Rudy Gandolfi owns and operates Rudy's Furniture Emporium Inc. The balance sheet totals for assets, liabilities,...
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Rudy Gandolfi owns and operates Rudy's Furniture Emporium Inc. The balance sheet totals for assets, liabilities, and stockholders' equity at August 1, 2019, are as indicated. Described here are several transactions entered into by the company throughout the month of August. Required: a. Indicate the amount and effect of each transaction on total assets, total liabilities, and total stockholders' equity, and then compute the new totals for each category. The first transaction is provided as an illustration. Indicate the financial statement effect. b. How much were total revenues and total expenses during August? What was the amount of net income (or loss) during August? c. What were the net changes during the month of August in total assets, total liabilities, and total stockholders' equity? d. Which of the following statement(s) is/are true? Complete this question by entering your answers in the tabs below. Required B Required C Required D Indicate the amount and effect of each transaction on total assets, total liabilities, and total stockholders' equity, and then compute the new totals for each category. The first transaction is provided as an illustration. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect. Leave no cells blank. Enter "0" wherever necessary.) Required A August 1, 2019 totals August 3, borrowed $50,000 in cash from the bank New totals August 7, bought merchandise inventory valued at $75,000 on account New totals August 10, paid $25,000 cash for operating expenses New totals August 14, received $120,000 in cash from sales of merchandise that had cost $72,000 New totals August 17, paid $60,000 owed on accounts payable New totals August 21, collected $44,000 of accounts receivable New totals August 24, repaid $30,000 to the bank plus $1,000 interest New totals August 29, paid Rudy Gandolfi a cash dividend of $15.000 A 31 2015 tals $ $ $ $ $ $ 750,000 S Assets S 700.000 $ 500,000 50,000 750.000 50,000 550,000 750,000 750.000 750,000 Liabilities $ $ 550,000 $ 550.000 $ 550,000 750.000 $ 550,000 $ 750,000 S 750 000=1 S $ 550,000 550.000 Stockholders' Equity 200,000 $ $ 550 000 S $ $ $ $ 220,000 200,000 200,000 200.000 200.000 LIT 0 200,000 200,000 200 0001 equired: Indicate the amount and effect of each transaction on total assets, total liabilities, and total stockholders' equity, and then compute the new totals for each category. The first transaction is provided as an illustration. Indicate the financial statement effect. 3. How much were total revenues and total expenses during August? What was the amount of net income (or loss) during August? c. What were the net changes during the month of August in total assets, total liabilities, and total stockholders' equity? d. Which of the following statement(s) is/are true? Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Indicate the amount and effect of each transaction on total assets, total liabilities, and total stockholders' equity, and then compute the new totals for each category. The first transaction is provided as an illustration. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect. Leave no cells blank. Enter "0" wherever necessary.) August 1, 2019 totals August 3, borrowed $50,000 in cash from the bank New totals August 7, bought merchandise inventory valued at $75,000 on account New totals August 10, paid $25,000 cash for operating expenses New totals August 14, received $120,000 in cash from sales of merchandise that had cost $72,000 New totals August 17, paid $60,000 owed on accounts payable New totals August 21, collected $44,000 of accounts receivable New totals August 24, repaid $30,000 to the bank, plus $1,000 interest New totals August 29, paid Rudy Gandolfi a cash dividend of $15,000 August 31, 2019 totals $ $ $ $ $ S Assets $ 700,000 $ 500,000 50,000 750,000 50,000 550,000 750,000 $ 750,000 750,000 $ 750.000 S 750,000 $ 750.000 = Liabilities Required B > $ 750,000 $ $ $ 550,000 550,000 $ 200,000 $ 550,000 $ $ 550.000 $ Stockholders' Equity $ 200,000 0 220,000 550,000 550.000 550,000 $ $ 200,000 $ $ 200,000 200,000 200,000 200.000 $ 200,000 Show less A Rudy Gandolfi owns and operates