Homework Answers
| (a) Balance sheet at june 30 | ||||
| PICK A PETS,Inc | ||||
| Balancesheet | ||||
| At June 30, Year 3 | ||||
| Assets | Amount in $ | Liabilities & Stock Holders Equity | Amount in $ | |
| Current Assets | Current Liabilities | |||
| Cash | 734100 | Accounts payables | 352800 | |
| Accounts Receivables | 70000 | 352800 | ||
| 804100 | Long term Notes Payables | 269200 | ||
| Total Liabilities | 622000 | |||
| Equipment | 59000 | |||
| Logo & Trade marks | 422200 | Stock Holders Equity | ||
| Software | 121500 | Common Stock | 666600 | |
| Retained Earnings | 118200 | |||
| Total Stock Holders equity | 784800 | |||
| Total Assets | 1406800 | Total Liabilities & Stock Holders Equity | 1406800 | |
| (b) Effects on Basic Accounting Equation | ||||
| Transcation | Assets | = | Liabilities | + Owners Equity |
| (1) Stock Holders contribution of $330,000 | + $330,000 | = | No Effect | + $330,000 |
| (2) takes loan for Purchase of Equipment of $165,000 | + $165,000 | = | + $165,000 | No Effect |
| (c ) Journal Entries for July Transctions | ||||
| Date | Accounts | Debit | Credit | |
| 1) Stock Holders contribution of $330,000 | ||||
| July , year3 | Cash A/c | $330,000 | ||
| To Common Stock A/c | $330,000 | |||
| (Being Stock holders purchased additional Share capital ) | ||||
| July , Year 3 | Cash A/c | $165,000 | ||
| To Loan from bank A/c | $165,000 | |||
| (Being taken Loan for purchase of New Equipment) | ||||
Add Answer to:
Help Save&Exit Submit 13 Thetolouinnces torPs o 13 June 30, Year 3 $ 352,800 70,000 734100...
The following is a list of account balances for Pick-A-Pet, Inc., as of June 30, Year...
The following is a list of account balances for Pick-A-Pet, Inc., as of June 30, Year 3. Accounts Payable Accounts Receivable Cash Common Stock Equipment Logo and Trademarks Long-term Notes Payable Retained Eamings Software $ 369,600 84,000 741,100 687,600 61,800 425,000 270,600 119,600 135,500 The company entered into the following transactions during July, Year 3. Stockholders contribute $470.000 cash for additional ownership shares and the company borrows $235,000 in cash from a bank to buy new equipment by signing a...
Consider the following account balances of Evan McGruder, Inc., as of December 31, Year 3: Accounts...
Consider the following account balances of Evan McGruder, Inc., as of December 31, Year 3: Accounts Payable $116,180 Equipment 422,300 Common Stock 203,500 Income Tax Payable 3,970 Retained Earnings 55,400 Notes Payable, due Year 5 343,900 Accounts Receivable 203, 200 Cash 97,450 Required: Prepare a classified balance sheet at December 31, Year 3. EVAN MCGRUDER, INC. Balance Sheet The following is a list of account balances for Pick-A-Pet, Inc., as of June 30, Year 3: Accounts Payable Accounts Receivable Cash...
Required information (The following information applies to the questions displayed below.) Deliberate Speed Corporation (DSC) was...
Required information (The following information applies to the questions displayed below.) Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $ 28,600 197,000 56,000 230,000 119,000 263,000 6,750 376,850 7,200 During the month of July, the company had the following activities: a. Issued 5,400 shares of common stock for $540,000 cash. b. Borrowed $119,000 cash from...
Saved Help Save & Exit Submit 2 Check my work Exercise 1-13 Identifying effects of transactions...
Saved Help Save & Exit Submit 2 Check my work Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Ming Chen (the owner) completed these transactions ok a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. b. The company paid...
Osbom's Help Save & Exit Submit On June 30, 2021, L. N. Bean issued $15 million...
