In a balanced balance sheet, if liabilities are $2,000 and owner’s equity is $3,300, what must assets be ___

Shane's Catering began with cash of $10,000. Shane then bought supplies for $2,300 on account. Separately, Shane paid $7,500 for

dolphi86 [110]

Answer:

Part (a) Shane has $ 12,300 in total assets

Part (b) Shane owes $ 2,300 in liabilities

Explanation:

Shane's Catering began with cash of $10,000

At the beginning the Accounting Records of Shane should reflect the following Account Balances

Cash $10000 (debit)

Owners Equity $ 10000 ( credit)

Shane then bought supplies for $2,300 on account.

When Shane buys supplies on account the transaction is recorded as follows

Inventory $2300 (debit)

Account Receivable $ 2300

Shane paid $7,500 for equipment

When Shane pays for equipment in cash the transaction is recorded as follows

Equipment $7500(debit)

Cash $7500(credit)

Balance of Assets is calculated as:

Cash 10000+Inventory 2300- Cash 7500+ Equipment 7500 =$12300

Balance of Liabilities is calculated as:

Trade Receivable $ 2300

6 0

3 years ago

dupe's age and olu's add upto 25 years. Eight years ago , dupe was twice as old as olu. how old are they now?

Bas_tet [7]

Dupe's present age = 14 years

Olu's present age = 11 years

Explanation:

Let Dupe's age be x. Let Olu's age be y. Since their ages add up to 25 years, x + y = 25
Eight years ago Dupe's age was double that of Olu's age. Solving by simultaneous equations. Four methods are Elimination Method, Graphical Method, Substitution Method, and Matrix Method. Let us try out Elimination method for solving a pair of simultaneous linear equations that reduces one equation to one that has only a single variable. Once this has been done, the solution is the same as that for when one line was vertical or parallel.
Therefore, eight years ago, Dupe's age was 6 and Olu's age was 3 so that x=2y becomes, 6=2*3. Eight years hence, x=6+8=14 and y=3+8=11. That makes, x or Dupe's age as 14 years and y or Olu's age as 11 years.

6 0

3 years ago

A firm concludes a counterpurchase agreement with a foreign country for which it receives some counterpurchase credits for purch

andrezito [222]

Answer:

This is an example of switch trading.

Explanation:

Switch trading is defined as a practice where one company goes into agreement with another company located in a different country to commit in the purchase of each company’s goods and services. This common practice is part of the countertrading category, which is the exchange of goods and services with other goods and services. Other examples of countertrading include barter, counter purchase, buyback, offset, and compensation trade.

5 0

3 years ago

Which of the following is not an indicator of the business cycle?

Svetach [21]

D Bc it is d is why it is d is correct

4 0

3 years ago

The purpose of this category of interview questions is to learn about the interviewees personal attributes

taurus [48]

The purpose of this category of interview questions is to obtain factual information about the interviewee.

5 0

3 years ago

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In a balanced balance sheet, if liabilities are $2,000 and owner’s equity is $3,300, what must assets be ____?