Accounting Questions

Question 1 Brendan Co. Elena Co. Desmond Co. Beginning: Assets $400,000 $300,000 $540,000 Liabilities 300,000 120,000 360,000 Ending Assets $500,000 $400,000 Liabilities 250,000 160,000 480,000 Owner's equity: Investments owner $0 $50,000 Withdrawals by owner 250,000 150,000 220,000 Income statement Revenues $660,000 $350,000 $800,000 Expenses 460,000 525,000 REQUIRED Compute the missing amounts for each of the above businesses. Question Jingtao lewelers was recently formed as proprietorship. The balance of each item inthe business accounting equation shown below for November 21 and for each of the nine following business days November Cash A/R Supplies Land A/P o. Equity 21 $19,000 $9,000 $3,000 $18,000 $9,000 $40,000 22 28.000 9.000 3,000 18,000 9,000 49,000 23 16,000 9.000 3,000 30,000 9.000 9,000 24 11,000 9,000 3,000 30,000 4,000 49,000 25 11,000 9,000 5,000 30,000 6,000 49,000 26 17,000 9,000 5,000 30,000 6,000 55,000 27 22,000 4,000 5,000 30,000 6,000 55,000 28 19,000 4,000 5,000 30,000 3,000 55,000 29 16,000 4,000 8,000 30,000 3.000 55,000 30 4,000 4,000 8,000 30,000 3,000 43,000 REQUIRED: Assuming that single transaction took place each day describe briefly the transaction that was most likely to have occurred. Begin with November 22 and complete upto November 30. No revenue or expense transactions occurred on these dates. Question? Marcus Charleston is the proprietor of a landscaping business tharleston Outdoors. The following amounts summarize the financial position of the business on July 31 2015: ASSETS UABILITIES +O.EQUITY Cash A/R Supplies Furniture & A/P M. Charleston, Equipment Capital Balance 30,000 45.000 85,000 45,000 115,000 During August 2015 the following company transactions occurred: Aug. 2 Charleston deposited $55 000 cash in the business bank account b. Aug. 5 Paid off the July 31 2015 balance of accounts payable. c. Aug. Collected cash from customer on account, $12 .000. d. Aug. 11 Performed services for customer and received cash of $7,000. Aug.13 Purchased supplies on account $5 500. Aug.17 Completed large estate re -design and construction and billed the customer for services rendered, $55,500. g Aug. 19 Recorded the following business expenses for the month h. Aug. 20 Paid office rent for August 2015 $7,000. i. Aug.24 Paid advertising $5 500. j. Aug.: 27 old supplies to another business for $2,500 cash, which was the cost ofthe supplies. Aug. Charleston withd rew $6,500 cash. REQUIRED Analyze the effects of the above transactions or the accounting equation of Charleston Outdoors. Usethe table format shown in class.