Homework Answers
| Year 1 | |
| Inventory purchased | 6900 |
| (-) Cost of inventory sold | 4300 |
| Ending inventory | 2600 |
| Year 2 | |
| Beginning inventory | 2600 |
| (+) Inventory purchased | 9400 |
| (-) Cost of inventory sold | 8500 |
| Ending inventory | 3500 |
| Answer : $3,500 |
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Required information (The following information applies to the questions displayed below.) Sanchez Company engaged in the...
Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing...
Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing $14,300 of common stock for cash. 2) The company paid cash to purchase $8,500 of inventory. 3) The company sold inventory that cost $5,900 for $12,400 cash. 4) Operating expenses incurred and paid during the year, $5,400. Sanchez Company engaged in the following transactions during Year 2: 1) The company paid cash to purchase $12,600 of inventory. 2) The company sold inventory that cost...
Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing...
Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing $14,500 of common stock for cash. 2) The company paid cash to purchase $8,600 of inventory. 3) The company sold inventory that cost $6,000 for $12,650 cash. 4) Operating expenses incurred and paid during the year, $5,500. Sanchez Company engaged in the following transactions during Year 2: 1) The company paid cash to purchase $12,800 of inventory. 2) The company sold inventory that cost...
Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing...
Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing $13,500 of common stock for cash. 2) The company paid cash to purchase $8,100 of inventory. 3) The company sold inventory that cost $5,500 for $11,400 cash. 4) Operating expenses incurred and paid during the year, $5,000. Sanchez Company engaged in the following transactions during Year 2: 1) The company paid cash to purchase $11,800 of inventory. 2) The company sold inventory that cost...
! Required Information [The following information applies to the questions displayed below.) Lexington Company engaged in...
! Required Information [The following information applies to the questions displayed below.) Lexington Company engaged in the following transactions during Year 1, its first year in operation: (Assume all transactions are cash transactions) 1. Acquired $3,900 cash from Issuing common stock. 2. Borrowed $2,650 from a bank. 3. Earned $3,550 of revenues. 4. Incurred $2,490 in expenses. 5. Paid dividends of $490. Lexington Company engaged in the following transactions during Year 2: (Assume all transactions are cash transactions) 1. Acquired...
iz Saved Required information (The following information applies to the questions displayed below.) Packard Company engaged...
iz Saved Required information (The following information applies to the questions displayed below.) Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.) 1) Acquired $1,800 cash from the issue of common stock. 2) Borrowed $1,270 from a bank. 3) Earned $1,450 of revenues. 4) Paid expenses of $420. 5) Paid a $220 dividend. During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions.)...
Required information [The following information applies to the questions displayed below) Packard Company engaged in the...
Required information [The following information applies to the questions displayed below) Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.) 1) Acquired $1,800 cash from the issue of common stock 2) Borrowed $1.270 from a bank. 3) Earned $1,450 of revenues. 4) Pald expenses of $420. 5) Paid a $220 dividend. During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions) 1) Issued...
Required information The following information applies to the questions displayed below) Packard Company engaged in the...
Required information The following information applies to the questions displayed below) Packard Company engaged in the following transactions during Year 1. its first year of operations: (Assume all transactions are cash transactions) 1) Acquired $1.800 cash from the issue of common stock. 2) Borrowed $1.270 from a bank 3) Earned $1,450 of revenues. 4) Paid expenses of $420. 5) Paid a $220 dividend. During Year 2. Packard engaged in the following transa Assume all transactions are cash transactions.) 1) Issued...
North Company engaged in the following transactions during Year 1: 1) Started the business by issuing...
North Company engaged in the following transactions during Year 1: 1) Started the business by issuing $50,000 of common stock for cash. 2) The company paid cash to purchase $38,000 of inventory. 3) The company sold inventory that cost $17,000 for $33,000 cash. 4) Operating expenses incurred and paid during the year, $9,000. North Company engaged in the following transactions during Year 2: 1) The company paid cash to purchase $35,000 of inventory. 2) The company sold inventory that cost...
Star Company engaged in the following transactions during Year 1: 1) Started the business by issuing...
Star Company engaged in the following transactions during Year 1: 1) Started the business by issuing $78,000 of common stock for cash. 2) The company paid cash to purchase $36,400 of inventory. 3) The company sold inventory that cost $19,000 for $46,000 cash. 4) Operating expenses incurred and paid during the year, $13,400. Star Company engaged in the following transactions during Year 2: 1) The company paid cash to purchase $15,900 of inventory. 2) The company sold inventory that cost...
PROBLEM 1 Star Company engaged in the following transactions during Year 1: 1) Started the business...
PROBLEM 1 Star Company engaged in the following transactions during Year 1: 1) Started the business by issuing $78,000 of common stock for cash. 2) The company paid cash to purchase $36,400 of inventory. 3) The company sold inventory that cost $19,000 for $46,000 cash. 4) Operating expenses incurred and paid during the year, $13,400. Star Company engaged in the following transactions during Year 2: 1) The company paid cash to purchase $15,900 of inventory. 2) The company sold inventory...
Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing $13,500 of common stock for cash. 2) The company paid cash to purchase $8,100 of inventory. 3) The company sold inventory that cost $5,500 for $11,400 cash. 4) Operating expenses incurred and paid during the year, $5,000. Sanchez Company engaged in the following transactions during Year 2: 1) The company paid cash to purchase $11,800 of inventory. 2) The company sold inventory that cost...
! Required Information [The following information applies to the questions displayed below.) Lexington Company engaged in the following transactions during Year 1, its first year in operation: (Assume all transactions are cash transactions) 1. Acquired $3,900 cash from Issuing common stock. 2. Borrowed $2,650 from a bank. 3. Earned $3,550 of revenues. 4. Incurred $2,490 in expenses. 5. Paid dividends of $490. Lexington Company engaged in the following transactions during Year 2: (Assume all transactions are cash transactions) 1. Acquired...
iz Saved Required information (The following information applies to the questions displayed below.) Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.) 1) Acquired $1,800 cash from the issue of common stock. 2) Borrowed $1,270 from a bank. 3) Earned $1,450 of revenues. 4) Paid expenses of $420. 5) Paid a $220 dividend. During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions.)...
Required information [The following information applies to the questions displayed below) Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.) 1) Acquired $1,800 cash from the issue of common stock 2) Borrowed $1.270 from a bank. 3) Earned $1,450 of revenues. 4) Pald expenses of $420. 5) Paid a $220 dividend. During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions) 1) Issued...
Required information The following information applies to the questions displayed below) Packard Company engaged in the following transactions during Year 1. its first year of operations: (Assume all transactions are cash transactions) 1) Acquired $1.800 cash from the issue of common stock. 2) Borrowed $1.270 from a bank 3) Earned $1,450 of revenues. 4) Paid expenses of $420. 5) Paid a $220 dividend. During Year 2. Packard engaged in the following transa Assume all transactions are cash transactions.) 1) Issued...
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