Lang enterprises was started when it acquired $4,000 cash from creditors and $6,000 from owners. The company immediately purchased land that cost $9,000. After all evenets have been recorded under the accounting equation. Lang's obligations to creditors represent what percent of total assets?Do not include any points or percentage signs in your answer.
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- Jones Enterprises was started when it acquired $4,800 cash from creditors and $7,200 from owners. The company immediately purchased land that cost $10,000. Record the events under an accounting equation. After all events have been recorded, Jones’s obligations to creditors represent what percent of total assets?Austin Land Company sold land for $60,550 in cash. The land was originally purchased for $35,250. At the time of the sale, $13,730 was still owed to Regions Bank. After the sale, Austin Land Company paid off the loan. Explain the effect of the sale and the payoff of the loan on the accounting equation. Enter all dollar amounts as positive numbers. Total assets Total liabilities Stockholders' equityPrepare the journal entry for the following transactions: (1) Geysler Company sold some old equipment that initially cost $30,000 and had $25,000 of accumulated depreciation and received cash in the amount of $2,000. (2) Assume the same facts except Geysler received $8,000. 1) general journal. desscrcription. debit. credit cash. ? ? accum. deprec. ? ? ? ? ? ? ? ? 2) general journal. desscrcription. debit. credit cash. ? ? ? ? ? ? ? ? equipment. ? ?
- The Austin Land Company sold land for $59,750 in cash. The land was originally purchased for $32,060. At the time of the sale, $13,690 was still owed to Regions Bank. After the sale, The Austin Land Company paid off the loan. Explain the effect of the sale and the payoff of the loan on the accounting equation. Enter all dollar amounts as positive numbers. Total assets $fill in the blank 2 Total liabilities $fill in the blank 4 Stockholders' equity $fill in the blank 6Jones Enterprises was started when it acquired $4,800 cash from creditors and $7,200 from owners. The company immediately purchased land that cost $10,000. After all events have been recorded, Jones’s stockholders’ equity represents what percentage of total assets? Assume the debt is due. Given that Jones has $7,200 in stockholders’ equity, can the company repay the creditors at this point?Fill in the blanks below with the correct entries. Round your answers to the nearest dollar. Liabilities and Stockholders' Equity Current liabilities Assets Current Assets Cash Accounts receivable ($ less allowance for doubtful accounts of $10,000) Inventory Total current assets Land Plant and equipment ($2,260,000 less accumulated depreciation $) Total assets $ 190,000 $ 1,470,000 1,290,000 1,280,000 $ 4,670,000 Accounts payable Notes payable to banks Accrued wages Taxes Owed Total current liabilities Long-term debt Stockholders' equity Common stock ($1 par, 770,000 shares authorized, 720,000 outstanding) Retained earnings Total stockholders equity Total liabilities and equity $ 510,000 150,000 180,000 $ 1,180,000 $ 2,890,000 $
- A vacant lot acquired for $375,500, on which there is a balance owed of $274,115, is sold for $413,050 in cash. The seller pays the $274,115 owed. What is the effect of these transactions on the total amount of the seller's (1) assets, (2) liabilities, and (3) stockholders' equity? Enter all values and positive numbers. Can you help me understand how to compute the assets? Thank you!Fill in the blanks below with the correct entries. Round your answers to the nearest dollar. Assets Current Assets Cash Accounts receivable ($ doubtful accounts of $15,000) Inventory Total current assets Land less allowance for Plant and equipment ($2,460,000 less accumulated depreciation ) $ Total assets $ $ 160,000 1,080,000 1,710,000 1,720,000 4,950,000 Liabilities and Stockholders' Equity Current liabilities Accounts payable Notes payable to banks Accrued wages Taxes owed Total current liabilities Long-term debt Stockholders' equity Common stock ($1 par, 710,000 shares authorized, 660,000 outstanding) Retained earnings Total stockholders' equity Total liabilities and equity $ $ $ $ 550,000 90,000 150,000 1,040,000 3,030,000Please do not provide answer in image formate thank you. The data below are selected account balances taken from the financial statements of the Goat Corporation: Income Statement: 2023 Net income 98,500 Depreciation expense 23,500 Patent Amortization 7,000 Gain on sale of investments 11,000 Balance Sheet: 2023 Cash 140,350 Accounts Receivable 95,300 Inventories 165,200 Prepaid Expenses: 6,240 Accounts Payable: 43,500 Accrued Expenses Payable: 14,000 Income Taxes Payable: 7,900 Common Stock 450,000 Paid in Capital in Excess of Par-Common Stock 66,250 Dividends Payable: 14,000 Investments: 35,700 Balance Sheet: 2022. ..................Increase(decrease) Cash 95,900 Accounts Receivable 102,300 Inventories 157,900 Prepaid Expenses 5,860 Accounts Payable 46,700 Accrued Expenses Payable: 12,500 Income Taxes Payable 8,400 Common Stock 375,000 Paid in Capital in Excess of Par-Common Stock 41,250 Dividends Payable 10,000 Additional Information for 2023: Land costing $15,000 was…
- Your company sells equipment for $85. The equipment was listed at $100 on your company's Balance Sheet, so you have to record a Loss of $15 on the Income Statement, which gets reversed as a non-cash expense on the Cash Flow Statement.Why is this Loss considered a non-cash expense?Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corp. Unfortunately, although the data for the individual items are correct, he is very confused as to whether an item should go in the balance sheet or income statement and whether it is an asset or liability. BALANCE SHEET Payables $ 39 Inventories $ 54 Less accumulated depreciation 124 Receivables 55 Total current assets Total current liabilities Long-term debt $ 370 Interest expense $ 29 Property, plant, and equipment 540 Total liabilities Net fixed assets Shareholders’ equity $ 106 Total assets Total liabilities and shareholders’ equity INCOME STATEMENT Net sales $ 740 Cost of goods sold 600 Selling, general, and administrative expenses 42 EBIT Debt due for repayment $ 29 Cash 19 Taxable income Taxes $ 19…Determine the effects of the following transactions on Current assets, Current liabilities, and Working Capital. Write “Inc” for an Increase, “Dec” for a Decrease, or “NE” if there is No Effect. Write your answers in the blanks provided. Current Asset Current Liability Net Working Capital 1. Sale of merchandise on account 2. Acquired shares of ABS CBN for cash 3. Pays the long-term debt of P150,000 4. Sells old machine for P10,000 cash 5. Issued shares of stock to cash investors 6. Declared cash dividends 7. Payment of advance rentals (asset method) 8. One year loan from a bank 9. Issued shares of stock to pay short term loan 10. Collection of receivables 11. Cash redemption of bonded debt 12. Six months interest received in advance(liability method is used) 13. Issued stock dividends 14. Payment of cash dividends declared in #6 15. Sell of equipment for P50,000;…