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Using the following categories, indicate the effects of the following transactions. Use positive value for increase,...
Using the following categories, indicate the effects of the following transactions. Use positive value for increase...
Using the following categories, indicate the effects of the following transactions. Use positive value for increase, negative value for decrease and indicate the accounts affected. a. Sales on account were $620 and related cost of goods sold was $360. b. Issued 2,000 shares of $1 par value stock for $60,000 cash. Liabilities Stockholders' Equity Event a. 620 Assets Accounts receivable Inventory Cash 620 -360 60,000 b. Cost of goods sold Common stock Additional paid-in capital 2.000 58,000
Using the following categories, indicate the effects of the following transactions. Use + for increase and...
Using the following categories, indicate the effects of the following transactions. Use + for increase and - for decrease and indicate the accounts affected and the amounts. a. At the end of the period, bad debt expense is estimated to be $15,000. b. During the period, bad debts are written off in the amount of $9,500. Assets Liabilities Stockholders' Equity
Using the following categories, indicate the effects of the following transactions. Use + for increase and...
Using the following categories, indicate
the effects of the following transactions. Use + for increase and −
for decrease and indicate the accounts affected and the amounts. a.
At the end of the period, bad debt expense is estimated to be
$16,000. b. During the period, bad debts are written off in the
amount of $7,200.
a. At the end of the period, bad debt expense is estimated to be $16,000. b. During the period, bad debts are written off...
1. 2. Enter the missing dollar amounts for the income statement for each of the following...
1. 2.
Enter the missing dollar amounts for the income statement for each of the following independent cases. (Hint: In Case B, work from the bottom up.) Case B Net sales revenue 6,160 7,670 | $ $ 6,540 $ Case A $ 11,040 4,990 16,030 10,340 Case C $ 3,960 9,340 13,300 8,580 15,120 10,910 Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Gross profit Expenses Pretax income (loss) 4,350 1,340 620 360 1,620 $...
Using the following categories, indicate the effects of the following transactions. Indicate the accounts affected and...
Using the following categories, indicate the effects of the following transactions. Indicate the accounts affected and the amounts. (Enter any decreases to Assets, Liabilities, or Stockholders Equity with a minus sign.) During the period, customer balances are written off in the amount of $10,800. At the end of the period, bad debt expense is estimated to be $8,800.
Exercise 8-12 (Part Level Submission) During its first year of operations, Flint Corporation had these transactions...
Exercise 8-12 (Part Level Submission) During its first year of operations, Flint Corporation had these transactions pertaining to its common stock. Jan. 10 Issued 26,900 shares for cash at $4 per share. July 1 Issued 59,500 shares for cash at $7 per share. Prepare a tabular summary to record the transactions, assuming that the common stock has a par value of $4 per share. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign...
Identifying and Analyzing Financial Statement Effects of Stock Transactions
Identifying and Analyzing Financial Statement Effects of Stock Transactions The stockholders' equity of Verrecchia Company at December 31, 2011 , follows:Common stock, $5 par value, 350,000 shares authorized; 120,000 shares issued and outstanding $600,000Paid-in capital in excess of par value600,000Retained earnings346,000During 2012, the following transactions occurred:Jan. 5 Issued 10,000 shares of common stock for $ 12 cash per share.Jan. 18 Purchased 4,000 shares of common stock for the treasury at $ 14 cash per share.Mar. 12 Sold one-fourth of the treasury shares...
Identifying and Analyzing Financial Statement Effects of Stock Transactions.
Identifying and Analyzing Financial Statement Effects of Stock Transactions. The stockholders' equity of Verrecchia Company at December 31, 2011, follows:Common stock, $5 par value, 350,000 shares authorized; 130,000 shares issued and outstanding$650,000Paid-in capital in excess of par value600,000Retained earnings346,000During 2012, the following transactions occurred:Jan. 5 Issued 10,000 shares of common stock for $ 12 cash per share.Jan. 18 Purchased 4,000 shares of common stock for the treasury at $ 13 cash per share.Mar. 12 Sold one-fourth of the treasury shares acquired...
