Homework Answers
Option 'B' is the correct option.
When we receive any amount from our customers or debtors, it increases our cash and decreases accounts receivables. This receipt will not affect any revenue or income as we have already recoreded it at the time of the transaction of sale as per revenue recognition concept. It means only option B is correct.
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Assume that one of the retailers that received FUBU apparel mentioned in question 3 just paid...
After transferring his house into "mini factory" Daymond and his team were able to fulfill $75,000...
After transferring his house into "mini factory" Daymond and his team were able to fulfill $75,000 worth of orders, that means $75,000 worth of apparel were shipped to the retailers. Daymond also mentioned that "it took 30,60, 90 days" for stores to pay FUBU. That is typical for B to B (Business to Business) to operate on credit. What journal entry did FUBU make on the day it shipped $75,000 worth of apparel to retailers? Stockholders' Equity Revenue Expense Retained...
3. After transferring his house into mini factory Daymond and his team were able to fulfill...
3. After transferring his house into mini factory Daymond and his team were able to fulfill $75,000 worth of orders, that means $75,000 worth of apparel were shipped to the retailers. Daymond also mentioned that "it took 30,60, 90 days" for stores to pay FUBU. That is typical for B to B (Business to Business) to operate on credit. What journal entry did FUBU make on the day it shipped $75,000 worth of apparel to retailers? Assets Liabilities Stockholders' Equity...
Daymond John mentioned that in order to find strategic partner he paid $2,000 for a classified...
Daymond John mentioned that in order to find strategic partner he paid $2,000 for a classified advertisement in the local (NY) newspaper. Assume that he paid for ad in December and the advertisement appeared in the newspaper in January of the next year. What journal entry FUBU recorded in December? Net Assets Liabilities Stockholders' Equity Revenue Expense = Options Cash + Prepaid advertisement 2.000 Accounts payable Unearned revenue Common Stock Retained warnings A + + + D (2.000) + (2.000)...
6. Daymond John mentioned that in order to find strategic partner he paid $2,000 for a...
6. Daymond John mentioned that in order to find strategic partner he paid $2,000 for a classified advertisement in the local (NY) newspaper. Assume that he paid for ad in December and the advertisement appeared in the newspaper in January of the next year. What journal entry did FUBU make when it recognized Advertisement expense in January? Assets = Llabilities Stockholders' Equity Net Revenue - Expense = Income Options Cash Prepaid Accounts Unearned + Retained + Common + + advertisement...
Daymond John grew up in the heart of hip-hop culture: Hollis, Queens. In his early 20s,...
Daymond John grew up in the heart of hip-hop culture: Hollis, Queens. In his early 20s, as many of you, he was working as a waiter at the restaurant (Red Lobster) and trying to figure out how to start a business. Eventually, he stumbled on the idea of making clothes for fans of rap music. In 1992, he started FUBU (For Us By Us) and began selling hats outside of a local mall. Three years later, FUBU was bringing in...
+ 2. After 27 loans rejections, John family took equity loan on their house $100,000 and...
+ 2. After 27 loans rejections, John family took equity loan on their house $100,000 and put the money into the business. Debt financing was recorded in the following manner: Assets Liabilities Stockholders' Equity Revenue - Expense = Net Income Options Accounts Cash Accounts Notes + Common receivables payable Retained + + Payables Stock earings А 100,000+ = + + 100,000 + 100,000 B 100,000 + (100,000) = . + + с 100,000 + + 100,000+ + D 100,000 +...
Danier Leather Inc. is one of the largest publicly traded specialty apparel leather retailers in the...
Danier Leather Inc. is one of the largest publicly traded specialty apparel leather retailers in the world. The following information (all amounts in thousands) can be found on its recent balance sheets (or statements of financial position, as Danier Leather calls them) Dec. 24, June 25, 2011 Dec. 25, 2010 5 Cash and cash equivalents Accounts receivable Inventories Prepaid expenses Property and equipment Other long-term assets Payables and accruals Income taxes payable Other current liabilities Non-current liabilities Shareholders' equity $31,803...
Just Dew It Corporation reports the following balance sheet information for 2017 and 2018 Assets 2017...
Just Dew It Corporation reports the following balance sheet information for 2017 and 2018 Assets 2017 Current assets Cash Accounts receivable Inventory $ 7,950 23,550 36,750 JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 2018 Current liabilities $ 11,800 Accounts payable $ 40,500 $ 45,800 29,000 Notes payable 14,850 20,800 47.000 $ 87,800 Total 55,350 $ 66,600 Long-term debt $ 30,000 $ 24,000 Owners' equity Common stock and $42.000 $ 42,000 paid-in surplus...
Daymond John grew up in the heart of hip-hop culture: Hollis, Queens. In his early 20s,...
