Homework Answers
OPTION: $18950
EXPLANATION:
Total expenses = supplies + employee expenses + utilities
= $3600 + $7200 + $8150
= $18950
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During January 2018, the first month of operations, a consulting firm had following transactions: 1. Issued...
During January 2018, the first month of operations, a consulting firm had following transactions: 1. Issued...
During January 2018, the first month of operations, a consulting firm had following transactions: 1. Issued common stock to owners in exchange for $30,000 cash. 2. Purchased $7,500 of equipment, paying $2,250 cash and signing a promissory note for $5,250. 3. Received $13,500 in cash for consulting services performed in January. 4. Purchased $2,250 of supplies on account; all of the supplies were used in January, 5. Provided consulting services on account in the amount of $24,000. 6. Paid $1,125...
During January 2018, the first month of operations, a consulting firm had following transactions: Issued common...
During January 2018, the first month of operations, a consulting firm had following transactions: Issued common stock to owners in exchange for $30,000 cash. Purchased $7,500 of equipment, paying $2,250 cash and signing a promissory note for $5,250. Received $13,500 in cash for consulting services performed in January. Purchased $2,250 of supplies on account; all of the supplies were used in January. Provided consulting services on account in the amount of $24,000. Paid $1,125 on account. Paid $4,500 to employees...
During February 2020, the first month of operations, Vaughn Consulting firm had following transactions: 1. Issued...
During February 2020, the first month of operations, Vaughn Consulting firm had following transactions: 1. Issued common stock to owners in exchange for $34,000 cash. 2. Purchased $8,500 of equipment, paying $2,550 cash and signing a promissory note for $5,950. 3. Received $15,300 in cash for consulting services performed in January 4. Purchased $2,550 of supplies on account; all of the supplies were used in January. 5. Provided consulting services on account in the amount of $27,200. 6. Paid $1,275...
Choose which one? Thanks. During January 2018, the first month of operations, a consulting firm had...
Choose which one? Thanks.
During January 2018, the first month of operations, a consulting firm had following transactions: 1. Issued common stock to owners in exchange for $46,000 cash. 2. Purchased $11,500 of equipment, paying $3,450 cash and signing a promissory note for $8,050. 3. Received $20,700 in cash for consulting services performed in January. 4. Purchased $3,450 of supplies on account, all of the supplies were used in January. 5. Provided consulting services on account in the amount of...
Required information (The following information applies to the questions displayed below.) During January 2015, the first...
Required information (The following information applies to the questions displayed below.) During January 2015, the first month of operations, a consulting firm had following transactions: 1. Issued common stock to owners in exchange for $24,000 cash. 2. Purchased $6,000 of equipment, paying $1,200 cash and signing a promissory note for $4,800. 3. Received $10,800 in cash for consulting services performed in January. 4. Purchased $1,800 of supplies on account; all of the supplies were used in January. 5. Provided consulting...
in January 2013, a new consulting firm recorded the following transactions: 1. issued stock to investors...
in January 2013, a new consulting firm recorded the following transactions: 1. issued stock to investors for $20,000. 2. purchased $5000 of equipment, paying 20% in cash and giving a promissory note for the balance. 3. Received $9000 in cash for consulting services performed in January. 4. Bought $1500 of supplies on account; all of the supplies were used in January. 5. provided consulting services for clients and billed them $16,000. 6. Paid $750 towards the supplies purchased in #4....
In January, Tongo, Inc., a branding consultant, had the following transactions. Indicate the accounts, amounts, and...
In January, Tongo, Inc., a branding consultant, had the
following transactions. Indicate the accounts, amounts, and
direction of the effects on the accounting equation under the
accrual basis. A sample is provided. (Enter any decreases
to account balances with a minus sign.)
(Sample) Received $15,500 cash for consulting services
rendered in January.
Issued common stock to investors for $14,500 cash.
Purchased $16,200 of equipment, paying 25 percent in cash and
owing the rest on a note due in two years....
In January, Tongo, Inc., a branding consultant, had the following transactions. Received $13,200 cash for consulting...
In January, Tongo, Inc., a branding consultant, had the
following transactions.
Received $13,200 cash for consulting services rendered in
January.
Issued common stock to investors for $8,000 cash.
Purchased $11,200 of equipment, paying 25 percent in cash and
owing the rest on a note due in 2 years.
Received $11,800 cash for consulting services to be performed
in February.
Bought and received $1,750 of supplies on account.
Received utility bill for January for $2,060, due February
15.
Consulted for customers...
