Homework Answers
| 2018,2019,2020 and 2021 | ||||||||
| event | assets | = | liabilities | + | shareholders equity | accounts title | ||
| cash | + | land | = | notes payable | + | retained earnings | ||
| 2018 | + | = | + | |||||
| 01-Jan | 80000 | + | = | 80000 | + | loan taken from bank | ||
| 01-Jan | -80000 | + | 80000 | = | + | purchase of land | ||
| Dec-31 | 42400 | + | = | + | 42400 | reciept of revenue from land | ||
| Dec-31 | -23087 | + | = | -18287 | + | -4800 | payment of installment of loan along with interest | |
| bal | 19313 | + | 80000 | = | 61713 | + | 37600 | |
| 2019 | + | = | + | |||||
| beg bal | 19313 | + | 80000 | = | 61713 | + | 37600 | |
| Dec-31 | 42400 | + | = | + | 42400 | reciept of revenue from land | ||
| Dec-31 | -23087 | + | = | -19384 | + | -3703 | payment of installment of loan along with interest | |
| end bal | 38626 | + | 80000 | = | 42329.00 | + | 76297 | |
| 2020 | + | = | + | |||||
| beg bal | 38626 | + | 80000 | = | 42329 | + | 76297 | |
| Dec-31 | 42400 | + | = | + | 42400 | reciept of revenue from land | ||
| Dec-31 | -23087 | + | = | -20547 | + | -2540 | payment of installment of loan along with interest | |
| end bal | 57939 | + | 80000 | = | 21782 | + | 116157 | |
| 2021 | + | = | + | |||||
| beg bal | 57939 | + | 80000 | = | 21782 | + | 116157 | |
| Dec-31 | 42400 | + | = | + | 42400 | reciept of revenue from land | ||
| Dec-31 | -23087 | + | = | -21782 | + | -1305 | payment of installment of loan along with interest | |
| end bal | 77252 | + | 80000 | = | 0 | + | 157252 | |
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[The following information applies to the questions displayed below.) On January 1, 2018, Brown Co. borrowed...
Required information (The following information applies to the questions displayed below.) On January 1, 2018, Brown...
Required information (The following information applies to the questions displayed below.) On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $42,500 face value, four-year term note that had an 7 percent annual interest rate. The note is to be repaid by making annual cash payments of $12,547 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $20,825...
Required information The following information applies to the questions displayed below. On January 1, 2018, Brown...
Required information The following information applies to the questions displayed below. On January 1, 2018, Brown Co borrowed cash from First Bank byssuing a $47.000 face value, four-year term note that had an 7 percent annual interest rate. The notes to be repaid by making annual cash payments of $13,876 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase and that generated rental revenues of $23,500 cash per...
On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $52,000 face...
On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $52,000 face value, four-year term note that had an 6 percent annual interest rate. The note is to be repaid by making annual cash payments of $15,007 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $24,960 cash per year. Required a. Prepare an amortization schedule for the...
The following information applies to the questions displayed below.) On January 1, 2018, Brown Co. borrowed...
The following information applies to the questions displayed below.) On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $80,000 face value, four-year term note that had an 6 percent annual interest rate. The note is to be repaid by making annual cash payments of $23,087 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $42,400 cash per...
Required information [The following information applies to the questions displayed below.) Mark's Consulting experienced the following...
Required information [The following information applies to the questions displayed below.) Mark's Consulting experienced the following transactions for 2018, its first year of operations, and 2019. Assume that all transactions involve the receipt or payment of cash. Transactions for 2018 1. Acquired $70,000 by issuing common stock. 2. Received $120,000 cash for providing services to customers. 3. Borrowed $19,000 cash from creditors. 4. Paid expenses amounting to $56,000. 5. Purchased land for $35,000 cash. Transactions for 2019 Beginning account balances...
Required information (The following information applies to the questions displayed below.] On January 1, 2018, Brown...
Required information (The following information applies to the questions displayed below.] On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $80,000 face value, four-year term note that had an 6 percent annual interest rate. The note is to be repaid by making annual cash payments of $23,087 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $42.400...
! of 3 Required information [The following information applies to the questions displayed below.) The beginning...
