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Chapter 1 LO 2, 3 Exercise 1-10A/ Effect of events on the accounting equation Hansen Enterprises...
Olive Enterprises experienced the following events during 2016: 1. Acquired cash from the issue of common...
Olive Enterprises experienced the following events during 2016: 1. Acquired cash from the issue of common stock. 2. Paid cash to reduce the principal on a bank note. 3. Sold land for cash at an amount equal to its cost 4. Provided services to clients for cash. 5. Paid utilities expenses with cash. 6. Paid a cash dividend to the stockholders. Required Indicate which of the above events occur in the equation by selecting the letter "1" for increase, the...
1. Acquired cash from the issue of common stock. 2. Paid cash to reduce the principal...
1. Acquired cash from the issue of common stock. 2. Paid cash to reduce the principal on a bank note 3. Sold land for cash at an amount equal to its cost. 4. Provided services to clients for cash 5. Paid utilities expenses with cash 6. Paid a cash dividend to the stockholders Required Indicate which of the above events occur in the equation by selecting the letter "" for increase, the letter "D" for decrease, "/D" for increase and...
Exercise 1-19A Preparing financial statements LO 1-7, 1-8, Dakota Company experienced the following events during 2018:...
Exercise 1-19A Preparing financial statements LO 1-7, 1-8, Dakota Company experienced the following events during 2018: 1. Acquired $25,000 cash from the issue of common stock. 2. Paid $20,000 cash to purchase land. 3. Borrowed $20,000 cash. 4. Provided services for $60,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Paid $40,000 cash for other operating expenses. 7. Paid a $5,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2...
Required information Problem 1-35 Recording events in a horizontal statements model LO 1-3, 1-4, 1-5, 1-6,...
Required information Problem 1-35 Recording events in a horizontal statements model LO 1-3, 1-4, 1-5, 1-6, 1-7, 1-8, 1-9,1-10 The following information applies to the questions displayed below Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation: 1 Acquired $38,000 cash from the issue of common stock 2 Borrowed $32,000 cash from National Bank 3. Earned cash revenues of $56,000 for performing services 4. Paid cash expenses of $49,000 5....
Recording events in a horizontal statements model Maben Company was started on January 1, 2018, and...
Recording events in a horizontal statements model Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. Borrowed $40,000 cash from National Bank. 3. Earned cash revenues of $48,000 for performing services. 4. Paid cash expenses of $25,000 5. Paid a $1,000 cash dividend to the stockholders. 6. Acquired an additional $20,000 cash from the issue of common stock. 7....
Recording events in a horizontal statements model Maben Company was started on January 1, 2018, and...
Recording events in a horizontal statements model Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. Borrowed $40,000 cash from National Bank. 3. Earned cash revenues of $48,000 for performing services. 4. Paid cash expenses of $25,000. 5. Paid a $1,000 cash dividend to the stockholders. 6. Acquired an additional $20,000 cash from the issue of common stock. 7....
Exercise 2-1A Effect of accruals on the financial statements Coates Inc, experienced the following events in...
Exercise 2-1A Effect of accruals on the financial statements Coates Inc, experienced the following events in 2013. in its first year of operation: 1. Received $20,000 cash from the issue of common stock. 2. Performed services on account for $38,000. 3. Paid the utility expense of $2,500. 4. Collected $21,000 of the accounts receivable. 5. Recorded $15,000 of accrued salaries at the end of the year. 6. Paid a $2,000 cash dividend to the shareholders. Required a. Record the events...
Exercise 2-1A Effect of collecting accounts receivable on the accounting equation and financial statements LO 2-1,...
Exercise 2-1A Effect of collecting accounts receivable on the accounting equation and financial statements LO 2-1, 2-3 Holloway Company eamed $4,900 of service revenue on account during Year 1. The company collected $4,165 cash from accounts receivable during Year 1. Required Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) (Enter any decreases to account balances with a minus sign.) a. The...
onnect.mheducation.com/flow/connection mework i Nevada Company experienced the following events during its first year of operations: 1....
onnect.mheducation.com/flow/connection mework i Nevada Company experienced the following events during its first year of operations: 1. Acquired an additional $1,000 cash from the issue of common stock 2. Paid $2,400 cash for utilities expense. 3. Paid a $1,500 cash dividend to the stockholders 4. Provided additional services for $6,000 cash. 5. Purchased additional land for $2,500 cash. 6. The market value of the land was determined to be $24.000 at the end of the accounting period. 7. Acquired $16,000 cash...
