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Oppong Corporation began operations on March 1, 2014. The transactions for the first month follow a....
Question 8 (50 points) Global Filter Corp. began operations on June 1, 2014. The transactions for...
Question 8 (50 points) Global Filter Corp. began operations on June 1, 2014. The transactions for the first month follow a. Global Filter Corp. issued shares to shareholders for $85,000. b. Furniture was rented by a customer for $1,300 cash. c. Global Filter Corp. performed consulting services for a customer and received $6,500. d. Global Filter Corp. will pay this month's untios bill of $400 received today, within 30 days. e. Global Filter Corp. collected $800 for commissions eamed today...
pom Consider the journal entries below General Journal ACCOUVExplanation 311MI Supplies Expense . Suppes, 1 month...
pom Consider the journal entries below General Journal ACCOUVExplanation 311MI Supplies Expense . Suppes, 1 month med 31M Cash Share Capital New Shares issued The financial statements on the left were prepared without taking these transactions into account. Modify the copies on thenght to show how these transactions would affect the financiar statements Barion Corporation Barton Corporation Income Statement Income Statement For Morth Ended July 31, 2014 For More Ended My 31, 2014 Revenues 5,140 Revenues Expenses Net Income 5.140...
everC Construction began operations in March and completed the following transactions during that first month of...
everC Construction began operations in March and completed the following transactions during that first month of operations. SeverCo's stockholders invested $30,000 cash in the company The company purchased $25,000 in construction equipment. It paid $5,000 in cash and signed a note payable promising to pay the $20,000 over the next three years. The company rented office space and paid $1,000 cash for the March rent. The company bought office supplies in the amount of $750 for use over the next...
Question 3 (35 points) On January 1, 2014. Travis Goodall organized a new company called Benson...
Question 3 (35 points) On January 1, 2014. Travis Goodall organized a new company called Benson Inc. On the last day of that month, the company's records showed the items listed below. Use this information to prepare the January income statement and statement of changes in equity as well as the balance sheet at January 31 for Benson Inc. a) Complete the income statement using the format provided Building 126,500 (select one Cash 57,000 Income Statement Commissions earned (select one)...
United Corporation began operations on February 1, 2014, and showed the following account balances at February...
United Corporation began operations on February 1, 2014, and showed the following account balances at February 28. Cash: $28,500; Accounts Receivable: $4,300; Prepaid Insurance: $1,000; Prepaid Rent: $1,300; Equipment: $4,800; Accounts Payable: $1,500; Share Capital: $25,500; Rent Earned: $15,000; Utilities Expense: $2,100. The following transactions occurred during March. a. March 1 : Kevin Smith (a shareholder), received share capital in United Corporation, after investing $35,000 cash into the business. b. March 2: United Corporation rented machinery to a customer on...
Effect of Omitting Adjusting Entry At March 31, the end of the first month of operations,...
Effect of Omitting Adjusting Entry At March 31, the end of the first month of operations, the usual adjusting entry transferring prepaid insurance expired to an expense account is omitted. Which items will be incorrectly stated, because of the error, on (A) the income statement for March and (b) the balance sheet as of March 317 Also indicate whether the items in error will be overstated or understated, a. Income Statement Insurance Expense Net Income b. Balance Sheet Prepaid Insurance...
Khaled established his company on March 1,2017. During the first month of operations the following transactions...
Khaled established his company on March 1,2017. During the first month of operations the following transactions occurred: March 1 Invested $100,000 cash in new business 2 Purchased furniture for $10,000 cash 3 Purchased office equipment for $5,000 on account from IKEA 4 Paid $2,000 cash utilities 5 Hired a manager at a salary of $4,000 per month, effective April 1 6 Rendered services for $7,000 on account 7 Rendered services for $6,000, received $4,000 cash and the remaining on account...
McGuire Corporation began operations in 2021. The company purchases computer equipment from manufacturers and then sells...
McGuire Corporation began operations in 2021. The company purchases computer equipment from manufacturers and then sells to retail stores. During 2021 , the bookkeeper used a check register to record all cash receipts and cash disbursements. No other journals were used. The following is a recap of the cash receipts and disbursements made during the year. $ 47,500 285, eee 27,600 $ 359,589 Cash receipts: Issue of common stock Collections from customers Borrowed from local bank on April 1, note...
