Homework Answers
ABC company can pay a maximum of $600 from their reserves i.e retained earnings. This is because if any extra payment above 600 is made, it would reduce the stock account which cannot be used to pay any dividend,
Thus the answer is a) $600
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Today is the last day of Year 1, and ABC Company's accounting records have the following...
At the beginning of Year 2, ABC Company's accounting records had the following accounts and balances:...
At the beginning of Year 2, ABC Company's accounting records had the following accounts and balances: Cash Land Notes Common Retained Payable Stock Earnings $400 $600 $200 $500 $300 During Year 2, ABC Company had the following transactions: • ABC Co. purchased land for $100 cash. • ABC Co. acquired $200 cash from the issue of common stock What is the balance of ABC Company's Notes Payable account at the end of Year 2? $400 $200 $300 $100
Explanations help Question 14 Alexa Company was started in Year 1. At the end of Year...
Explanations help
Question 14 Alexa Company was started in Year 1. At the end of Year 1 the Company's had the following accounting equation. Assets Liabilities Stockholders' Equity Cash + Land = Notes Payable + Common Stock + Retained Earnings 700 2,100 II 1,000 1,200 600 During Year 2, the company experienced the following accounting events. • Paid off $680 of its note payable. • Earned $2,745 of cash revenue. • Paid $1,735 of cash expenses. • Paid a $360...
Question3 3.5 pts The following selected account balances were taken from ABC Company's a ccounting records...
Question3 3.5 pts The following selected account balances were taken from ABC Company's a ccounting records during 2018: January 1, 2018 December 31, 2018 Inventory Accounts payable Long-term notes payable Income tax payable Investments Accounts receivable Land Common stock Retained earnings 69,000 47,000 165,000 11,000 89,000 77,000 60,000 100,000 26,000 35,000 41,000 130,000 7,000 68,000 84,000 89,000 175,000 41,000 The following information was taken from ABC Company's 2018 income stat ement: Sales revenue Cost of goods sold Gain on sale...
ABC Company had the following balances at the beginning of the accounting period: Common Stock $9,700...
ABC Company had the following balances at the beginning of the accounting period: Common Stock $9,700 Retained Earnings $1,580 ABC Company had the following transactions during the accounting period: (assume all transactions are cash transactions) Issued Common Stock $1.940 Paid Cash Dividends $800 Sold Land $400 Incurred Operating Expenses $3,000 Paid Principal on Note Payable $200 Performed Services for Customers $3,500 What value would be reported on the Statement of Changes in Stockholders' Equity for the ending Common Stock balance...
At the beginning of 2016, Better Corp.'s accounting records had the following general ledger accounts and...
At the beginning of 2016, Better Corp.'s accounting records had the following general ledger accounts and balances. BETTER CORP. Accounting Equation Accounting Titles for Retained Eaminga Event Assets = Liabilities + Stockholders' Equity Cash 10,000 Land 20,000 Notes Payable 12,000 Common Retained Stock Earnings 7,000 11,000 Balance 1/1/2016 Better Corp. completed the following transactions during 2016: 1. Purchased land for $5,000 cash. 2. Acquired $25,000 cash from the issue of common stock. 3. Received $75,000 cash for providing services to...
JYF Company's accounting records at December 31, 2022 reported the following account balances: Cash $25,000 Retained...
JYF Company's accounting records at December 31, 2022 reported
the following account balances:
Cash $25,000
Retained Earnings $53,000 (at January 1, 2022)
Prepaid Insurance $18,000
Advertising Expense $22,000
Cost of Goods Sold $29,000
Interest Revenue $31,000
Copyright $28,000
Supplies $12,000
Accounts Receivable $51,000
Common Stock $91,000
Accounts Payable $50,000
Patent $21,000
Notes Payable $86,000 (due March 1, 2023)
Income Tax Expense $21,000
Inventory $59,000
Building $34,000
Salaries Expense $14,000
Sales Revenue $79,000
Dividends $11,000
Equipment $45,000
Calculate JYF Company's total...
