fill in the missing amounts in the balance sheet after the following transactions. you start with $2,500 in…
fill in the missing amounts in the balance sheet after the following transactions. you start with $2,500 in cash and in owners equity. you may use one of the following numbers more than once and some may not be used.\na. you purchase testing equipment for $815.\nb. you sell product purchased for $500 for $1750.00\nc. you receive next months utility bill for $185.00\nd. you pay the rent by check for $300.
Answer
Explanation:
Step1: Calculate cash balance
Initial cash is $2500. Purchase of equipment reduces cash by $815, payment of rent reduces cash by $300, and selling product increases cash by $1750. So, $2500 - 815-300 + 1750=3135$.
Step2: Calculate equipment balance
Purchase equipment for $815 and no other equipment - related transactions affect it. So equipment balance is $815$.
Step3: Calculate owner's equity
Initial owner's equity is $2500. Profit from selling product ($1750 - 500 = 1250$) increases owner's equity. So, $2500+1250 = 3750$.
Step4: Calculate totals
Total assets = Cash + Equipment = $3135+815 = 3950$. Total liabilities and owner's equity = Accounts Payable+Owner's Equity = $185 + 3750=3950$.
Answer:
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Completed, Client Connection Error][SSE Completed, Client Connection Error][LLM SSE On Failure]