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Homework answers / question archive / Shenandoah University - ACCT 101 1)Gi Gi's Bakery has total assets of $431 million

Shenandoah University - ACCT 101 1)Gi Gi's Bakery has total assets of $431 million

Accounting

Shenandoah University - ACCT 101

1)Gi Gi's Bakery has total assets of $431 million. Its total liabilities are $113 million. Its equity is $318 million. Calculate the debt ratio.

38.0%.

13.6%.

35.5%.

26.2%.

15.1%.

2.

Mary Martin, the owner of Martin Consulting, started the business by investing $53,000 cash. Identify the general journal entry below that Martin Consulting will make to record the transaction.

 Cash

 53,000

            M. Martin, Capital

53,000

 

 

M. Martin, Capital

53,000

 

Cash

 

53,000

 

Investments

53,000

 

Cash

 

53,000

 

Investments

53,000

 

M. Martin, Capital

 

53,000

 

Cash

53,000

 

Increased Equity

 

53,000

 

3.

At the beginning of January of the current year, Little Mikey's Catering ledger reflected a normal balance of $60,000 for accounts receivable. During January, the company collected $16,400 from customers on account and provided additional services to customers on account totaling $13,300. Additionally, during January one customer paid Mikey

$5,800 for services to be provided in the future. At the end of January, the balance in the accounts receivable account should be:

$62,700.

$56,900.

$3,100.

$63,100.

$57,300.

4.

 

 

 

J. Brown Consulting paid $760 cash for utilities for the current month. Given the choices below, determine the general journal entry that J. Brown Consulting will make to record this transaction.

 

Utilities Expense

760

 

   Cash

760

 

Cash

760

 

Utilities Expense

 

760

 

Cash

760

 

Accounts Payable

 

760

 

Utilities Expense

760

 

Accounts Payable

 

760

 

Prepaid Utilities

760

 

Accounts Payable

 

760

 

 

 

5.

During the month of March, Harley's Computer Services made purchases on account totaling $43,700. Also during the month of March, Harley was paid $8,300 by a customer for services to be provided in the future and paid $37,000

of cash on its accounts payable balance. If the balance in the accounts payable account at the beginning of March was $77,400, what is the balance in accounts payable at the end of March?

$84,100.

$92,400.

$6,700.

$75,800.

$5,000.

6.

Given the following errors, identify the one by itself that will cause the trial balance to be out of balance.

A $320 cash salary payment posted as a $320 debit to Cash and a $320 credit to Salaries Expense.

A $220 cash receipt from a customer in payment of her account posted as a $220 debit to Cash and a $22 credit to Accounts Receivable.

A $135 cash receipt from a customer in payment of her account posted as a $135 debit to Cash and a $135 credit to Cash. A $86 cash purchase of office supplies posted as a $86 debit to Office Equipment and a $86 credit to Cash.

An $1,400 prepayment from a customer for services to be rendered in the future was posted as an $1,400 debit to Unearned Revenue and an $1,400 credit to Cash.

 

 

 

7. Smiles Entertainment had the following accounts and balances at December 31:

 

Account

Debit

Credit

Cash

$11,500

 

Accounts Receivable

2,300

 

Prepaid Insurance

3,000

 

Supplies

1,300

 

Accounts Payable

 

$5,750

T. Happy, Capital

 

5,800

Service Revenue

 

8,500

Salaries Expense

650

 

Utilities Expense

             1,300

 

Totals

 $20,050

 $20,050

 

Using the information in the table, calculate the company's reported net income for the period.

$1,400.

$4,450.

$5,100.

$12,200.

$6,550.

8.

Golddigger Services Inc. provides services to clients. On May 1, a client prepaid Golddigger Services $79,000 for 6-months services in advance. Golddigger Services' general journal entry to record this transaction will include a:

Debit to Unearned Management Fees for $79,000. Credit to Management Fees Earned for $79,000. Credit to Cash for $79,000.

Credit to Unearned Management Fees for $79,000. Debit to Management Fees Earned for $79,000.

 

 

9. Able Graphics received a $640 utility bill for the current month's electricity. It is not due until the end of the next month which is when they intend to pay it. Which of the following general journal entries will Able Graphics make to record this transaction?

 

Utilities Expense

640

 

Cash

 

640

 

Cash

640

 

Utilities Expense

 

640

 

 Utilities Expense

640

            Accounts Payable

640

 

 

Accounts Payable

640

 

Utilities Expense

 

640

 

Utilities Payable

640

 

Cash

 

640

 

 

10. At the beginning of the current year, Trenton Company's total assets were $262,000 and its total liabilities were

$182,000. During the year, the company reported total revenues of $107,000, total expenses of $83,000 and owner withdrawals of $12,000. There were no other changes in owner's capital during the year and total assets at the end of the year were $274,000. Trenton Company's debt ratio at the end of the current year is:

69.5%.

66.4%.

33.6%.

50.5%.

1.51%.

 

11. Wiley Hill opened Hill's Repairs on March 1 of the current year. During March, the following transactions occurred and were re company's

 

Wiley invested $26,000 cash in the business.

Wiley contributed $101,000 of equipment to the business.

The company paid $2,100 cash to rent office space for the month.

The company received $17,000 cash for repair services provided during March.

The company paid $6,300 for salaries for the month.

The company provided $3,100 of services to customers on account.

The company paid cash of $600 for monthly utilities.

 

8. Wiley withdrew $5,100 for his personal use from the company.

Based on this information, the balance in Wiley Hill, Capital reported on the Statement of Owner's Equity at the end of March would be:

$136,200.

$133,000.

$127,800.

$8,300.

$14,500.

 

 

12.

The following transactions occurred during July:

Received $970 cash for services provided to a customer during July.

Received $3,400 cash investment from Bob Johnson, the owner of the business

Received $820 from a customer in partial payment of his account receivable which arose from sales in June.

Provided services to a customer on credit, $445.

Borrowed $6,700 from the bank by signing a promissory note.

Received $1,320 cash from a customer for services to be rendered next year. What was the amount of revenue for July?

$970.

$1,415.

$2,735.

$3,555.

$13,210.

13.

Andrea Apple opened Apple Photography on January 1 of the current year. During January, the following transactions occurred and were recorded in the company'sbooks:

 

 

Andrea invested $15,000 cash in the business.

Andrea contributed $35,000 of photography equipment to the business.

The company paid $3,600 cash for an insurance policy covering the next 24 months.

The company received $7,200 cash for services provided during January.

The company purchased $7,700 of office equipment on credit.

The company provided $4,250 of services to customers on account.

The company paid cash of $3,000 for monthly rent.

The company paid $4,600 on the office equipment purchased in transaction #5 above.

Paid $425 cash for January utilities.

 

Based on this information, the balance in the cash account at the end of January would be:

$60,950.

$10,575.

$23,200.

$18,250.

$14,825.

 

 

 

 

 

 

 

 

 

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