JYF Company's accounting records at December 31, 2022 reported the following account balances: Cash $25,000 Retained...
JYF Company's accounting records at December 31, 2022 reported
the following account balances:
Cash $25,000
Retained Earnings $53,000 (at January 1, 2022)
Prepaid Insurance $18,000
Advertising Expense $22,000
Cost of Goods Sold $29,000
Interest Revenue $31,000
Copyright $28,000
Supplies $12,000
Accounts Receivable $51,000
Common Stock $91,000
Accounts Payable $50,000
Patent $21,000
Notes Payable $86,000 (due March 1, 2023)
Income Tax Expense $21,000
Inventory $59,000
Building $34,000
Salaries Expense $14,000
Sales Revenue $79,000
Dividends $11,000
Equipment $45,000
Calculate JYF Company's total...
At the beginning of Year 2, Better Corp.’s accounting records had the following general ledger accounts...
At the beginning of Year 2, Better Corp.’s accounting records
had the following general ledger accounts and balances.
Better Corp. completed the following transactions during Year
2:
Purchased land for $6,000 cash.
Acquired $27,000 cash from the issue of common stock.
Received $66,000 cash for providing services to customers.
Paid cash operating expenses of $41,800.
Borrowed $12,000 cash from the bank.
Paid a $6,000 cash dividend to the stockholders.
Determined that the market value of the land purchased in event...
ABC Company had the following balances at the beginning of the accounting period: Common Stock $4,200...
ABC Company had the following balances at the beginning of the accounting period: Common Stock $4,200 Retained Earnings $1,090 ABC Company had the following transactions during the accounting period: (assume all transactions are cash transactions) Issued Common Stock $630 Paid Cash Dividends $500 Sold Land $800 Incurred Operating Expenses $1,900 Paid Principal on Note Payable $500 Performed Services for Customers $2,500 What value would be reported on the Statement of Changes in Stockholders' Equity for the ending Retained Earnings balance...
ABC Company had the following balances at the beginning of the accounting period: Common Stock $3,200...
ABC Company had the following balances at the beginning of the accounting period: Common Stock $3,200 Retained Earnings $1,140 ABC Company had the following transactions during the accounting period: (assume all transactions are cash transactions) Issued Common Stock $4,800 Paid Cash Dividends $400 Sold Land $1,000 Incurred Operating Expenses $600 Paid Principal on Note Payable $400 Performed Services for Customers $500 What value would be reported for Net Income for this accounting period? -$100 $500 -$500 $1,140
At the beginning of Year 2, ABC Company's accounting records had the following accounts and balances: Cash Land Notes Common Retained Payable Stock Earnings $400 $600 $200 $500 $300 During Year 2, ABC Company had the following transactions: • ABC Co. purchased land for $100 cash. • ABC Co. acquired $200 cash from the issue of common stock What is the balance of ABC Company's Notes Payable account at the end of Year 2? $400 $200 $300 $100
Explanations help
Question 14 Alexa Company was started in Year 1. At the end of Year 1 the Company's had the following accounting equation. Assets Liabilities Stockholders' Equity Cash + Land = Notes Payable + Common Stock + Retained Earnings 700 2,100 II 1,000 1,200 600 During Year 2, the company experienced the following accounting events. • Paid off $680 of its note payable. • Earned $2,745 of cash revenue. • Paid $1,735 of cash expenses. • Paid a $360...
Question3 3.5 pts The following selected account balances were taken from ABC Company's a ccounting records during 2018: January 1, 2018 December 31, 2018 Inventory Accounts payable Long-term notes payable Income tax payable Investments Accounts receivable Land Common stock Retained earnings 69,000 47,000 165,000 11,000 89,000 77,000 60,000 100,000 26,000 35,000 41,000 130,000 7,000 68,000 84,000 89,000 175,000 41,000 The following information was taken from ABC Company's 2018 income stat ement: Sales revenue Cost of goods sold Gain on sale...