Osbom's Help Save & Exit Submit On June 30, 2021, L. N. Bean issued $15 million of its 8% bonds for $14 million. The bonds were priced to yield 10%. Interest is payable semiannually on December 31 and July 1. If the effective interest method is used, how much bond interest expense should the company report for the 6 months ended December 31, 2021? Saved Help Save & EX Multiple Choice O $600,000 O $700,000 0 $750,000 o $620,000
Help Save & Exit Submit Check my work Paulson Company issues 6%, four-year bonds, on December...
Help Save & Exit Submit Check my work Paulson Company issues 6%, four-year bonds, on December 31, 2017, with a par value of $200,000 and semiannual interest payments Semiannual Period unamortized carrying Value End (0) 12/31/2017 (1) 6/30/2018 (2) 12/31/2018 Discount $13, 466 11,782 10, 098 $186, 534 188, 218 189, 902 Use the above straight-line bond amortization table and prepare journal entries for the following. (a) The issuance of bonds on December 31, 2017 (b) The first interest payment...
Help Save & Exit Submit Submit Aracel Engineering completed the following transactions in the month of...
Help Save & Exit Submit Submit Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the owner, invested $175,000 cash, office equipment with a value of $8.100, and $63,000 of drafting equipment to launch the company in exchange for common stock b. The company purchased land worth $58,000 for an office by paying $8,800 cash and signing a long-term note payable for $49.200 c. The company purchased a portable building with $56,000 cash and moved...
homework Saved Help Save & Exit Submit Check my work Required information Business Sim Corp. (BSC)...
homework Saved Help Save & Exit Submit Check my work Required information Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in exchange for $12,000. BSC borrowed $30,000 from the bank, promising to repay it in two years. BSC purchased computer equipment for $40,000, signing a six-month note for $5,000, and paying the balance with check number 101. BSC received $900 of supplies purchased on account. BSC's loan contains a clause (covenant) that requires BSC to maintain a ratio...
On June 30, 2020, Mischa Auer Company issued $4,000,000 facevalue of 13%, 20-year bonds at...
On June 30, 2020, Mischa Auer Company issued $4,000,000 face value of 13%, 20-year bonds at $4,300,918, a yield of 12%. Auer uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31.Prepare the journal entries to record the following transactions. (Round answer to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are...
On June 30, 2017, Nash Company issued $3,300,000 face value of 13% 20 year bonds at...
On June 30, 2017, Nash Company issued $3,300,000 face value of 13% 20 year bonds at $3,548,237. a yield of 12%. Nash uses the effective interest method to amortize bond premium or discount. The bonds por serial interest on ne 30 and December 31 select "No Entry for the accounts and enter for the amount Credit c a r indented Prepare the journal entries to record the following transactions. Round answer to decimal places a 3548. Innbys when amount is...
The following is a list of account balances for Pick-A-Pet, Inc., as of June 30, Year 3. Accounts Payable Accounts Receivable Cash Common Stock Equipment Logo and Trademarks Long-term Notes Payable Retained Eamings Software $ 369,600 84,000 741,100 687,600 61,800 425,000 270,600 119,600 135,500 The company entered into the following transactions during July, Year 3. Stockholders contribute $470.000 cash for additional ownership shares and the company borrows $235,000 in cash from a bank to buy new equipment by signing a...
Consider the following account balances of Evan McGruder, Inc., as of December 31, Year 3: Accounts Payable $116,180 Equipment 422,300 Common Stock 203,500 Income Tax Payable 3,970 Retained Earnings 55,400 Notes Payable, due Year 5 343,900 Accounts Receivable 203, 200 Cash 97,450 Required: Prepare a classified balance sheet at December 31, Year 3. EVAN MCGRUDER, INC. Balance Sheet The following is a list of account balances for Pick-A-Pet, Inc., as of June 30, Year 3: Accounts Payable Accounts Receivable Cash...
