Homework Answers
Option (a) is correct
Total liabilities include liabilities creditors for supplies & creditors for office equipment.
Total liabilities = $17000 + $14500 = $31500
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At the end of the first month of operations for SloMo Delivery Service, the business had...
At the end of the first month of operations for SloMo Delivery Service, the business had...
At the end of the first month of operations for SloMo Delivery Service, the business had the following accounts: Accounts Receivable, $1,270; Prepaid Insurance, $570; Equipment, $36,900 and Cash, $41,000. On the same date, SloMo owed the following creditors: Simpson Supply Company, $12,700; Allen Office Equipment, $9,850. The total amount of Liabilities is: Multiple Choice (A) $36,900 (B) $41,000 (C) $9,850 (D) $22,550
At the end of the first month of operations for Jackson's Catering Service, the business had...
At the end of the first month of operations for Jackson's Catering Service, the business had the following accounts: Cash, $20,750; Prepaid Rent, $500: Equipment, $7,500 and Accounts Payable $4,000. By the end of the month, Jackson's had earned $32,900 of Revenues, and used $1870 of Utilities Expenses, $4,150 of Rent Expense and $3,640 of Salaries Expenses. Calculate the net income to be reported by the company for this first month. Multiple Choice $32,900 $26.880 $23,740
Wk 1. Apply: Connect Exercise (due Mon) Cullen Beatty plans to start a consulting business Cullen...
Wk 1. Apply: Connect Exercise (due Mon) Cullen Beatty plans to start a consulting business Cullen Consulting Services. In preparation to do this, on April 1. 2019, he invested $46,500 in cash and $15,500 in equipment, and opened an account at Office Plus by purchasing $1,150 in office supplies which is due by the end of the month. He then signed a one-year lease agreement on an office building for $5,300, paying the full amount in advance. Prepare a Balance...
At the end of the month, Kim Consulting had the following accounts: Cash, $23,120; Accounts Receivable,...
At the end of the month, Kim Consulting had the following accounts: Cash, $23,120; Accounts Receivable, $200; Prepaid Rent, $360; Supplies, $600, and Equipment, $41,250. On the same date, Kim Consulting owed the following creditors: Gomez Supply, Inc., $2,000; and Smith Equipment, $2,700. What are the total assets of Kim Consulting? Multiple Choice $60,830 $65,530 $62,830
Carlos Perez Delivery Service Work Sheet (Partial) For Month Ended January 31, 2017 Income Statement Account...
Carlos Perez Delivery Service Work Sheet (Partial) For Month Ended January 31, 2017 Income Statement Account Title Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accum. Dent. -- Equinu Accounts Payable Wages Payable Carlos Perez, Capital Carlos Perez, Drawing Consulting Fees Wages Expense 880 Rent Expense 1,100 Supplies Expense 220 Telephone Expense 175 Electricity Expense 320 Insurance Expense 550 Depr. Exp.-Delivery Equip. 400 Miscellaneous Expense 3,700 6,400 Net Income 2.700 6,400 6,400 Balance Sheet Debit Credit 11,000 1,500 1,200...
Comprehensive Problem Taylors Delivery Service had the following transactions during December 2019. Doel Taylors Delivery Service...
Comprehensive Problem Taylors Delivery Service had the following transactions during December 2019. Doel Taylors Delivery Service began operations by receiving 517.000 cash and a truck with a fair value of $20,000 from the owner, Katelynn Taylor. The business gave Taylors capital in exchange for this contribution Dec 1 Paid S1,500 cash for 6-month insurance policy. The policy will begin on December 1. Dec 7 Paid office rent $600 for the month of December. Dec 8 Completed a large delivery job,...
Allen partnership, had revenues of $362,000 in its first year of operations. The partnership has not...
Allen partnership, had revenues of $362,000 in its first year of operations. The partnership has not collected on $45,700 of its sales and still owes $38,100 on $165,000 of merchandise It purchased. There was no Inventory on hand at the end of the year. The partnership paid $34,100 in salarles. The partners Invested $48,000 in the business and $29,000 was borrowed on a five-year note. The partnership paid $3,190 In Interest that was the amount owed for the year and...
Juanita's Delivery Service Fill out the grey area Juanita's Delivery Service Trial Balance 30-Sep-13 $ 5,000...
Juanita's Delivery Service
Fill out the grey area
Juanita's Delivery Service Trial Balance 30-Sep-13 $ 5,000 3000 800 600 7000 $ Cash Accounts Receivable Supplies Prepaid Insurance Delivery Equipment Accounts Payable Common Stock Retained Earnings-Beg Balance Dividends Delivery Fees Wages Expense Rent Expense 2,000 1000 8000 1000 9400 2100 900 20,400 $ $ 20,400 Income Statement For Period Ending Sep 30 Revenue XXX Expenses XXX XXX Total Expenses Balance Sheet September 30 Assets XXX XXX XXX XXX XXX Total Assets...
Exercise 3-03 During 2022, its first year of operations as a delivery service, Blue Spruce Corp....
