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Mindy's Candy Co. (MCC) started the accounting period with $500 in its cash account, $400 in...
Demonstration Problem 1-1 - The Accounting Cycle The events below apply to Computer Services Company (CSC)....
Demonstration Problem 1-1 - The Accounting Cycle The events below apply to Computer Services Company (CSC). Assume that all transactions involve receiving or paying cash. Transactions for the year 2015: 1. CSC was started when it acquired S9,000 cash by issuing common stock 2. The company borrowed $5,000 from a hank. 3. The company provided services to customers and received $4,000. 4. The company paid operating expenses of $2,900. 5. The company paid $500 in dividends to its stockholders. Transactions...
Demonstration Problem 5-1: Accounting for Uncollectible Receivables The Solo Company was started on January 1, 2018....
Demonstration Problem 5-1: Accounting for Uncollectible Receivables The Solo Company was started on January 1, 2018. The following events occurred during 2018 and 2019. 2018 1. Provided $4,000 of services on account. 2. Collected $3,000 cash from accounts receivable. 3. Estimated uncollectible accounts expense to be 1.5 percent of 2018 credit sales. 2019 1. Wrote off $40 of accounts receivable that were deemed uncollectible. 2. Provided $6,500 of services on account. 3. Collected $5,400 cash from accounts receivable. 4. Received...
Accounting for notes receivable and uncollectible accounts using the percent of sales allowance method. The following...
Accounting for notes receivable and uncollectible accounts using
the percent of sales allowance method. The following transactions
apply to Hooper Co. for 2018, its first year of operations:
1. Issued $60,000 of common stock for cash.
2. Provided $90,000 of services on account.
3. Collected $78,000 cash from accounts
receivable.
4. Loaned $20,000 to Mosby Co. on November 30,
2018. The note had a one-year term to maturity and a 6 percent
interest rate.
5. Paid $26,000 of salaries expense...
The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $100,000...
The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $100,000 cash from the issue of common stock. 2. Purchased $70,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point; freight cost of $1,080 paid in cash. 4. Sold inventory on account that cost $50,000 for $95,000. 5. Freight cost on the goods sold in Event 4 was $1,530. The goods were shipped FOB destination. Cash was paid for the...
The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $60,000...
The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $60,000 cash from the issue of common stock. 2. Purchased $65,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point; freight cost of $900 paid in cash. 4. Sold inventory on account that cost $38,000 for $71,000. 5. Freight cost on the goods sold in Event 4 was $620. The goods were shipped FOB destination. Cash was paid for the...
Ho Designs experienced the following events during Year 1, its first year of operation: 1. Started...
Ho Designs experienced the following events during Year 1, its first year of operation: 1. Started the business when it acquired $56,000 cash from the issue of common stock. 2. Paid $22,800 cash to purchase inventory. 3. Sold inventory costing $11,900 for $28,200 cash. 4. Physically counted inventory, had inventory of $7,600 on hand at the end of the accounting period. Required a. Record the events in the T-accounts provided. b. Prepare an income statement and balance sheet. Complete this...
The following events apply to Tracey’s Restaurant for the Year 1 fiscal year: Started the company...
The following events apply to Tracey’s Restaurant for the Year 1
fiscal year:
Started the company when it acquired $23,000 cash from the
issue of common stock.
Purchased a new cooktop that cost $22,000 cash.
Earned $36,000 in cash revenue.
Paid $20,000 cash for salaries expense.
Paid $7,400 cash for operating expenses.
Adjusted the records to reflect the use of the cooktop. The
cooktop, purchased on January 1, Year 1, has an expected useful
life of four years and an...
Supplies, unearned revenue, and the financial statements model Hart, Attorney at Law, experienced the following transactions...
Supplies, unearned revenue, and the financial statements model Hart, Attorney at Law, experienced the following transactions in 2018, the first year of operations: 1. Accepted $36,000 on April 1, 2018, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $54,000. 3. Purchased $2,800 of office supplies on account. 4. Paid $2,400 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $5,000....
Sinclair Manufacturing Company experienced the following accounting events during its first year of operation. With the...