MA-6 (Static) Determining Financial Statement Effects of Trading Securities Transactions LOA-1 On January 1, 2018, Brian...
MA-6 (Static) Determining Financial Statement Effects of Trading Securities Transactions LOA-1 On January 1, 2018, Brian Company purchased at par $800,000, 6 percent bonds issued by Laura Company to be actively traded. At December 31, 2018, the bonds had a fair value of $775,000. The bond investment was sold on July 1, 2019, for $802,000. Brian Company’s fiscal year ends on December 31. Using the following categories, indicate the effects of the transactions listed above. (Enter a positive value for...
Question text Identifying and Analyzing Financial Statement Effects of Stock Transactions The stockholders' equity of Verrecchia...
Question text Identifying and Analyzing Financial Statement Effects of Stock Transactions The stockholders' equity of Verrecchia Company at December 31, 2013, follows: Common stock, $5 par value, 350,000 shares authorized; 250,000 shares issued and outstanding $1,250,000 Paid-in capital in excess of par value 600,000 Retained earnings 346,000 During 2014, the following transactions occurred: Jan. 5 Issued 10,000 shares of common stock for $12 cash per share. Jan. 18 Repurchased 4,000 shares of common stock at $15 cash per share. Mar....
Using the following categories, indicate the effects of the following transactions. Use positive value for increase, negative value for decrease and indicate the accounts affected. a. Sales on account were $620 and related cost of goods sold was $360. b. Issued 2,000 shares of $1 par value stock for $60,000 cash. Liabilities Stockholders' Equity Event a. 620 Assets Accounts receivable Inventory Cash 620 -360 60,000 b. Cost of goods sold Common stock Additional paid-in capital 2.000 58,000
Using the following categories, indicate the effects of the following transactions. Use + for increase and - for decrease and indicate the accounts affected and the amounts. a. At the end of the period, bad debt expense is estimated to be $15,000. b. During the period, bad debts are written off in the amount of $9,500. Assets Liabilities Stockholders' Equity
Using the following categories, indicate
the effects of the following transactions. Use + for increase and −
for decrease and indicate the accounts affected and the amounts. a.
At the end of the period, bad debt expense is estimated to be
$16,000. b. During the period, bad debts are written off in the
amount of $7,200.
a. At the end of the period, bad debt expense is estimated to be $16,000. b. During the period, bad debts are written off...
1. 2.
Enter the missing dollar amounts for the income statement for each of the following independent cases. (Hint: In Case B, work from the bottom up.) Case B Net sales revenue 6,160 7,670 | $ $ 6,540 $ Case A $ 11,040 4,990 16,030 10,340 Case C $ 3,960 9,340 13,300 8,580 15,120 10,910 Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Gross profit Expenses Pretax income (loss) 4,350 1,340 620 360 1,620 $...
Exercise 8-12 (Part Level Submission) During its first year of operations, Flint Corporation had these transactions pertaining to its common stock. Jan. 10 Issued 26,900 shares for cash at $4 per share. July 1 Issued 59,500 shares for cash at $7 per share. Prepare a tabular summary to record the transactions, assuming that the common stock has a par value of $4 per share. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign...
Identifying and Analyzing Financial Statement Effects of Stock Transactions. The stockholders' equity of Verrecchia Company at December 31, 2011, follows:Common stock, $5 par value, 350,000 shares authorized; 130,000 shares issued and outstanding$650,000Paid-in capital in excess of par value600,000Retained earnings346,000During 2012, the following transactions occurred:Jan. 5 Issued 10,000 shares of common stock for $ 12 cash per share.Jan. 18 Purchased 4,000 shares of common stock for the treasury at $ 13 cash per share.Mar. 12 Sold one-fourth of the treasury shares acquired...
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