Rudy's Furniture Emporium Inc. The balance sheet totals for assets, liabilities, and stockholders' equity at August 1, 2019, are as indicated. Described here are several transactions entered into by the company throughout the month of August. Required: a. Indicate the amount and effect of each transaction on total assets, total liabilities, and total stockholders' equity, and then compute the new totals for each category. The first transaction is provided as an illustration. Indicate the financial statement effect. b. How much were total revenues and total expenses during August? What was the amount of net income (or loss) during August? c. What were the net changes during the month of August in total assets, total liabilities, and total stockholders' equity? d. Which of the following statement(s) is/are true? Complete this question by entering your answers in the tabs below. Required B Required C Required D Indicate the amount and effect of each transaction on total assets, total liabilities, and total stockholders' equity, and then compute the new totals for each category. The first transaction is provided as an illustration. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect. Leave no cells blank. Enter "0" wherever necessary.) Required A August 1, 2019 totals August 3, borrowed $50,000 in cash from the bank New totals August 7, bought merchandise inventory valued at $75,000 on account New totals August 10, paid $25,000 cash for operating expenses New totals August 14, received $120,000 in cash from sales of merchandise that had cost $72,000 New totals August 17, paid $60,000 owed on accounts payable New totals August 21, collected $44,000 of accounts receivable New totals August 24, repaid $30,000 to the bank plus $1,000 interest New totals August 29, paid Rudy Gandolfi a cash dividend of $15.000 A 31 2015 tals $ $ $ $ $ $ 750,000 S Assets S 700.000 $ 500,000 50,000 750.000 50,000 550,000 750,000 750.000 750,000 Liabilities $ $ 550,000 $ 550.000 $ 550,000 750.000 $ 550,000 $ 750,000 S 750 000=1 S $ 550,000 550.000 Stockholders' Equity 200,000 $ $ 550 000 S $ $ $ $ 220,000 200,000 200,000 200.000 200.000 LIT 0 200,000 200,000 200 0001 equired: Indicate the amount and effect of each transaction on total assets, total liabilities, and total stockholders' equity, and then compute the new totals for each category. The first transaction is provided as an illustration. Indicate the financial statement effect. 3. How much were total revenues and total expenses during August? What was the amount of net income (or loss) during August? c. What were the net changes during the month of August in total assets, total liabilities, and total stockholders' equity? d. Which of the following statement(s) is/are true? Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Indicate the amount and effect of each transaction on total assets, total liabilities, and total stockholders' equity, and then compute the new totals for each category. The first transaction is provided as an illustration. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect. Leave no cells blank. Enter "0" wherever necessary.) August 1, 2019 totals August 3, borrowed $50,000 in cash from the bank New totals August 7, bought merchandise inventory valued at $75,000 on account New totals August 10, paid $25,000 cash for operating expenses New totals August 14, received $120,000 in cash from sales of merchandise that had cost $72,000 New totals August 17, paid $60,000 owed on accounts payable New totals August 21, collected $44,000 of accounts receivable New totals August 24, repaid $30,000 to the bank, plus $1,000 interest New totals August 29, paid Rudy Gandolfi a cash dividend of $15,000 August 31, 2019 totals $ $ $ $ $ S Assets $ 700,000 $ 500,000 50,000 750,000 50,000 550,000 750,000 $ 750,000 750,000 $ 750.000 S 750,000 $ 750.000 = Liabilities Required B > $ 750,000 $ $ $ 550,000 550,000 $ 200,000 $ 550,000 $ $ 550.000 $ Stockholders' Equity $ 200,000 0 220,000 550,000 550.000 550,000 $ $ 200,000 $ $ 200,000 200,000 200,000 200.000 $ 200,000 Show less A
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Accounting What the Numbers Mean
ISBN: 978-1260565492
12th edition
Authors: David Marshall, Wayne McManus, Daniel Viele
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