Examlex

Solved

Annie's Attic Has the Following Account Balances for the Dates

question 24

Essay

Annie's Attic has the following account balances for the dates given:
 September 1 September 30  Cash $40,00060,000 Accounts Receivable 40,00038,000 Accounts Payable 6,000?\begin{array} { | l | r | r | } \hline &{ \text { September } 1 } & \text { September 30 } \\\hline \text { Cash } & \$ 40,000 & 60,000 \\\hline \text { Accounts Receivable } & 40,000 & 38,000 \\\hline \text { Accounts Payable } & 6,000 & ? \\\hline\end{array}
Its net income for September 1 through September 30 was $20,000 and there were no investments by the owners or dividends paid.Determine the equity at both September 1 and September 30.

Definitions:

Related Questions

Q1: The balances for the accounts of

Q11: A company needs to have $200,000 in

Q12: A company had net income of $450,000

Q82: Hector Corp.purchased 1,000 shares of Landmark Corp.'s

Q85: Accounting information systems collect and process data

Q95: A partially completed worksheet is shown below.The

Q179: Cool Tours had beginning equity of $72,000,net

Q182: If equity is $300,000 and liabilities are

Q187: FastForward had cash inflows from operations of

Q188: FastForward paid $6,000 in dividends.This amount should