Required information (The following information applies to the questions displayed below.) Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $ 28,600 197,000 56,000 230,000 119,000 263,000 6,750 376,850 7,200 During the month of July, the company had the following activities: a. Issued 5,400 shares of common stock for $540,000 cash. b. Borrowed $119,000 cash from...
Saved Help Save & Exit Submit 2 Check my work Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Ming Chen (the owner) completed these transactions ok a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. b. The company paid...
Osbom's Help Save & Exit Submit On June 30, 2021, L. N. Bean issued $15 million of its 8% bonds for $14 million. The bonds were priced to yield 10%. Interest is payable semiannually on December 31 and July 1. If the effective interest method is used, how much bond interest expense should the company report for the 6 months ended December 31, 2021? Saved Help Save & EX Multiple Choice O $600,000 O $700,000 0 $750,000 o $620,000
Help Save & Exit Submit Check my work Paulson Company issues 6%, four-year bonds, on December 31, 2017, with a par value of $200,000 and semiannual interest payments Semiannual Period unamortized carrying Value End (0) 12/31/2017 (1) 6/30/2018 (2) 12/31/2018 Discount $13, 466 11,782 10, 098 $186, 534 188, 218 189, 902 Use the above straight-line bond amortization table and prepare journal entries for the following. (a) The issuance of bonds on December 31, 2017 (b) The first interest payment...
Help Save & Exit Submit Submit Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the owner, invested $175,000 cash, office equipment with a value of $8.100, and $63,000 of drafting equipment to launch the company in exchange for common stock b. The company purchased land worth $58,000 for an office by paying $8,800 cash and signing a long-term note payable for $49.200 c. The company purchased a portable building with $56,000 cash and moved...
homework Saved Help Save & Exit Submit Check my work Required information Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in exchange for $12,000. BSC borrowed $30,000 from the bank, promising to repay it in two years. BSC purchased computer equipment for $40,000, signing a six-month note for $5,000, and paying the balance with check number 101. BSC received $900 of supplies purchased on account. BSC's loan contains a clause (covenant) that requires BSC to maintain a ratio...
On June 30, 2017, Nash Company issued $3,300,000 face value of 13% 20 year bonds at $3,548,237. a yield of 12%. Nash uses the effective interest method to amortize bond premium or discount. The bonds por serial interest on ne 30 and December 31 select "No Entry for the accounts and enter for the amount Credit c a r indented Prepare the journal entries to record the following transactions. Round answer to decimal places a 3548. Innbys when amount is...
Most questions answered within 3 hours.
-
Oxidative phosphorylation is achieved through chemiosmotic
coupling, which turns chemical energy into osmotic potential energy
that...
asked 2 hours ago -
Hollywood Shoes would like to maintain their cash account at a
minimum level of $64,000, but...
asked 2 hours ago -
Proteins CtrA-P, DnaA, and GcrA behave similarly to what
molecule in the Eukaryotic Cell Cycle?
asked 2 hours ago -
TRUE OR FALSE
In case of a competitive tender procedure, in the request for
quotation, the...
asked 2 hours ago -
I am a little behind please provide some explanation, will
provide thumbs up.
This question considers...
asked 2 hours ago -
Let say the utility function as U(X,Y) = lnX + Y. Show that the
marginal rate...
asked 2 hours ago -
A current of I=8.0A is flowing in a typical extension cord of
length L=3.00m. The cord...
asked 2 hours ago -
1. When balancing the equation H2SO4 (aq) + NaOH (aq) →
Na2SO4(aq) + H2O(aq), would you...
asked 3 hours ago -
Provide a definition of “classification hierarchy” and
illustrate your definition with an example of how and...
asked 2 hours ago -
1. Describe the four main green solvents. Provide one example of
the use of each solvent....
asked 2 hours ago -
International ethics focus on:
1) exploitation of labor
2)corruption
3) environmental impact
4) none of the...
asked 2 hours ago -
Costing Models You work for XYZ trucking and your boss has asked
you to figure out...
asked 2 hours ago