Homework Answers
| 1 | Assets | = | Liabilities | + | Stockholders' Equity | ||
| Contributed Capital | + | Retained Earnings | |||||
| a. | $0 | ||||||
| b. | $110,000 | $110,000 | |||||
| c. | $53,000 | $53,000 | |||||
| d. | $0 | ||||||
| e. | -$29,750 | -$29,750 | |||||
| f. | -$6,000 | -$6,000 | |||||
| 2 | |||||||
| a | Investing activity | ||||||
| b | Financing activity | ||||||
| c | Investing activity | ||||||
| d | Operating activity | ||||||
| e | Operating activity | ||||||
| f | Financing activity | ||||||
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Exercise 2-41 (Algorithmic) Transaction Analysis and Business Activities The accountant for Compton Inc. has collected the...
Exercise 2-41 (Algorithmic) Transaction Analysis and Business Activities The accountant for Compton Inc. has collected the...
Exercise 2-41 (Algorithmic) Transaction Analysis and Business Activities The accountant for Compton Inc. has collected the following information: a. Compton purchased a tract of land from Jacobsen Real Estate for $1,016,000 cash. b. Compton issued 2,000 shares of its common stock to George Micros in exchange for $100,000 cash. c. Compton purchased a John Deere tractor for $67,000 on credit. d. Michael Rotunno paid Compton $9,200 cash for services performed. The services had been performed by Compton several months ago...
2. Indicate whether the transaction is a financing, investing, or operating activity a. Compton purchased a...
2. Indicate whether the transaction is a financing, investing, or operating activity a. Compton purchased a tract of land from Jacobsen Real Estate for $1,001,000 cash. b. Compton issued 2,000 shares of its common stock to George Micros in exchange for $110,000 cash. C. Compton purchased a John Deere tractor for $56,000 on credit d. Michael Rotunno paid Compton $9,200 cash for services performed. The services had been performed by Compton several months ago for a total price of $11,700...
Cornerstone Exercise 2-22 (Algorithmic) Transaction Analysis The Mendholm Company entered into the following transactions: a. Performed...
Cornerstone Exercise 2-22 (Algorithmic) Transaction Analysis The Mendholm Company entered into the following transactions: a. Performed services on account, $13,800. b. Collected $7,300 from client related to services performed in Item a. C. Paid $1,500 dividend to stockholders. d. Pald salaries of $3,500 for the current month. Required: Show the effect of each transaction using the following model. If an amount box does not require an entry, leave the cells blank. Enter decreases in account values as negative numbers. If...
T-balance $ 400 Assets: Cash Accounts Receivable Supplies $10,500 880 750 FAST DELIVERIES, INC. Balance Sheet...
T-balance
$ 400 Assets: Cash Accounts Receivable Supplies $10,500 880 750 FAST DELIVERIES, INC. Balance Sheet at January 1 Liabilities: Accounts Payable Stockholders' Equity: Common Stock Retained Earnings Total Liabilities and Stockholders' Equity 11,519 229 $12,130 Total Assets $12,130 Two employees have been hired, at a monthly salary of $2,540 each. The following transactions occurred during January of the current year ch. 2 2 2 January 1 2 3 NNNN 4 5 6 2 8 9 10 16 20 $5,100...
Fast Deliveries, Inc. (FDI), was organized in December last year and had limited activity last year....
Fast Deliveries, Inc. (FDI), was organized in December last year and had limited activity last year. The resulting balance sheet at the beginning of the current year is provided below: $ 500 Assets Cash Accounts Receivable Supplies FAST DELIVERIES, INC. Balance sheet at January 1 Liabilities: $10,900 Accounts Payable 740 Stockholders' Equity 770 Common Stock Retained Earnings $12,410 Total Liabilities and Stockholders' Equity 11,410 500 $12,410 Total Assets Two employees have been hired, at a monthly salary of $2,900 each....
Fast Deliveries, Inc. (FDI), was organized in December last year and had limited activity last year....
Fast Deliveries, Inc. (FDI), was organized in December last year and had limited activity last year. The resulting bala sheet at the beginning of the current year is provided below: FAST DELIVERIES, INC. Balance sheet at January 1 Assets: Liabilities: Cash $19,900 Accounts Payable $ 500 Accounts Receivable 740 Stockholders' Equity: Supplies 770 Common Stock 11,410 Retained Earnings 500 Total Assets $12,410 Total liabilities and Stockholders' Equity $12,410 Two employees have been hired, at a monthly salary of $2,900 each....
Fast Deliveries, Inc. (FDI), was organized in December last year and had limited activity last year....
