Paulson Painting began the year with owner's equity of $50,000. During the year, they invested $72,000...
Paulson Painting began the year with owner's equity of $50,000. During the year, they invested $72,000 of cash and assets, recorded expenses of $200,000, and withdrew $80,000. If Paulson’s ending owner's equity was $52,000, what was the company's revenue for the year?
Homework Answers
Beginning owners equity = $50,000
Additional investment = $72,000
Expenses = $200,000
Withdrawals = $80,000
Ending owners equity = $52,000
Revenue = ?
Ending owners equity = Beginning owners equity+ Additional investment + Revenue -Expenses - Withdrawals
52,000 = 50,000+72,000+Revenues-80,000
Revenue = $10,000
The company's revenue for the year $10,000.
Please give a positive rating if you are satisfied with this solution and if you have any query kindly ask.
Thanks!!!
Add Answer to:
Paulson Painting began the year with owner's equity of $50,000.
During the year, they invested $72,000...
The beginning capital balance shown on a statement of owner's equity is $72,000. Net income for...
The beginning capital balance shown on a statement of owner's equity is $72,000. Net income for the period is $22,000. The owner withdrew $30,000 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is $64,000. $94,000. $124,000. $80,000.
The beginning capital balance shown on a statement of owner's equity is $72,000. Net income for...
The beginning capital balance shown on a statement of owner's equity is $72,000. Net income for the period is 22,000. The owner withdrew $30,000 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is
If the assets owned by a business total $250,000, and owner's equity totals $200,000, liabilities total...
If the assets owned by a business total $250,000, and owner's equity totals $200,000, liabilities total $50,000. True False Question 2 1 pts If net income for a proprietorship was $50,000, the owner withdrew $20,000 in cash and the owner invested $10,000 in cash, the capital of the owner increased by $40,000. True False Question 3 1 pts An account receivable is a claim against a customer arising from earning revenue on account. True False
Required: Prepare a year-end statement of owner's equity for Armani Company. Note: The owner invested a...
Required: Prepare a year-end statement of owner's equity for Armani Company. Note: The owner invested a total of $1,700 cash during the year. ARMANI COMPANY Statement of Owner's Equity For Year Ended December 31, 2019 A. Armani, Capital, December 31, 2018 A. Armani, Capital, December 31, 2019 Required information As of December 31, 2019, Armani Company's financial records show the following items and amounts. Cash Accounts receivable Supplies Equipment Accounts payable A. Armani, Capital, Dec. 31, 2018 A. Armani, Capital,...
Help Center Question 1 of total abilities decreased by $25,000 and owner's equity decreased by $5,000...
Help Center Question 1 of total abilities decreased by $25,000 and owner's equity decreased by $5,000 during a period of time, then total assets must change by what ar direction during that same period? Question 2 if total increased by $5.000 and totalasses increased by $29.000, what was the change in owner's couilly? Question 3 Davis Corporation body of 5000 te beginning of June 2017. During the the company reported totales of $100.000 and expenses of 800 with $4800 What...
my work Owner's Equity Assets Liab Accts. Accts T. Cotton, Capital 50,000 + + Supp. +...
my work Owner's Equity Assets Liab Accts. Accts T. Cotton, Capital 50,000 + + Supp. + Equip. Cash 14,800 + 2,800 + 5,600 + 33,600 6,800 + - 960 Rec. Pay Rev. Exp. +. Balances, May 1 Paid for utilities + 960 13,840+ 2,800 + 5,600 + 33,600 = 6,800 + + 4,960 New balances 50,000 + 960 + 4,960 Sold services for cash New balances 18,800 - 2,000 2,800 + 5,600+ 33,600 6,800 2,000 50,000 + 4,960 960 Paid...
Statement of Owner's Equity The revenues and expenses of Sentinel Travel Service for the year ended...
Statement of Owner's Equity The revenues and expenses of Sentinel Travel Service for the year ended August 31, 2019, follow: Fees earned $798,055 Office expense 183,555 Miscellaneous expense 15,960 Wages expense 383,065 Prepare a statement of owner's equity for the year ended August 31, 2019. Barb Schroeder, the owner, invested an additional $47,900 in the business during the year and withdrew cash of $30,300 for personal use. Barb Schroeder, capital as of September 1, 2018, was $215,000. Sentinel Travel Service...
Attempt in Progress Windsor, Inc. began the year with retained earnings of $305000. During the year,...
