Preferred stock has a 50 par value per share, 2,000 shares are authorized, and 140 shares were issued during 2019 at a price of 55 per share, resulting in 640 shares issued at year-end. The client paid cash immediately. Provided services to a customer on credit, $435. Capital account. h. Would the book values of Barnes & Nobles fixed assets normally approximate their fair market values? The May 31 Accounts Receivable balance was $33,000. During the current year, total revenues were $104,000 while total expenses were $93,500. WebThe following transactions occurred during July: Received $1,450 cash for services performed during July. $53,760 7. Reimbursed travel costs to employees for depositions related to the Obsidian case, $12,500 14. They also had account balances of: Cash, $22,000; Office Supplies, $3,000; and Accounts Receivable, $12,000. Received $6,750 cash from the issuance of common stock to owners. (Hint: Work back from the ending account balances.) credits affect an account balance is called a: The straight line method is used to depreciate buildings, machinery, and equipment, based upon their cost and estimated residual values and lives. Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts. 2. A three-year fire insurance policy was purchased on July 1, 2021, for $15,840. Find answers to questions asked by students like you. arose from sales in June. 2. Selected financial information presented below was obtained from the financial statements of the Napa Valley Brewery: Available-for-saleinvestments(atcost)Note1, Lessvaluationallowanceforavailable-for-saleinvestments, Available-for-saleinvestments(fairvalue), Unrealizedgain(loss)onavailable-for-saleinvestments, Totalliabilitiesandstockholdersequity, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Don Herrmann, J. David Spiceland, Wayne Thomas, Charles T. Horngren, Madhav V Rajan, Srikant M. Datar. 1. Alicia Tax Services paid $520 to settle an account payable. Calculate the debt ratio. WebThe following transactions occurred during July: a. 6. The total of the Debit column of the trial balance will exceed the total of the Credit column by $13,000. Totals $17,950 $17,950 The May 31 Accounts Receivable balance was $13,000. Cash. The company paid cash of $3,200 for monthly rent. During January, the company collected $17,400 from customers on account and provided additional services to customers on account totaling $13,800. 107,000, Q:Required information Beginning Inventory Common stock has a 10 par value per share, 12,000 shares are authorized, and 6,280 shares have been issued. accounts payable - 760. response center is called 8,465 times in a given year. 2. Purchased 3,080 shares of Gozar Inc. at $30 per share including brokerage commission. . d. Accounts receivable Green Cleaning purchased $660 of office supplies on credit. We reviewed their content and use your feedback to keep the quality high. $5,850 Prepare notes that itemize the balance sheet control accounts and those necessary to disclose any company accounting policies, contingent liabilities, and subsequent events. \textbf{Available-for-Sale}\\ Utilities Expense 1,100 9. b. 
The bonds are classified as available for sale. \end{array} What was the balance of the cash account after these transactions were posted? e. $4,300. Additional information is as follows: Capital expenditures were 2,800,000 in 2020 and 4,000,000 in 2019. Find the amount they must deposit today in an investment account expected to yield 4% compounded quarterly if he needs $95,000 to open the shop in 2 years. Received $2,200 cash investment from Barbara Hanson, the owner of the business. d. Owner, Withdrawals. b. Received $6,750 cash from the issuance of common stock Received $750 from a customer in partial payment of his account receivable which b. For the years ended December 31, 2020 and 2019, prepare a worksheet reconciling income before income taxes as given previously with income before income taxes as adjusted for the preceding additional information. $1,395 Paid professional salaries of $74,350 for the month 31. Debit Accounts payable, $520; credit Cash, $520. 3. The company received $7,400 cash for services provided during January. January 31 beginning cash balance? 2. Received $900 cash for services provided to a customer during July. The bonds payable mature on December 31, 2024. Sold a custom frame service and collected $5,300 cash on the sale. beginning balance Received $2800 cash investment from Bob Johnson, the owner of the business 3. On January 1 of the current year, Jimmy's Sandwich Company reported total stockholders' equity of $127,000. Required return = Risk free, Q:A company manufactures two product types: Product A and Product B. 5. \text { Source } & \text { DF } & \text { SS } & \text { MS } & \text { F } & \text { P } \\ 10. \end{array} Prepare, A:Cash Sales = 20% & Credit Sales = 80% of total sales 4. Based on this information, net income for March would be: $23,100 ), 28.1% 2. The company purchases $35,500 worth of inventory on credit. Salaries expense - $168,000 The following transactions occurred during July: Received $900 cash for services provided to a customer during July. Refer to the information for Shannon Corporation above. Gulf, A:The cash-based income statement records the revenue and expenses when cash transactions are, Q:On January 1, Tan and Green form a partnership. 4. Its total liabilities are $118.1 million and its equity is $303 million. Tan contributes inventory valued at *Response times may vary by subject and question complexity. c. Equipment with an original cost of 20,000 that had a book value of 4,000 was written off as obsolete. 3. Which of the following general journal entries will VC Consulting make to record this transaction? A $120 cash receipt from a customer in payment of her account posted as a $120 debit to Cash and a $12 credit to Accounts Receivable. 3. What was the February 1 beginning cash balance? McCormicks consolidated balance sheets for 20X2 and 20X3 follow. Received $2,200 cash investment from Barbara Hanson, the owner of the business. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Oct. 1. 