Homework Answers
Requirement a:
Answer:
| COATES INC. | ||||||||
| General Ledger Accounts | ||||||||
| Event | Assets | = | Liabilities | + | Stockholders' Equity |
Account Titles for Retained Earnings |
||
| Cash |
Accounts Receivable |
Salaries Payable |
Common Stock |
Retained Earnings |
||||
| 1 | $20,000 | = | + | $20,000 | ||||
| 2 | $38,000 | = | + | $38,000 | Service Revenue | |||
| 3 | ($2,500) | = | + | ($2,500) | Utilities Expense | |||
| 4 | $21,000 | ($21,000) | = | + | ||||
| 5 | = | $15,000 | + | ($15,000) | Salaries Expense | |||
| 6 | ($2,000) | = | + | ($2,000) | Cash dividends | |||
| Total | $36,500 | $17,000 | = | $15,000 | + | $20,000 | $18,500 | |
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Exercise 2-1A Effect of accruals on the financial statements Coates Inc, experienced the following events in...
Milea Inc. experienced the following events in 2016, its first year of operations: 1. Received $14,500...
Milea Inc. experienced the following events in 2016, its first year of operations: 1. Received $14,500 cash from the issue of common stock 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,300. 4. Collected $35,490 of the accounts recelvable. 5. Recorded $6,050 of accrued salaries at the end of the year 6. Paid a $900 cash dividend to the stockholders. 3. value: Required 100.00 points Required a. Record the events in general ledger accounts under...
Required information [The following information applies to the questions displayed below.] Milea Inc. experienced the following...
Required information
[The following information applies to the questions
displayed below.]
Milea Inc. experienced the following events in 2018, its first
year of operations:
Received $15,500 cash from the issue of common stock.
Performed services on account for $45,000.
Paid the utility expense of $1,300.
Collected $31,530 of the accounts receivable.
Recorded $8,700 of accrued salaries at the end of the
year.
Paid a $1,250 cash dividend to the stockholders.
Required
Record the events in general ledger accounts under an...
Required information [The following information applies to the questions displayed below.) Milea Inc, experienced the following...
Required information [The following information applies to the questions displayed below.) Milea Inc, experienced the following events in 2018, its first year of operations: 1. Received $16,500 cash from the issue of common stock. 2. Performed services on account for $45.000. 3. Paid the utility expense of $1,400. 4. Collected $39,580 of the accounts receivable. 5. Recorded $7.400 of accrued salaries at the end of the year. 6. Paid a $1,250 cash dividend to the stockholders. a. Record the events...
Exercise 2-8A Effect of accruals on the financial statements LO 2-2, 2-3, 2-4 [The following information...
Exercise 2-8A Effect of accruals on the financial statements LO
2-2, 2-3, 2-4 [The following information applies to the questions
displayed below.] Milea Inc. experienced the following events in
Year 1, its first year of operations: Received $16,000 cash from
the issue of common stock. Performed services on account for
$45,000. Paid the utility expense of $1,150. Collected $37,460 of
the accounts receivable. Recorded $5,600 of accrued salaries at the
end of the year. Paid a $1,050 cash dividend to...
Required information [The following information applies to the questions displayed below.] Milea Inc. experienced the...
Required information
[The following information applies to the questions
displayed below.]
Milea Inc. experienced the following events in Year 1, its first
year of operations:
Received $16,500 cash from the issue of common stock.
Performed services on account for $45,000.
Paid the utility expense of $1,300.
Collected $34,350 of the accounts receivable.
Recorded $5,650 of accrued salaries at the end of the
year.
Paid a $1,050 cash dividend to the stockholders.
Required a. Record the events in general ledger...
Question 3 (of 11) [The following information applies to the questions displayed below Milea Inc. experienced...
Question 3 (of 11) [The following information applies to the questions displayed below Milea Inc. experienced the following events in 2016, its first year of operations: 1. Received $12,500 cash from the issue of common stock. 2. Performed services on account for $45,000 3. Paid the utility expense of $1,450. 4. Collected $33,340 of the accounts receivable. 5. Recorded $9,350 of accrued salaries at the end of the year. 6. Paid a $800 cash dividend to the stockholders. 3. value...
Exercise 2-6A Effect of accruals on the financial statements LO 2-3 Cordell Inc. experienced the following...
Exercise 2-6A Effect of accruals on the financial statements LO 2-3 Cordell Inc. experienced the following events in Year 1, its first year of operation: Ints eBook 1. Received $48,000 cash from the issue of common stock. 2. Performed services on account for $76,000. 3. Paid a $4,800 cash dividend to the stockholders. 4. Collected $54,000 of the accounts receivable. 5. Paid $48,000 cash for other operating expenses. 6. Performed services for $11,500 cash. 7. Recognized $1,800 of accrued utilities...
Exercise 1-19A Preparing financial statements LO 1-7, 1-8, Dakota Company experienced the following events during 2018:...
Exercise 1-19A Preparing financial statements LO 1-7, 1-8, Dakota Company experienced the following events during 2018: 1. Acquired $25,000 cash from the issue of common stock. 2. Paid $20,000 cash to purchase land. 3. Borrowed $20,000 cash. 4. Provided services for $60,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Paid $40,000 cash for other operating expenses. 7. Paid a $5,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2...
Check my wo Required information [The following information applies to the questions displayed below.] Milea Inc....
