Below are SOME of the accounts for Linh Do Accounting Firm prepared at the year ended 30th June 2023 . Calculate the Total Equity as at 30th June 2023.

Accounts receivable 6,108
Contributed Capital 22,677
Sales Revenue 57,272
Equipment 8,913
Unearned Sales Revenue 8,916
Dividends 9,502
Cost of sales 6,506
Accounts payable 5,017
Salary payable 3,541
Operating expenses 5,071
Retained earnings, 30 June 2022 4,709
Retained earnings, 30 June 2023 10,992
Bank loan 6,336

Question

Below are SOME of the accounts for Linh Do Accounting Firm prepared at the year ended 30th June 2023 . Calculate the Total Equity as at 30th June 2023.

Accounts receivable	6,108
Contributed Capital	22,677
Sales Revenue	57,272
Equipment	8,913
Unearned Sales Revenue	8,916
Dividends	9,502
Cost of sales	6,506
Accounts payable	5,017
Salary payable	3,541
Operating expenses	5,071
Retained earnings, 30 June 2022	4,709
Retained earnings, 30 June 2023	10,992
Bank loan	6,336

BlackTom AI · Accepted Answer

First, restate the key values that matter for Total Equity. We have Contributed Capital = 22,677 and Retained earnings as at 30 June 2023 = 10,992. Other items listed include revenue and expense accounts, dividends, various liabilities, and assets, but equity is specifically the residual interest of owners, which is the sum of contributed capital and retained earnings (assuming no additional owner investments or drawings beyond what is given).

Next, consider the effect of dividends. Dividends reduce retained earnings when they are paid, but the figure labeled "Retained earnings, 30 June 2023" already reflects that reduction. Therefore, you should not add or subtract dividends separately from retained earnings here; use the 2023 retained earnings figure directly in the equity calculation.

Now perform the calculation by combining the components of equity:
- Contributed capital: 22,677
- Retained earnings (30 June 2023): 10,992

Total Equity = Contributed capital + Retained earnings = 22,677 + 10,992

Carry out the addition step by step: 22,677 plus 10,000 equals 32,677; adding the remaining 992 gives 33,669.

To confirm consistency, note that other presented numbers (assets, revenues, expenses, other liabilities) are useful for a broader view of the business’s financial position, but they do not alter the owners’ equity calculation when the problem provides explicit equity components.

Therefore, the calculated Total Equity at 30 June 2023 corresponds to 33,669. The line of reasoning hinges on using contributed capital and the ending retained earnings, and recognizing that dividends are already reflected in the ending retained earnings figure.

类似问题

A company has assets of $544,485, liabilities of $314,694 and retained earnings of $58,369. How much is the total equity?

How did Egyptian culture and governance change during the Ptolemaic period compared to the pharaonic period?

Name the Supreme Court decision that removed financial constraints on PACs.

Political scientists Joshua Kalla and David Broockman find that senior policy makers made themselves available to _____ between three and four times more often than they did to constituents.

Name the political scientist who argues that parties are designed to serve the needs of ambitious politicians (namely candidates and officeholders).

Name the political scientist who said this famous quote about the problems of pluralism: “The flaw in the pluralist heaven is that the heavenly choir sings with a strong upper-class accent.”

What is the name of the third party candidate in 2000 who was not allowed to participate in the presidential debates? Hint: We watched a video clip with him in class.

更多留学生实用工具

智能学习助手

风格化写作助手

论文查重助手

文献引用助手

课堂转译助手

课堂笔记助手

Quiz搜索助手

学校历年真题

智能刷题助手

智能匹配练习

希望你的学习变得更简单