ACCT301 quiz 1 part 2

Question1:

Use the accounting equation to find the Owner’s Capital.

Assets $100,500

Liabilities $30,145

Owner's Capital

Owner's Draw $20,155

Revenues $51,085

Expenses $26,765

Question2:

Deadwood Trading reported assets of $950 and equity of $ 779. What is Deadwood Trading’s debt ratio? (Round your answer to the nearest whole number)

Question 3:

Tombstone Laundry has the following balance sheet:

Tombstone Laundry

Balance Sheet

December 31, 2013

Assets

Cash $ 751

Accounts Receivable 292

Office Supplies 355

Land 1,000

Total Assets $ 2,398

Liabilities

Accounts Payable $ 550

Salaries Payable 100

Total Liabilities $ 650

Owner’s Equity

Earp Capital, 12/31/13 1,748

Total Liabilities & Owner’s Equity $ 2,398

Tombstone laundry’s current ratio is? (Round the current ratio to two decimal places.)

Question 4:

Assume Calamity Jane Lawn Service had net income of $2,352 for the year ending 2013. Calamity Jane Lawn Service beginning and ending total assets were $10,840 and $10,160, respectively. Calculate Calamity Jane Lawn Service’s return on assets (ROA). (Round the ROA to the nearest hundredth percent, X.XX%)

Question 5:

Doc Holiday Dental Dispensary completed the following transactions in July:

On July 1, Doc contributed $1000 to the business.

On July 15, Purchased office supplies on account, $ 150

On July 30, Paid $25 on account

Journalize the transactions of Doc Holiday Dental Dispensary without explanations