A corporation purchased a $40,000 delivery truck by paying 4,000 cash and signing a $36,000 note payable. Immediately prior to this transaction the corporation had assets, liabilities and owners' equity in the amounts of $75,000; $52,000; and $23,000 respectively. What is the total amount of the corporation's assets after this transaction has been recorded?

Beginning Assets were $437,600, Beginning Liabilities were $262,560, Common Stock sold during the year totaled $45,000, Revenue for the year was $414,250, Expenses for the year were $280,000, Dividends declared was $22,700, and Ending Liabilities is $350,000.
What is the Ending Equity for the year?

On September 30, the Cash account of Value Company had a normal balance of $5,000. During September, the account was debited for a total of $12,200 and credited for a total of $11,500. What was the balance in the Cash account at the beginning of September?

On November 30, a company had an Accounts Receivable balance of $5,100. During the month of December, total credits to Accounts Receivable were $76,000 from customer payments. The December 31 Accounts Receivable balance was $43,000. What was the amount of credit sales during December?

The Fireside Country Inn is a very popular destination for tourists. The Inn requires guests to make reservations at least two months in advance of their stay. A twenty percent down payment is required at the time the reservation is made. When should this inn recognize room rental revenue?

The following transactions occurred during July:
Received $900 cash for services provided to a customer during July.
Received $2,200 cash investment from Barbara Hanson, the owner of the business.
Received $750 from a customer in partial payment of his account receivable, which arose from sales in June.
Provided services to a customer on credit, $375.
Signed a promissory note for a $6,000 bank loan.
Received $1,250 cash from a customer for services to be rendered next year.
What was the amount of revenue for July?

If a company forgot to record depreciation on office equipment at the end of an accounting period, the financial statements prepared at that time would show

On December 31, the balance in the Prepaid Advertising account was $176,000, which is the remaining balance of a twelve-month advertising campaign purchased on August 31 in the current year. Assuming the cost is spread equally over each month how much did this advertising campaign cost in total?

A company purchased $7,500 worth of merchandise. Transportation costs were an additional $80. The company later returned $900 worth of merchandise and paid the invoice within the 3% cash discount period. The total amount paid for this merchandise is

Start with your assets amount prior to the transaction. Now add the truck cost and subtract the cash paid amount to get your ending assets amount.

You used 8 months of advertising from Jan 1 to Aug 31, which means out of the 12 month advertising campaign you have 4 months remaining from Sep 1 to Dec 31. So just take your prepaid advertising beginning amount times 4/12 to get your ending prepaid advertising balance.

For your merchandise take your total purchase minus your return, then times 97%(100% - 3%), and finally add your transportation costs to get the total amount paid.