(a) The Balance Sheet was prepared as at 1/1/2001
(b) The owner equity is $6000
(c) The owner has withdrawn $500.
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D Webber's Investment in her business is $8000
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Assets = Liabilities + Owner's Equity
$15000 = $1250 + $13750
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The value of the Assets is $12000
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Samuel Smith is worth $62500.
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(a) Bought office equipment for $400 cash.
(b) Drew $200 for personal use.
(c) Paid $200 off loan.
(d) Bought a $2000 motor vehicle on credit from Zippy Car Sales
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(a) The balance of the account is $25 debit.
(b) The balance of the account is $4935 credit.
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T Picket's accounts are as follows
T Picket's Trial Balance is
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Addie's Bazaar accounts are as follows
Addie's Bazaar Trial Balance is
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Cost of goods sold = Opening Stock + Purchases - Closing Stock
Cost of goods sold = $1450+ $3450 - $1500 = $3400
Gross Profit = Sales - Cost of goods sold
Gross Profit = $5500 - $3400 = $2100
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In this question we calculated the Owners Equity, Capital a/c, by doing a Trial Balance and making the Capital the balancing figure.
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