Homework Answers
| Assets | - | Liabilities | + | Stockholders' Equity | ||||||||||||||||
| Cash | + | Accounts Receivables | + | Supplies | + | Equipment | = | Accounts Payable | + | Notes Payable | + | Common Stock | + | Retained Earnings | ||||||
| + | + | + | = | + | + | + | Revenues | - | Expenses | - | Dividends | |||||||||
| 1 | $121,000 | + | + | + | = | + | + | $121,000 | + | - | - | |||||||||
| 2 | $38,000 | + | + | + | = | + | $38,000 | + | + | - | - | |||||||||
| 3 | -$64,000 | + | + | + | $64,000 | = | + | + | + | - | - | |||||||||
| 4 | $16,000 | + | + | + | = | + | + | + | $16,000 | - | - | Services performed resulted in increasing the revenue and cash | ||||||||
| 5 | + | + | $3,200 | + | = | $3,200 | + | + | + | - | - | |||||||||
| 6 | -$5,300 | + | + | + | = | + | + | + | - | $5,300 | - | Paying of rent resulted in increasing the expenses and decreasing the cash | ||||||||
| 7 | + | $11,700 | + | + | = | + | + | + | $11,700 | - | - | Performing services on account resulted in increasing the revenues and increasing the accounts receivables. | ||||||||
| 8 | -$28,900 | + | + | + | = | + | + | + | - | $28,900 | - | Paying salaries resulted in increasing expenses and reducing the cash | ||||||||
| 9 | -$10,800 | + | + | + | = | + | + | + | - | - | $10,800 | Paying dividends to the shareholders resulted in increasing the dividend and reducing cash. | ||||||||
| $66,000 | + | $11,700 | + | $3,200 | + | $64,000 | = | $3,200 | + | $38,000 | + | $121,000 | + | $27,700 | - | $34,200 | - | $10,800 | ||
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Exercise 3-6 During 2017, its first year of operations as a delivery service, Blue Spruce Corp....
Exercise 3-03 During 2022, its first year of operations as a delivery service, Blue Spruce Corp....
Exercise 3-03 During 2022, its first year of operations as a delivery service, Blue Spruce Corp. entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $115,000 in cash. 2. Borrowed $38,000 by issuing bonds. 3. Purchased delivery trucks for $55,000 cash. 4. Received $17,000 from customers for services performed. 5. Purchased supplies for $6,700 on account. 6. Paid rent of $6,000. 7. Performed services on account for $10,400. 8. Paid salaries of $29,600....
During 2022, its first year of operations as a delivery service, Monty Corp. entered into the...
During 2022, its first year of operations as a delivery service, Monty Corp. entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $109,000 in cash. 2. Borrowed $53,000 by issuing bonds. 3. Purchased delivery trucks for $60,000 cash. 4. Received $14,000 from customers for services performed. 5. Purchased supplies for $4,100 on account. 6. Paid rent of $6,200. 7. Performed services on account for $11,900. 8. Paid salaries of $28,600. 9. Paid a...
Exercise 3-3 During 2017, its first year of operations as a delivery service, Monty Corp. entered...
Exercise 3-3 During 2017, its first year of operations as a delivery service, Monty Corp. entered into the following transactions, 1. Issued shares of common stock to investors in exchange for $109,000 in cash. 2. Borrowed $53,000 by issuing bonds. 3. Purchased delivery trucks for $60,000 cash. 4. Received $14,000 from customers for services performed. 5. Purchased supplies for $4,100 on account. 6. Paid rent of $6,200. 7. Performed services on account for $11.900. 8. Paid salaries of $28.600. 9....
During 2017, its first year of operations as a delivery service, Marigold Corp. entered into the...
During 2017, its first year of operations as a delivery service, Marigold Corp. entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $120,000 in cash. 2. Borrowed $53,000 by issuing bonds. 3. Purchased delivery trucks for $51,000 cash. 4. Received $17.000 from customers for services performed. 5. Purchased supplies for $6,200 on account. 6. Paid rent of $5.800. 7. Performed services on account for $10.900. 8. Paid salaries of $26,600. 9. Paid a...
