Homework Answers
| Assets | Liabilities | + | Stockholder Equity | ||||||||
| Cash | Supplies | Land | Building | Equipment | Notes Payable | Common Stock | Retained Earnnings | ||||
| Beg | |||||||||||
| a | 62500 | 62500 | |||||||||
| b | -35000 | 29700 | 73500 | 17000 | 85200 | ||||||
| c | |||||||||||
| d | -5950 | 5950 | |||||||||
| e | 9900 | -9900 | |||||||||
| End | 31450 | 5950 | 19800 | 73500 | 17000 | 0 | 85200 | 0 | 62500 | 0 | 0 |
| Total Assets at the End of Month | 147700 |
| Total Liabilities at the end of the Month | 85200 |
| Total Stockholder Equity at the end of the Month | 62500 |
| Cash Balance at the end of the month | 31450 |
| Total current assets at the end of the month(31450+5950) | 37400 |
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Ag Bio Tech (ABT) was organized on January 1 by four friends. Each organizer invested $15.625...
Ag Bio Tech (ABT) was organized on January 1 by four friends. Each organizer invested $11,250...
Ag Bio Tech (ABT) was organized on January 1 by four friends.
Each organizer invested $11,250 in the company and, in turn, was
issued 9,000 shares of common stock. To date, they are the only
stockholders. During the first month (January), the company had the
following five events:
a. Collected a total of $45,000 from the organizers and, in
turn, issued common stock.
b. Purchased a building for $69,000, equipment for $30,250, and
three acres of land for $36,300; paid...
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Ag Bio Tech (ABT) was organized on January 1 by four friends. Each organizer invested $13,750 in the company and, in turn, was issued 11,000 shares of common stock. To date, they are the only stockholders. During the first month (January), the company had the following five events: Collected a total of $55,000 from the organizers and, in turn, issued common stock. Purchased a building for $67,250, equipment for $18,000, and three acres of land for $26,250; paid $21,250 in...
East Hill Home Healthcare Services was organized five years ago by four friends who each invested...
East Hill Home Healthcare Services was organized five years ago
by four friends who each invested $14,000 in the company and, in
turn, were issued in total 8,700 shares of $1.00 par value common
stock. To date, they are the only stockholders. At the end of last
year, the accounting records reflected total assets of $726,000
($53,000 cash; $511,000 land; $51,000 equipment; and $111,000
buildings), total liabilities of $223,000 (short-term notes payable
$120,000 and long-term notes payable $103,000), and stockholders’...
East Hill Home Healthcare Services was organized five years ago by four friends who each invested...
East Hill Home Healthcare Services was organized five years ago by four friends who each invested $10,000 in the company and, in turn, were issued in total 8,000 shares of $1.00 par value common stock. To date, they are the only stockholders. At the end of last year, the accounting records reflected total assets of $741,000 ($64,000 cash; $516,000 land; $51,000 equipment; and $110,000 buildings), total liabilities of $228,000 (short-term notes payable $118,000 and long-term notes payable $110,000), and stockholders'...
Required information (The following information applies to the questions displayed below.) Deliberate Speed Corporation (DSC) was...
Required information (The following information applies to the questions displayed below.) Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $ 28,600 197,000 56,000 230,000 119,000 263,000 6,750 376,850 7,200 During the month of July, the company had the following activities: a. Issued 5,400 shares of common stock for $540,000 cash. b. Borrowed $119,000 cash from...
East Hill Home Healthcare Services was organized on January 1, 2016, by four friends. Each organizer...
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Check my work East Hill Home Healthcare Services was organized five years ago by four friends...
Check my work East Hill Home Healthcare Services was organized five years ago by four friends who each invested $14,000 in the company and, in turn, were issued in total 8,700 shares of $1.00 par value common stock. To date, they are the only stockholders. At the end of last year, the accounting records reflected total assets of $731,000 ($54,000 cash; $518,000 land; $56,000 equipment; and $103,000 buildings), total liabilities of $217,000 (short-term notes payable $106,000 and long-term notes payable...
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East Hill Home Healthcare Services was organized five years ago by four friends who each invested $15,000 in the company and, in turn, were issued in total 8,500 shares of $1.00 par value common stock. To date, they are the only stockholders. At the end of last year, the accounting records reflected total assets of $731,000 ($55,000 cash: $517,000 land: $53,000 equipment, and $106,000 buildings), total liabilities of $226,000 (short-term notes payable $107.000 and long-term notes payable $119,000), and stockholders...
