The controller for Tires and More Inc has recorded the following transactions during the month the owner

Fantastic news! We've Found the answer you've been seeking!

Question:

The controller for Tires and More Inc has recorded the following transactions during the month the owner established the business with a 20,000 investment on the 1st of the month the company recorded 36,000 of revenue for tires and services provided during the month and expenses of 22,000 were recorded for the month.

Additionally on the last day of the month the owner withdrew 2000 for personal expenses

What is the balance of Owners Equity at the end of the month and is the balance a debit or a credit?

Related Book For answer-question

Accounting Principles

ISBN: 978-0470534793

10th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

See More Books

Posted Date: Jan 05, 2021 10:59 AM

See More Questions

Joe Seacat recorded the following transactions during the month of April.Post these entries to the Cash T account of the general ledger to determine the ending balance in cash. The beginning balance...
Josh Borke recorded the following transactions during the month of April. Post these entries to the Cash T-account of the general ledger to determine the ending balance in cash. The beginning balance...
Graham Kahl recorded the following transactions during the month of April. Post these entries to the Cash T-account of the general ledger to determine the ending balance in cash. The beginning...
Implement the method keys () for HashST.
How do you think the store personnel are going to respond to Charlie's new rules and regulations, in light of the fact that they should have increased opportunities to earn bonuses? Why?
A delivery vehicle carries a long sign on top, as in Fig. P7.56. If the sign is very thin and the vehicle moves at 65 mi/h, (a) Estimate the force on the sign with no crosswind. (b) Discuss the...
In the organizational chart for the consumer-packaged goods firm in Figure 22 5, where do product line, functional, and geographical groupings occur? Figure 22-5 Chief Marketing Officer or Vice...
In August of 2009 the capital structure of the Emerson Electric Corporation (EMR) (measured in book and market values) appeared as follows: What weights should Emerson use when computing the firms...
Three friends, A, B, and C, start a business with investments in the ratio of 4:3:5, respectively. A invested $5,000, and all three of them agree to share profits in the ratio of their investments....
The data set cherry.dat, from Hand et al. (1994), contains measurements of diameter (inches), height (feet), and timber volume (cubic feet) for a sample of 31 black cherry trees. Diameter and height...
If I won funding for a children's financial game app, what would be the best way to invest?
Summit Builders has a market debt-equity ratio of 1.30 and a corporate tax rate of 38%, and it pays 9% interest on its debt. By what amount does the interest tax shield from its debt lower Summits...
Aluminum maker Alcoa has a beta of about 1.8, whereas Hormel Foods has a beta of 0.38. If the expected excess return of the marker portfolio is 6%, which of these firms has a higher equity cost of...
Grommit Engineering expects to have net income next year of $40.13 million and free cash flow of $22.16 million. Grommits marginal corporate tax rate is 35%. a. If Grommit increases leverage so that...
Rumolt Motors has 58 million shares outstanding with a price of $26 per share. In addition, Rumolt has issued bonds with a total current market value of $991 million. Suppose Rumolts equity cost of...
YVR, Inc., just announced a 13 million share SEO at $56 per share. If all of the SEO shares are primary shares and its underwriter charges 9% of the gross proceeds, how much new capital will YVR...
This is the Graham Case question #14 that states What actions can Oslo take today to ensure a smooth transfer of his rental real estate holdings to either Daisy or Rose at his death? I. Change the...
The purpose of this case is to come up with a contingency plan[s] in order to sustain the program Move With Me, a program that serves thousands of community members throughout Lower Manhattan. The...
Moseley Company incurred the following costs 1. Sales tax on factory machinery purchased $ 5,000 2. Painting of and lettering on truck immediately upon purchase 700 3. Installation and testing of...
Caleb Corporation purchased 2,000 shares of its $10 par value common stock for $120,000 on August 1. It will hold these shares in the treasury until resold. On December 1, the corporation sold 1,200...
The adjusted trial balance of Garcia Company shows the following data pertaining to sales at the end of its fi scal year October 31, 2012: Sales Revenue $820,000, Freight-out $16,000, Sales Returns...
Calculate the principal direction corresponding to $\sigma_{3}=-2$ in example 5.4. Data From Example 5.4: For the stress matrix given below, determine the principal stresses. 3 1 11 [0]=102 1 2 0
The state of stress at a point in the $x y z$ coordinates is Determine the stress matrix relative to the $x^{\prime} y^{\prime} z^{\prime}$ coordinates, which is obtained by rotating the \(x y...
If $\sigma_{x x}=90 \mathrm{MPa}, \sigma_{y y}=-45 \mathrm{MPa}, \tau_{x y}=30 \mathrm{MPa}$, and $\sigma_{z z}=\tau_{x z}=\tau_{y z}=0$, compute the surface traction...

The controller for Tires and More Inc has recorded the following transactions during the month the owner

Question:

Expert Answer:

Calculation of Owners Equity at the end of the month Statement o... View the full answer

Accounting Principles

Students also viewed these accounting questions