Exercise 3-03 During 2022, its first year of operations as a delivery service, Blue Spruce Corp. entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $115,000 in cash. 2. Borrowed $38,000 by issuing bonds. 3. Purchased delivery trucks for $55,000 cash. 4. Received $17,000 from customers for services performed. 5. Purchased supplies for $6,700 on account. 6. Paid rent of $6,000. 7. Performed services on account for $10,400. 8. Paid salaries of $29,600....
1. a) Selected transactions for Garver Company during its first month in business are presented below....
1. a) Selected transactions for Garver Company during its first month in business are presented below. On the form provided on the following page, journalize these transactions. Omit explanations. Indicate "No entry" if appropriate. A chart of accounts is provided below: (5 points) Cash Office Supplies Accounts Receivable Prepaid Rent Prepaid Insurance Office Equipment Accounts Payable Notes Payable Unearned Service Revenue Common Stock Dividends Service Revenue Salaries Expense Rent Expense Utilities Expense Insurance Expense Sept. 1 Jo Garver invested $25,000...
At the end of the first month of operations for Jackson's Catering Service, the business had the following accounts: Cash, $20,750; Prepaid Rent, $500: Equipment, $7,500 and Accounts Payable $4,000. By the end of the month, Jackson's had earned $32,900 of Revenues, and used $1870 of Utilities Expenses, $4,150 of Rent Expense and $3,640 of Salaries Expenses. Calculate the net income to be reported by the company for this first month. Multiple Choice $32,900 $26.880 $23,740
Wk 1. Apply: Connect Exercise (due Mon) Cullen Beatty plans to start a consulting business Cullen Consulting Services. In preparation to do this, on April 1. 2019, he invested $46,500 in cash and $15,500 in equipment, and opened an account at Office Plus by purchasing $1,150 in office supplies which is due by the end of the month. He then signed a one-year lease agreement on an office building for $5,300, paying the full amount in advance. Prepare a Balance...
At the end of the month, Kim Consulting had the following accounts: Cash, $23,120; Accounts Receivable, $200; Prepaid Rent, $360; Supplies, $600, and Equipment, $41,250. On the same date, Kim Consulting owed the following creditors: Gomez Supply, Inc., $2,000; and Smith Equipment, $2,700. What are the total assets of Kim Consulting? Multiple Choice $60,830 $65,530 $62,830
Carlos Perez Delivery Service Work Sheet (Partial) For Month Ended January 31, 2017 Income Statement Account Title Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accum. Dent. -- Equinu Accounts Payable Wages Payable Carlos Perez, Capital Carlos Perez, Drawing Consulting Fees Wages Expense 880 Rent Expense 1,100 Supplies Expense 220 Telephone Expense 175 Electricity Expense 320 Insurance Expense 550 Depr. Exp.-Delivery Equip. 400 Miscellaneous Expense 3,700 6,400 Net Income 2.700 6,400 6,400 Balance Sheet Debit Credit 11,000 1,500 1,200...
Comprehensive Problem Taylors Delivery Service had the following transactions during December 2019. Doel Taylors Delivery Service began operations by receiving 517.000 cash and a truck with a fair value of $20,000 from the owner, Katelynn Taylor. The business gave Taylors capital in exchange for this contribution Dec 1 Paid S1,500 cash for 6-month insurance policy. The policy will begin on December 1. Dec 7 Paid office rent $600 for the month of December. Dec 8 Completed a large delivery job,...
Allen partnership, had revenues of $362,000 in its first year of operations. The partnership has not collected on $45,700 of its sales and still owes $38,100 on $165,000 of merchandise It purchased. There was no Inventory on hand at the end of the year. The partnership paid $34,100 in salarles. The partners Invested $48,000 in the business and $29,000 was borrowed on a five-year note. The partnership paid $3,190 In Interest that was the amount owed for the year and...
Juanita's Delivery Service
Fill out the grey area
Juanita's Delivery Service Trial Balance 30-Sep-13 $ 5,000 3000 800 600 7000 $ Cash Accounts Receivable Supplies Prepaid Insurance Delivery Equipment Accounts Payable Common Stock Retained Earnings-Beg Balance Dividends Delivery Fees Wages Expense Rent Expense 2,000 1000 8000 1000 9400 2100 900 20,400 $ $ 20,400 Income Statement For Period Ending Sep 30 Revenue XXX Expenses XXX XXX Total Expenses Balance Sheet September 30 Assets XXX XXX XXX XXX XXX Total Assets...
Exercise 3-03 During 2022, its first year of operations as a delivery service, Blue Spruce Corp. entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $115,000 in cash. 2. Borrowed $38,000 by issuing bonds. 3. Purchased delivery trucks for $55,000 cash. 4. Received $17,000 from customers for services performed. 5. Purchased supplies for $6,700 on account. 6. Paid rent of $6,000. 7. Performed services on account for $10,400. 8. Paid salaries of $29,600....
1. a) Selected transactions for Garver Company during its first month in business are presented below. On the form provided on the following page, journalize these transactions. Omit explanations. Indicate "No entry" if appropriate. A chart of accounts is provided below: (5 points) Cash Office Supplies Accounts Receivable Prepaid Rent Prepaid Insurance Office Equipment Accounts Payable Notes Payable Unearned Service Revenue Common Stock Dividends Service Revenue Salaries Expense Rent Expense Utilities Expense Insurance Expense Sept. 1 Jo Garver invested $25,000...
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