Question

The following events occurred for Favata Company a. Received $12,000 cash from owners and issued stock to them. b. Borrowed $
Help Save Check my ). perform transaction analysis and indicate the effect (+ for increase and for decrease) on the ases to a
0 0
Add a comment Improve this question Transcribed image text
Answer #1
Assets = Liabilities + Stockholders' Equity
a. Cash          12,000 = + Common stock      12,000
b. Cash            9,000 = Notes payable         9,000 +
c. Equipment            1,000 = Accounts payable         1,000 +
d. Land          16,000 = Notes payable      14,600 +
Cash -1,400 = +
e. Equipment            5,000 = Accounts payable         3,600 +
Cash -1,400 = +
Add a comment
Know the answer?
Add Answer to:
The following events occurred for Favata Company a. Received $12,000 cash from owners and issued stock...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • The following events occurred for Favata Company: a. Received $13,000 cash from owners and issued stock...

    The following events occurred for Favata Company: a. Received $13,000 cash from owners and issued stock to them. b. Borrowed $10,000 cash from a bank and signed a note due later this year C. Bought and received $1,100 of equipment on account d. Purchased land for $18,000: paid $1,600 in cash and signed a long-term note for $16,400 e Purchased $6,000 of equipment: paid $1,600 in cash and charged the rest on account Required: each of the events (a) through...

  • The following events occurred for Favata Company: a. Received $10,000 cash from owners and issued stock...

    The following events occurred for Favata Company: a. Received $10,000 cash from owners and issued stock to them. b. Borrowed $7,000 cash from a bank and signed a note due later this year. Bought and received $800 of equipment on account. d. Purchased land for $12,000; paid $1,000 in cash and signed a long-term note for $11,000. e. Purchased $3,000 of equipment; paid $1,000 in cash and charged the rest on account. Required For each of the events (a) through...

  • Check my work The following events occurred for Favata Company a. Received $11,000 cash from owners...

    Check my work The following events occurred for Favata Company a. Received $11,000 cash from owners and issued stock to them b. Borrowed $8,000 cash from a bank and signed a note due later this year. c. Bought and received $900 of equipment on account. d. Purchased land for $14,000; paid $1.200 in cash and signed a long-term note for $12,800 e. Purchased $4,000 of equipment; paid $1,200 in cash and charged the rest on account. Required: For each of...

  • The following events occurred for Favata Company: a. Received $17,000 cash from owners and issued stock...

    The following events occurred for Favata Company: a. Received $17,000 cash from owners and issued stock to them. b. Borrowed $14,000 cash from a bank and signed a note due later this year. C. Bought and received $1,500 of equipment on account. d. Purchased land for $26,000; paid $2,400 in cash and signed a long-term note for $23,600. e. Purchased $10,000 of equipment; paid $2,400 in cash and charged the rest on account. Required: For each of the events (a)...

  • The following events occurred for Favata Company. a. Received $17,500 cash from owners and issued stock...

    The following events occurred for Favata Company. a. Received $17,500 cash from owners and issued stock to them. b. Borrowed $14,500 cash from a bank and signed a note due later this year. c. Bought and received $1,550 of equipment on account. d. Purchased land for $27000; paid $2.500 in cash and signed a long-term note for $24.500. e. Purchased $10,500 of equipment; paid $2.500 in cash and charged the rest on account Required: For each of the events in...

  • The following events occurred for Favata Company: a. Received $10,000 cash from owners and issued stock...

    The following events occurred for Favata Company: a. Received $10,000 cash from owners and issued stock to themm b. Borrowed $7,000 cash from a bank and signed a note due later this year. c. Bought and received $800 of equipment on account. d. Purchased land for $12,000; paid $1,000 in cash and signed a long-term note for $11,000 e. Purchased $3,000 of equipment; paid $1,000 in cash and charged the rest on account. Required For each of the events in...

  • The following events occurred for Johnson Company: a. Received investment of cash by organizers and distributed...

    The following events occurred for Johnson Company: a. Received investment of cash by organizers and distributed to them 1,070 shares of $1 par value common stock with a market price of $20 per share. b. Purchased $9,000 of equipment, paying $1,400 in cash and owing the rest on accounts payable to the manufacturer. c. Borrowed $9,000 cash from a bank. d. Loaned $600 to an employee who signed a note. e. Purchased $23,052 of land; paid $9,000 in cash and...

  • The following events occurred for Johnson Company: a. Received investment of cash by organizers and distributed...

    The following events occurred for Johnson Company: a. Received investment of cash by organizers and distributed to them 1,010 shares of $1 par value common stock with a market price of $5 per share. b. Purchased $8,200 of equipment, paying $1,400 in cash and owing the rest on accounts payable to the manufacturer. c. Borrowed $5,000 cash from a bank. d. Loaned $600 to an employee who signed a note. e. Purchased $23,159 of land; paid $4,000 in cash and...

  • E2-4 Determining Financial Statement Effects of Several Transactions (L01, LO2) The following events occurred for Favanta...

    E2-4 Determining Financial Statement Effects of Several Transactions (L01, LO2) The following events occurred for Favanta Company a. Received $10,000 cash from owners and issued shares to them. b. Borrowed $7,000 cash from a bank and signed a note due later this year. c. Purchased land for $12,000; paid $1,000 in cash and signed a note for the $11,000 d. Bought and received $800 of equipment on account. e. Purchased $3,000 of equipment, paying $1,000 in cash and charged the...

  • The following events occurred for Johnson Company: 0.5 points a. Received investment of cash by organizers...

    The following events occurred for Johnson Company: 0.5 points a. Received investment of cash by organizers and distributed to them 1,090 shares of $1 par value common stock with a market price of $10 per share. b. Purchased $8,500 of equipment, paying $1,100 in cash and owing the rest on accounts payable to the manufacturer. c. Borrowed $10,000 cash from a bank. d. Loaned $900 to an employee who signed a note. e. Purchased $17,874 of land; paid $9,000 in...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT