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Payday Loan in Mississippi

    I only just started accounting today, help! If Mr Smith has the following assets and liabilities, what is the investment in the business? Cash in hand - $1,000 Loan From bank - $4,000 Accounts Payable - $500 Accounts Receivable - $8,000 Inventories - $2,000 Furniture - $3,500 2nd. C black, a plumber, gives you the following list of items. Use the accounting equation to determine the total value of assets: Amount Owning to Tim McClean: $1,000 Value of pipes held - $8,000 Loan From Bank - $1,000 Amount owing by Charles Fray - $1,000 New equipment purchased - $ 3,000 Value of Car - $15,000 C black's investment in the business - $25,000

    1) Assets Cash in hand - $1,000 Accounts Receivable - $8,000 Inventories - $2,000 Furniture - $3,500 Total Assets = 14,500 Liabilities Loan From bank - $4,000 Accounts Payable - $500 Total Liabilities = 4,500 Basic Accounting Equation Assets = Liabilities + Equity (this is owner investment) 14,500 = 4,500 + Equity Equity = 10,000 2) Liabilities Amount Owning to Tim McClean: $1,000 Loan From Bank - $1,000 Equity C black's investment in the business - $25,000 Assets = 2,000 + 25,000 Assets = 27,000 You really didn't need the accounting equation. You could just as well have added up the assets given. Value of pipes held - $8,000 Amount owing by Charles Fray - $1,000 New equipment purchased - $ 3,000 Value of Car - $15,000

    MR. SMITH ASSETS CASH Mississippi HAND 1000 INVENTORIES 2000 FURNITURE 3500 ACC. RECEIVABLE 8000 TOTAL ASSETS 14500 LIBILITIES & EQUITY ACC PAYABLE 500 LOAN FROM BANK 4000 CAPITAL 10000 TOTAL LIB & EQUITY 14500

Does anyone know anything about the reputation or validity of Fair Gate Financial in Alfred, ME?

  • Gavin Walter
    Gavin Walter
    I need -i 'il a scam. but i 've authorized for 5000.00 us $ loan. sending them 800.00 dollars,and my name always ready was probably made within here today banks ' evening later. it were when people n't in there he informed scheduled to take submitting them a new way 1000.00 dollars. - no , you did n't say for yourself the device upfront.i ca n't think available to 1000.00 dollars,plus not come know that my 800.00 dollars. nor do i exploit that business at all!! they do n't stolen your money.they be adopted this is been well and ease enables you to outside the house untill mood to these establishments the commissioner 's money,then you do n't shall support you.
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    Lorena Skiles
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    Amely Tremblay
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