Problem 3: Makapal Merchandising Mr. Kapal started a business called Makapal Merchandising, he is hoping and...
complete analysis, balance sheet, and income statement only Problem 3: Makapal Merchandising Mr. Kapal started a business called Makapal Merchandising, he is hoping and praying for the business to be successful. During the month of September he wanted to see all the transactions that has transpired. The following are the transactions that have occurred during September. Prepare a balance sheet for the as of the end of September and the income statement a. He opened a bank account in the...
Tony formed a business called Tone’s Big Screen TV Emporium Inc. during the month of September. Doors will open for business on October 1. The following occurred during September: Tony invested the following Tony personally borrowed $10,000 from the bank. Tony then invested the funds in the business. Used computer equip. $4,800, originally costing $6,000. Estimates 4 years of service remain. Office equip. worth $2,400, originally costing $6,000. Estimates 5 years of service remain. Called Sony and ordered 10 big...
Problem 3-6 Fred Klein started his own business recently. He began by depositing $5,000 of his own money (equity) in a business account. Once he'd done that his balance sheet was as follows. Liabilities and Assets Equity Cash $5,000 Equity $5,000 Total Assets $5,000 Total $5,000 During the next month, his first month of business, he completed the following transactions. (All payments were made with checks out of the bank account.) Purchased $4,000 worth of inventory, paying $1,500 down and...
QUESTION THREE a. Mr. Evans Otabil has been in business for a number of years. In the past year, he has been busy Learning for the ICAG exams and has not kept proper records for his business. He has given you some information 1 June, 2017 31 May, 2018 GHE GHC Inventory 1,019 2.998 Trade Receivables 3.605 Trade payables 1.740 970 Telephone prepaid 200 265 Cash at bank 2,070 The bank statements for the year to 31" May, 2018 are...
Tucker Boats began business on September 1, 2013, ...Tucker Boats has adopted a September 30 as fiscal year end, just in time to stock new merchandise. On September 1, Joe ...hired a recent graduate, Henry Webster. In the next few days of September, he rented a sales office, boat garage, and lot space. The store is open Monday through Saturday and Joe is there all six days. Henry works 8 hours per day, Monday through Friday. Both Henry and Joe...
The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the company received $48.500 from the issue of common stock 2. Purchased equipment inventory of $176,500 on account 3. Sold equipment for $195,500 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $120,500. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would...
1) Although a proprietorship is not a separate legal entity, a partnership is True False 2) Purchasing supplies on credit increases assets while decreasing liabilities. True False 3)On October 15, Gallery Comp. received $12,500 as a down payment on a consuting contract. The amount was credited to Unearned Consulting Revenue By October 31, 10% of the contract was completed. Gallery Corp. needs to prepare an adjusting entry for $1.250. True False 4) Asset, liability and revenue accounts are not closed...