Here's the table showing summary of transactions and closing balance of all accounts after the said two transactions:
Assets(A) | Liabilities(L) | Stockholder's Equity( E) | A=L+E | |||
Cash | Land | Notes Payable | Common stock | Retained Earnings | ||
Beg Bal | 400 | 600 | 200 | 500 | 300 | - |
1 | -100 | 100 | ||||
2 | 200 | 200 | ||||
Cl Bal | 500 | 700 | 200 | 700 | 300 | - |
Based on above table, balance in Notes payable account at the end of year 2 = $ 200 (i.e.)remains as same as beginning balance.
At the beginning of Year 2, ABC Company's accounting records had the following accounts and balances:...
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
Today is the last day of Year 1, and ABC Company's accounting records have the following accounts and balances: Notes Common Retained Cash Land Payable Stock Earnings $800 $1200 $200 $1000 $600 The outstanding note is due in two weeks. What is the maximum dividend ABC Company should consider paying today? $600 $800 $200
ABC Company had the following balances at the beginning of the accounting period: Common Stock $5,700 Retained Earnings $1,080 ABC Company had the following transactions during the accounting period: (assume all transactions are cash transactions) Issued Common Stock $570 Paid Cash Dividends $500 Purchased Land $400 Incurred Operating Expenses $4,500 Borrowed Cash from the Bank $200 Performed Services for Customers $6,000 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 $3,500 Retained Earnings $1,080 ABC Company had the following transactions during the accounting period: (assume all transactions are cash transactions) Issued Common Stock $1.050 Paid Cash Dividends $100 Sold Land $500 Incurred Operating Expenses $5,400 Paid Principal on Note Payable $500 Performed Services for Customers $7,500 What value would be reported for Net Cash Flow from Financing Activities? 5950 $450 -$500 $500
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 $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...
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 $9.900 Retained Earnings $1,100 ABC Company had the following transactions during the accounting period: (assume all transactions are cash transactions) Issued Common Stock $990 Paid Cash Dividends $300 Purchased Land $800 Sold Land $700 Incurred Operating Expenses $5,450 Borrowed Cash from the Bank $500 Performed Services for Customers $5,500 What value would be reported for Net Cash Flow from Operating Activities? -$250 $550 $50 $740
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...
t the beginning of Year 2, Better Corp's accounting records had the following general ledger accounts and balances. BETTER CORP. Accounting Equation . Liabilities+ Stockholders Equity stockR Event Assets Cash 24,000 Retained Earnings Land 34,000 Balance 01/01/Year 2 13,400 8,400 36,200 Better Corp. completed the following transactions during Year: 1. Purchased land for $12,000 cash. 2. Acquired $39,000 cash from the issue of common stock 3. Received $78,000 cash for providing services to customers. 4. Paid cash operating expenses of...