I’m trying to learn for my Accounting class and I’m stuck. Can you help?
Question text
At the beginning of 20×6, Split Co.’s shareholders’ equity had a balance of $52562 and liabilities were equal to $18873. During the year 20×6, assets increased by $20393 and liabilities decreased by $9057.
At the end of 20×6, what is the balance of Split Co.’s shareholders’ equity account?
Select one:
a. $63898
b. $23112
c. $11336
d. $82012
Question text
PF Co. began business on January 1, 20×10. Below are the transactions that took place during the company’s first month of business:
Jan. 1
The owner invested $68544 in return for 6212 common shares.
Jan. 5
Purchased equipment costing $10312. $4099 was paid immediately and the remainder is due within 60 days.
Jan. 9
Purchased land for $24700 cash.
Jan. 15
Secured a $41302 loan from its bank.
Jan. 20
Another investor purchased 2416 shares of the company for $19921.
What is PF Co.’s shareholders equity balance at the end of January?
Select one:
a. $8628
b. $88465
c. $19921
d. $68544
Question text
Given the following data, what is the balance in the common stock account?
Total assets
$704756
Total liabilities
287088
Retained Earnings, beginning
65021
Dividends declared
39353
Revenues
288692
Expenses
180661
Select one:
a. $352647
b. $417668
c. $283969
d. $392000
Question text
Aqua Inc. had assets and liabilities at the beginning of the year of $503223 and $344606, respectively. Aqua’s net income for the year was $169283 and dividends were $54041. The assets increased by $47571 during the year. What are Aqua’s total liabilities at the end of the year?
Select one:
a. $229364
b. $276935
c. $338136
d. $175323
Question text
On November 15, 20×2, Trink Ltd. paid $6338 to settle an account payable resulting from the purchase of goods on account in October 20×2. What is the effect of this business transaction on the accounting equation of Trink?
Select one:
a. Assets decrease $6338, liabilities do not change, and equity decreases $6338
b. Assets decrease $6338, liabilities decrease $6338, and equity decreases $6338
c. Assets increase $6338, liabilities increase $6338, and equity does not change
d. Assets decrease $6338, liabilities decrease $6338, and equity does not change
POST
#Information pertaining to the Hearn Corporation is given below: Dec. 31, 20x3Dec. 31, 20x2Total Assets$477311$ 443793Total Liabilities$288487$ 210680Common Shares$46871?Retained Earnings??If during 20×3, $20160 dividends were paid by the corporation and no net income was earned, what is the 20×3 opening retained earnings amount?Select one:a. $ 186242 b. $ 121793 c. $ 233113 d. $ 141953Question textA company has $328319 of assets and $120000 in shareholders’ equity at the beginning of the year. The net income for the year was $43082 and dividends declared were $11817. The liabilities increased by $33104 over the year. What is the ending balance of the assets?Select one:a. $404505 b. $392688 c. $263950 d. $361423Question textBelow is a listing of asset accounts for Sandi Co.:Cash$4225Machine40553Accumulated Depreciation- Machine10162Building54329Accumulated Depreciation- Building18472Accounts Receivable14573Land87359Inventory7696Prepaid Insurance11299What are Sandi Co.’s total non-current assets?Select one:a. $66248 b. $182241 c. $164906 d. $153607Ruttle Co. sold merchandise inventory to a customer for $59560 on credit. The inventory cost Ruttle Co. $45235. What is the effect of this business transaction on the accounting equation of the company?Select one:a. Assets increase $104795, liabilities decrease $45235, and equity increases $59560 b. Assets increase $14325, liabilities decrease $14325, and equity increases $14325 c. Assets increase $14325, liabilities do not change, and equity increases $14325 d. Assets increase $59560, liabilities do not change, and equity increases $59560Question textChoi Incorporated declared dividends of $71634 on February 18th of this year. The shareholders as of that date will receive the dividend on March 18th. What is the effect of the February 18th transaction on the accounting equation?Select one:a. Liabilities will increase by $71634 and assets will increase by $71634 b. Liabilities will increase by $71634 and shareholder’s equity will decrease by $71634 c. Assets will decrease by $71634 and shareholder’s equity will decrease by $71634 d. There is no effect on the accounting equation on February 18th seeing as no cash was paid
