Homework Answers
| Shareholders' equity | ||||||||||
| Assets | = | Liabilities | + | Contributed capital | + | Retained earnings | ||||
| $ | Account | $ | Account | $ | Account | $ | Account | |||
| $1,100 | Account receivable | 1,100 | Service revenue | |||||||
Since no cash has been received from customer, hence assets will increase in the form of account receivable.
Service revenue will increase retained earnings and hence it will added to retained earnings.
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Nuparc Company provided services on account for a customer that amounted to $1,100. How would this...
Transactions a. The company started as a corporation with a $13,450 cash contribution from the owners...
Transactions a. The company started as a corporation with a $13,450 cash contribution from the owners in exchange for common stock. b. Service revenues on account amounted to $8,750. C. Cash collections of accounts receivable amounted to $7,175. d. Purchased supplies on account for $65 and used all of them. e. On December 15, 2010, the company paid $4,500 in advance for leased office space. The lease does not go into effect until 2011. Print Print Done Done Sharp Technology...
1 Show how each of the following transactions affects the accounting equation: March 1 April 1 June 30 Issued 75,000 sha...
1
Show how each of the following transactions affects the accounting equation: March 1 April 1 June 30 Issued 75,000 shares of $0.02 par value common stock for cash of $99,750 Issued 1,000 shares of $95 par value preferred stock for cash at $115 per share Purchased 1,000 shares of treasury stock for $3.00 per share i.e., the company bought its own common stock in the stock market) Show how each transaction would affect the accounting equation. Some of the...
Western Corporation sells and issues 200 shares of its $2 par value common stock at $20...
Western Corporation sells and issues 200 shares of its $2 par value common stock at $20 per share. Show how this transaction would be recorded in the accounting equation. Show how this transaction would be recorded in the accounting equation. Some of the account names will be abbreviated. (Use parentheses or a minus sign when entering component decreases or contra account increases. Use only the necessary input lines.) Shareholders' Equity Contributed Capital + Retained Earnings Assets Liabilities Account Account Account...
how how each of the following transactions affects the accounting equation: March 1 April 1 June...
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$ Prepaid insurance Prepaid rent 3,750 26,100 Interest receivable Salaries payable Unearned revenue 33,000 Interest revenue 11,000 • The insurance policy indicates that on December 31, 2010, only three months remain on the 48-month policy that originally cost $12,000 (purchased on April 1, 2007). • Brenda's has a note receivable with $3,600 of interest due from a customer on January 1, 2011. This amount has not been recorded. • The accounting records show that two-third of the revenue paid in...
Prepaid insurance $ 22,100 24,300 Prepaid rent Interest receivable Salaries payable 0 Unearned revenue 48,000 Interest...
Prepaid insurance $ 22,100 24,300 Prepaid rent Interest receivable Salaries payable 0 Unearned revenue 48,000 Interest revenue 17,000 • The insurance policy indicates that on December 31, 2010, only five months remain on the 18-month policy that originally cost $23,400 (purchased on December 1, 2009). • Sonoma's has a note receivable with $3,000 of interest due from a customer on January 1, 2011. This amount has not been recorded. • The accounting records show that two-third of the revenue paid...
III Surfing Dewd Corporation is authorized to issue both preferred and common stock. Surfing Dewd's preferred...
III
Surfing Dewd Corporation is authorized to issue both preferred and common stock. Surfing Dewd's preferred stock is $105 par, 6% preferred stock. During the first month of operations, the company engaged in the following transactions related to its stock. Show each of the following transactions in the accounting equation: March 1 Issued 16,000 shares of $0.50 par value common stock for cash at $5.00 per share March 11 Issued 1,500 shares of preferred stock at par March 16 Purchased...
Surfing Dewd Corporation is authorized to issue both preferred and common stock. Surfing Dewd's preferred stock...
Surfing Dewd Corporation is authorized to issue both preferred and common stock. Surfing Dewd's preferred stock is $105 par, 6% preferred stock. During the first month of operations, the company engaged in the following transactions related to its stock. Show each of the following transactions in the accounting equation: March 1 Issued 16,000 shares of $0.50 par value common stock for cash at $5.00 per share Issued 1,500 shares of preferred stock at par March 11 Purchased 3,000 shares of...
Record adjustments and prepare financial statements. (LO 1, 2, 3, 4). The accounting records for Sony Snowboard Company,...
Record adjustments and prepare financial statements. (LO 1, 2,
3, 4). The accounting records for Sony Snowboard Company, a
snowboard repair company, contained the following balances as of
December 31, 2008:
Sony Snowboard Company Balance Sheet
At December 31, 2008
Assets Cash...........................................