Mallard Incorporated (MI) is a small manufacturing company that makes model trains to sell to toy...
Mallard Incorporated (MI) is a small manufacturing company that makes model trains to sell to toy stores. It has a small service department that repairs customers' trains for a fee. The company has been in business for five years. At the end of the previous year, the accounting records reflected total assets of $680,000 and total liabilities of $290,000. During the current year, the following summarized events occurred: oped a. Issued additional shares of common stock for $160,000 cash. b....
Ag Bio Tech (ABT) was organized on January 1 by four friends.
Each organizer invested $11,250 in the company and, in turn, was
issued 9,000 shares of common stock. To date, they are the only
stockholders. During the first month (January), the company had the
following five events:
a. Collected a total of $45,000 from the organizers and, in
turn, issued common stock.
b. Purchased a building for $69,000, equipment for $30,250, and
three acres of land for $36,300; paid...
East Hill Home Healthcare Services was organized five years ago
by four friends who each invested $14,000 in the company and, in
turn, were issued in total 8,700 shares of $1.00 par value common
stock. To date, they are the only stockholders. At the end of last
year, the accounting records reflected total assets of $726,000
($53,000 cash; $511,000 land; $51,000 equipment; and $111,000
buildings), total liabilities of $223,000 (short-term notes payable
$120,000 and long-term notes payable $103,000), and stockholders’...
East Hill Home Healthcare Services was organized five years ago by four friends who each invested $10,000 in the company and, in turn, were issued in total 8,000 shares of $1.00 par value common stock. To date, they are the only stockholders. At the end of last year, the accounting records reflected total assets of $741,000 ($64,000 cash; $516,000 land; $51,000 equipment; and $110,000 buildings), total liabilities of $228,000 (short-term notes payable $118,000 and long-term notes payable $110,000), and stockholders'...
Required information (The following information applies to the questions displayed below.) Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $ 28,600 197,000 56,000 230,000 119,000 263,000 6,750 376,850 7,200 During the month of July, the company had the following activities: a. Issued 5,400 shares of common stock for $540,000 cash. b. Borrowed $119,000 cash from...
East Hill Home Healthcare Services was organized on January 1, 2016, by four friends. Each organizer invested $10,000 in the company and, in turn, was issued 9.000 shares. To date, they are the only shareholders. At the end of 2017, the accounting records reflected total assets of $1,006,000 ($78,000 cash, $680,000 land, $78,000 equipment, and $170,000 buildings), total liabilities of $516,000 (short-term notes payable of $100,000 and long-term notes payable of $416,000), and shareholders' equity of $490,000 ($100.000 contributed capital...
Check my work East Hill Home Healthcare Services was organized five years ago by four friends who each invested $14,000 in the company and, in turn, were issued in total 8,700 shares of $1.00 par value common stock. To date, they are the only stockholders. At the end of last year, the accounting records reflected total assets of $731,000 ($54,000 cash; $518,000 land; $56,000 equipment; and $103,000 buildings), total liabilities of $217,000 (short-term notes payable $106,000 and long-term notes payable...
East Hill Home Healthcare Services was organized on January 1, 2019 by four friends. Each organizer invested $10,000 in the company and, in turn, was issued 9,000 shares. To date, they are the only shareholders. At the end of 2020, the accounting records reflected total assets of $1,006,000 ($78,000 cash, $680,000 land, $78,000 equipment, and $170,000 buildings), total liabilities of $516,000 (short-term notes payable of $100,000 and long-term notes payable of $416,000), and shareholders' equity of $490,000 ($100,000 contributed capital...
East Hill Home Healthcare Services was organized five years ago by four friends who each invested $15,000 in the company and, in turn, were issued in total 8,500 shares of $1.00 par value common stock. To date, they are the only stockholders. At the end of last year, the accounting records reflected total assets of $731,000 ($55,000 cash: $517,000 land: $53,000 equipment, and $106,000 buildings), total liabilities of $226,000 (short-term notes payable $107.000 and long-term notes payable $119,000), and stockholders...
Mallard Incorporated (MI) is a small manufacturing company that makes model trains to sell to toy stores. It has a small service department that repairs customers' trains for a fee. The company has been in business for five years. At the end of the previous year, the accounting records reflected total assets of $680,000 and total liabilities of $290,000. During the current year, the following summarized events occurred: oped a. Issued additional shares of common stock for $160,000 cash. b....
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