Answered Essay: Can someone please help me with this homework?

Can someone please help me with this homework?

It’s 6 problems/questions. I asked already but the questions were not answered. Thank you very much. I appreciate your help.

https://www.chegg.com/homework-help/questions-and-answers/e2-9-inferring-investing-financing-transactions-preparing-balance-sheet-home-comfort-furni-q23668846

Answer all questions.

Expert Answer

question 1

2.    Cash + equipment = notes payable + common stock

Ending Balance 70500 + 29000 = 73500 + 26000

3. Liabilities , most of the financing in assets come from liabilities which is of $73500 for by adding four transaction amount , whereas stockholder’s equity is $26000

question 2.

1.

Assets = liabilities +    stockholder’s equity
cash    equipment Accounts payable ST notes payable LT notes payable common stock
Beg. 0 0 0 0 0 0
a 42000 0 0 0 0 42000
b 15000 0 0 0 15000 0
c 0 0 0 0 0 0
d (3000) 6000 0 3000 0 0
e (12000) 24000 12000 0 0 0

3. Journal entries

Date General jounral Debit Credit
a Cash 42000
To common stock 42000
b cash 15000
To LT notes payable 15000
c No entry required
d Equipment 6000
To cash 3000
To ST notes payable 3000
e Equipment 24000
To cash 12000
To Accounts payable 12000

4. Balance Sheet

Assets Liabilities
cash 42000 Accounts payable 12000
Equipment 30000 ST notes payable 3000
LT notes payable 15000
Total liabilities 30000
Shareholder’s equity
Common stock 42000
Retained earnings 0
Total Assets $72000 Total Liabilities and Shareholder’s equity $72000

5.

Current ratio september 30,2013 December 31 ,2012
Numerator Current assets 1180200 4.36 1122600 4.45
Denominator Current liabilities 270700 252100

2-a. Decrease , from current ratio of 2012 that is 4.45 to 4.36 in 2013, this change will be considered as decrease in current ratio

2-b. decreased ability to pay current liabilities , decrease in current ratio implies difficulty in paying off short term liabilities with current assets

3-a

   Current ratio
Numerator Current assets 1180200 – cash of $10000 =$1170200 4.49
Denominator Current liabilities 270700 – Accounts payable of $10000 =260700

3-b. Increase the current ratio , from current ratio of 4.46 to 4.49 shows increase in it.

4.   Stockholder’s equity , Company’s total assets are primarily financed by stockholder;s equity of $1219800, whereas the total liabilities is $314500

question 6

2.

Assets = Liabilities + Stockholders’ equity
cash supplies land building euipment Notes payable Common stock Retained Earnings
Beginning 0 0 0 0 0 0 0 0
a 50000 0 0 0 0 0 50000 0
b (14750) 0 37200 89750 31250 143450 0 0
c 0 0 0 0 0 0 0 0
d (5300) 5300 0 0 0 0 0 0
e 12400 0 (12400) 0 0 0 0 0
Ending 42350 5300 24800 89750 31250 143450 50000 0

4.

a Total assets at the end of the month 193450
b Total liabilities at the end of the month   143450
c Total stockholder’s equity at the end of the month [common stock + retained earnings] 50000
d cash balance at the end of the month 42350
e Total current assets at the end of the month [cash +supplies] 47650

5. Liabilities , ABT’s investment in assets primarily come from liabilites (Notes payable) of $143450, whereas the stockholder’s equity is of $50000.

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