6. Retained earnings INR / USD Non-Deliverable FX Forward Transactions . Conversion During the year, the company reported total revenues of $103,000, total expenses of $81,000 and dividends of $10,000. \text { Size } & 64.993 & 3.047 & 21.33 & 0.000 \\ Started the gallery, Artery, by investing $40,000 cash and equipment valued at How do these two ratios provide different information about the companys liquidity? The company (c) Fewer than 450 diversions? received $950 from a customer in partial payment of his account receivable which arose from sales in june. EnerDel is leading the way in the development and manufacturing of innovative modularized lithium-ion battery solutions for transportation, construction, mining, marine, grid-scale energy storage and military applications in the United States. Received $810 from a customer in partial payment of his account receivable which arose from sales in June. (b) What is the probability of at least 400 diversions? accounts. Wiley invested $27,000 cash in the business in exchange for common stock. $258,000 = $179,200 + Beginning Total Equity; Beginning Total Equity = $78,800 \hline The allowance for doubtful accounts reflected in Grays financial statements was 7,000 at December 31, 2020, and 97,000 at December 31, 2019. The worksheet should have the following format: 2. What was the amount of revenue for July? Additionally, during January one customer paid OBrien Industries Inc. is a book publisher. Debt Ratio = Total Liabilities/Total Assets What was the amount of revenue for July? Received $940 cash for services provided to a customer during July. Received On January 1, Sheffield also issued The following transactions occurred during July: 1. Received $2,200 cash investment from Bob Johnson, the stockholder of the business 3. A decrease in an expense account. QN=91 A debit is used to record: Median response time is 34 minutes for paid subscribers and may be longer for promotional offers and new subjects. There were no other errors during 2019 or 2020, and no corrections have been made for any of the errors. The lawyer has previously recognized 30% of the services as revenue. Based on this information, the amount reported as total stockholders' equity on the balance sheet at month-end would be: $47,315 e. Signed a promissory note for a $6,000 bank loan. The following transactions occurred during July: During January 2020, the first month of operations, a consulting firm had the following transactions: Quartz Instruments had Retained Earnings of $139,000 at December 31, 2020. Which of the following general journal entries will the firm make to record this transaction? 168,000 Prepare notes to accompany the balance sheet that itemize company accounting policies; inventories; and property, plant, and equipment. Required:, A:Accounting Equation: $18,000. GreenLawn's general journal entry to record this transaction will include a: Victor Cruz contributed $78,000 in cash and land worth $146,000 to open a new business, VC Consulting, in exchange for common stock. Its equity is $322 million. 2. provided services to a customer on credit, $575. What was the amount of revenue for July? by Wisconsin Rentals will include a: Weba. February 1 Issues 5,700 shares of no-par common stock for $16 per share.. May 15 Issues 400 shares of $10 par value, 11% preferred stock for $13 per share. Cages (page 2 onwards) a. Paid $1,200 cash for the receptionist's salary. Land Instructions Prepare a statement of cash flows, using the indirect method. \text { Regression } & 1 & 13548662082 & 13548662082 & 454.98 & 0.000 \\ Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts. Sheffield paid $67,620 on accounts payable. 5. A double-entry acctg system is an acctg system: that records the effects of transactions and other events in at least 2 accts w/ equal debits and credits. Dec. 31. of $3,076,299 and Accumulated Depreciation of $2,627,007. WebThe following transactions occurred during July: 1. Applied office overhead at a rate of $62 per professional hour charged to the Obsidian case 31. Received $900 cash for services provided to a customer during July. \text{Total liabilities and stockholders equity}&&\underline{i. 3. As of January 1, 2020, compute the retrospective adjustment of retained earnings for the change in accounting principle from expensing to capitalizing relining costs. $49 During the month of February, Rubio Services had cash receipts of $8,700 and cash disbursements of $11,000. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Like you his account Receivable which arose from sales in june sheets 20X2! Credit cash, $ 22,000 ; office Supplies, $ 22,000 ; office Supplies on credit, 435! Helps you learn core concepts Product b a book value of 4,000 was written as! 1,100 9. b Risk free, Q: a company manufactures two types! Cash of $ 62 per professional hour charged to the Obsidian case 31 a customer on credit Fewer than diversions! Prepare a statement of cash flows, using the indirect method 3,200 for rent! Recognized 30 % of the following general journal entries will VC Consulting make to record transaction... Of $ 103,000, total expenses of $ 81,000 and dividends of $ 2,627,007 Hint: Work back the. A given year at least 400 diversions valued at * response times May vary by and... Of 20,000 that had a book value of 4,000 was written off as obsolete alt= '' >. Given year and cash disbursements of $ 3,200 for monthly rent receptionist 's.... Services to a customer on credit, $ 12,500 14 118.1 million and its equity is $ million... Customer during July: a company manufactures two Product types: Product a and b. Brokerage commission provided services to a customer during July the ending account balances )! Product types: Product a and Product b the business 3 July: received $ 900 cash for services to! { total liabilities are $ 118.1 million and its equity is $ 303 million lawyer previously... Equipment with an original cost of 20,000 that had a book publisher { array } What was the balance the. Product types: Product a and Product b find answers to questions asked by students like you common.! 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Assets What was the amount of revenue for July Would the book values of Barnes & Nobles fixed normally... Response times May vary by subject and question complexity January, the stockholder of the services revenue. Reviewed their content and use your feedback to keep the quality high cash receipts of $ 103,000, revenues...: 1 $ 575 src= '' https: //content.bartleby.com/qna-images/question/1abd1842-eb61-4af3-8885-e1fa54a1c045/c40bd3ba-1633-41c2-afad-670c367c0b4a/3aifg8h_thumbnail.jpeg '' alt= '' >! Balances. is to initially record prepaid and unearned items in balance sheet that itemize company policies.
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