Homework Answers
Trial balance
For the year ended August 31,2018
| Debit | Credit | |
| Cash | 34010 | |
| Account receivable | 3600 | |
| Supplies | 800 | |
| Equipment | 21000 | |
| Account payable | 450 | |
| Common Stock | 55000 | |
| Service revenue | 8000 | |
| Salaries expense | 2550 | |
| Rent expense | 1100 | |
| Utilities expense | 390 | |
| Total | 63450 | 63450 |
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The transactions for Cubs Corner, Inc., for the month of August 2018 are posted in the...
The transactions for 1 minus 2 minus 3, Inc., for the month of July 2018 are...
The transactions for 1 minus 2 minus 3, Inc., for the month of
July 2018 are posted in the following T-accounts:
a https://www.mathxl.com/Student/PlayerTest.aspx?testld-193825428¢erwin-yes ACG2021 Introduction to Financial Accounting Winter (Spring) 20 Giancarlo Fernandez 1/23/19 10:16 PM Quiz: Chapter 2 Quiz Submit Quiz This Question: 10 pts 4 5 of 6 (3 complete) This Quiz: 60 pts possible The transactions for 1-2-3, Inc, for the month of July 2018 are posted in the following T-accounts: EEB (Click the icon to view...
McDonough Construction, Inc., completed the following transactions during August 2018, its first month of operations: (Click...
McDonough Construction, Inc., completed the following transactions during August 2018, its first month of operations: (Click the icon to view the transactions.) Read the requirements, Requirement 1. Record transactions in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Aug 2: Sold $85,000 of common stock to D.J. McDonough to start the construction business. Journal Entry Date Accounts Debit Credit Aug 0 Requirements Aug 3: Paid monthly office rent, $1,000. Journal Entry...
Tobique records adjustments monthly. Adjustment data for the month of August are as follows: 1. One...
Tobique records adjustments monthly. Adjustment data for the
month of August are as follows:
1.
One month’s worth of advertising services have been
received.
2.
The August rent has expired.
3.
Accrued salaries payable are $1,670.
4.
Depreciation for the month is $203.
5.
Supplies on hand at August 31 are $1,000.
6.
Services were performed to satisfy $790 of unearned
revenue.
7.
One month of interest revenue related to the $4,000 note
receivable has accrued. The note was issued...
TOBIQUE LTD. Income Statement Month Ended August 31,2018 Revenues: Service Revenue $9,290 Interest Revenue $20 Total...
TOBIQUE LTD.
Income Statement
Month Ended August 31,2018
Revenues:
Service Revenue
$9,290
Interest Revenue
$20
Total revenues
$9,310
Expenses:
Depreciation Expense
$203
Rent Expense
$380
Advertising Expense
$220
Supplies expense
$750
Salaries expense
$6,230
Total Expenses
$7,783
Income before income tax
$1,527
Income tax
$290
Net income
$1,237
TOBIQUE LTD.
Statement of Changes in Equity
Month Ended August 31, 2018
Common Shares
Retained Earnings
Total Equity
Beginning balance
$12000
$6040
$18040
Net income
1237
1237
Dividend
-550
-550
Ending balance...
The transactions completed by PS Music during June 2018 were described at the end of Chapter...
The transactions completed by PS Music during June 2018 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the business's operations: July 1. Peyton Smith made an additional investment in PS Music in exchange for common stock by depositing $5,000 in PS Musics checking account 1. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Tobique Ltd. Accounts payable $2,500 Interest receivable 20 Accounts receivable 4,740 Note receivable, due October 31, 2018 4,000 Accumulated depreciation—equipment 2,030 Retained earnings 6,040 Cash 5,520 Salaries payable 1,460 Common shares 12,000 Supplies 1,030 Equipment 10,100 Unearned revenue 1,380 During August, the following summary transactions were completed. Aug. 1 Paid $440 cash for advertising in local newspapers....
During the first month of operations (August 2018), Starr Music ServicesCorporation completed the following selected transactions:...
During the first month of operations (August 2018), Starr Music ServicesCorporation completed the following selected transactions: a. The business received cash of $54,000 and a building with a fair value of $105,000. The corporation issued common stock to the stockholders. b. Borrowed $63,000 from the bank; signed a note payable. c. Paid $37,000 for music equipment. d. Purchased supplies on account, $270. e. Paid employees' salaries, $5,900. f. Received $4,200 for music services performed for customers. g. Performed services for...
On August 1,2019, the following were the account balances of B&B Repair Services. Credit Debit 6,040...
