Secure https://mybusinesscourse.com/platform mod quiz attempt.php ? attempt -196
ID: 2336445 • Letter: S
Question
Secure https://mybusinesscourse.com/platform mod quiz attempt.php ? attempt -1965471&scrollposi20g.qi E Menu ESTION 1 Incorrect Mark 0.00 out of 4.00 P Fleg plying the Accounting Equation to Determine Missing Data r each of the four separate situations 1 through 4 below, compute the unknown amounts referenced by the letters a through d Beginning Assets $56,000 $24,000 56000 ds x 37,200 10,000 38,000 18,000 Ending 60,000 52,000 68,000 80,000 30,000 38000 During Year Common Stock Issued 4,000 9,000 56,000 42,000 3,000 7,000 48.000 34,000 13,000 36,000 Expenses 17,000 22,000 Cash Dividends Paid 10,000 2,000 You have correctly selected O. Marks for this submission: 0.00/4.00. Next page 1950Explanation / Answer
Company 1:
Beginning Equity = Beginning Assets - Beginning Liabilities
Beginning Equity = $56,000 - $37,200
Beginning Equity = $18,800
Ending Equity = Ending Assets - Ending Liabilities
Ending Equity = $60,000 - $34,600
Ending Equity = $25,400
Increase in Equity = Ending Equity - Beginning Equity
Increase in Equity = $25,400 - $18,800
Increase in Equity = $6,600
Increase in Equity = Common Stock Issued + Revenues - Expenses - Cash Dividends Paid
$6,600 = $4,000 + Revenues - $17,000 - $10,000
Revenues = $29,600
Company 2:
Beginning Equity = Beginning Assets - Beginning Liabilities
Beginning Equity = $24,000 - $10,000
Beginning Equity = $14,000
Increase in Equity = Common Stock Issued + Revenues - Expenses - Cash Dividends Paid
Increase in Equity = $9,000 + $56,000 - $42,000 - $3,000
Increase in Equity = $20,000
Increase in Equity = Ending Equity - Beginning Equity
$20,000 = Ending Equity - $14,000
Ending Equity = $34,000
Ending Equity = Ending Assets - Ending Liabilities
$34,000 = $52,000 - Ending Liabilities
Ending Liabilities = $18,000
Company 3:
Beginning Equity = Beginning Assets - Beginning Liabilities
Beginning Equity = $56,000 - $38,000
Beginning Equity = $18,000
Ending Equity = Ending Assets - Ending Liabilities
Ending Equity = $68,000 - $30,000
Ending Equity = $38,000
Increase in Equity = Ending Equity - Beginning Equity
Increase in Equity = $38,000 - $18,000
Increase in Equity = $20,000
Increase in Equity = Common Stock Issued + Revenues - Expenses - Cash Dividends Paid
$20,000 = Common Stock Issued + $36,000 - $22,000 - $2,000
Common Stock Issued = $8,000
Company 4:
Ending Equity = Ending Assets - Ending Liabilities
Ending Equity = $80,000 - $38,000
Ending Equity = $42,000
Increase in Equity = Common Stock Issued + Revenues - Expenses - Cash Dividends Paid
Increase in Equity = $7,000 + $48,000 - $34,000 - $13,000
Increase in Equity = $8,000
Increase in Equity = Ending Equity - Beginning Equity
$8,000 = $42,000 - Beginning Equity
Beginning Equity = $34,000
Beginning Equity = Beginning Assets - Beginning Liabilities
$34,000 = Beginning Assets - $18,000
Beginning Assets = $52,000