Fast Deliveries, Inc. (FDI), was organized in December last year and had limited activity last year. The resulting balance sheet at the beginning of the current year is provided below: Assets: Cash Accounts Receivable Supplies 500 FAST DELIVERIES, INC. Balance sheet at January 1 Liabilities: $10,900 Accounts Payable 740 Stockholders' Equity 770 Common Stock Retained Earnings $12,410 Total Liabilities and stockholders' Equity Total Assets 11,410 500 $12,410 Two employees have been hired, at a monthly salary of $2,900 each. The...
Instructions 1. Enter February transactions in the general journal. 2. Post the transactions to the general...
Instructions 1. Enter February transactions in the general journal. 2. Post the transactions to the general ledger. 3. Prepare a trial balance. 4, Journalize and post adjusting entries. 5. Prepare an adjusted trial balance. 6. Prepare an A/P & A/R schedule to verify ending account balances. (The A/R schedule lists customers names and balances at the end of February. The total of the A/R schedule should equal the A/R balance on the trial balance. Similarly, the A/P schedule lists creditors...
Exercise 2-41 (Algorithmic) Transaction Analysis and Business Activities The accountant for Compton Inc. has collected the following information: a. Compton purchased a tract of land from Jacobsen Real Estate for $1,016,000 cash. b. Compton issued 2,000 shares of its common stock to George Micros in exchange for $100,000 cash. c. Compton purchased a John Deere tractor for $67,000 on credit. d. Michael Rotunno paid Compton $9,200 cash for services performed. The services had been performed by Compton several months ago...
2. Indicate whether the transaction is a financing, investing, or operating activity a. Compton purchased a tract of land from Jacobsen Real Estate for $1,001,000 cash. b. Compton issued 2,000 shares of its common stock to George Micros in exchange for $110,000 cash. C. Compton purchased a John Deere tractor for $56,000 on credit d. Michael Rotunno paid Compton $9,200 cash for services performed. The services had been performed by Compton several months ago for a total price of $11,700...
Cornerstone Exercise 2-22 (Algorithmic) Transaction Analysis The Mendholm Company entered into the following transactions: a. Performed services on account, $13,800. b. Collected $7,300 from client related to services performed in Item a. C. Paid $1,500 dividend to stockholders. d. Pald salaries of $3,500 for the current month. Required: Show the effect of each transaction using the following model. If an amount box does not require an entry, leave the cells blank. Enter decreases in account values as negative numbers. If...
T-balance
$ 400 Assets: Cash Accounts Receivable Supplies $10,500 880 750 FAST DELIVERIES, INC. Balance Sheet at January 1 Liabilities: Accounts Payable Stockholders' Equity: Common Stock Retained Earnings Total Liabilities and Stockholders' Equity 11,519 229 $12,130 Total Assets $12,130 Two employees have been hired, at a monthly salary of $2,540 each. The following transactions occurred during January of the current year ch. 2 2 2 January 1 2 3 NNNN 4 5 6 2 8 9 10 16 20 $5,100...
Fast Deliveries, Inc. (FDI), was organized in December last year and had limited activity last year. The resulting balance sheet at the beginning of the current year is provided below: $ 500 Assets Cash Accounts Receivable Supplies FAST DELIVERIES, INC. Balance sheet at January 1 Liabilities: $10,900 Accounts Payable 740 Stockholders' Equity 770 Common Stock Retained Earnings $12,410 Total Liabilities and Stockholders' Equity 11,410 500 $12,410 Total Assets Two employees have been hired, at a monthly salary of $2,900 each....
Fast Deliveries, Inc. (FDI), was organized in December last year and had limited activity last year. The resulting bala sheet at the beginning of the current year is provided below: FAST DELIVERIES, INC. Balance sheet at January 1 Assets: Liabilities: Cash $19,900 Accounts Payable $ 500 Accounts Receivable 740 Stockholders' Equity: Supplies 770 Common Stock 11,410 Retained Earnings 500 Total Assets $12,410 Total liabilities and Stockholders' Equity $12,410 Two employees have been hired, at a monthly salary of $2,900 each....
Fast Deliveries, Inc. (FDI), was organized in December last year and had limited activity last year. The resulting balance sheet at the beginning of the current year is provided below: Assets: Cash Accounts Receivable Supplies 500 FAST DELIVERIES, INC. Balance sheet at January 1 Liabilities: $10,900 Accounts Payable 740 Stockholders' Equity 770 Common Stock Retained Earnings $12,410 Total Liabilities and stockholders' Equity Total Assets 11,410 500 $12,410 Two employees have been hired, at a monthly salary of $2,900 each. The...
Instructions 1. Enter February transactions in the general journal. 2. Post the transactions to the general ledger. 3. Prepare a trial balance. 4, Journalize and post adjusting entries. 5. Prepare an adjusted trial balance. 6. Prepare an A/P & A/R schedule to verify ending account balances. (The A/R schedule lists customers names and balances at the end of February. The total of the A/R schedule should equal the A/R balance on the trial balance. Similarly, the A/P schedule lists creditors...
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