During its first month of operations, Labrador Corporation provided $10,000 of services to it customers. Its costs included rent of $1,000 and salaries and wages totaling $3,000. At the end of the month, the board of directors approved a dividend of $500. What is the total amount of expenses incurred by the company during the month?
Only rent of $1,000 and salaries and wages of $3,000 should be treated as expenses. Dividend should not be treated as expense because it is an apportionment of profit.
Total expenses incurred is $1,000 + $3,000 = $4,000
During its first month of operations, Labrador Corporation provided $10,000 of services to it customers. Its...
During its first month of operations, Ava Corporation provided $91,952 of services to their customers. Ava’s costs included rent of $12,867 and salaries and wages totaling $16,337. At the end of the month, the board of directors approved a dividend of $1,457. What is the Retained Earnings for Ava Company at the end of the month?
In Year 1 of its existence, Z-Kola Company provided $100,000 of services to customers on account, and incurred $65,000 of expenses also on account. By year-end of Year 1, Z-Kola had collected $86,000 from its customer. It also had paid (in cash) bills for its expenses in the amount of $62,000. Feeling good about the Company's performance for the year, the Board of Directors declared and paid to shareholders a dividend totaling $7,000. After the accounting records are closed, what...
Question 1: The following transactions are July activities of Noah’s Tik Tok Service, which creates videos. Noah paid $982 to plumbers for repairing a broken pipe in the restrooms. Noah paid $801 for the June electricity bill and received the July bill for $624, which will be paid in August. Noah paid 705 to employees for work in June. What are the total expenses Noah will recognize in July? Question 2: The following transactions are July activities of Emma’s Tik...
Current Attempt in Progress Selected transactions for Cullumber Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange for $18,000 cash. 2 Paid $1,300 cash for rent for the month of September. 5 Purchased equipment for $9,700, paying $2,000 in cash and the balance on account. 8 Earned $6,900 in revenue, receiving $1,100 cash and $5,800 on account of services provided. 12 Incurred $500 in advertising expense on account. 20 Paid...
Selected transactions for Crane Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange for $18,000 cash. 2 Paid $1,600 cash for rent for the month of September. 5 Purchased equipment for $9,800, paying $1,800 in cash and the balance on account. 8 Earned $7,300 in revenue, receiving $900 cash and $6,400 on account of services provided. 12 Incurred $600 in advertising expense on account. 20 Paid $3,000 for repairs and...
Wainright Industries reports the following transactions during its first month of operations: 1. Issued 10,000 shares of common stock for $15,000 cash. 2. Purchased land for $12,000, signing a note payable for the full amount. 3. Purchased office equipment for $1,200 cash. 4. Received cash of $14,000 for services provided to customers during the month. 5. Received cash of $8,500 for services to be provided to customers in the following month, 6. Purchased $800 of office supplies on account 7....
Wainright Industries reports the following transactions during its first month of operations: 1. Issued 10,000 shares of common stock for $15,000 cash. 2. Purchased land for $12,000, signing a note payable for the full amount. 3. Purchased office equipment for $1,200 cash. 4. Received cash of $14,000 for services provided to customers during the month. 5. Received cash of $8,500 for services to be provided to customers in the following month. 6. Purchased $800 of office supplies on account. 7....
Selected transactions for Crane Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange for $18,000 cash. 2 Paid $1,600 cash for rent for the month of September. 5 Purchased equipment for $9,800, paying $1,800 in cash and the balance on account. 8 Earned $7,300 in revenue, receiving $900 cash and $6,400 on account of services provided. 12 Incurred $600 in advertising expenses on account. 20 Paid $3,000 for repairs and...
Selected transactions for Crane Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange for $18,000 cash. 2 Paid $1,600 cash for rent for the month of September. 5 Purchased equipment for $9,800, paying $1,800 in cash and the balance on account. 8 Earned $7,300 in revenue, receiving $900 cash and $6,400 on account of services provided. 12 Incurred $600 in advertising expense on account. 20 Paid $3,000 for repairs and...
Selected transactions for Sandhill Corporation during September 2018, its first month in business, are presented below: Sept. Issued common shares in exchange for $22,000 cash. 2 Paid $ 1,300 cash for rent for the month of September. 5 Purchased equipment for $ 9,000, paying $ 1,900 in cash and the balance on account. 8 Earned $ 7,100 in revenue, receiving $ 1,000 cash and $ 6,100 on account of services provided. 12 Incurred $ 400 in advertising expense on account....