Homework Answers
| Assets | = | liabilities | + | Stockholders' equity | |||||
| Contributed capital | + | Retained earnings | |||||||
| a. | $13,800 | = | $0 | + | $0 | + | $13,800 | ||
| b. | $0 | = | $0 | $0 | $0 | (increase in cash asset = 7300, decrease in accont receivable asset -7300 net effect = 0) | |||
| c. | -$1,500 | = | $0 | + | $0 | + | -$1,500 | ||
| d. | -$3,500 | = | $0 | + | $0 | + | -$3,500 | ||
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M O ULINEASST entSessionLocatore dinprogress false Cornerstone Exercise 2-22 (Algorithmic) Transaction Analysis The Mendholm Company entered...
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...
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, $18,200. b. Collected $8,100 from client related to services performed in Item a. c. Paid $1,500 dividend to stockholders. d. Paid 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...
Cornerstone Exercise 2-21 (Algorithmic) Transaction Analysis Morgan Inc. entered into the following transactions: a. Issued common...
Cornerstone Exercise 2-21 (Algorithmic) Transaction Analysis Morgan Inc. entered into the following transactions: a. Issued common stock to investors in exchange for $40,000 cash. b. Borrowed $15,300 cash from First State Bank. c. Purchased $8,000 of supplies on credit. d. Paid for the purchase in Transaction c. 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. Stockholders'...
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...
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 $925,000 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 $53,000 on credit. d. Michael Rotunno paid Compton $9,400 cash for services performed. The services had been performed by Compton several months ago...
Cornerstone Exercise 2-26 (Algorithmic) Preparing a Trial Balance Listed below are the ledger accounts for Borges...
Cornerstone Exercise 2-26 (Algorithmic) Preparing a Trial Balance Listed below are the ledger accounts for Borges Inc. at December 31, 2019. All accounts have normal balances. $27,170 12,850 Service Revenue Cash Accounts Payable Common Stock Rent Expense 2,825 15,000 Dividends 2,400 1,500 4,300 Salaries Expense 16,485 Equipment Accounts Receivable Advertising Expense 5,700 1,760 Required: Prepare a trial balance for Borges at December 31, 2019. If an amount box does not require an entry, leave it blank. Borges Inc. Trial Balance...
Cornerstone Exercise 4.2 (Algorithmic) Overhead Variances and Their Disposal Warner Company has the following data for...
Cornerstone Exercise 4.2 (Algorithmic)
Overhead Variances and Their Disposal
Warner Company has the following data for the past year:
Actual overhead
$240,500
Applied overhead:
Work-in-process
inventory
$56,000
Finished goods
inventory
112,000
Cost of goods sold
112,000
Total
$280,000
Warner uses the overhead control account to accumulate both
actual and applied overhead.
Required:
1. Calculate the overhead variance for the
year.
$ - Select your answer -UnderappliedOverappliedCorrect 2 of Item
1
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Provide the appropriate adjusting journal entry to close the...
Posted this earlier but the answer i got was wrong.Can some one show me how to...
Posted this earlier but the answer i got was wrong.Can some one show me how to get the right answer.Thanks Amanda Webb opened a home health care business under the name Home Care, Inc. During its first month of operations, the business had the following transactions: Sold common stock to Ms. Webb and other stockholders in exchange for $30,000 cash Paid $18,500 cash for a parcel of land on which the business will eventually build an office building Purchased supplies...
Cornerstone Exercise 6-21 (Algorithmic) Recording Sales Transactions Mathis Company and Reece Company use the perpetual inventory...
Cornerstone Exercise 6-21 (Algorithmic) Recording Sales Transactions Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Mathis Company purchased merchandise on account from Reece Company with credit terms of 2/10, n/30. The selling price of the merchandise was $3,500, and the cost of the merchandise sold was $2,450. b. On April 1, Mathis paid freight charges of $100 cash to have the goods delivered to its...
Cornerstone Exercise 6-21 (Algorithmic) Recording Sales Transactions Mathis Company and Reece Company use the perpetual inventory...
Cornerstone Exercise 6-21 (Algorithmic) Recording Sales Transactions Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Mathis Company purchased merchandise on account from Reece Company with credit terms of 2/10, n/30. The selling price of the merchandise was $3,500, and the cost of the merchandise sold was $2,450. b. On April 1, Mathis paid freight charges of $100 cash to have the goods delivered to its...
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...
Cornerstone Exercise 2-22 (Algorithmic) Transaction Analysis The Mendholm Company entered into the following transactions: a. Performed services on account, $18,200. b. Collected $8,100 from client related to services performed in Item a. c. Paid $1,500 dividend to stockholders. d. Paid 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...
Cornerstone Exercise 2-21 (Algorithmic) Transaction Analysis Morgan Inc. entered into the following transactions: a. Issued common stock to investors in exchange for $40,000 cash. b. Borrowed $15,300 cash from First State Bank. c. Purchased $8,000 of supplies on credit. d. Paid for the purchase in Transaction c. 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. Stockholders'...
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...
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 $925,000 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 $53,000 on credit. d. Michael Rotunno paid Compton $9,400 cash for services performed. The services had been performed by Compton several months ago...
Cornerstone Exercise 2-26 (Algorithmic) Preparing a Trial Balance Listed below are the ledger accounts for Borges Inc. at December 31, 2019. All accounts have normal balances. $27,170 12,850 Service Revenue Cash Accounts Payable Common Stock Rent Expense 2,825 15,000 Dividends 2,400 1,500 4,300 Salaries Expense 16,485 Equipment Accounts Receivable Advertising Expense 5,700 1,760 Required: Prepare a trial balance for Borges at December 31, 2019. If an amount box does not require an entry, leave it blank. Borges Inc. Trial Balance...
Cornerstone Exercise 6-21 (Algorithmic) Recording Sales Transactions Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Mathis Company purchased merchandise on account from Reece Company with credit terms of 2/10, n/30. The selling price of the merchandise was $3,500, and the cost of the merchandise sold was $2,450. b. On April 1, Mathis paid freight charges of $100 cash to have the goods delivered to its...
Cornerstone Exercise 6-21 (Algorithmic) Recording Sales Transactions Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Mathis Company purchased merchandise on account from Reece Company with credit terms of 2/10, n/30. The selling price of the merchandise was $3,500, and the cost of the merchandise sold was $2,450. b. On April 1, Mathis paid freight charges of $100 cash to have the goods delivered to its...
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