Cash ($90,000-$50,000-$32,400+49,000-20,000+44,000) | $ 80,600 |
Inventory ($50,000 - $25,000) | $ 25,000 |
Prepaid insurance ($32,400 - ($32,400/36*7) | $ 26,100 |
Equipment | $ 60,000 |
Accumulated depreciation (($60,000-$4,200)/10*5/12) | $ (2,325) |
Total assets | $ 189,375 |
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Question 6 XYZ Company began operations in May, 2022 by selling common stock to owners in...
Question 7 XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for $90,000 cash. During 2022, ABC Company entered into the following transactions: 1. On May 23, ABC Company purchased inventory for $50,000 cash. 2. On June 1, ABC Company purchased a three-year insurance policy for $32,400 cash. 3. On July 1, ABC Company received $49,000 cash from a customer for services to be performed over the next 8 months. 4. On August 1,...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for $90,000 cash. During 2022, ABC Company entered into the following transactions: 1. On May 23, ABC Company purchased inventory for $50,000 cash. 2. On June 1, ABC Company purchased a three-year insurance policy for $32,400 cash. 3. On July 1, ABC Company received $49,000 cash from a customer for services to be performed over the next 8 months. 4. On August 1, ABC Company...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for $90,000 cash. During 2022, ABC Company entered into the following transactions: 1. On May 23, ABC Company purchased inventory for $50,000 cash. 2. On June 1, ABC Company purchased a three-year insurance policy for $32,400 cash. 3. On July 1, ABC Company received $49,000 cash from a customer for services to be performed over the next 8 months. 4. On August 1, ABC Company...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for $90,000 cash. During 2022, ABC Company entered into the following transactions: 1. On May 23, ABC Company purchased inventory for $50,000 cash. 2. On June 1, ABC Company purchased a three-year insurance policy for $32,400 cash. 3. On July 1, ABC Company received $49,000 cash from a customer for services to be performed over the next 8 months. 4. On August 1, ABC Company...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for $90,000 cash. During 2022, ABC Company entered into the following transactions: 1. On May 23, ABC Company purchased inventory for $50,000 cash. 2. On June 1, ABC Company purchased a three-year insurance policy for $32,400 cash. 3. On July 1, ABC Company received $49,000 cash from a customer for services to be performed over the next 8 months. 4. On August 1, ABC Company...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for $90,000 cash. During 2022, ABC Company entered into the following transactions: 1. On May 23, ABC Company purchased inventory for $50,000 cash. 2. On June 1, ABC Company purchased a three-year insurance policy for $32,400 cash. 3. On July 1, ABC Company received $49,000 cash from a customer for services to be performed over the next 8 months. 4. On August 1, ABC Company...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for $90,000 cash. During 2022, ABC Company entered into the following transactions: 1. On May 23, ABC Company purchased inventory for $50,000 cash. 2. On June 1, ABC Company purchased a three-year insurance policy for $32,400 cash. 3. On July 1, ABC Company received $49,000 cash from a customer for services to be performed over the next 8 months. 4. On August 1, ABC Company...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for $90,000 cash. During 2022, ABC Company entered into the following transactions: 1. On May 23, ABC Company purchased inventory for $50,000 cash. 2. On June 1, ABC Company purchased a three-year insurance policy for $32,400 cash. 3. On July 1, ABC Company received $49,000 cash from a customer for services to be performed over the next 8 months. 4. On August 1, ABC Company...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for $90,000 cash. During 2022, ABC Company entered into the following transactions: 1. On May 23, ABC Company purchased inventory for $50,000 cash. 2. On June 1, ABC Company purchased a three-year insurance policy for $32,400 cash. 3. On July 1, ABC Company received $49,000 cash from a customer for services to be performed over the next 8 months. 4. On August 1, ABC Company...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for $90,000 cash. During 2022, ABC Company entered into the following transactions: 1. On May 23, ABC Company purchased inventory for $50,000 cash. 2. On June 1, ABC Company purchased a three-year insurance policy for $32,400 cash. 3. On July 1, ABC Company received $49,000 cash from a customer for services to be performed over the next 8 months. 4. On August 1, ABC Company...