Attempt in Progress Windsor, Inc. began the year with retained earnings of $305000. During the year, the company issued $402000 of common stock, recorded expenses of $1288000, and paid dividends of $83200. If Windsor's ending retained earnings was $325000, what was the company's revenue for the year? O $1710000 O $1391200 O $1308000 O $1793200 Using the following balance sheet and income statement data, what is the earnings per share? Current assets Current liabilities Average assets Total assets $22600 12000...
8. Precision Camera Services started the year with total assets of $110,000 and total liabilities of...
8. Precision Camera Services started the year with total assets of $110,000 and total liabilities of $45,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $120,000 and $90,000, respectively. During the year, there were no new capital contributions and the owner withdrew $50,000. What is the amount of owner's equity at the end of the year? A) $90,000 B) $120.000 C) $45.000 D) $50.000 9. Metropolitan Casting Services started the year with...
Beginning of the year: Total Assets. $129,000 Total liabilities (a) Total Owner's Equity $85,000 End of...
Beginning of the year: Total Assets. $129,000 Total liabilities (a) Total Owner's Equity $85,000 End of year: Total Assets 180,000 Total Liabilities 50,000 Total Owner's equity 130,000 Changes during year in owner's equity: Additional Investments 25,000 Drawings (b) Total Revenues. 100,000 Total Expenses 65,000 Please solve for a&b and show the calculations.
If the assets owned by a business total $250,000, and owner's equity totals $200,000, liabilities total $50,000. True False Question 2 1 pts If net income for a proprietorship was $50,000, the owner withdrew $20,000 in cash and the owner invested $10,000 in cash, the capital of the owner increased by $40,000. True False Question 3 1 pts An account receivable is a claim against a customer arising from earning revenue on account. True False
Required: Prepare a year-end statement of owner's equity for Armani Company. Note: The owner invested a total of $1,700 cash during the year. ARMANI COMPANY Statement of Owner's Equity For Year Ended December 31, 2019 A. Armani, Capital, December 31, 2018 A. Armani, Capital, December 31, 2019 Required information As of December 31, 2019, Armani Company's financial records show the following items and amounts. Cash Accounts receivable Supplies Equipment Accounts payable A. Armani, Capital, Dec. 31, 2018 A. Armani, Capital,...
Help Center Question 1 of total abilities decreased by $25,000 and owner's equity decreased by $5,000 during a period of time, then total assets must change by what ar direction during that same period? Question 2 if total increased by $5.000 and totalasses increased by $29.000, what was the change in owner's couilly? Question 3 Davis Corporation body of 5000 te beginning of June 2017. During the the company reported totales of $100.000 and expenses of 800 with $4800 What...
my work Owner's Equity Assets Liab Accts. Accts T. Cotton, Capital 50,000 + + Supp. + Equip. Cash 14,800 + 2,800 + 5,600 + 33,600 6,800 + - 960 Rec. Pay Rev. Exp. +. Balances, May 1 Paid for utilities + 960 13,840+ 2,800 + 5,600 + 33,600 = 6,800 + + 4,960 New balances 50,000 + 960 + 4,960 Sold services for cash New balances 18,800 - 2,000 2,800 + 5,600+ 33,600 6,800 2,000 50,000 + 4,960 960 Paid...
Statement of Owner's Equity The revenues and expenses of Sentinel Travel Service for the year ended August 31, 2019, follow: Fees earned $798,055 Office expense 183,555 Miscellaneous expense 15,960 Wages expense 383,065 Prepare a statement of owner's equity for the year ended August 31, 2019. Barb Schroeder, the owner, invested an additional $47,900 in the business during the year and withdrew cash of $30,300 for personal use. Barb Schroeder, capital as of September 1, 2018, was $215,000. Sentinel Travel Service...
Attempt in Progress Windsor, Inc. began the year with retained earnings of $305000. During the year, the company issued $402000 of common stock, recorded expenses of $1288000, and paid dividends of $83200. If Windsor's ending retained earnings was $325000, what was the company's revenue for the year? O $1710000 O $1391200 O $1308000 O $1793200 Using the following balance sheet and income statement data, what is the earnings per share? Current assets Current liabilities Average assets Total assets $22600 12000...
8. Precision Camera Services started the year with total assets of $110,000 and total liabilities of $45,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $120,000 and $90,000, respectively. During the year, there were no new capital contributions and the owner withdrew $50,000. What is the amount of owner's equity at the end of the year? A) $90,000 B) $120.000 C) $45.000 D) $50.000 9. Metropolitan Casting Services started the year with...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago