ZuoTi.Pro
Question

Higgins Company began operations last year. You are a member of the management team investigating expansion ideas that will rComplete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 ReqRequired 1 Required 2 Required 3 Required 4 Required 5 Required 6 Prepare journal entries for transactions (a) through (e) foRequired 1 Required 2 Required 3 Required 4 Required 5 Required 6 Prepare journal entries for transactions (a) through (e) foRequired 1 Required 2 Required 3 Required 4 Required 5 Required 6 Prepare journal entries for transactions (a) through (e) foRequired 1 Required 2 Required 3 Required 4 Required 5 Required 6 Prepare journal entries for transactions (a) through (e) foRequired 1 Required 2 Required 3 Required 4 Required 5 Required 6 Prepare journal entries for transactions (a) through (e) foRequired 1 Required 2 || Required 3 Required 4 Required 5 Required 6 Enter the effects of the transactions in Requirement 2 iComplete this question by entering your answers in the tabs below. Required 1 Required 2 | Required 3 Required 4 Required 5 RRequired 1 Required 2 Required 3 Required 4 Required 5 Required 6 Prepare a classified balance sheet at December 31 of the cuComplete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Req

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

1. Assets $16500 = Liabilities $5400 + Stockholders' Equity $11100

Assets = Cash $6800 + Short-term investments $5500 + Property and Equipment $4200 = $16500

Liabilities = Notes payable (current) $3400 + Notes payable (noncurrent) $2000 = $5400

Stockholders' equity = Common stock $1100 + Additional paid-in capital $5200 + Retained earnings $4800 = $11100

2.

Transaction General Journal Debit Credit
a. Cash 7000
Notes payable (noncurrent) 7000
(To record amount borrowed from local bank)
b. Cash 4500
Short-term investments 4500
(To record the sale of investments)
c. Cash 2100
Property and equipment 2100
(To record the sale of property and equipment)
d. Retained earnings 2000
Dividends payable 2000
(To record dividends declared)
e. Dividends payable 2000
Cash 2000
(To record payment of dividends)

3.

Cash Short-term Investments
Beg. Bal. 6800 Beg. Bal. 5500
a. 7000 2000 e. 4500 b.
b. 4500
c. 2100
End. Bal. 18400 End. Bal. 1000
Property & Equipment Notes Payable (current)
Beg. Bal. 4200 Beg. Bal. 3400
2100 c.
End. Bal. 2100 End. Bal. 3400
Notes Payable (noncurrent) Dividends Payable
Beg. Bal. 2000 Beg. Bal. 0
7000 a. e. 2000 2000 d.
End. Bal. 9000 End. Bal. 0
Common Stock Additional Paid-in Capital
Beg. Bal. 1100 Beg. Bal. 5200
End. Bal. 1100 End. Bal. 5200
Retained Earnings
Beg. Bal. 4800
d. 2000
End. Bal. 2800

4.

HIGGINS COMPANY
Trial Balance
At December 31
Debit Credit
Cash 18400
Short-term investments 1000
Property and equipment 2100
Notes payable (current) 3400
Notes payable (noncurrent) 9000
Dividends payable 0
Common stock 1100
Additional paid-in capital 5200
Retained earnings 2800
Total $ 21500 21500

Per HOMEWORKLIB RULES the first 4 parts have been answered. Please post the remaining parts separately. Thank you.

1 0
Add a comment
Know the answer?
Add Answer to:
Higgins Company began operations last year. You are a member of the management team investigating expansion...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Higgins Company began operations last year. You are a member of the management team investigating expansion...

    Higgins Company began operations last year. You are a member of the management team investigating expansion ideas that will require borrowing funds from banks. At the start of the current year, Higgins's T-account balances were as follows: Assets: Cash 4,800 Short-Term Investments 2,600 Property and Equipment 3,100 Liabilities: Short-Term Notes Payable 2,100 Long-Term Notes Payable 360 Common Stock 640 Additional Paid-in Capital 2,560 Retained Earnings 4,840 The following transactions occurred in current year: Borrowed $3,900 from a local bank, signing...

  • Higgins Company began operations last year. You are a member of the management team investigating expansion...

    Higgins Company began operations last year. You are a member of the management team investigating expansion ideas that will require borrowing funds from banks. On January 1, the start of the current year, Higgins' T-account balances were as follows: Assets: Cash 5,000 Short-Term Investments 2,500 Property and Equipment 3,000 | Liabilities: Notes Payable (current) Notes Payable (noncurrect) 2,200 800 Common Stock Retained Earnings Additional Paid-in Capital 4,000 500 3,000 Required: 1. Using the data from these T-accounts, determine the amounts...

  • Higgins Company began operations last year. You are a member of the management team investigating expansion...

    Higgins Company began operations last year. You are a member of the management team investigating expansion ideas that will require borrowing funds from banks. On January 1, the start of the current year, Higgins' T-account balances were as follows: Assets: Cash 6,800 Short-Term Investments 5,500 Property and Equipment 4,200 Liabilities: Notes Payable (current) Notes Payable (noncurrect) 3,400 2,000 Common Stock Additional Paid-in Capital Retained Earnings 1,100 5,200 4,800 Required: 1. Using the data from these T-accounts, determine the amounts for...

  • Higgins Company began operations last year. You are a member of the management team investigating expansion...

    Higgins Company began operations last year. You are a member of the management team investigating expansion ideas that will require borrowing funds from banks. At the start of the current year, Higgins's T account balances were as follows: Assets Cash 4,800 Short-Term Investments Property and Equipment 2,300 3,000 Liabilities Short-Term Notes Payvable Long-Term Notes Payable 1,600 370 Adlitonal Paid-in CapialRetained Earnings85 Common Stock 450 4,530 The following transactions occured in current year a. Borrowed $2,800 from a local bank, signing...

  • Massimo Company has been operating for one year (2019). You are a member of the management...

    Massimo Company has been operating for one year (2019). You are a member of the management team investigating expansion ideas, all of which will require borrowing funds from banks. At the start of 2020, Massimo's T-account balances were as follows: Assets: Cash 2,800 Short-Term Investments 3,800 Property and Equipment 4,3001 Liabilities: Short-Term Notes Payable Long-Term Notes Payable 4,000 2,100 Shareholders' Equity: Contributed Capital Retained Earnings 1,180 3,620 Required: 1. Using the data from these T-accounts, complete the accounting equation on...

  • Massimo Company has been operating for one year (2019). You are a member of the management...

    Massimo Company has been operating for one year (2019). You are a member of the management team investigating expansion ideas, all of which will require borrowing funds from banks. At the start of 2020, Massimo's T-account balances were as follows: Assets: Cash 2,200 Short-Term Investments 3,200 Property and Equipment 3,700 Liabilities: Short-Term Notes Payable Long-Term Notes Payable 3,400 1,500 Shareholders' Equity: Contributed Capital Retained Earnings 1, 120 3,080 Required: 1. Using the data from these T-accounts, complete the accounting equation...

  • E2-15 (Static) Analyzing the Effects of Transactions Using T-Accounts and Interpreting the Current Ratio as a...

    E2-15 (Static) Analyzing the Effects of Transactions Using T-Accounts and Interpreting the Current Ratio as a Manager of the Company LO2-4, 2-5 Higgins Company began operations last year. You are a member of the management team investigating expansion ideas that will require borrowing funds from banks. On January 1, the start of the current year, Higgins’ T-account balances were as follows: Assets: Cash 5,000 Short-Term Investments 2,500 Property and Equipment 3,000 Liabilities: Notes Payable (current) 2,200 Notes Payable (noncurrect) 800...

  • Grizzly Co. enters into the following transactions: • Stockholders contribute $25,000 cash to a company in...

    Grizzly Co. enters into the following transactions: • Stockholders contribute $25,000 cash to a company in exchange for common stock. • The company purchases $12,500 of new equipment in exchange for its promise to pay $12,500 at the end of next month. The company pays $7,500 to suppliers on account. Required: a. Show the effect of these transactions on the basic accounting equation. b. Prepare the journal entries that would be used to record the transactions. Complete this question by...

  • Dennen Inc. for the month of January, borrowed $30,000 from a local bank, lent 10,000 to...

    Dennen Inc. for the month of January, borrowed $30,000 from a local bank, lent 10,000 to affiliate due in 1 year, sold to an investor 100 additional share with a .10 per share and a market price of $5 per share and received cash, purchased $15,000 on equipment paying $5,000 cash and signing a note for the rest due in 1 year, and declared and paid $2,000 in dividends to stockholders. Enter in a T-Account and determine the ending account...

  • please complete a-k journal entry. t-accounts Required information [The following information applies to the questions displayed...

    please complete a-k journal entry. t-accounts Required information [The following information applies to the questions displayed below.) At January 1 (beginning of its fiscal year). Conover, Inc., a financial services consulting firm, reported the following account balances (in thousands, except for par and market value per share): $ Cash Short-term investments Accounts receivable Supplies Prepaid expenses office equipment Accumulated depreciation-office equipment $ 2,100 Accounts payable 610 Unearned revenue 3,770 Salaries Payable 350 Short-term note payable 4,920 Common stock ($1 par...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT