Owner's | |||||||||||||
Assets | Liabilities | Equity | |||||||||||
Office | Notes | Accounts | Capital | ||||||||||
Cash | + | Land | + | Building | + | Equipment | = | Payable | + | Payable | + | Stock | |
Balances | $ 37,000.00 | $ 95,000.00 | $ 125,000.00 | $ 51,250.00 | $ 80,000.00 | $ 28,250.00 | $ 200,000.00 | ||||||
1) | $ 35,000.00 | $ 35,000.00 | |||||||||||
2) | $(22,500.00) | $ 35,000.00 | $ 55,000.00 | $ 67,500.00 | |||||||||
3) | $ 9,500.00 | $ 9,500.00 | |||||||||||
4) | $ 20,000.00 | $ 20,000.00 | |||||||||||
5) | $(28,250.00) | $(28,250.00) |
problem 2.3A 70 Chapter 2 Basic Financial Statements Goldstar Communications was organized on December 1 of...
need problem 2.4a answered, instructions A and b answered thank
you
shown ber 31 are listed as Exhibit 2-11. . Record the effects of each of the Show the totals for all columns after each tradisi The items making up the balance sheet of Phillips Truck Rental at December 31 follows in tabular form similar to the s on of the accounting equation in Exhibir 2_1 LO2-3 PROBLEM 2.4A An Alternate Problem on Recording the Effects of Transactions Owners' Equity...
ezto.mheducation.com/hm.tpx The items making up the statement of financial position of Rankin Truck Rental at December 31 are listed below in tabular form similar to the illustration of the accounting equation in Exhibit 2-11 Assets Liabilities + Equity Accounts Office Notes Accounts Share Cash + Receivable + Trucks + Equipment = Payable + Payable + Capital Balances $9,500 $13,900 $68,000 $3,800 $20,000 $10.200 $65,000 During a short period after December 31, Rankin Truck Rental had the following transactions: 1. Bought...
h. Using the Financial Statements of Home Depot. c. Did the company post more you tell? Inc. connect Problem Set A was being organized LO3-3, L03-4, LO3-5 PROBLEM 3.1A Journalizing Transactions Glenn Grimes is the founder and president of Heartland Construction, a real estate venture. The business transactions during February while the company was bein listed as follows. sh in the business in exchange for nich $120,000 was appli- mayment of $72.000 was made Feb. 1 Grimes and several others...
Chapter 3. Problem 1PSA Bookmark Show all steps: ON Problem Glenn Grimes is the founder and president of Heartland Construction, a real estate development venture. The business transactions during February while the company was being organized are listed as follows Feb. 1 Grimes and several others invested $600,000 cash in the business in exchange for 30,000 shares of capital stock. Feb. 10 The company purchased office facilities for $360,000, of which $120,000 was appli cable to the land and $240,000...
Problem 3-2 Transaction Analysis and Financial Statements Just Rolling Along Inc. was organized on May 1, 2007, by wo college students who recog nized an opportunity to make money while spending their days at a beach along Lake Michi- gan. The two entrepreneurs plan to rent bicycles and in-line skates to weekend visitors to the lakefront. The following uransactions occurred during the first month of operations: May 1: Received contribution of $9,000 from each of the two principal owners of...
1. At December 31, Year 1, the accounting records of Braun Corporation contain the following items: Accounts Payable $ 13,500 Accounts Receivable $ 35,000 Land $ 235,000 Cash ? Capital Stock ? Equipment $ 115,000 Building $ 175,000 Notes Payable $ 185,000 Retained Earnings $ 155,000 If Capital Stock is $315,000, total assets of Braun Corporation at December 31, Year 1, amounts to: Multiple Choice $668,500. $703,500. $98,500. 2. At December 31, Year 1, the accounting records of Braun Corporation...
Problem 1-8B Analyzing transactions and preparing financial statements LO6, 7, 8 e cel ties owed by Company CHECK FIGURES: 2. Cash balance, December 31, 2020 = $43,800; 3. Profit = $5,700; Total assets = $324,200 Lily Zhang started a new business on January 1, 2020, called Zhang Consulting. She develops financial invest. ment plans for young adults. During the business's first year of operations, the following activities occurred: a. Zhang invested $120,000 cash and office equipment valued at $10,000 in...
QUESTION 5: FINANCIAL STATEMENTS (20 marks) Listed below are the accounts and balances for Cisco Painting as at December 31, 2018. These are from the December 31, 2018 Adjusted Trial Balance and are listed in alphabetical ceder t e s Required: (a) Prepare an Income Statement for the year ended December 31, 2018 (6 marks) (b) Prepare a Balance Sheet at December 31, 2018 (14 marks) Accounts payable Accounts receivable Cash Cisco, Capital, Dec. 1. 2018 Depreciation expense - equipment...
ACC 101 Chapter 1 and 2 Practice Questions: 1. Presented below is selected financial information for Stanley's Bike Shop. Using the appropriate information, prepare the income statement for 2004. Total Assets at December 31, 2004 $91,00 2004 Expenses 38,000 Total Equity at December 31,2003 48,000 Total Liabilities at December 31, 2004 35,000 2004 Revenues 46,000 0 > 2. Prepare a December 31 balance sheet in proper form for Surety Insurance from the following items and amounts: Commissions earned $40,000 Accounts...
Record adjustments and prepare financial statements. (LO 1, 2,
3, 4). The accounting records for Sony Snowboard Company, a
snowboard repair company, contained the following balances as of
December 31, 2008:
Sony Snowboard Company Balance Sheet
At December 31, 2008
Assets Cash...........................................
$40,000
Accounts receivable ................ 16,500
Land........................................... 20,000 Totals
......................................... $76,500
Liabilities and Shareholders’ equity
Accounts payable ............................ Common stock
................................. Retained
earnings............................
$17,000 45,000 14,500
$76,500
CHAPTER 3 • ACCRUALS AND DEFERRALS: TIMING IS EVERYTHING IN
ACCOUNTING 125The...