LPYT Company began operations in 2024 and entered into the following transactions: June 1: Sold common...

Question

Question

LPYT Company began operations in 2024 and entered into the following transactions: June 1: Sold common stock to owners for $2

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Total revenues = $94,600

Working

Received cash 23000 (Earned revenue 23000/25 x 5)	$ 4,600
Sale of inventory	$ 90,000
Total revenues arned during year	$ 94,600

Add a comment

Answer 2

Similar Homework Help Questions

LPYT Company began operations in 2024 and entered into the following transactions: June 1: Sold common...

LPYT Company began operations in 2024 and entered into the following transactions: June 1: Sold common stock to owners for $240,000 cash July 8: Purchased inventory costing $49,000 on account July 22: Purchased land costing $80,000. LPYT Company paid $60,000 cash immediately and agreed to pay the remaining amount later. August 1: Received $23,000 cash from a customer as payment for services to be provided each month, starting in August, for the next 25 months September 1: Purchased a 2-year...
Question 4 4 pts LPYT Company began operations in 2024 and entered into the following transactions:...

Question 4 4 pts LPYT Company began operations in 2024 and entered into the following transactions: June 1: Sold common stock to owners for $240,000 cash July 8: Purchased inventory costing $49,000 on account July 22: Purchased land costing $80,000. LPYT Company paid $60,000 cash immediately and agreed to pay the remaining amount later. August 1: Received $23,000 cash from a customer as payment for services to be provided each month, starting in August, for the next 25 months September...
Question 5 4 pts LPYT Company began operations in 2024 and entered into the following transactions:...

Question 5 4 pts LPYT Company began operations in 2024 and entered into the following transactions: June 1: Sold common stock to owners for $240,000 cash July 8: Purchased inventory costing $49,000 on account July 22: Purchased land costing $80,000. LPYT Company paid $60,000 cash immediately and agreed to pay the remaining amount later. August 1: Received $23,000 cash from a customer as payment for services to be provided each month, starting in August, for the next 25 months September...

IYQ Company began operations on June 1, 2019. The company entered into the following transactions during...

IYQ Company began operations on June 1, 2019. The company entered into the following transactions during 2019: June 1: Sold common stock to owners in the amount of $295,000 and borrowed $69,000 from the bank on a three-year note payable. June 1: Purchased a parcel of land costing $152,000 by paying $66,000 in cash and agreeing to pay the remainder within 90 days. July 31: IYQ Company earned and received $42,000 of interest on its bank accounts in July. August...
Company began operations on June 1, 2019. The company entered into the following transactions during 2019:...

Company began operations on June 1, 2019. The company entered into the following transactions during 2019: June 1: Sold common stock to owners in the amount of $284,000 and borrowed $59,000 from the bank on a three-year note payable. June 1: Purchased a parcel of land costing $154,000 by paying $36,000 in cash and agreeing to pay the remainder within 90 days. July 31: IYQ Company earned and received $27,000 of interest on its bank accounts in July. August 1:...
XYZ Company began operations in 2019 and entered into the following transactions during the year: February...

XYZ Company began operations in 2019 and entered into the following transactions during the year: February 15: Sold common stock to owners for $372,000 cash. May 22: Purchased inventory costing $52,000 on account. June 1: Received $78,810 cash from a customer for services to be performed over the next ten months. August 19: Sold 74 the inventory purchased on May 22 for $112,000. The customer paid % of the bill on August 19 and agreed to pay the other %...

XYZ Company began operations in 2019 and entered into the following transactions during the year: February...

XYZ Company began operations in 2019 and entered into the following transactions during the year: February 15: Sold common stock to owners for $269,000 cash. May 22: Purchased inventory costing $46,000 on account. June 1: Received $128,620 cash from a customer for services to be performed over the next ten months. August 19: Sold % the inventory purchased on May 22 for $102,000. The customer paid % of the bill on August 19 and agreed to pay the other %...
XYZ Company began operations in 2019 and entered into the following transactions during the year: February...

XYZ Company began operations in 2019 and entered into the following transactions during the year: February 15: Sold common stock to owners for $319,000 cash. May 22: Purchased inventory costing $36,000 on account. June 1: Received $104,330 cash from a customer for services to be performed over the next ten months. August 19: Sold ¾ the inventory purchased on May 22 for $117,000. The customer paid ½ of the bill on August 19 and agreed to pay the other ½...
LPW Company began operations on June 1, 2019. The company entered into the following transactions during...

LPW Company began operations on June 1, 2019. The company entered into the following transactions during 2019: June 1: Sold common stock to owners in the amount of $311,000 and borrowed $69,000 from the bank on a three-year note payable. June 1: Purchased a parcel of land costing $159,000 by paying $59,000 in cash and agreeing to pay the remainder within 90 days. July 31: LPW Company earned and received $24,000 of interest on its bank accounts in July. August...

B9-1R Company began operations in 2025 and entered into the following transactions during the year: February...

B9-1R Company began operations in 2025 and entered into the following transactions during the year: February 15: Sold common stock to owners for $230,000 cash. March 1: Purchased equipment for $85,000 cash. The equipment was assigned a life of six years and a residual value of $4.000 April 30: Lent a customer 560,000 on a 10-month, 11% note receivable May 22: Purchased inventory costing 561,000 on account. June 1: Received 573,000 cash from a customer for services to be performed...

LPYT Company began operations in 2024 and entered into the following transactions: June 1: Sold common...

Homework Answers