ABC Company had the following balances at the beginning of the accounting period: Common Stock $9,700 Retained Earnings $1,580 ABC Company had the following transactions during the accounting period: (assume all transactions are cash transactions) Issued Common Stock $1.940 Paid Cash Dividends $800 Sold Land $400 Incurred Operating Expenses $3,000 Paid Principal on Note Payable $200 Performed Services for Customers $3,500 What value would be reported on the Statement of Changes in Stockholders' Equity for the ending Common Stock balance...
At the beginning of 2016, Better Corp.'s accounting records had the following general ledger accounts and balances. BETTER CORP. Accounting Equation Accounting Titles for Retained Eaminga Event Assets = Liabilities + Stockholders' Equity Cash 10,000 Land 20,000 Notes Payable 12,000 Common Retained Stock Earnings 7,000 11,000 Balance 1/1/2016 Better Corp. completed the following transactions during 2016: 1. Purchased land for $5,000 cash. 2. Acquired $25,000 cash from the issue of common stock. 3. Received $75,000 cash for providing services to...
JYF Company's accounting records at December 31, 2022 reported
the following account balances:
Cash $25,000
Retained Earnings $53,000 (at January 1, 2022)
Prepaid Insurance $18,000
Advertising Expense $22,000
Cost of Goods Sold $29,000
Interest Revenue $31,000
Copyright $28,000
Supplies $12,000
Accounts Receivable $51,000
Common Stock $91,000
Accounts Payable $50,000
Patent $21,000
Notes Payable $86,000 (due March 1, 2023)
Income Tax Expense $21,000
Inventory $59,000
Building $34,000
Salaries Expense $14,000
Sales Revenue $79,000
Dividends $11,000
Equipment $45,000
Calculate JYF Company's total...
JYF Company's accounting records at December 31, 2022 reported
the following account balances:
Cash $25,000
Retained Earnings $53,000 (at January 1, 2022)
Prepaid Insurance $18,000
Advertising Expense $22,000
Cost of Goods Sold $29,000
Interest Revenue $31,000
Copyright $28,000
Supplies $12,000
Accounts Receivable $51,000
Common Stock $91,000
Accounts Payable $50,000
Patent $21,000
Notes Payable $86,000 (due March 1, 2023)
Income Tax Expense $21,000
Inventory $59,000
Building $34,000
Salaries Expense $14,000
Sales Revenue $79,000
Dividends $11,000
Equipment $45,000
Calculate JYF Company's total...
At the beginning of Year 2, Better Corp.’s accounting records
had the following general ledger accounts and balances.
Better Corp. completed the following transactions during Year
2:
Purchased land for $6,000 cash.
Acquired $27,000 cash from the issue of common stock.
Received $66,000 cash for providing services to customers.
Paid cash operating expenses of $41,800.
Borrowed $12,000 cash from the bank.
Paid a $6,000 cash dividend to the stockholders.
Determined that the market value of the land purchased in event...
ABC Company had the following balances at the beginning of the accounting period: Common Stock $4,200 Retained Earnings $1,090 ABC Company had the following transactions during the accounting period: (assume all transactions are cash transactions) Issued Common Stock $630 Paid Cash Dividends $500 Sold Land $800 Incurred Operating Expenses $1,900 Paid Principal on Note Payable $500 Performed Services for Customers $2,500 What value would be reported on the Statement of Changes in Stockholders' Equity for the ending Retained Earnings balance...
ABC Company had the following balances at the beginning of the accounting period: Common Stock $3,200 Retained Earnings $1,140 ABC Company had the following transactions during the accounting period: (assume all transactions are cash transactions) Issued Common Stock $4,800 Paid Cash Dividends $400 Sold Land $1,000 Incurred Operating Expenses $600 Paid Principal on Note Payable $400 Performed Services for Customers $500 What value would be reported for Net Income for this accounting period? -$100 $500 -$500 $1,140
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