Daymond John grew up in the heart of hip-hop culture: Hollis, Queens. In his early 20s, as many of you, he was working as a waiter at the restaurant (Red Lobster) and trying to figure out how to start a business. Eventually, he stumbled on the idea of making clothes for fans of rap music. In 1992, he started FUBU (For Us By Us) and began selling hats outside of a local mall. Three years later, FUBU was bringing in...
2) XYZ Company has provided balance sheet information for the year just ended, August 31, 2016:...
2) XYZ Company has provided balance sheet information for the year just ended, August 31, 2016: Cash $40,000 Accounts receivable 50,000 Building 100,000 Accumulated depreciation (40,000) Total assets $150,000 Accounts payable $30,000 Long-Term Loan 70,000 Total liabilities 100,000 Shareholders' Equity 50,000 Total Liabilities & Shareholders' Equity $150,000 The company has also provided the following information for the upcoming year: Revenue is expected to be $200,000 and...
After transferring his house into "mini factory" Daymond and his team were able to fulfill $75,000 worth of orders, that means $75,000 worth of apparel were shipped to the retailers. Daymond also mentioned that "it took 30,60, 90 days" for stores to pay FUBU. That is typical for B to B (Business to Business) to operate on credit. What journal entry did FUBU make on the day it shipped $75,000 worth of apparel to retailers? Stockholders' Equity Revenue Expense Retained...
3. After transferring his house into mini factory Daymond and his team were able to fulfill $75,000 worth of orders, that means $75,000 worth of apparel were shipped to the retailers. Daymond also mentioned that "it took 30,60, 90 days" for stores to pay FUBU. That is typical for B to B (Business to Business) to operate on credit. What journal entry did FUBU make on the day it shipped $75,000 worth of apparel to retailers? Assets Liabilities Stockholders' Equity...
Daymond John mentioned that in order to find strategic partner he paid $2,000 for a classified advertisement in the local (NY) newspaper. Assume that he paid for ad in December and the advertisement appeared in the newspaper in January of the next year. What journal entry FUBU recorded in December? Net Assets Liabilities Stockholders' Equity Revenue Expense = Options Cash + Prepaid advertisement 2.000 Accounts payable Unearned revenue Common Stock Retained warnings A + + + D (2.000) + (2.000)...
6. Daymond John mentioned that in order to find strategic partner he paid $2,000 for a classified advertisement in the local (NY) newspaper. Assume that he paid for ad in December and the advertisement appeared in the newspaper in January of the next year. What journal entry did FUBU make when it recognized Advertisement expense in January? Assets = Llabilities Stockholders' Equity Net Revenue - Expense = Income Options Cash Prepaid Accounts Unearned + Retained + Common + + advertisement...
Daymond John grew up in the heart of hip-hop culture: Hollis, Queens. In his early 20s, as many of you, he was working as a waiter at the restaurant (Red Lobster) and trying to figure out how to start a business. Eventually, he stumbled on the idea of making clothes for fans of rap music. In 1992, he started FUBU (For Us By Us) and began selling hats outside of a local mall. Three years later, FUBU was bringing in...
+ 2. After 27 loans rejections, John family took equity loan on their house $100,000 and put the money into the business. Debt financing was recorded in the following manner: Assets Liabilities Stockholders' Equity Revenue - Expense = Net Income Options Accounts Cash Accounts Notes + Common receivables payable Retained + + Payables Stock earings А 100,000+ = + + 100,000 + 100,000 B 100,000 + (100,000) = . + + с 100,000 + + 100,000+ + D 100,000 +...
Danier Leather Inc. is one of the largest publicly traded specialty apparel leather retailers in the world. The following information (all amounts in thousands) can be found on its recent balance sheets (or statements of financial position, as Danier Leather calls them) Dec. 24, June 25, 2011 Dec. 25, 2010 5 Cash and cash equivalents Accounts receivable Inventories Prepaid expenses Property and equipment Other long-term assets Payables and accruals Income taxes payable Other current liabilities Non-current liabilities Shareholders' equity $31,803...
Just Dew It Corporation reports the following balance sheet information for 2017 and 2018 Assets 2017 Current assets Cash Accounts receivable Inventory $ 7,950 23,550 36,750 JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 2018 Current liabilities $ 11,800 Accounts payable $ 40,500 $ 45,800 29,000 Notes payable 14,850 20,800 47.000 $ 87,800 Total 55,350 $ 66,600 Long-term debt $ 30,000 $ 24,000 Owners' equity Common stock and $42.000 $ 42,000 paid-in surplus...
Daymond John grew up in the heart of hip-hop culture: Hollis, Queens. In his early 20s, as many of you, he was working as a waiter at the restaurant (Red Lobster) and trying to figure out how to start a business. Eventually, he stumbled on the idea of making clothes for fans of rap music. In 1992, he started FUBU (For Us By Us) and began selling hats outside of a local mall. Three years later, FUBU was bringing in...
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