At October 1, Sheridan Company reported owner's equity of $70400. During October, the owner made additional investments of$9600 and the company posted a net loss of $3000. If owner's equity at October 31 totals $72400, what amount of owner drawingswere made during the month?$4600$96000 $0O $6600

> Given data:> Beginning onwers equity = 70400> Additonal investment = 9600> Net Loss =…

Answered: At October 1, Sheridan Company reported…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Similar questions

Shep Company's records show the following information for the current year. Beginning of year End of year Total assets $ 51, 600 $ 82,000 Total liabilities $ 22, 800 $ 35, 800 Determine net income (loss) for each of the following separate situations. Note: For all requirements, losses should be entered with a minus sign. Additional owner investments of $3,800 were contributed, and withdrawals of $7,800 were made during the current year. Additional owner investments of $15, 200 were contributed, and no withdrawals were made during the current year. No additional owner investments were contributed, and withdrawals of $12, 800 were made during the current year.
Light Internationals' managerial accountant reported $6,500,000 for the beginning investments balance, no sales of investments, and $9,400,000 ending balance of investments during the year. What is the amount of investments purchases during the year? O O O O $9,400,000 $2,900,000 $15,900,000 $6,500,000
Beg. Retained Earnings= $34 for nov. 30, 2022. . Then, The following transactions occurred during December of 2022: Paid $14 for December rent, Paid $6 to reduce the amount of accounts payable, Sold inventory costing $5 for $60, Collected $10 accounts receivable, Accrued $5 owed to employees for work performed in December to be paid in January, Recorded $8 depreciation on the new equipment. What is retained earnings at 12/31/2022?
At January 1, 2008, Burton Industries reported owner's equity of $130,00o. During 2008, Burton had a net loss of $30,000 and owner drawings of $20,000. At December 31, 2008, the amount of owner's equity is O P130,000. O P140,000. O P100,000. O P80,000.
Adieu Company reported the following current assets and current liabilities for two recent years: Line Item Description Dec. 31, 20Y4 Dec. 31, 20Y3 Cash $950 $1,190 Temporary investments 1,200 1,400 Accounts receivable 850 910 Inventory 2,200 2,700 Accounts payable 2,000 2,500 a. Compute the quick ratio on December 31 for each year. Round your answers to one decimal place. Line Item Description 20Y4 20Y3 Quick Ratio fill in the blank 1 fill in the blank 2
Adieu Company reported the following current assets and current liabilities for two recent years: Line Item Description Dec. 31, 20Y4 Dec. 31, 20Y3 Cash $1,270 $1,030 Temporary investments 1,100 1,500 Accounts receivable 830 920 Inventory 2,100 2,700 Accounts payable 2,000 2,300 a. Compute the quick ratio on December 31 for each year. Round your answers to one decimal place.
The Sheffield Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2019 $528,000 $262,000 2020 $520,000 $239,200 2021 $638,000 $304,000 Sheffield began business on January 1, 2019, with an investment of $124,000. From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) (a) 2019, assuming Sheffield's drawings were $69,000 for the year. (b) 2020, assuming Sheffield made an additional investment of $74,000 and had no drawings in 2020. (c) 2021, assuming Sheffield made an additional investment of $22,500 and had drawings of $64,000 in 2021. (a) Net income/loss for 2019 $ 335000 (b) Net income/loss for 2020 $ 594000 (c) Net income/loss for 2021 $ 596500
Lloyd Company reprted net income of $25000 for 20-2. The December 31 balances of the current assets and current liabilities are shown below Accounts receivable $4,600 $3000 Merchandise Inventory 25000 30000 Accounts payable 16000 18000 wages payable 8000 12000
For the just completed year, Hanna Company had net income of $59,000. Balances in the company’s current asset and current liability accounts at the beginning and end of the year were as follows: December 31 End of Year Beginning of Year Current assets: Cash and cash equivalents $ 60,000 $ 80,000 Accounts receivable $ 152,000 $ 196,000 Inventory $ 448,000 $ 367,000 Prepaid expenses $ 11,500 $ 13,500 Current liabilities: Accounts payable $ 354,000 $ 388,000 Accrued liabilities $ 8,000 $ 12,500 Income taxes payable $ 33,000 $ 27,000 The Accumulated Depreciation account had total credits of $44,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash and cash outflows as negative amounts.)
At the end of its first year of operations, FDNACCT reported net income of P150,000. Assets at year-end are as follows: Cash P25,000 Office Supplies 15,000 Equipment 150,000 Accounts Receivable 30,000 Total Assets P220,000 Initial investment was P55,000 and the owner's personal withdrawal amounted P10,000. Ending balance of Owner's Equity is P198,000. How much is the total liabilities of the business at year-end?
At the start of the year, the balance on Sara's capital account was $55,689. During the year Sara made drawings of S16,600 and the net profit for the year was $17500. What is the balance on Sara's capital account at the end of the year? OA S56.589 B. $30,069 OC $4,789 O D. $62,189
The following information relates to Khamsin Co for Year 8: £ Equity at start of year 96,000 Expenses 90,000 Current liabilities at end of the year 185,000 Sales revenue 265,000 Current assets at end of the year 349,000 Non-current assets at end of the year 381,000 What were the non-current liabilities at the year end? £

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS