Fruity Farms was incorporated as a private company on January 1, 2017. The company’s accounts included...
Fruity Farms was incorporated as a private company on January 1,
2017. The company’s accounts included the following at January 31,
2017:
|
Accounts Payable |
$ |
20,000 |
Land |
$ |
100,000 |
|
|
Building |
50,000 |
Notes Payable, due 2019 |
22,000 |
|||
|
Bank Overdraft |
9,000 |
Retained Earnings |
74,000 |
|||
|
Contributed Capital |
75,000 |
Supplies |
3,000 |
|||
|
Equipment |
47,000 |
|||||
During the month of February, the company had the following
activities:
- Paid a dividend to shareholders of $15,000.
- Repaid $10,000 cash to a local bank.
- Issued 500 shares for $50,000 cash.
- Purchased equipment for $30,000, paying $3,000 in cash and signing a note due in six months for the balance.
- Purchased supplies for $3,000 on account.
3. Summarize the journal entry effects from requirement 2 using T-accounts.
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Fruity Farms was incorporated as a private company on January 1,
2017. The company’s accounts included...
Fruity Farms was incorporated as a private company on January 1, 2017. The company’s accounts included...
Fruity Farms was incorporated as a private company on January 1, 2017. The company’s accounts included the following at January 31, 2017: Accounts Payable $ 20,000 Land $ 100,000 Building 50,000 Notes Payable, due 2019 22,000 Bank Overdraft 9,000 Retained Earnings 74,000 Contributed Capital 75,000 Supplies 3,000 Equipment 47,000 During the month of February, the company had the following activities: Paid a dividend to shareholders of $15,000. Repaid $10,000 cash to a local bank. Issued 500 shares for $50,000 cash....
Athletic Performance Company (APC) was incorporated as a private company. The company’s accounts included the following...
Athletic Performance Company (APC) was incorporated as a private
company. The company’s accounts included the following at July
1:
Accounts Payable
$
5,950
Buildings
172,000
Cash
14,900
Common Stock
325,000
Equipment
34,500
Land
134,500
Notes Payable (long-term)
33,750
Retained Earnings
0
Supplies
8,800
During the month of July, the company had the following
activities:
Issued 4,000 shares of common stock for $400,000 cash.
Borrowed $54,750 cash from a local bank, payable in two
years.
Bought a building for $176,250; paid...
Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company’s accounts included the...
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Corporation (B&B) was incorporated as a private company. The
company’s accounts included the following at June 30: Accounts
Payable $ 88,000 Buildings 650,000 Cash 105,000 Common Stock
320,000 Equipment 178,000 Land 519,000 Notes Payable (long-term)
8,000 Retained Earnings 1,041,000 Supplies 5,000 During the month
of July, the company had the following activities: Issued 4,400
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from a local bank, payable in four years. Bought a building for
$196,000;...
Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's...
Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017: $ 211,000 Accounts Payable Factory Building Cash Contributed Capital Equipment $ 21,000 103,300 29,300 191,00 129,000 Land Notes Payable, due 2019 Retained Earnings Supplies 264,500 8,100 During the month of July, the company had the following activities: a. Issued 3,780 shares for $378.000 cash. b. Borrowed $112,000 cash from a local bank, payable June 30, 2020...
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Great Solutions was incorporated as a private company. The company's accounts included the following at June...
Great Solutions was incorporated as a private company. The
company's accounts included the following at June 30:
Accounts Payable 24,900
Buildings 196,000
Cash 56,750
Common Stock 160,000
Equipment 148,000
Land 201,000
Notes Payable(long-term) 3,050
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During the month of July, Great Solutions had the
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Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017: Accounts Payable Factory Building Cash Contributed Capital Equipment $21,800 103,300 29, 300 191,00 129, eee Land Notes Payable, due 2019 Retained Earnings Supplies $ 211,000 4,200 264,500 8,100 During the month of July, the company had the following activities: a. Issued 3,780 shares for $378,000 cash. b. Borrowed $112.000 cash from a local bank, payable June...
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Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following...
Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30 Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $ 25,900 118,000 46,500 200,000 123,000 203,000 3,700 274,700 13,800 During the month of July, the company had the following activities a. Issued 6,100 shares of common stock for $610,000 cash. b. Borrowed $114,000 cash from a local bank, payable in two years c Bought a building...
