To better understand if it was possible to consider opening more locations, Robert wanted to know how much equity he had in his business and used the following amounts to help him with his calculations: Initial capital = $35,000 drawn = $4,000 net income = $18,000 owner`s investment = $9,000 ______ which Robert calculated. Brian is in the process of compiling a balance sheet spreadsheet and has just finished entering the general ledger account balances in the sample balance section of the spreadsheet. After verifying that the test balance is correct, Brian prepares the __ section, followed by the __ section of the worksheet. Ted told Ian that it was necessary to include all relevant information in an income statement and showed Ian the following data: Owner`s investment: $8,000 Revenue: $15,000 Equity: $21,000 Expenses: $3,000 Based on this data, the net profit or loss in the income statement should look like this: Travis told the board about the financial health of his landscaping company. The financial statements for the end of the quarter had not yet been released, but Travis included all accounting events that occurred after the end of the quarter. Travis practices the principle _________ The mechanic repaired a parts collection machine, but Robert didn`t pay for it because he ran out of checks. Based on this information, Bob made an adjustment to the test balance work table. He noted the money Robert would pay the mechanic next week. The type of customization recorded by Bob is called ____ Consider the following information: Cash: $10,000 Accounts receivable: $7,000 Office supplies: $2,000 Prepaid insurance: $3,000 Buildings: $150,000 Cumulative amortization: ($30,000) Accounts payable: $5,000 Debt securities: $30,000 Equity: $107,000 Based on the above record, what is the amount for assets, liabilities and equity? This sheet is NOT correct because the credits and fees are balanced.
In the general magazine, Amy saw a record in the owner`s subscription account suggesting that a partner withdrew $675 from her business last month. Which of the following points is a final general journal entry amy will make in connection with this withdrawal? Sharon would make a personalization entry at __________ Suppose that before the adjustment entry, the balance in this account was $2,725. After the adjustment entry, the final balance is ________. What is the total initial balance sheet in the presentation presented here of the changes in the owner`s equity that Tyler designed for his shoe store? Which of the following options correctly lists the working balance sequence of the test balance? Sheri noted that one of the firm`s partners had deducted $1,500 from his business. Accounting ______ is a basic premise in accounting that states that a company`s assets are equal to the sum of its ______ Which of the following actions is performed when executing completion entries? Patrick has committed $85,000 in assets and $62,000 in equity to a balance sheet. What are Patrick`s liabilities? Consider the following information: Rental income: $5,000 Rent claim: $2,000 Interest income: $2,000 Interest claim: $1,000 Lease cost: $4,000 Insurance cost: $1,200 Insurance costs: $1,200 Salary costs: $3,000 Salary payment: $500 Which of the following indicates the amount of net profit or loss for this business? Determine which example describes an explanation of the change in the owner`s equity. Amy, who has been an accountant for 12 years, worked for Arnold and Post, a mid-sized law firm in Huntsville. At the end of each fiscal year, Amy prepares an annual report for the company`s board of directors. The report contains all the details contained in the company`s annual financial statements.
Amy ensures that the data in the financial statements is consistent and aligned from year to year. Amy practices ______________ The test report is established. 2. Entries will be adjusted. .