Event 1: Additional equipment costing $867 was acquired by paying $243 and financing the balance by...
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Yes. when you are purchasing equipment for partial cash and balance borrowings, Cash account will decrease due to payment of cash, new equipment is coming in. so PPE will increase and borrowings will increase.
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Event 1: Additional equipment costing $867 was acquired by paying
$243 and financing the balance by...
Event 1: Purchased additional fixtures and fittings for $15000 paying 50% cash and the other 50%...
Event 1: Purchased additional fixtures and fittings for $15000 paying 50% cash and the other 50% still owing to the supplier. Why does 50% of PPE still owing to supplier fall under other current liabilities, not trade payables?
Question 1 (1 point) Equipment costing $20,000 machine is purchased by paying $5,000 cash and signing...
Question 1 (1 point) Equipment costing $20,000 machine is purchased by paying $5,000 cash and signing a note payable for the remainder. The journal entry should include a Barnes Company showed the following balances at the end of its first year: Cash $14,000 Prepaid insurance 700 Accounts 3,500 receivable Accounts payable 2,800 Notes payable 4,200 Common stock 5,400 Dividends 700 Revenues 24,000 Expenses 17,500 What did Barnes Company show as total credits on its trial balance?
The Candle Shop experienced the following events during its first year of operations. Yeart 1. Acquired...
The Candle Shop experienced the following events during its first year of operations. Yeart 1. Acquired cash by Issuing common stock. 2. Pald a cash dividend to the stockholders. 3. Pald cash for operating expenses. 4. Borrowed cash from a bank 5. Provided services and collected cash. 6. Purchased land with cash. 7. Determined that the market value of the land is higher than the historical cost. Required a. Indicate whether each event is an asset source, use, or exchange...
The Candle Shop experienced the following events during its first year of operations, Year1 1. Acquired...
The Candle Shop experienced the following events during its first year of operations, Year1 1. Acquired cash by issuing common stock 2. Paid a cash dividend to the stockholders. 3. Paid cash for operating expenses. 4. Borrowed cash from a bank. 5. Provided services and collected cash. 6. Purchased land with cash. 7. Determined that the market value of the land is higher than the historical cost. Required a. Indicate whether each event is an asset source, use, or exchange...
Q3/ On January 1, 2016, Cullumber Corporation acquired equipment costing $77,440. It was estimated at that...
Q3/ On January 1, 2016, Cullumber Corporation acquired equipment costing $77,440. It was estimated at that time that the equipment would have a useful life of eight years and no residual value. The company uses the straight-line method of depreciation for its equipment, and its year end is December 31. A/ Calculate the equipment’s accumulated depreciation and carrying amount at the beginning of 2018. Equipment’s accumulated depreciation $ Carrying amount $ B/ What is the amount of the gain or...
(d) The company had acquired equipment costing S40,000 on January 1 of the current year. Suppose...
(d) The company had acquired equipment costing S40,000 on January 1 of the current year. Suppose that the depreciation on this equipment was calculated to be $2,000 for the current year Debit and credit the accounts affected. Ensure the equation still balances and debits = credits. Assets Liabilities Stockholders' Equity (e) On December 1 of the current year, the company had sold S500 in gift certificates for decorating services to a customer. On December 31 of the current year, the...
Additional Exercise 228 Mother Hips Garment Company purchased equipment on June 1 for $90,000, paying $20,000...
Additional Exercise 228 Mother Hips Garment Company purchased equipment on June 1 for $90,000, paying $20,000 cash and signing a 9%, 2-month rate for the remaining balance. The equipment is expected to depreciate $18,000 each year, Mother Hips Garment Company prepares monthly financial statements. Prepare the general journal entry to record the acquisition of the equipment on June 1st. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select...
Is it correct? What is the acquired equipment? 110 or 97? The comparative balance sheets for...
Is it correct? What is the acquired equipment? 110 or 97?
