Homework Answers
June 20 Journal entry will be -
Cash a/c dr .... 8000
to Account receivable a/c ... 8000
Therefore Cash asset will increase by 8000 and non cash asset will reduce by 8000
| Date | Cash asset | Non cash asset | Liabilities | Contributed capital | Earned surplus | Revenue | Expenses | Net income | |
| 6/20 | 8000 | -8000 |
Add Answer to:
Record the transaction:
June 20: SBUX receives $8,000 payment from Valentine relating
to the May 26...
Record the transaction: May 26: SBUX sells $10,000 of coffee to Valentine, payment due in 45...
Record the transaction:
May 26: SBUX sells $10,000 of coffee to Valentine, payment due
in 45 days.
Income Statement Balance Sheet Date (if any Cash Noncash given) Asset Assets 2/14 5/26 Contributed Earned Liabilities Capital surplus Revenues Expenses Net Income
Record the transaction: June 15: the new store opened. SBUX determines that it has satisfied the...
Record the transaction:
June 15: the new store opened. SBUX determines that it has
satisfied the promises made to Valentine relating to store location
and training.
February 14: SBUX granted a license to Valentine Partners to operate a SBUX a store in (that's right you guessed it) the City of Brotherly Love, Philadelphia, Pennsylvania. Under the terms of the agreement SBUX will assist Valentine in determining store location and train Valentine's employees to meet SBUX standards for service before the...
Record the transaction: February 14: SBUX granted a license to Valentine Partners to operate a SBUX...
Record the transaction:
February 14: SBUX granted a license to Valentine Partners to
operate a SBUX store in the City of Brotherly Love, Philadelphia,
Pennsylvania. Under the terms of the agreement SBUX will assist
Valentine in determining store location and train Valentine’s
employees to meet SBUX standards of service before officially
opening of the store. The fee for these services is $400,000 due up
front. SBUX will sell coffee to Valentine on credit. Valentine will
pay a 10% royalty to...
Record the transaction: June 30: Valentine reports that it has made $40,000 of sales in June....
Record the transaction:
June 30: Valentine reports that it has made $40,000 of sales
in June.
Date Balance Sheet Income Statement Contributed Earned (if any Cash Noncash given) A 2/14 5/26 6/15 6/20 6/30 7/5 sset Assets Liabilities Capital Srplus Revenues Expenses Net Incon
Record the transaction: SBUX sells $180,000 in coffee to customers who uses Starbucks Cards to make...
Record the transaction:
SBUX sells $180,000 in coffee to customers who uses Starbucks Cards
to make their purchases.
SBUX sells $180,000 in coffee to customers who uses Starbucks Cards to make their purchases. Balance Sheet Income Statement Date (ifany Cash given) Asset Noncash Contributed Earned Liabilities Capital -pens e-.NerIncome Assets surplus Revenues
Record transaction: In January, SBUX sells coffee totaling $300,000 to customers for cash. (IMPORTANT ASIDE: The...
Record transaction:
In January, SBUX sells coffee totaling $300,000 to customers
for cash. (IMPORTANT ASIDE: The customer might use a credit card to
make the purchase. Credit companies charge 2-3% processing fee.
SBUX would treat the credit card transaction the same as a cash
purchase, except that the amount recorded would be the net cash
flow, 97-98% of the selling price.)
Transactions to record: Company-owned stores. In January, SBUX sells coffee totaling $300,000 to customers for cash. (Important aside: The...
Analyzing Transactions Using the Financial Statement Effects Template Following are selected transactions of Mogg Company. Record...
Analyzing Transactions Using the Financial Statement Effects Template Following are selected transactions of Mogg Company. Record the effects of each using the financial statement effects template. Shareholders contribute $10,000 cash to the business in exchange for common stock. Employees earn $500 in wages that have not been paid at period-end. Inventory of $3,000 is purchased on credit. The inventory purchased in transaction 3 is sold for $4,500 on credit. The company collected the $4,500 owed to it per transaction 4....
4. Wizco Advertising's balance sheet data at May 31, 2018, and June 30, 2018, follow: June...
4. Wizco Advertising's balance sheet data at May 31, 2018, and June 30, 2018, follow: June 30, 2018 Revenues-Expenses red May 31, 2018 $ 122,000 66,000 Total Assets Total Liabilities 5 287,000 rat 144,000 For each of the following situations that occurred in June 2018 with regard to the owner's contributions and withdrawals, compute the amount of net income or net loss during June 2018. a. The owner contributed $10,000 to the business and made no withdrawals. b. The owner...
he effects of the entry to record the declaration of the dividend on June 14, 2016...
he effects of the entry to record the declaration of the dividend on June 14, 2016 a. decrease stockholders' equity and increase liabilities. increase stockholders' equity and increase liabilities. decrease stockholders' equity and decrease assets d. C. increase stockholders' equity and decrease assets. When common stock is issued by a corporation for a cash price above par value, t over the par value should be reported in the financial statements as a component of retained earnings on the balance sheet....
