Homework Answers
The entry will be passed under 6/30.Since, it's an income to the firm - it will be shown under the Revenue head and another entry will be shown under balance sheet - Cash Asset head(sales are either made in cash or credit which are considered as cash assets). As per dual entry, it will affect assets and income head.
| Balance sheet | Income Statement |
| Cash Asset | Revenue |
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Record the transaction:
June 30: Valentine reports that it has made $40,000 of sales
in June....
Record the transaction: June 20: SBUX receives $8,000 payment from Valentine relating to the May 26...
Record the transaction:
June 20: SBUX receives $8,000 payment from Valentine relating
to the May 26 sale.
Income Statement Balance Sheet Date ash sh contributed Earned -Revenues Revenues Expenses Net Income -Spenses Net Income Liabilities Liabilities Capital given) Asset Assets 2/14 5/26 6/15 6/20 6/30 7/5 Assets
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: 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 the transaction: Customers go online and load $200,000 on their Starbucks Cards. Date (ifany Cash...
Record the transaction:
Customers go online and load $200,000 on their Starbucks
Cards.
Date (ifany Cash Noncash given) AssetAssets Balance Sheet Income Statement Contributed Earned surplius Revenues Expenses Net Income
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 and Reporting Financial Statement Effects of Bond Transactions Lundholm, Inc., reports financial statements each December...
Analyzing and Reporting Financial Statement Effects of Bond Transactions Lundholm, Inc., reports financial statements each December 31 and issues $400,000, 9%, 15-year bonds dated May 1, 2012, with interest payments on October 31 and April 30. Assuming the bonds are sold at par on May 1, 2012, complete the financial statement effects template to reflect the following events: (a) bond issuance, (b) the first semiannual interest payment, and (c) retirement of $200,000 of the bonds at 101 on November 1,...
(b) Assume that the stock acquired by Ball represents 30% of Leftwich's voting stock and that...
(b) Assume that the stock acquired by Ball represents 30% of Leftwich's voting stock and that Ball accounts for this investment using the equity method since it is able to exert significant influence. Use the financial statement effects template (with amounts and accounts) to record the following transactions: (1) Ball purchased 10,000 common shares of Leftwich at $15 cash per share. (2) Leftwich reported annual net income of $40,000. (3) Ball received a cash dividend of $1.20 per common share...
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:
June 20: SBUX receives $8,000 payment from Valentine relating
to the May 26 sale.
Income Statement Balance Sheet Date ash sh contributed Earned -Revenues Revenues Expenses Net Income -Spenses Net Income Liabilities Liabilities Capital given) Asset Assets 2/14 5/26 6/15 6/20 6/30 7/5 Assets
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:
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 the transaction:
Customers go online and load $200,000 on their Starbucks
Cards.
Date (ifany Cash Noncash given) AssetAssets Balance Sheet Income Statement Contributed Earned surplius Revenues Expenses Net Income
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 and Reporting Financial Statement Effects of Bond Transactions Lundholm, Inc., reports financial statements each December 31 and issues $400,000, 9%, 15-year bonds dated May 1, 2012, with interest payments on October 31 and April 30. Assuming the bonds are sold at par on May 1, 2012, complete the financial statement effects template to reflect the following events: (a) bond issuance, (b) the first semiannual interest payment, and (c) retirement of $200,000 of the bonds at 101 on November 1,...
(b) Assume that the stock acquired by Ball represents 30% of Leftwich's voting stock and that Ball accounts for this investment using the equity method since it is able to exert significant influence. Use the financial statement effects template (with amounts and accounts) to record the following transactions: (1) Ball purchased 10,000 common shares of Leftwich at $15 cash per share. (2) Leftwich reported annual net income of $40,000. (3) Ball received a cash dividend of $1.20 per common share...
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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