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given below for National Intercable Company. Additional information from NIC's accounting records is provided also. ΝΑΤΙΟΝAL INTERCABLE COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions) 2018 2017 Assets $ 154 404 $ 135 395 Cash Accounts receivable Less: Allowance for uncollectible (6) (8) асcounts Prepaid insurance Inventory Long-term investment...
Milo Clothing experienced the following events during Year 1, its first year of operation: 1. Acquired...
Milo Clothing experienced the following events during Year 1, its first year of operation: 1. Acquired $17,500 cash from the issue of common stock. 2. Purchased inventory for $5,200 cash. 3. Sold inventory costing $3,120 for $5,304 cash. 4. Paid $800 for advertising expense. Required Record the events in a horizontal financial statements model. (In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash....
The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as...
The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $275,320 $256,110 Accounts receivable (net) 99,740 91,980 Inventories 281,550 272,340 Investments 0 105,510 Land 144,410 0 Equipment 310,640 240,780 Accumulated depreciation—equipment (72,730) (64,930) Total assets $1,038,930 $901,790 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $188,050 $177,650 Accrued expenses payable (operating expenses) 18,700 23,450 Dividends payable 10,390 8,120 Common stock, $10 par 56,100 44,190 Paid-in...
Question 1 (1 point) Equipment costing $20,000 machine is purchased by paying $5,000 cash and signing a note payable for the remainder. The journal entry should include a Barnes Company showed the following balances at the end of its first year: Cash $14,000 Prepaid insurance 700 Accounts 3,500 receivable Accounts payable 2,800 Notes payable 4,200 Common stock 5,400 Dividends 700 Revenues 24,000 Expenses 17,500 What did Barnes Company show as total credits on its trial balance?
The Candle Shop experienced the following events during its first year of operations. Yeart 1. Acquired cash by Issuing common stock. 2. Pald a cash dividend to the stockholders. 3. Pald cash for operating expenses. 4. Borrowed cash from a bank 5. Provided services and collected cash. 6. Purchased land with cash. 7. Determined that the market value of the land is higher than the historical cost. Required a. Indicate whether each event is an asset source, use, or exchange...
The Candle Shop experienced the following events during its first year of operations, Year1 1. Acquired cash by issuing common stock 2. Paid a cash dividend to the stockholders. 3. Paid cash for operating expenses. 4. Borrowed cash from a bank. 5. Provided services and collected cash. 6. Purchased land with cash. 7. Determined that the market value of the land is higher than the historical cost. Required a. Indicate whether each event is an asset source, use, or exchange...
(d) The company had acquired equipment costing S40,000 on January 1 of the current year. Suppose that the depreciation on this equipment was calculated to be $2,000 for the current year Debit and credit the accounts affected. Ensure the equation still balances and debits = credits. Assets Liabilities Stockholders' Equity (e) On December 1 of the current year, the company had sold S500 in gift certificates for decorating services to a customer. On December 31 of the current year, the...
Additional Exercise 228 Mother Hips Garment Company purchased equipment on June 1 for $90,000, paying $20,000 cash and signing a 9%, 2-month rate for the remaining balance. The equipment is expected to depreciate $18,000 each year, Mother Hips Garment Company prepares monthly financial statements. Prepare the general journal entry to record the acquisition of the equipment on June 1st. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select...
Is it correct? What is the acquired equipment? 110 or 97?
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given below for National Intercable Company. Additional information from NIC's accounting records is provided also. ΝΑΤΙΟΝAL INTERCABLE COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions) 2018 2017 Assets $ 154 404 $ 135 395 Cash Accounts receivable Less: Allowance for uncollectible (6) (8) асcounts Prepaid insurance Inventory Long-term investment...
Milo Clothing experienced the following events during Year 1, its first year of operation: 1. Acquired $17,500 cash from the issue of common stock. 2. Purchased inventory for $5,200 cash. 3. Sold inventory costing $3,120 for $5,304 cash. 4. Paid $800 for advertising expense. Required Record the events in a horizontal financial statements model. (In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash....
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