Check my wo Required information [The following information applies to the questions displayed below.] Milea Inc. experienced the following events in Year 1, its first year of operations: 1. Received $12,500 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,000. 4. Collected $35,670 of the accounts receivable. 5. Recorded $8,750 of accrued salaries at the end of the year. 6. Paid a $1,350 cash dividend to the stockholders....
Exercise 1.19 Dakota company experienced the following events during 2018: 1 Acquired 30,000 cash from issue...
Exercise 1.19
Dakota company experienced the following events during
2018:
1 Acquired 30,000 cash from issue of common stock
2.Paid 12,000 cash to purchase land
3.Borrowed 10,000 cash.
4.Provided services for 20,000 cash
5.Paid 1,000 cash for utilities expenses
6.Paid 15,000 cash for other operating expenses
7.Paid 2000 cash dividend to stock holders.
8.Determined that the market value of land purchased at Event
2 is now 12,700
xurise 1-1 Required a. The January 1,2018, general ledger account balances are shown...
Milea Inc. experienced the following events in 2016, its first year of operations: 1. Received $14,500 cash from the issue of common stock 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,300. 4. Collected $35,490 of the accounts recelvable. 5. Recorded $6,050 of accrued salaries at the end of the year 6. Paid a $900 cash dividend to the stockholders. 3. value: Required 100.00 points Required a. Record the events in general ledger accounts under...
Required information
[The following information applies to the questions
displayed below.]
Milea Inc. experienced the following events in 2018, its first
year of operations:
Received $15,500 cash from the issue of common stock.
Performed services on account for $45,000.
Paid the utility expense of $1,300.
Collected $31,530 of the accounts receivable.
Recorded $8,700 of accrued salaries at the end of the
year.
Paid a $1,250 cash dividend to the stockholders.
Required
Record the events in general ledger accounts under an...
Required information [The following information applies to the questions displayed below.) Milea Inc, experienced the following events in 2018, its first year of operations: 1. Received $16,500 cash from the issue of common stock. 2. Performed services on account for $45.000. 3. Paid the utility expense of $1,400. 4. Collected $39,580 of the accounts receivable. 5. Recorded $7.400 of accrued salaries at the end of the year. 6. Paid a $1,250 cash dividend to the stockholders. a. Record the events...
Exercise 2-8A Effect of accruals on the financial statements LO
2-2, 2-3, 2-4 [The following information applies to the questions
displayed below.] Milea Inc. experienced the following events in
Year 1, its first year of operations: Received $16,000 cash from
the issue of common stock. Performed services on account for
$45,000. Paid the utility expense of $1,150. Collected $37,460 of
the accounts receivable. Recorded $5,600 of accrued salaries at the
end of the year. Paid a $1,050 cash dividend to...
Required information
[The following information applies to the questions
displayed below.]
Milea Inc. experienced the following events in Year 1, its first
year of operations:
Received $16,500 cash from the issue of common stock.
Performed services on account for $45,000.
Paid the utility expense of $1,300.
Collected $34,350 of the accounts receivable.
Recorded $5,650 of accrued salaries at the end of the
year.
Paid a $1,050 cash dividend to the stockholders.
Required a. Record the events in general ledger...
Question 3 (of 11) [The following information applies to the questions displayed below Milea Inc. experienced the following events in 2016, its first year of operations: 1. Received $12,500 cash from the issue of common stock. 2. Performed services on account for $45,000 3. Paid the utility expense of $1,450. 4. Collected $33,340 of the accounts receivable. 5. Recorded $9,350 of accrued salaries at the end of the year. 6. Paid a $800 cash dividend to the stockholders. 3. value...
Exercise 2-6A Effect of accruals on the financial statements LO 2-3 Cordell Inc. experienced the following events in Year 1, its first year of operation: Ints eBook 1. Received $48,000 cash from the issue of common stock. 2. Performed services on account for $76,000. 3. Paid a $4,800 cash dividend to the stockholders. 4. Collected $54,000 of the accounts receivable. 5. Paid $48,000 cash for other operating expenses. 6. Performed services for $11,500 cash. 7. Recognized $1,800 of accrued utilities...
Exercise 1-19A Preparing financial statements LO 1-7, 1-8, Dakota Company experienced the following events during 2018: 1. Acquired $25,000 cash from the issue of common stock. 2. Paid $20,000 cash to purchase land. 3. Borrowed $20,000 cash. 4. Provided services for $60,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Paid $40,000 cash for other operating expenses. 7. Paid a $5,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2...
Check my wo Required information [The following information applies to the questions displayed below.] Milea Inc. experienced the following events in Year 1, its first year of operations: 1. Received $12,500 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,000. 4. Collected $35,670 of the accounts receivable. 5. Recorded $8,750 of accrued salaries at the end of the year. 6. Paid a $1,350 cash dividend to the stockholders....
Exercise 1.19
Dakota company experienced the following events during
2018:
1 Acquired 30,000 cash from issue of common stock
2.Paid 12,000 cash to purchase land
3.Borrowed 10,000 cash.
4.Provided services for 20,000 cash
5.Paid 1,000 cash for utilities expenses
6.Paid 15,000 cash for other operating expenses
7.Paid 2000 cash dividend to stock holders.
8.Determined that the market value of land purchased at Event
2 is now 12,700
xurise 1-1 Required a. The January 1,2018, general ledger account balances are shown...
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