Transactions |
Business Activities |
|
1 |
Selling and distributing products. |
Operating |
2 |
Purchasing a building. |
Investing |
3 |
Supervising workers. |
Operating |
4 |
Borrowing cash from a bank. |
Financing |
5 |
Paying employee wages. |
Operating |
6 |
Rent cost of office space. |
Operating |
7 |
Providing client services. |
Operating |
8 |
Purchasing land. |
Investing |
Problem 1-13AB Describing business activities LO C5 A start-up company often engages in the following transactions...
Problem 1-13AB Describing business activities LO C5 A start-up company often engages in the following transactions during its first year of operations. Classify those transactions in one of the three major categories of an organization's business activities. Business Activities Transactions 1. Selling and distributing products. 2. Purchasing a building. 3. Supervising workers. 4. Borrowing cash from a bank. 5. Paying employee wages. 6. Rent cost of office space. 7. Providing client services. 8. Purchasing land. Required information Use the following...
Problem 1-8A Analyzing effects of transactions LO P1, A1 Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. a. Lita Lopez invested $60,000 cash and office equipment valued at $33,000 in the company in exchange for its common stock. b. The company purchased an office suite for $40,000 cash. c. The company purchased office equipment for $5,400 cash. d. The company purchased $3,900 of office supplies and $1,400 of office...
! Required information Problem 1-9A Analyzing transactions and preparing financial statements LO C4, P1, P2 [The following information applies to the questions displayed below.] Sanyu Sony started a new business and completed these transactions during December. Dec. 1 Sanyu Sony transferred $65,000 cash from a personal savings account to a checking account in the name of Sony Electric. 2 The company rented office space and paid $1,000 cash for the December rent. 3. The company purchased $13,000 of electrical equipment...
Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations April 1 Tanner invested $95,000 cash along with office equipment valued at $22,800 in the company in exchange for common stock 2 The company prepaid $7,200 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $7,200. 3 The company made credit purchases for $11,490 in office equipment and $2,280 in office supplies. Payment is due within...
Required information Problem 1-9A Analyzing transactions and preparing financial statements LO C4, P1, P2 (The following information applies to the questions displayed below) Sanyu Sony started a new business and completed these transactions during December Dec. 1 Sanyu Sony transferred $67,500 cash from a personal savings account to a checking account in the name of Sony Electric 2 The company rented office space and paid $2,000 cash for the December rent. 3 The company purchased $14,800 of electrical equipment by...
Required information Problem 1-9A Analyzing transactions and preparing financial statements LO C4, P1, P2 [The following information applies to the questions displayed below.] Sanyu Sony started a new business and completed these transactions during December Dec. 1 Sanyu Sony transferred $68,400 cash from a personal savings account to a checking account in the name of Sony Electric. 2 The company rented office space and paid $1,700 cash for the December rent. 3 The company purchased $13,700 of electrical equipment by...
Instruction: Answer all the questions with workings in detail. 1. Ms. Sara is appointed as the accountant of ABC LLC Muscat. She is responsible for all the accounting process of the company. The company deals with manufacturing of plastic products in Oman and distributing across GCC countries. The company has a turn over of 2.3 Million rial last year. You are required to identify the basic accounting activities that Ms. Sara must do to prepare financial statements. (1 Mark) 2....
Please read the article and answer about questions. You and the Law Business and law are inseparable. For B-Money, the two predictably merged when he was negotiat- ing a deal for his tracks. At other times, the merger is unpredictable, like when your business faces an unexpected auto accident, product recall, or government regulation change. In either type of situation, when business owners know the law, they can better protect themselves and sometimes even avoid the problems completely. This chapter...
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total liabilities S128,250 $120,000 Total stockholders oquity 95.000 80.000 compute the ratio of liabilities to stockholders' equity for each year Round to two decimal places 1.50 and 107, 11.35 and 1.50 respectively respectively 1.07 and 1.19. 1.1.19 and 1.35 respectively respectively The liabilities and stockholder's equity of a company are $132,000 and $244.000, respectively. Assets should equal SS188.00 $132.00 p $376,00 12.000 A financial statement...