Assets | = | Liabilities | + | Paid - in - capital | + | Retained Earnings | |
1 | $ 4,00,000 | = | + | $ 4,00,000 | + | ||
2 | $ 45,000 | = | $ 45,000 | + | + | ||
3 | $ 1,22,000 | = | $ 1,22,000 | + | + | ||
4 | $ 68,000 | = | + | + | $ 68,000 | ||
5 | $ -5,500 | = | + | + | $ -5,500 | ||
6 | = | + | + | ||||
7 | $ -1,02,000 | = | $ -1,02,000 | + | + | ||
8 | = | + | + | ||||
9 | $ -1,500 | = | + | + | $ -1,500 |
Exercise 2-1 Transaction analysis [LO2-1 The following transactions occurred during March 2018 for the Wainwright Corporation....
The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. Issued 50,000 shares of common stock in exchange for $500,000 in cash. Purchased equipment at a cost of $80,000. $20,000 cash was paid and a note payable was signed for the balance owed. Purchased inventory on account at a cost of $152,000. The company uses the perpetual inventory system. Credit sales for the month totaled $220,000. The cost of the goods...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. Issued 30,000 shares of no-par common stock in exchange for $300,000 in cash. Purchased equipment at a cost of $40,000. $10,000 cash was paid and a note payable to the seller was signed for the balance owed. Purchased inventory on account at a cost of $90,000. The company uses the perpetual inventory system. Credit sales for the month totaled $120,000. The...
Zoom in and it's clear. Thanks The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 1. Issued 56,000 shares of common stock in exchange for $560,000 in cash. 2. Purchased equipment at a cost of $92,000. $23,000 cash was paid and a note payable was signed for the balance owed. 4. Credit sales for the month totaled $250,000. The cost of the goods sold was $150,000 d inventory on account...
The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 22.000 shares of common stock In exchange for $220,000 In cash. 2 Purchased equipment at a cost of $24,000. $6,000 cash was pald and a note payable was signed for the balance owed. 3. Purchased Inventory on account at a cost of $68,000. The company uses the perpetual Inventory system 4. Credit sales for the month totaled $80,000. The...
The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. Issued 49,000 shares of capital stock in exchange for $490,000 in cash. Purchased equipment at a cost of $78,000. $29,000 cash was paid and a note payable was signed for the balance owed. Purchased inventory on account at a cost of $128,000. The company uses the perpetual inventory system. Credit sales for the month totaled $139,000. The cost of the goods...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 1. Issued 38,000 shares of common stock in exchange for $380,000 in cash 2. Purchased equipment at a cost of $56,000. $14,000 cash was paid and a notes payable to the seller was signed for the balance owed. 3. Purchased Inventory on account at a cost of $116,000. The company uses the perpetual inventory system. 4. Credit sales for the month...
The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. Issued 43,000 shares of common stock in exchange for $430,000 in cash. Purchased equipment at a cost of $53,000. $16,500 cash was paid and a note payable was signed for the balance owed. Purchased inventory on account at a cost of $104,000. The company uses the perpetual inventory system. Credit sales for the month totaled $185,000. The cost of the goods...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 1. Issued 42,000 shares of common stock in exchange for $420,000 in cash. 2. Purchased equipment at a cost of $64,000. $15,000 cash was paid and a notes payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $128,000. The company uses the perpetual inventory system. 4. Credit sales for the month...
The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 40,000 shares of common stock in exchange for $400,000 in cash. 2. Purchased equipment at a cost of $50,000. $15,000 cash was paid and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $98,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $170,000. The...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 1. Issued 44,000 shares of common stock in exchange for $440,000 in cash, 2. Purchased equipment at a cost of $68,000 $17,000 cash was paid and a notes payable to the seller was signed for the balance owed 3. Purchased inventory on account at a cost of $134,000. The company uses the perpetual inventory system. 4. Credit sales for the month...