Homework Answers
4)The total Liability for Adam Vegas Landscaping on Dec 31 ,2016 are (Note : there 2 LIABILITY)
Accounts payable -5000
Notes Payable – 16,400
So total Liabilities 21,400
Note: Notes Payable is long term Liability , which means it need not be paid fully in this term and company would have to pay Interest for it .
5)The total assets for Adam Vegas Landscaping on Dec 31, 2016 (Note: There are 3 Assets)
Cash -35,200
Truck -17,000
Equipment – 12,600
So Total Assets 64,800
Note: Apart from cash most of the Assets like Truck , Equipment , Building , would incur depreciation every year and it would effect the net income of the company , Even though it wont take any cash it would impact Net Profit
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Chapter 1 Adam Vega's Landscaping company hos compiled the following list of account balances of various...
Adam Vega's Landscaping Company has compiled the following list of account balances of various assets, liabilities,...
Adam Vega's Landscaping Company has compiled the following list of account balances of various assets, liabilities, revenues and expenses on December 31, 2016, the end of its first year of operations. Common stock Accounts payable Salary expense Repairs expense Dividends Truck Equipment Notes payable Cash Supplies expense Service revenue Gasoline expense $25,200 5,000 9,000 1,600 10,000 17,000 12,600 16,400 35,200 3,200 43,600 1,600 4. The total liabilities for Adam Vega's Landscaping on December 31, 2016 are (Note: There are 2...
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