Homework Answers
| Revenue earned | $ 4,000 |
| Less: Repairs expenses | $ (500) |
| Net income | $ 3,500 |
You can reach me over comment box if you have any doubts. Please
rate this answer
Add Answer to:
Springer Company, a sole proprietorship, had the following transactions in August Earned $4,000 of revenues on...
Ace Builders had the following transactions in June earned $4,000 "on account that will be collected...
Ace Builders had the following transactions in June earned $4,000 "on account that will be collected in cash next month, collected $3,000from a customer that was owed from a previous month; incurred $500 of repair expense and paid cash to the repairman; paid $1,200 cash to a supplier that it owed from the previous month; paid out $800 in cash withdrawals to the owner. For Ace Builders, how much was the net income or net loss in June? O A....
Earned $5000 of revenues on account; collected $5000 from a customer for services provided last month;...
Earned $5000 of revenues on account; collected $5000 from a customer for services provided last month; incurred $500 of repair expense and paid cash; paid $600 for rent that it owed from the previous month. What is the net income in August.
14) Mitchell Company receives a bill from one of its suppliers for advertising services received and...
14) Mitchell Company receives a bill from one of its suppliers for advertising services received and will pay the supplier next month. How does the receipt of the bill from the supplier affect the accounting equation of Mitchell? A) assets and equity decrease B) liabilities increase and equity decreases C) assets and liabilities increase D) liabilities and equity increase -3- 15. Country Homes Company just recorded a transaction in its books. If this transaction increased the total liabilities by $12.000,...
Question Help Johnson Waterworks Company provides plumbing services. The company is a sole proprietorship. Transactions during...
Question Help Johnson Waterworks Company provides plumbing services. The company is a sole proprietorship. Transactions during the first year of operations are provided below. a) The owner, Mitchell Johnson, contributed $11,000 cash in exchange for capital. b) Paid $1,700 for equipment to be used for plumbing repairs. c) Borrowed $14.000 from a local bank and deposited the money in the checking account. d) Paid $300 in rent for the year. e) Paid $400 for plumbing supplies to be used on...
A sole proprietorship has the following transactions: The business receives $20,000 cash from the owner in...
A sole proprietorship has the following transactions: The business receives $20,000 cash from the owner in exchange for capital. The business purchases $700 of office supplies on account. The business purchases $4,000 of furniture on account. The business performs services for various clients totaling $11,000 on account. The business pays $2,500 for salaries expense and $3,500 for rent expense. The business pays $700 to a supplier for the office supplies purchased earlier. The business collects $2,000 from one of its...
Take me to the text Restart Spa is a sole proprietorship owned by Claire Sawyer. The...
Take me to the text Restart Spa is a sole proprietorship owned by Claire Sawyer. The company provides a relaxing retreat for people wishing to relax and unwind. During the month of March 2016, the following transactions took place. Mar 2. Provided services to a customer on account worth $3,760. Mar 4 Borrowed $5,000 cash from the bank. Mar 5 Provided services to a customer and received cash of $2,690. Mar 7 Received the telephone bill for $130 which will...
A sole proprietorship has the following transactions: The business received $22,000 cash from the owner in...
A sole proprietorship has the following transactions: The business received $22,000 cash from the owner in exchange for capital The business purchases $500 of office supplies on account. The business purchases $2,000 of furniture on account. The business performs services to various clients totaling $11,000 on account. The business pays out $2,000 for salaries expense and $6,000 for rent expense. The business pays $500 to a supplier for the office supplies purchased earlier. The business collects $2,000 from one of...
Pharoah Repair Shop had the following transactions during the first month of business as a proprietorship....
Pharoah Repair Shop had the following transactions during the first month of business as a proprietorship. Journalize the transactions. (If no entry is required, select "No entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Aug. 2 7 12. Invested $12,320 cash and $2,710 of equipment in the business. Purchased supplies on account for $480. (Debit asset account.) Performed services for clients, for which $1,193...
A sole proprietorship reported the following transactions for the month of March. The transactions have been...
A sole proprietorship reported the following transactions for the month of March. The transactions have been journalized and posted to the proper accounts. Mar. 1 The business received $7,000 cash from the owner in exchange for capital Mar. 2 Paid the first month's rent of $800, Mar. 3 Purchased equipment by paying $3,000 cash and executing a note payable for $3,000, Mar. 4 Purchased office supplies for $700 cash. Mar. 5 Billed a client for $13,000 of design services completed,...
Johnson Waterworks Company provides plumbing services. The company is a sole proprietorship. Transactions during the first...
Johnson Waterworks Company provides plumbing services. The company is a sole proprietorship. Transactions during the first year of operations are provided below. a) The owner, Mitchell Johnson, contributed $13,000 cash in exchange for capital. b) Paid $1,100 for equipment to be used for plumbing repairs. c) Borrowed $13,000 from a local bank and deposited the money in the checking account. d) Paid $200 in rent for the year. e) Paid $400 for plumbing supplies to be used on various jobs...
