Question

Sheffield Company’s tabular analysis at the beginning of October consisted of the following balances: Assets =...

Sheffield Company’s tabular analysis at the beginning of October consisted of the following balances:

Assets

 =

Liabilities

 +

Stockholders' Equity

Retained Earnings
Cash +

Accounts
Receivable

 =

Accounts
Payable

 +

Common
Stock

 + Revenue - Expenses

Beg. Bal

$9490

$410

$2970

$6930


During October, the company issued additional shares of stock for proceeds of $2020. After recording this transaction in the tabular analysis, the company would report:

Assets $7880 = Liabilities $2970 + Stockholders’ Equity $4990

Assets $9490 = Liabilities $2970 + Stockholders’ Equity $6520

Assets $9900 = Liabilities $2970 + Stockholders’ Equity $8950

Assets $11920 = Liabilities $2970 + Stockholders’ Equity $8950

Business   Accounting   
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Homework Answers

Answer #1

Beginning assets = Cash + Accounts receivables

= 9,490 + 410

= $9,900

Beginning Liabilities = $2,970

Beginning Stockholders’ Equity = $6,930

Additional stock issued for cash = $2,020

Afer stock issue, assets and Stockholders’ Equity will increase by $2,020

Assets after stock issue = Beginning assets + Cash received from stock issue

= 9,900 + 2,020

= $11,920

Stockholders’ Equity after stock issue = Beginning Stockholders’ Equity + Additional stock issued

= 6,930 + 2,020

= $8,950

After recording this transaction in the tabular analysis, the company would report:

Assets $11920 = Liabilities $2970 + Stockholders’ Equity $8950

Fourth option is correct

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