Selected transactions for the Crane Corporation during its first month of operations are presented below: Sept....
Selected transactions for the Crane Corporation during its first month of operations are presented below: Sept. 1 Issued common shares for $19,200 cash. 2 Performed $9,600 of services on account for a customer. 4 Purchased equipment for $10,800, paying $5,400 in cash and borrowing the balance from the bank. 10 Purchased $470 of supplies on account. 25 Received $4,200 cash in advance for architectural services to be provided next month. 30 Paid $282 on account in partial payment of amount...
Wainright Industries reports the following transactions during its first month of operations: 1. Issued 10,000 shares...
Wainright Industries reports the following transactions during its first month of operations: 1. Issued 10,000 shares of common stock for $15,000 cash. 2. Purchased land for $12,000, signing a note payable for the full amount. 3. Purchased office equipment for $1,200 cash. 4. Received cash of $14,000 for services provided to customers during the month. 5. Received cash of $8,500 for services to be provided to customers in the following month, 6. Purchased $800 of office supplies on account 7....
During January 2018, the first month of operations, a consulting firm had following transactions: 1. Issued common stock to owners in exchange for $30,000 cash. 2. Purchased $7,500 of equipment, paying $2,250 cash and signing a promissory note for $5,250. 3. Received $13,500 in cash for consulting services performed in January. 4. Purchased $2,250 of supplies on account; all of the supplies were used in January, 5. Provided consulting services on account in the amount of $24,000. 6. Paid $1,125...
During February 2020, the first month of operations, Vaughn Consulting firm had following transactions: 1. Issued common stock to owners in exchange for $34,000 cash. 2. Purchased $8,500 of equipment, paying $2,550 cash and signing a promissory note for $5,950. 3. Received $15,300 in cash for consulting services performed in January 4. Purchased $2,550 of supplies on account; all of the supplies were used in January. 5. Provided consulting services on account in the amount of $27,200. 6. Paid $1,275...
Choose which one? Thanks.
During January 2018, the first month of operations, a consulting firm had following transactions: 1. Issued common stock to owners in exchange for $46,000 cash. 2. Purchased $11,500 of equipment, paying $3,450 cash and signing a promissory note for $8,050. 3. Received $20,700 in cash for consulting services performed in January. 4. Purchased $3,450 of supplies on account, all of the supplies were used in January. 5. Provided consulting services on account in the amount of...
Required information (The following information applies to the questions displayed below.) During January 2015, the first month of operations, a consulting firm had following transactions: 1. Issued common stock to owners in exchange for $24,000 cash. 2. Purchased $6,000 of equipment, paying $1,200 cash and signing a promissory note for $4,800. 3. Received $10,800 in cash for consulting services performed in January. 4. Purchased $1,800 of supplies on account; all of the supplies were used in January. 5. Provided consulting...
In January, Tongo, Inc., a branding consultant, had the
following transactions. Indicate the accounts, amounts, and
direction of the effects on the accounting equation under the
accrual basis. A sample is provided. (Enter any decreases
to account balances with a minus sign.)
(Sample) Received $15,500 cash for consulting services
rendered in January.
Issued common stock to investors for $14,500 cash.
Purchased $16,200 of equipment, paying 25 percent in cash and
owing the rest on a note due in two years....
In January, Tongo, Inc., a branding consultant, had the
following transactions.
Received $13,200 cash for consulting services rendered in
January.
Issued common stock to investors for $8,000 cash.
Purchased $11,200 of equipment, paying 25 percent in cash and
owing the rest on a note due in 2 years.
Received $11,800 cash for consulting services to be performed
in February.
Bought and received $1,750 of supplies on account.
Received utility bill for January for $2,060, due February
15.
Consulted for customers...
Selected transactions for the Crane Corporation during its first month of operations are presented below: Sept. 1 Issued common shares for $19,200 cash. 2 Performed $9,600 of services on account for a customer. 4 Purchased equipment for $10,800, paying $5,400 in cash and borrowing the balance from the bank. 10 Purchased $470 of supplies on account. 25 Received $4,200 cash in advance for architectural services to be provided next month. 30 Paid $282 on account in partial payment of amount...
Wainright Industries reports the following transactions during its first month of operations: 1. Issued 10,000 shares of common stock for $15,000 cash. 2. Purchased land for $12,000, signing a note payable for the full amount. 3. Purchased office equipment for $1,200 cash. 4. Received cash of $14,000 for services provided to customers during the month. 5. Received cash of $8,500 for services to be provided to customers in the following month, 6. Purchased $800 of office supplies on account 7....
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