Homework Answers
Answer
a. No effect on the accounting equation as no financial transaction has taken place. The supplier has not delivered the goods yet.
b. Purchasing equipment will Increase Assets (Equipment) by $20,000. Paying cash will Decrease the Assets (Cash) by $6,000. Signing a promissory note will Increase Liabilities (Notes Payable) by $14,000.
c. Taking a loan will Increase Liabilities (Loan) by $5,000. Depositing cash in bank will Increase Assets (Cash) by $5,000.
d. No effect on the accounting equation as no financial transaction has taken place. Hiring an finance manager is not a financial transaction.
e. Receiving an investment of $8,000 cash from the company's owner in exchange for issuing common shares will Increase Assets ( Cash) by $8,000 and Stockholders Equity (Capital Contributed) by $8,000.
f. Supplies ordered were received along with a bill of $1,500 will Increase Assets (Supplies) by $1,500 and will increase Liabilities(Accounts Payable) by $1,500.
| Assets | Amount | = | Liabilities | Amount | + | Stockholders Equity | Amount | |
| a. | ||||||||
| b. |
Increase Equipment Decrease Cash |
$20,000 (-) $6,000 |
Increase Notes Payable | $14,000 | ||||
| c. | Increase Cash | $5,000 | Increase Loan | $5,000 | ||||
| d. | ||||||||
| e. | Increase Cash | $8,000 | Increase Contributed Capital | $8,000 | ||||
| f. | Increase Supplies | $1,500 | Increase Accounts Payable | $1,500 | ||||
| Totals | $28,500 | = | $20,500 | + | $8,000 |
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what am I missing?
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Required information Rawlco Communications operates 15 radio stations. The following events occurred during September. a. Placed an order for office supplies costing $2,000. Supplier Intends to dellver later in the month b. Purchased equipment that cost $30,000; paid $10,000 cash and signed a promissory note to pay $20,000 in one month c. Negotiated and signed a one-year bank loan, and then deposited $5,000 cash in the company's checking account. d. Hired a new finance manager on the last day of...
Required information Rawlco Communications operates 10 radio stations. The following events occurred during September. a. Placed an order for office supplies costing $1,500. Supplier intends to deliver later in the month. b. Purchased equipment that cost $20,000; paid $6,000 cash and signed a promissory note to pay $14,000 in one month. c. Negotiated and signed a one-year bank loan, and then deposited $5,000 cash in the company's checking account. d. Hired a new finance manager on the last day of...
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a. Placed an order for office supplies costing $2,200. Supplier intends to deliver later in the month. b. Purchased equipment that cost $27,000; paid $12,000 cash and signed a promissory note to pay $15,000 in one month. c. Negotiated and signed a one-year bank loan, and then deposited $6,000 cash in the company's checking account d. Hired a new finance manager on the last day of the month. e. Received an investment of $15,000 cash from the company's owners in...
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what am I missing?
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