Problem 1-35 Recording events in a horizontal statements model LO 1-3, 1-4, 1-5, 1-6, 1-7,1-8, 1-9,...
Problem 1-35 Recording events in a horizontal statements model LO 1-3, 1-4, 1-5, 1-6, 1-7,1-8, 1-9, 1-10 The following information applies to the questions displayed below. Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation: 1 Acquired $38,000 cash from the issue of common stock 2. Borrowed $32,000 cash from National Bank 3. Earned cash revenues of $56,000 for performing services 4. Paid cash expenses of $49,000 5. Paid a...
Olive Enterprises experienced the following events during 2016: 1. Acquired cash from the issue of common stock. 2. Paid cash to reduce the principal on a bank note. 3. Sold land for cash at an amount equal to its cost 4. Provided services to clients for cash. 5. Paid utilities expenses with cash. 6. Paid a cash dividend to the stockholders. Required Indicate which of the above events occur in the equation by selecting the letter "1" for increase, the...
1. Acquired cash from the issue of common stock. 2. Paid cash to reduce the principal on a bank note 3. Sold land for cash at an amount equal to its cost. 4. Provided services to clients for cash 5. Paid utilities expenses with cash 6. Paid a cash dividend to the stockholders Required Indicate which of the above events occur in the equation by selecting the letter "" for increase, the letter "D" for decrease, "/D" for increase and...
Exercise 1-19A Preparing financial statements LO 1-7, 1-8, Dakota Company experienced the following events during 2018: 1. Acquired $25,000 cash from the issue of common stock. 2. Paid $20,000 cash to purchase land. 3. Borrowed $20,000 cash. 4. Provided services for $60,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Paid $40,000 cash for other operating expenses. 7. Paid a $5,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2...
Required information Problem 1-35 Recording events in a horizontal statements model LO 1-3, 1-4, 1-5, 1-6, 1-7, 1-8, 1-9,1-10 The following information applies to the questions displayed below Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation: 1 Acquired $38,000 cash from the issue of common stock 2 Borrowed $32,000 cash from National Bank 3. Earned cash revenues of $56,000 for performing services 4. Paid cash expenses of $49,000 5....
Recording events in a horizontal statements model Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. Borrowed $40,000 cash from National Bank. 3. Earned cash revenues of $48,000 for performing services. 4. Paid cash expenses of $25,000 5. Paid a $1,000 cash dividend to the stockholders. 6. Acquired an additional $20,000 cash from the issue of common stock. 7....
Recording events in a horizontal statements model Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. Borrowed $40,000 cash from National Bank. 3. Earned cash revenues of $48,000 for performing services. 4. Paid cash expenses of $25,000. 5. Paid a $1,000 cash dividend to the stockholders. 6. Acquired an additional $20,000 cash from the issue of common stock. 7....
Exercise 2-1A Effect of accruals on the financial statements Coates Inc, experienced the following events in 2013. in its first year of operation: 1. Received $20,000 cash from the issue of common stock. 2. Performed services on account for $38,000. 3. Paid the utility expense of $2,500. 4. Collected $21,000 of the accounts receivable. 5. Recorded $15,000 of accrued salaries at the end of the year. 6. Paid a $2,000 cash dividend to the shareholders. Required a. Record the events...
Exercise 2-1A Effect of collecting accounts receivable on the accounting equation and financial statements LO 2-1, 2-3 Holloway Company eamed $4,900 of service revenue on account during Year 1. The company collected $4,165 cash from accounts receivable during Year 1. Required Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) (Enter any decreases to account balances with a minus sign.) a. The...
onnect.mheducation.com/flow/connection mework i Nevada Company experienced the following events during its first year of operations: 1. Acquired an additional $1,000 cash from the issue of common stock 2. Paid $2,400 cash for utilities expense. 3. Paid a $1,500 cash dividend to the stockholders 4. Provided additional services for $6,000 cash. 5. Purchased additional land for $2,500 cash. 6. The market value of the land was determined to be $24.000 at the end of the accounting period. 7. Acquired $16,000 cash...
Problem 1-35 Recording events in a horizontal statements model LO 1-3, 1-4, 1-5, 1-6, 1-7,1-8, 1-9, 1-10 The following information applies to the questions displayed below. Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation: 1 Acquired $38,000 cash from the issue of common stock 2. Borrowed $32,000 cash from National Bank 3. Earned cash revenues of $56,000 for performing services 4. Paid cash expenses of $49,000 5. Paid a...
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