Analyzing Transactions Using the Financial Statement Effects Template Hanlon Advertising Company began the current month with...
Analyzing Transactions Using the Financial Statement Effects Template Hanlon Advertising Company began the current month with the following balance sheet. Cash $ 80.000 Liabilities $ 70,000 Noncash assets 135,000 Contributed capital 110.000 Earned capital 35.000 Total assets $215,000 Total liabilities and equity 5215,000 Following are summary transactions that occurred during the current month. 1. The company purchased supplies for $5,000 cash; none were used this month. 2. Services of $2,500 were performed this month on credit 3. Services were performed...
Record the transaction:
May 26: SBUX sells $10,000 of coffee to Valentine, payment due
in 45 days.
Income Statement Balance Sheet Date (if any Cash Noncash given) Asset Assets 2/14 5/26 Contributed Earned Liabilities Capital surplus Revenues Expenses Net Income
Record the transaction:
June 15: the new store opened. SBUX determines that it has
satisfied the promises made to Valentine relating to store location
and training.
February 14: SBUX granted a license to Valentine Partners to operate a SBUX a store in (that's right you guessed it) the City of Brotherly Love, Philadelphia, Pennsylvania. Under the terms of the agreement SBUX will assist Valentine in determining store location and train Valentine's employees to meet SBUX standards for service before the...
Record the transaction:
February 14: SBUX granted a license to Valentine Partners to
operate a SBUX store in the City of Brotherly Love, Philadelphia,
Pennsylvania. Under the terms of the agreement SBUX will assist
Valentine in determining store location and train Valentine’s
employees to meet SBUX standards of service before officially
opening of the store. The fee for these services is $400,000 due up
front. SBUX will sell coffee to Valentine on credit. Valentine will
pay a 10% royalty to...
Record the transaction:
June 30: Valentine reports that it has made $40,000 of sales
in June.
Date Balance Sheet Income Statement Contributed Earned (if any Cash Noncash given) A 2/14 5/26 6/15 6/20 6/30 7/5 sset Assets Liabilities Capital Srplus Revenues Expenses Net Incon
Record the transaction:
SBUX sells $180,000 in coffee to customers who uses Starbucks Cards
to make their purchases.
SBUX sells $180,000 in coffee to customers who uses Starbucks Cards to make their purchases. Balance Sheet Income Statement Date (ifany Cash given) Asset Noncash Contributed Earned Liabilities Capital -pens e-.NerIncome Assets surplus Revenues
Record transaction:
In January, SBUX sells coffee totaling $300,000 to customers
for cash. (IMPORTANT ASIDE: The customer might use a credit card to
make the purchase. Credit companies charge 2-3% processing fee.
SBUX would treat the credit card transaction the same as a cash
purchase, except that the amount recorded would be the net cash
flow, 97-98% of the selling price.)
Transactions to record: Company-owned stores. In January, SBUX sells coffee totaling $300,000 to customers for cash. (Important aside: The...
4. Wizco Advertising's balance sheet data at May 31, 2018, and June 30, 2018, follow: June 30, 2018 Revenues-Expenses red May 31, 2018 $ 122,000 66,000 Total Assets Total Liabilities 5 287,000 rat 144,000 For each of the following situations that occurred in June 2018 with regard to the owner's contributions and withdrawals, compute the amount of net income or net loss during June 2018. a. The owner contributed $10,000 to the business and made no withdrawals. b. The owner...
he effects of the entry to record the declaration of the dividend on June 14, 2016 a. decrease stockholders' equity and increase liabilities. increase stockholders' equity and increase liabilities. decrease stockholders' equity and decrease assets d. C. increase stockholders' equity and decrease assets. When common stock is issued by a corporation for a cash price above par value, t over the par value should be reported in the financial statements as a component of retained earnings on the balance sheet....
Analyzing Transactions Using the Financial Statement Effects Template Hanlon Advertising Company began the current month with the following balance sheet. Cash $ 80.000 Liabilities $ 70,000 Noncash assets 135,000 Contributed capital 110.000 Earned capital 35.000 Total assets $215,000 Total liabilities and equity 5215,000 Following are summary transactions that occurred during the current month. 1. The company purchased supplies for $5,000 cash; none were used this month. 2. Services of $2,500 were performed this month on credit 3. Services were performed...
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