Below are the transactions for Ute Sewing Shop for March, the first month of operations. March...
Below are the transactions for Ute Sewing Shop for March, the first month of operations. March 1 Issue common stock in exchange for cash of $1,600. March 3 Purchase sewing equipment by signing a note with the local bank, $1,300. March 5 Pay rent of $460 for March. March 7 Martha, a customer, places an order for alterations to several dresses. Ute estimates that the alterations will cost Martha $660. Martha is not required to pay for the alterations until...
Question 8 (50 points) Global Filter Corp. began operations on June 1, 2014. The transactions for the first month follow a. Global Filter Corp. issued shares to shareholders for $85,000. b. Furniture was rented by a customer for $1,300 cash. c. Global Filter Corp. performed consulting services for a customer and received $6,500. d. Global Filter Corp. will pay this month's untios bill of $400 received today, within 30 days. e. Global Filter Corp. collected $800 for commissions eamed today...
pom Consider the journal entries below General Journal ACCOUVExplanation 311MI Supplies Expense . Suppes, 1 month med 31M Cash Share Capital New Shares issued The financial statements on the left were prepared without taking these transactions into account. Modify the copies on thenght to show how these transactions would affect the financiar statements Barion Corporation Barton Corporation Income Statement Income Statement For Morth Ended July 31, 2014 For More Ended My 31, 2014 Revenues 5,140 Revenues Expenses Net Income 5.140...
everC Construction began operations in March and completed the following transactions during that first month of operations. SeverCo's stockholders invested $30,000 cash in the company The company purchased $25,000 in construction equipment. It paid $5,000 in cash and signed a note payable promising to pay the $20,000 over the next three years. The company rented office space and paid $1,000 cash for the March rent. The company bought office supplies in the amount of $750 for use over the next...
Question 3 (35 points) On January 1, 2014. Travis Goodall organized a new company called Benson Inc. On the last day of that month, the company's records showed the items listed below. Use this information to prepare the January income statement and statement of changes in equity as well as the balance sheet at January 31 for Benson Inc. a) Complete the income statement using the format provided Building 126,500 (select one Cash 57,000 Income Statement Commissions earned (select one)...
United Corporation began operations on February 1, 2014, and showed the following account balances at February 28. Cash: $28,500; Accounts Receivable: $4,300; Prepaid Insurance: $1,000; Prepaid Rent: $1,300; Equipment: $4,800; Accounts Payable: $1,500; Share Capital: $25,500; Rent Earned: $15,000; Utilities Expense: $2,100. The following transactions occurred during March. a. March 1 : Kevin Smith (a shareholder), received share capital in United Corporation, after investing $35,000 cash into the business. b. March 2: United Corporation rented machinery to a customer on...
Effect of Omitting Adjusting Entry At March 31, the end of the first month of operations, the usual adjusting entry transferring prepaid insurance expired to an expense account is omitted. Which items will be incorrectly stated, because of the error, on (A) the income statement for March and (b) the balance sheet as of March 317 Also indicate whether the items in error will be overstated or understated, a. Income Statement Insurance Expense Net Income b. Balance Sheet Prepaid Insurance...
McGuire Corporation began operations in 2021. The company purchases computer equipment from manufacturers and then sells to retail stores. During 2021 , the bookkeeper used a check register to record all cash receipts and cash disbursements. No other journals were used. The following is a recap of the cash receipts and disbursements made during the year. $ 47,500 285, eee 27,600 $ 359,589 Cash receipts: Issue of common stock Collections from customers Borrowed from local bank on April 1, note...
Below are the transactions for Ute Sewing Shop for March, the first month of operations. March 1 Issue common stock in exchange for cash of $1,600. March 3 Purchase sewing equipment by signing a note with the local bank, $1,300. March 5 Pay rent of $460 for March. March 7 Martha, a customer, places an order for alterations to several dresses. Ute estimates that the alterations will cost Martha $660. Martha is not required to pay for the alterations until...
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