During 2022, its first year of operations as a delivery service, Persimmon Corp, entered into the...
During 2022, its first year of operations as a delivery service, Persimmon Corp, entered into the following transactions. Issued shares of common stock to investors in exchange for $100,000 in cash. Borrowed $45,000 by issuing bonds. Purchased delivery trucks for $60,000 cash. Received $16,000 from customers for services performed. Purchased supplies for $4,700 on account. Paid rent of $5,200 7. Performed services on account for $10,000. Paid salaries of $28,000 Paid a dividend of $11,000 to shareholders. 1. 2. 3....
During 2022, its first year of operations as a delivery service, Ayayai Corp. entered into the...
During 2022, its first year of operations as a delivery service, Ayayai Corp. entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $100,000 in cash. 2. Borrowed $35,000 by issuing bonds. 3. Purchased delivery trucks for $50,000 cash. 4. Received $14,000 from customers for services performed. 5. Purchased supplies for $2,700 on account. 6. Paid rent of $4,200. 7. Performed services on account for $10,000. 8. Paid salaries of $26,000. 9. Paid a...
1. 2. 3. During 2022, its first year of operations as a delivery service, Flounder Corp....
1. 2. 3. During 2022, its first year of operations as a delivery service, Flounder Corp. entered into the following transactions. Issued shares of common stock to investors in exchange for $137,000 in cash. Borrowed $55,000 by issuing bonds. Purchased delivery trucks for $63,000 cash. Received $18,000 from customers for services performed. Purchased supplies for $6,600 on account. Paid rent of $5,900 Performed services on account for $10,700. Paid salaries of $26,700. Paid a dividend of $11,500 to shareholders. 4....
Question 2 of 12 -/15 During 2022, its first year of operations as a delivery service,...
Question 2 of 12 -/15 During 2022, its first year of operations as a delivery service, Riverbed Corp entered into the following transactions. 1. 2. 3. 4. 5. Issued shares of common stock to investors in exchange for $146,000 in cash. Borrowed $45,000 by issuing bonds. Purchased delivery trucks for $63,000 cash. Received $15,000 from customers for services performed. Purchased supplies for $5,000 on account. Paid rent of $5,900 Performed services on account for $10,700, Paid salaries of $27,400 Paid...
During 2017, its first year of operations as a delivery service, Grouper Corp. entered into the...
During 2017, its first year of operations as a delivery service, Grouper Corp. entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $123,000 in cash. 2. Borrowed $37,000 by issuing a note. 3. Purchased delivery trucks for $64,000 cash. 4. Received $15,000 from customers for services performed. 5. Purchased supplies for $6,100 on account. 6. Paid rent of $5,800. 7. Performed services on account for $11,800. 8. Paid salaries of $27,700. 9. Paid...
Selected transactions for Blue Spruce Corp. during its first month in business are presented below. Sept....
Selected transactions for Blue Spruce Corp. during its first month in business are presented below. Sept. 1 5 8 14 25 30 Issued common stock in exchange for $20,500 cash received from investors. Purchased equipment for $9,430, paying $2,590 in cash and the balance on account. Performed services on account for $18,000. Paid salaries of $1,200. Paid $3,140 cash on balance owed for equipment. Paid $640 cash dividend. (a) Complete a tabular analysis of the September transactions. (If a transaction...
Exercise 3-03 During 2022, its first year of operations as a delivery service, Blue Spruce Corp. entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $115,000 in cash. 2. Borrowed $38,000 by issuing bonds. 3. Purchased delivery trucks for $55,000 cash. 4. Received $17,000 from customers for services performed. 5. Purchased supplies for $6,700 on account. 6. Paid rent of $6,000. 7. Performed services on account for $10,400. 8. Paid salaries of $29,600....