On August 1,2019, the following were the account balances of B&B Repair Services. Credit Debit 6,040 Accumulated Depreciation-Equipment $ 600 Cash Accounts Receivable Notes Receivable Supplies Equipment 2,910 4,000 1,030 10,000 Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings 2,300 1,260 1,420 12,000 6,400 $23,980 $23,980 During August, the following summary transactions were completed. Paid $400 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. Paid...
The following information appies to the questions displayed below. On July 1, 2018, Tony and Suzie...
The following information appies to the questions displayed below. On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The following transactions occur from August 1 through Decomber 31 Also, the balances are provided for the month ended July 31. ug. 1 Great dventures obtains a 35,000 ow interest loan or the company from the city council which has recently passed an initiative encouraging business development related to outdoor activities. The loan is...
prepare an income statement Feb Trial Balances Raider Consulting Corp began operations on January 1, 2020....
prepare an income statement
Feb Trial Balances
Raider Consulting Corp began operations on January 1, 2020. They issued 13,500 shares of $2 par value common stock. Chart of Accounts: 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees 31 Common Stock, $2 par 32 Paid in Capital in Excess of Par 33 Retained Earnings 34 Dividends Declared 41 Fees Earned 51...
The transactions for 1 minus 2 minus 3, Inc., for the month of
July 2018 are posted in the following T-accounts:
a https://www.mathxl.com/Student/PlayerTest.aspx?testld-193825428¢erwin-yes ACG2021 Introduction to Financial Accounting Winter (Spring) 20 Giancarlo Fernandez 1/23/19 10:16 PM Quiz: Chapter 2 Quiz Submit Quiz This Question: 10 pts 4 5 of 6 (3 complete) This Quiz: 60 pts possible The transactions for 1-2-3, Inc, for the month of July 2018 are posted in the following T-accounts: EEB (Click the icon to view...
McDonough Construction, Inc., completed the following transactions during August 2018, its first month of operations: (Click the icon to view the transactions.) Read the requirements, Requirement 1. Record transactions in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Aug 2: Sold $85,000 of common stock to D.J. McDonough to start the construction business. Journal Entry Date Accounts Debit Credit Aug 0 Requirements Aug 3: Paid monthly office rent, $1,000. Journal Entry...
Tobique records adjustments monthly. Adjustment data for the
month of August are as follows:
1.
One month’s worth of advertising services have been
received.
2.
The August rent has expired.
3.
Accrued salaries payable are $1,670.
4.
Depreciation for the month is $203.
5.
Supplies on hand at August 31 are $1,000.
6.
Services were performed to satisfy $790 of unearned
revenue.
7.
One month of interest revenue related to the $4,000 note
receivable has accrued. The note was issued...
TOBIQUE LTD.
Income Statement
Month Ended August 31,2018
Revenues:
Service Revenue
$9,290
Interest Revenue
$20
Total revenues
$9,310
Expenses:
Depreciation Expense
$203
Rent Expense
$380
Advertising Expense
$220
Supplies expense
$750
Salaries expense
$6,230
Total Expenses
$7,783
Income before income tax
$1,527
Income tax
$290
Net income
$1,237
TOBIQUE LTD.
Statement of Changes in Equity
Month Ended August 31, 2018
Common Shares
Retained Earnings
Total Equity
Beginning balance
$12000
$6040
$18040
Net income
1237
1237
Dividend
-550
-550
Ending balance...
The transactions completed by PS Music during June 2018 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the business's operations: July 1. Peyton Smith made an additional investment in PS Music in exchange for common stock by depositing $5,000 in PS Musics checking account 1. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store....
On August 1,2019, the following were the account balances of B&B Repair Services. Credit Debit 6,040 Accumulated Depreciation-Equipment $ 600 Cash Accounts Receivable Notes Receivable Supplies Equipment 2,910 4,000 1,030 10,000 Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings 2,300 1,260 1,420 12,000 6,400 $23,980 $23,980 During August, the following summary transactions were completed. Paid $400 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. Paid...
The following information appies to the questions displayed below. On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The following transactions occur from August 1 through Decomber 31 Also, the balances are provided for the month ended July 31. ug. 1 Great dventures obtains a 35,000 ow interest loan or the company from the city council which has recently passed an initiative encouraging business development related to outdoor activities. The loan is...
prepare an income statement
Feb Trial Balances
Raider Consulting Corp began operations on January 1, 2020. They issued 13,500 shares of $2 par value common stock. Chart of Accounts: 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees 31 Common Stock, $2 par 32 Paid in Capital in Excess of Par 33 Retained Earnings 34 Dividends Declared 41 Fees Earned 51...
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