Ace Builders had the following transactions in June earned $4,000 "on account that will be collected in cash next month, collected $3,000from a customer that was owed from a previous month; incurred $500 of repair expense and paid cash to the repairman; paid $1,200 cash to a supplier that it owed from the previous month; paid out $800 in cash withdrawals to the owner. For Ace Builders, how much was the net income or net loss in June? O A....
14) Mitchell Company receives a bill from one of its suppliers for advertising services received and will pay the supplier next month. How does the receipt of the bill from the supplier affect the accounting equation of Mitchell? A) assets and equity decrease B) liabilities increase and equity decreases C) assets and liabilities increase D) liabilities and equity increase -3- 15. Country Homes Company just recorded a transaction in its books. If this transaction increased the total liabilities by $12.000,...
Question Help Johnson Waterworks Company provides plumbing services. The company is a sole proprietorship. Transactions during the first year of operations are provided below. a) The owner, Mitchell Johnson, contributed $11,000 cash in exchange for capital. b) Paid $1,700 for equipment to be used for plumbing repairs. c) Borrowed $14.000 from a local bank and deposited the money in the checking account. d) Paid $300 in rent for the year. e) Paid $400 for plumbing supplies to be used on...
A sole proprietorship has the following transactions: The business receives $20,000 cash from the owner in exchange for capital. The business purchases $700 of office supplies on account. The business purchases $4,000 of furniture on account. The business performs services for various clients totaling $11,000 on account. The business pays $2,500 for salaries expense and $3,500 for rent expense. The business pays $700 to a supplier for the office supplies purchased earlier. The business collects $2,000 from one of its...
Take me to the text Restart Spa is a sole proprietorship owned by Claire Sawyer. The company provides a relaxing retreat for people wishing to relax and unwind. During the month of March 2016, the following transactions took place. Mar 2. Provided services to a customer on account worth $3,760. Mar 4 Borrowed $5,000 cash from the bank. Mar 5 Provided services to a customer and received cash of $2,690. Mar 7 Received the telephone bill for $130 which will...
A sole proprietorship has the following transactions: The business received $22,000 cash from the owner in exchange for capital The business purchases $500 of office supplies on account. The business purchases $2,000 of furniture on account. The business performs services to various clients totaling $11,000 on account. The business pays out $2,000 for salaries expense and $6,000 for rent expense. The business pays $500 to a supplier for the office supplies purchased earlier. The business collects $2,000 from one of...
Pharoah Repair Shop had the following transactions during the first month of business as a proprietorship. Journalize the transactions. (If no entry is required, select "No entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Aug. 2 7 12. Invested $12,320 cash and $2,710 of equipment in the business. Purchased supplies on account for $480. (Debit asset account.) Performed services for clients, for which $1,193...
A sole proprietorship reported the following transactions for the month of March. The transactions have been journalized and posted to the proper accounts. Mar. 1 The business received $7,000 cash from the owner in exchange for capital Mar. 2 Paid the first month's rent of $800, Mar. 3 Purchased equipment by paying $3,000 cash and executing a note payable for $3,000, Mar. 4 Purchased office supplies for $700 cash. Mar. 5 Billed a client for $13,000 of design services completed,...
Johnson Waterworks Company provides plumbing services. The company is a sole proprietorship. Transactions during the first year of operations are provided below. a) The owner, Mitchell Johnson, contributed $13,000 cash in exchange for capital. b) Paid $1,100 for equipment to be used for plumbing repairs. c) Borrowed $13,000 from a local bank and deposited the money in the checking account. d) Paid $200 in rent for the year. e) Paid $400 for plumbing supplies to be used on various jobs...
Most questions answered within 3 hours.
-
Which of the following is a provision of
NAFTA?
A.
Common accounting rules
B.
Adding new...
asked 13 minutes ago -
Need to do in Python? Can do in Javascript but not in Python
Write a function...
asked 28 minutes ago -
Industry: Telecommunications in India
Here, you need to discuss the sources of the growth pattern
and...
asked 1 hour ago -
Hydrobromic acid
dissolves solid iron according to the followiaung reaction:
Fe(s)+2HBr(aq)→
FeBr2(aq)+ H2(g)
Part A. What...
asked 3 hours ago -
Verify the following vector identity in SPHERICAL
COORDINATES.
div(curl(A)) = 0
asked 5 hours ago -
The work function (Φ) for a metal is 7.50×10-19 J.
What is the longest wavelength (nm)...
asked 6 hours ago -
1. Would the following procedural changes cause the
calculated mass percent Ni2+ ion in Ni(NH3)nCl2 to...
asked 7 hours ago -
1. Why does the voltage of the capacitor vary with frequency?
where does this missing voltage...
asked 8 hours ago -
p p please write each step out clearly
3. A manager of a company is considering...
asked 7 hours ago -
On October 1, Ebony Ernst organized Ernst Consulting; on October
3, the owner contributed $83,540 in...
asked 8 hours ago -
A.)As an electron moves through a region of space, its speed
decreases from 9.60 × 106...
asked 9 hours ago -
In java with the netbeans program do:
Through object programming
Create a class "ContadorP", which is...
asked 9 hours ago