Cr Bonds payable $52,000

Cr Premium on bonds payable $2,600

B. December 21 2022

Dr Bonds payable $52,000

Dr Premium on bonds payable $1,820

Cr Common stock $26,000

Cr Paid in capital in excess of Par $27,820

Explanation:

Preparation of the entry for Stonewall Corporation

A January 1, 2020

Dr Cash $54,600

($52,000+$2,600)

Cr Bonds payable $52,000

Cr Premium on bonds payable $2,600

(5%*$52,000)

(To record issue of bonds for premium)

B. December 21 2022

Dr Bonds payable $52,000

Dr Premium on bonds payable $1,820

(100%-30%*$2,600)

Cr Common stock $26,000

(52*10*50)

Cr Paid in capital in excess of Par $27,820

($52,000+$1,820-$26,000)

(To record conversion of bonds into Common Stock)

7 0
3 years ago
Determine if the statement is true or false.
o-na [289]

That statement is true

In united states, there are only two things that considered as a primary source of criminal law.

The first one is the court ruling that is made by both state and supreme courts.  The second one is the legislation that are passed by the representatives in state and federal government.

4 0
3 years ago
Weekly Company gathered the following information for the year ended December​ 31:Direct labor cost incurred for the year$ 180 c
Mashcka [7]

Answer:

predetermined manufacturing overhead rate  $1.23

Explanation:

\frac{Cost\: Of \:Manufacturing \:Overhead}{Cost \:Driver}= Overhead \:Rate

We will distribute the expected overhead cost along a cost driver.

In this case we are asked to use direct labor cost:

estimated overhead 270,300

estimated labor         219,800

overhead rate = 270,300 / 219,800 = 1,229754 = 1.23

7 0
3 years ago
Using the information below, calculate gross profit for the period:
patriot [66]

Answer:

a. $749,000.

Explanation:

The computation of the gross profit is shown below:

Gross profit = Sales Revenues for the period - Cost of Goods Sold for the period

= $1,324,000 - $575,000

= $749,000

It is shown in the income statement

We simply deduct the cost of goods sold from the sales revenue so that the gross profit can come

All other information which is given is not relevant. Hence, ignored it

8 0
3 years ago
Department J had no work in process at the beginning of the period. 18,000 units were completed during the period, and 2,000 uni
torisob [31]

Answer: $283,140

Explanation:

The total cost of the departmental work in process inventory at the end of the period is $283,140.

The work in progress (WIP) was calculated as:

= 2000 × 30%

= 2000 × 0.3

= 600

Check the attachment for further explanation.

5 0
3 years ago
Other questions:
  • Beyond redesigning the nature of the work itself, and involving employees in decisions, approach to making the work environment
    11·1 answer
  • Which of these factors would tend to lower overall property values most in a single-family residential neighborhood?
    8·1 answer
  • The financial statements of the imagine company report net sales of $1,000,000 and accounts receivable of $700,000 and $300,000
    9·1 answer
  • What economic system is demonstrated by the work at the New York Stock Exchange?
    7·1 answer
  • Air used for cleaning should be regulated to ____ psi unless equipped with OSHA-compliant diffuser nozzles.
    11·1 answer
  • You have borrowed $28,000 at an interest rate of 12% compounded annually. Equal payments will be made over a four-year period, w
    8·1 answer
  • Julia, an economics professor, is giving a presentation on her research. What presentation delivery method should Julia use if s
    14·2 answers
  • Suppose the government places a 5 per unit tax on a good, what the surplus after this tax?<br>​
    11·1 answer
  • On the balance sheet, the lease liability is measured as ________. B) the present value of the lease payments less the present v
    9·1 answer
  • On September 1, Shawn Dahl established Whitewater Rentals, a canoe and kayak rental business. The following transactions occurre
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!