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Sunland Company, opened an incorporated dental practice on
January 1, 2017. During the first month of operations, the
following transactions occurred.
1.
Performed services for patients who had dental plan insurance.
At January 31, $900 of such services was completed but not yet
billed to the insurance companies.
2.
Utility expenses incurred but not paid prior to January 31
totaled $790.
3.
Purchased dental equipment on January 1 for $86,650, paying
$22,200 in cash and signing a $64,450, 3-year note...
Athletic Performance Company (APC) was incorporated as a private
company. The company’s accounts included the following at July
1:
Accounts Payable
$
5,950
Buildings
172,000
Cash
14,900
Common Stock
325,000
Equipment
34,500
Land
134,500
Notes Payable (long-term)
33,750
Retained Earnings
0
Supplies
8,800
During the month of July, the company had the following
activities:
Issued 4,000 shares of common stock for $400,000 cash.
Borrowed $54,750 cash from a local bank, payable in two
years.
Bought a building for $176,250; paid...
Bearings & Brakes
Corporation (B&B) was incorporated as a private company. The
company’s accounts included the following at June 30: Accounts
Payable $ 88,000 Buildings 650,000 Cash 105,000 Common Stock
320,000 Equipment 178,000 Land 519,000 Notes Payable (long-term)
8,000 Retained Earnings 1,041,000 Supplies 5,000 During the month
of July, the company had the following activities: Issued 4,400
shares of common stock for $440,000 cash. Borrowed $135,000 cash
from a local bank, payable in four years. Bought a building for
$196,000;...
Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017: $ 211,000 Accounts Payable Factory Building Cash Contributed Capital Equipment $ 21,000 103,300 29,300 191,00 129,000 Land Notes Payable, due 2019 Retained Earnings Supplies 264,500 8,100 During the month of July, the company had the following activities: a. Issued 3,780 shares for $378.000 cash. b. Borrowed $112,000 cash from a local bank, payable June 30, 2020...
Deliberate Speed Corporation (OS) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017 Accounts Payable Factory using Cash Contributed Capital Equipment $ 22.000 103.60 192.000 130,000 Land Notes Payable, due 2009 Betained tarnings Supplies $ 212,000 4,400 265,000 8,200 During the month of July, the company had the following activities a. Issued 3760 shares for $376,000 cash b. Borrowed 5114.000 cash from a local bank, payable June 30, 2020...
Great Solutions was incorporated as a private company. The
company's accounts included the following at June 30:
Accounts Payable 24,900
Buildings 196,000
Cash 56,750
Common Stock 160,000
Equipment 148,000
Land 201,000
Notes Payable(long-term) 3,050
Retained Earnings 423,500
Supplies 9,700
During the month of July, Great Solutions had the
following activities:
a) Issued 5,600 shares of common stock for $560,000 cash.
b) Borrowed $106,000 cash from a local bank, payable in 2
years.
c) Bought a building for $240,250; paid $90,250...
Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017: Accounts Payable Factory Building Cash Contributed Capital Equipment $21,800 103,300 29, 300 191,00 129, eee Land Notes Payable, due 2019 Retained Earnings Supplies $ 211,000 4,200 264,500 8,100 During the month of July, the company had the following activities: a. Issued 3,780 shares for $378,000 cash. b. Borrowed $112.000 cash from a local bank, payable June...
Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017: Accounts Payable Factory Building Cash Contributed Capital Equipment $21,800 103,300 29, 300 191,00 129, eee Land Notes Payable, due 2019 Retained Earnings Supplies $ 211,000 4,200 264,500 8,100 During the month of July, the company had the following activities: a. Issued 3,780 shares for $378,000 cash. b. Borrowed $112.000 cash from a local bank, payable June...
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Sunland Company, opened an incorporated dental practice on
January 1, 2017. During the first month of operations, the
following transactions occurred.
1.
Performed services for patients who had dental plan insurance.
At January 31, $900 of such services was completed but not yet
billed to the insurance companies.
2.
Utility expenses incurred but not paid prior to January 31
totaled $790.
3.
Purchased dental equipment on January 1 for $86,650, paying
$22,200 in cash and signing a $64,450, 3-year note...
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