Answer all questions above 15-1 Balance Sheet Equation Sacks Fifth operates 197 fashion specialty retail stores...
15-1 Balance Sheet Equation Sacks Fifth operates 197 fashion specialty retail stores in 28 states. The company's actual data (slightly simplified) follow for its fiscal year ended June 15, 2009 in millions of dollars) Asset beginning of period 55,850 Assets, end of period Liabilities, beginning of period Liabilities, and of period 6,041 Paid-in capital, beginning of period 979 Paid-in capital, end of period Retained comings, beginning of period 495 Retained comings, end of period Revenues RESSO Costs and expenses Net...
15-2 Analysis of Transactions; Preparation of Statements The Mentha Company was incorporated on July 1, 20X1. Mentha had 10 holders of common stock. Laurie Mentha, who was the president and CEO, held 49% of the shares. The company rented space in chain discount stores and specialized in selling running shoes. Mentha's first location was a store in Centerville Mall. The following events occurred during July: A. The company was incorporated. Common stockholders invested S145,000 cash. B. Purchased merchandise inventory for...
please do 15.1 & 15.2 Window Help 43% CHAPTER 15 HOMEWORK PROBLEMS.pdf (page 1 of 2) Q Search CHAPTER 15 HOMEWORK 15-1 Balance Sheet Equation Sacks Fifth operates 197 fashion specialty retail stores in 28 states. The company's actual data (slightly simplified) follow for its fiscal year ended June 15, 2009 in millions of dollars): $5,850 A B Assets, beginning of period Assets, end of period Liabilities, beginning of period Liabilities, end of period Paid-in capital, beginning of period Paid-in...
please answer questions 1,2,3 The Mentha Company was incorporated on July 1, 20X1. Mentha had 10 holders of common stock. Laurie Mentha, who was the president and CEO, held 49% of the shares. The company rented space in chain discount stores and specialized in selling running shoes. Mentha's first location was a store in Centerville Mall. The following events occurred during July: A. The company was incorporated. Common stockholders invested $145,000 cash. B. Purchased merchandise inventory for cash, $55,000. C....
The Mentha Company was incorporated on July 1, 20X1. Mentha had 10 holders of common stock. Laurie Mentha, who was the president and CEO, held 49% of the shares. The company rented space in chain discount stores and specialized in selling running shoes. Mentha's first location was a store in Centerville Mall. The following events occurred during July A. The company was incorporated. Common stockholders invested $145,000 cash. B. Purchased merchandise inventory for cash, S55,000 C. Purchased merchandise inventory on...
15-6 True or False Study Appendix 15B. Use T or F to indicate whether each of the following statements is true or false. For each false statement, explain why it is false. 1. Purchase of inventory on account should be credited to Inventory and debited to Accounts Payable. 2. Increases in asset accounts must always be entered on the right. 3. Increases in stockholders' equity should always be entered as credits. 4. Decreases in liability accounts should be recorded on...
15-6 True or False Study Appendix 15B. Use T or F to indicate whether each of the following statements is true or false. For each false statement, explain why it is false. 1. Purchase of inventory on account should be credited to Inventory and debited to Accounts Payable. 2. Increases in asset accounts must always be entered on the right. 3. Increases in stockholders' equity should always be entered as credits. 4. Decreases in liability accounts should be recorded on...
15-4 Debits and Credits Study Appendix 15B. Determine for the following transactions whether the account named in parentheses is to be debited or credited: 1. Sold merchandise (Merchandise Inventory), $1,000 2. Received cash from customers on accounts due (Accounts Receivable), $2,450 3. Paid rent in advance (Prepaid Expenses), $1,250 4. Borrowed money from First National Bank (Notes Payable), $12,000 5. Paid dividends (Cash), $800 6. Delivered merchandise to customers (Merchandise Inventory), $3,500
15-4 Debits and Credits Study Appendix 15B. Determine for the following transactions whether the account named in parentheses is to be debited or credited: 1. Sold merchandise (Merchandise Inventory), $1,000 2. Received cash from customers on accounts due (Accounts Receivable), $2,450 3. Paid rent in advance (Prepaid Expenses), $1,250 4. Borrowed money from First National Bank (Notes Payable), $12,000 5. Paid dividends (Cash), $800 6. Delivered merchandise to customers (Merchandise Inventory), $3,500 7. Paid O'Brien Associates $3,000 owed them (Accounts...
15-BI Balance Sheet Equation Nordstrom operates 207 fashion specialty retail stores in 28 states. The company's actual data (slightly simplified) follow for its fiscal year ended January 29, 2011 (in millions of dollars): $6,579 5,441 1,066 Assets, beginning of period Assets, end of period Liabilities, beginning of period Liabilities, end of period Paid-in capital, beginning of period Paid-in capital, end of period Retained earnings, beginning of period Retained earnings, end of period Revenues Costs and expenses Net income Dividends Additional...