$40,000
Accounts receivable ................ 16,500
Land........................................... 20,000 Totals
......................................... $76,500
Liabilities and Shareholders’ equity
Accounts payable ............................ Common stock
................................. Retained
earnings............................
$17,000 45,000 14,500
$76,500
CHAPTER 3 • ACCRUALS AND DEFERRALS: TIMING IS EVERYTHING IN
ACCOUNTING 125The...
New Waves Company paid $3,600 on April 1, 2009, for a three-year insurance policy. It was...
New Waves Company paid $3,600 on April 1, 2009, for a three-year insurance policy. It was recorded as prepaid insurance. Use the accounting equation to show the adjustment New Waves will make to properly report expenses when preparing the December 31, 2009, financial statements. (Assume no previous adjustments to prepaid insurance have been made.) (Use parentheses or a minus sign when entering account decreases. Use only the necessary input lines.) Assets Liabilities + Shareholders' Equity Contributed Capital + Retained Earnings...
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1
Show how each of the following transactions affects the accounting equation: March 1 April 1 June 30 Issued 75,000 shares of $0.02 par value common stock for cash of $99,750 Issued 1,000 shares of $95 par value preferred stock for cash at $115 per share Purchased 1,000 shares of treasury stock for $3.00 per share i.e., the company bought its own common stock in the stock market) Show how each transaction would affect the accounting equation. Some of the...
Western Corporation sells and issues 200 shares of its $2 par value common stock at $20 per share. Show how this transaction would be recorded in the accounting equation. Show how this transaction would be recorded in the accounting equation. Some of the account names will be abbreviated. (Use parentheses or a minus sign when entering component decreases or contra account increases. Use only the necessary input lines.) Shareholders' Equity Contributed Capital + Retained Earnings Assets Liabilities Account Account Account...
how how each of the following transactions affects the accounting equation: March 1 April 1 June 30 Issued 75,000 shares of $0.02 par value common stock for cash of $99.750 Issued 1,000 shares of $95 par value preferred stock for cash at $115 per share Purchased 1,000 shares of treasury stock for $3.00 per share (i.e., the company bought its own common stock in the stock marke Show how each transaction would affect the accounting equation. Some of the account...
$ Prepaid insurance Prepaid rent 3,750 26,100 Interest receivable Salaries payable Unearned revenue 33,000 Interest revenue 11,000 • The insurance policy indicates that on December 31, 2010, only three months remain on the 48-month policy that originally cost $12,000 (purchased on April 1, 2007). • Brenda's has a note receivable with $3,600 of interest due from a customer on January 1, 2011. This amount has not been recorded. • The accounting records show that two-third of the revenue paid in...
Prepaid insurance $ 22,100 24,300 Prepaid rent Interest receivable Salaries payable 0 Unearned revenue 48,000 Interest revenue 17,000 • The insurance policy indicates that on December 31, 2010, only five months remain on the 18-month policy that originally cost $23,400 (purchased on December 1, 2009). • Sonoma's has a note receivable with $3,000 of interest due from a customer on January 1, 2011. This amount has not been recorded. • The accounting records show that two-third of the revenue paid...
III
Surfing Dewd Corporation is authorized to issue both preferred and common stock. Surfing Dewd's preferred stock is $105 par, 6% preferred stock. During the first month of operations, the company engaged in the following transactions related to its stock. Show each of the following transactions in the accounting equation: March 1 Issued 16,000 shares of $0.50 par value common stock for cash at $5.00 per share March 11 Issued 1,500 shares of preferred stock at par March 16 Purchased...
Surfing Dewd Corporation is authorized to issue both preferred and common stock. Surfing Dewd's preferred stock is $105 par, 6% preferred stock. During the first month of operations, the company engaged in the following transactions related to its stock. Show each of the following transactions in the accounting equation: March 1 Issued 16,000 shares of $0.50 par value common stock for cash at $5.00 per share Issued 1,500 shares of preferred stock at par March 11 Purchased 3,000 shares of...
Record adjustments and prepare financial statements. (LO 1, 2,
3, 4). The accounting records for Sony Snowboard Company, a
snowboard repair company, contained the following balances as of
December 31, 2008:
Sony Snowboard Company Balance Sheet
At December 31, 2008
Assets Cash...........................................
$40,000
Accounts receivable ................ 16,500
Land........................................... 20,000 Totals
......................................... $76,500
Liabilities and Shareholders’ equity
Accounts payable ............................ Common stock
................................. Retained
earnings............................
$17,000 45,000 14,500
$76,500
CHAPTER 3 • ACCRUALS AND DEFERRALS: TIMING IS EVERYTHING IN
ACCOUNTING 125The...
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