! of 3 Required information [The following information applies to the questions displayed below.) The beginning account balances for Terry's Auto Shop as of January 1, Year 2, follow. Account Titles Beginning Balances Inventory 3,190 7,490 Retained Earnings 1,710 Cash $6,010 Common Stock The following events affected the company during the Year 2 accounting period eBook Print 1. Purchased merchandise on account that cost $4,100 2. The goods in Event 1 were purchased FOB shipping point with freight cost of...
Required information [The following information applies to the questions displayed below.] On January 1, 2018, Brown...
Required information [The following information applies to the questions displayed below.] On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $70,000 face value, four-year term note that had an 4 percent annual interest rate. The note is to be repaid by making annual cash payments of $19,284 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $34,300...
On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $49,500 face...
On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $49,500 face value, four-year term note that had an 6 percent annual interest rate. The note is to be repaid by making annual cash payments of $14,285 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $22,275 cash per year. BROWN CO. Balance Sheet As of December 31...
Required information [The following information applies to the questions displayed below.] Milea Inc. experienced the following...
Required information
[The following information applies to the questions
displayed below.]
Milea Inc. experienced the following events in 2018, its first
year of operations:
Received $15,500 cash from the issue of common stock.
Performed services on account for $45,000.
Paid the utility expense of $1,300.
Collected $31,530 of the accounts receivable.
Recorded $8,700 of accrued salaries at the end of the
year.
Paid a $1,250 cash dividend to the stockholders.
Required
Record the events in general ledger accounts under an...
Required information (The following information applies to the questions displayed below.) On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $42,500 face value, four-year term note that had an 7 percent annual interest rate. The note is to be repaid by making annual cash payments of $12,547 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $20,825...
Required information The following information applies to the questions displayed below. On January 1, 2018, Brown Co borrowed cash from First Bank byssuing a $47.000 face value, four-year term note that had an 7 percent annual interest rate. The notes to be repaid by making annual cash payments of $13,876 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase and that generated rental revenues of $23,500 cash per...
On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $52,000 face value, four-year term note that had an 6 percent annual interest rate. The note is to be repaid by making annual cash payments of $15,007 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $24,960 cash per year. Required a. Prepare an amortization schedule for the...
The following information applies to the questions displayed below.) On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $80,000 face value, four-year term note that had an 6 percent annual interest rate. The note is to be repaid by making annual cash payments of $23,087 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $42,400 cash per...
Required information [The following information applies to the questions displayed below.) Mark's Consulting experienced the following transactions for 2018, its first year of operations, and 2019. Assume that all transactions involve the receipt or payment of cash. Transactions for 2018 1. Acquired $70,000 by issuing common stock. 2. Received $120,000 cash for providing services to customers. 3. Borrowed $19,000 cash from creditors. 4. Paid expenses amounting to $56,000. 5. Purchased land for $35,000 cash. Transactions for 2019 Beginning account balances...
Required information (The following information applies to the questions displayed below.] On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $80,000 face value, four-year term note that had an 6 percent annual interest rate. The note is to be repaid by making annual cash payments of $23,087 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $42.400...
! of 3 Required information [The following information applies to the questions displayed below.) The beginning account balances for Terry's Auto Shop as of January 1, Year 2, follow. Account Titles Beginning Balances Inventory 3,190 7,490 Retained Earnings 1,710 Cash $6,010 Common Stock The following events affected the company during the Year 2 accounting period eBook Print 1. Purchased merchandise on account that cost $4,100 2. The goods in Event 1 were purchased FOB shipping point with freight cost of...
Required information [The following information applies to the questions displayed below.] On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $70,000 face value, four-year term note that had an 4 percent annual interest rate. The note is to be repaid by making annual cash payments of $19,284 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $34,300...
Required information
[The following information applies to the questions
displayed below.]
Milea Inc. experienced the following events in 2018, its first
year of operations:
Received $15,500 cash from the issue of common stock.
Performed services on account for $45,000.
Paid the utility expense of $1,300.
Collected $31,530 of the accounts receivable.
Recorded $8,700 of accrued salaries at the end of the
year.
Paid a $1,250 cash dividend to the stockholders.
Required
Record the events in general ledger accounts under an...
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