During 2022, its first year of operations as a delivery service, Monty Corp. entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $109,000 in cash. 2. Borrowed $53,000 by issuing bonds. 3. Purchased delivery trucks for $60,000 cash. 4. Received $14,000 from customers for services performed. 5. Purchased supplies for $4,100 on account. 6. Paid rent of $6,200. 7. Performed services on account for $11,900. 8. Paid salaries of $28,600. 9. Paid a...
Exercise 3-3 During 2017, its first year of operations as a delivery service, Monty Corp. entered into the following transactions, 1. Issued shares of common stock to investors in exchange for $109,000 in cash. 2. Borrowed $53,000 by issuing bonds. 3. Purchased delivery trucks for $60,000 cash. 4. Received $14,000 from customers for services performed. 5. Purchased supplies for $4,100 on account. 6. Paid rent of $6,200. 7. Performed services on account for $11.900. 8. Paid salaries of $28.600. 9....
During 2017, its first year of operations as a delivery service, Marigold Corp. entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $120,000 in cash. 2. Borrowed $53,000 by issuing bonds. 3. Purchased delivery trucks for $51,000 cash. 4. Received $17.000 from customers for services performed. 5. Purchased supplies for $6,200 on account. 6. Paid rent of $5.800. 7. Performed services on account for $10.900. 8. Paid salaries of $26,600. 9. Paid a...
During 2022, its first year of operations as a delivery service, Persimmon Corp, entered into the following transactions. Issued shares of common stock to investors in exchange for $100,000 in cash. Borrowed $45,000 by issuing bonds. Purchased delivery trucks for $60,000 cash. Received $16,000 from customers for services performed. Purchased supplies for $4,700 on account. Paid rent of $5,200 7. Performed services on account for $10,000. Paid salaries of $28,000 Paid a dividend of $11,000 to shareholders. 1. 2. 3....
During 2022, its first year of operations as a delivery service, Ayayai Corp. entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $100,000 in cash. 2. Borrowed $35,000 by issuing bonds. 3. Purchased delivery trucks for $50,000 cash. 4. Received $14,000 from customers for services performed. 5. Purchased supplies for $2,700 on account. 6. Paid rent of $4,200. 7. Performed services on account for $10,000. 8. Paid salaries of $26,000. 9. Paid a...
1. 2. 3. During 2022, its first year of operations as a delivery service, Flounder Corp. entered into the following transactions. Issued shares of common stock to investors in exchange for $137,000 in cash. Borrowed $55,000 by issuing bonds. Purchased delivery trucks for $63,000 cash. Received $18,000 from customers for services performed. Purchased supplies for $6,600 on account. Paid rent of $5,900 Performed services on account for $10,700. Paid salaries of $26,700. Paid a dividend of $11,500 to shareholders. 4....
Question 2 of 12 -/15 During 2022, its first year of operations as a delivery service, Riverbed Corp entered into the following transactions. 1. 2. 3. 4. 5. Issued shares of common stock to investors in exchange for $146,000 in cash. Borrowed $45,000 by issuing bonds. Purchased delivery trucks for $63,000 cash. Received $15,000 from customers for services performed. Purchased supplies for $5,000 on account. Paid rent of $5,900 Performed services on account for $10,700, Paid salaries of $27,400 Paid...
During 2017, its first year of operations as a delivery service, Grouper Corp. entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $123,000 in cash. 2. Borrowed $37,000 by issuing a note. 3. Purchased delivery trucks for $64,000 cash. 4. Received $15,000 from customers for services performed. 5. Purchased supplies for $6,100 on account. 6. Paid rent of $5,800. 7. Performed services on account for $11,800. 8. Paid salaries of $27,700. 9. Paid...
Selected transactions for Blue Spruce Corp. during its first month in business are presented below. Sept. 1 5 8 14 25 30 Issued common stock in exchange for $20,500 cash received from investors. Purchased equipment for $9,430, paying $2,590 in cash and the balance on account. Performed services on account for $18,000. Paid salaries of $1,200. Paid $3,140 cash on balance owed for equipment. Paid $640 cash dividend. (a) Complete a tabular analysis of the September transactions. (If a transaction...
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