Sinclair Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the adjusting entries for depreciation, assume that all transactions are cash transactions and that financial statement data are prepared in accordance with GAAP. Skipped eBook 1. Acquired $68,000 cash by issuing common stock 2. Paid $8,700 for the materials used to make its products, all of which were started and completed during the year. 3. Paid salaries of $4,500 to selling and...
The following events apply to Tracey's Restaurant for the Year 1 fiscal year: 1. Started the...
The following events apply to Tracey's Restaurant for the Year 1 fiscal year: 1. Started the company when it acquired $37,000 cash from the issue of common stock 2. Purchased a new cooktop that cost $36.000 cash. 3. Earned $50,000 in cash revenue. 4. Paid $34,000 cash for salaries expense. 5. Paid $7,300 cash for operating expenses. 6. Adjusted the records to reflect the use of the cooktop. The cooktop, purchased on January 1, Year 1, has an expected useful...
Demonstration Problem 1-1 - The Accounting Cycle The events below apply to Computer Services Company (CSC). Assume that all transactions involve receiving or paying cash. Transactions for the year 2015: 1. CSC was started when it acquired S9,000 cash by issuing common stock 2. The company borrowed $5,000 from a hank. 3. The company provided services to customers and received $4,000. 4. The company paid operating expenses of $2,900. 5. The company paid $500 in dividends to its stockholders. Transactions...
Demonstration Problem 5-1: Accounting for Uncollectible Receivables The Solo Company was started on January 1, 2018. The following events occurred during 2018 and 2019. 2018 1. Provided $4,000 of services on account. 2. Collected $3,000 cash from accounts receivable. 3. Estimated uncollectible accounts expense to be 1.5 percent of 2018 credit sales. 2019 1. Wrote off $40 of accounts receivable that were deemed uncollectible. 2. Provided $6,500 of services on account. 3. Collected $5,400 cash from accounts receivable. 4. Received...
Accounting for notes receivable and uncollectible accounts using
the percent of sales allowance method. The following transactions
apply to Hooper Co. for 2018, its first year of operations:
1. Issued $60,000 of common stock for cash.
2. Provided $90,000 of services on account.
3. Collected $78,000 cash from accounts
receivable.
4. Loaned $20,000 to Mosby Co. on November 30,
2018. The note had a one-year term to maturity and a 6 percent
interest rate.
5. Paid $26,000 of salaries expense...
The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $100,000 cash from the issue of common stock. 2. Purchased $70,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point; freight cost of $1,080 paid in cash. 4. Sold inventory on account that cost $50,000 for $95,000. 5. Freight cost on the goods sold in Event 4 was $1,530. The goods were shipped FOB destination. Cash was paid for the...
The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $60,000 cash from the issue of common stock. 2. Purchased $65,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point; freight cost of $900 paid in cash. 4. Sold inventory on account that cost $38,000 for $71,000. 5. Freight cost on the goods sold in Event 4 was $620. The goods were shipped FOB destination. Cash was paid for the...
Ho Designs experienced the following events during Year 1, its first year of operation: 1. Started the business when it acquired $56,000 cash from the issue of common stock. 2. Paid $22,800 cash to purchase inventory. 3. Sold inventory costing $11,900 for $28,200 cash. 4. Physically counted inventory, had inventory of $7,600 on hand at the end of the accounting period. Required a. Record the events in the T-accounts provided. b. Prepare an income statement and balance sheet. Complete this...
The following events apply to Tracey’s Restaurant for the Year 1
fiscal year:
Started the company when it acquired $23,000 cash from the
issue of common stock.
Purchased a new cooktop that cost $22,000 cash.
Earned $36,000 in cash revenue.
Paid $20,000 cash for salaries expense.
Paid $7,400 cash for operating expenses.
Adjusted the records to reflect the use of the cooktop. The
cooktop, purchased on January 1, Year 1, has an expected useful
life of four years and an...
Supplies, unearned revenue, and the financial statements model Hart, Attorney at Law, experienced the following transactions in 2018, the first year of operations: 1. Accepted $36,000 on April 1, 2018, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $54,000. 3. Purchased $2,800 of office supplies on account. 4. Paid $2,400 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $5,000....
Sinclair Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the adjusting entries for depreciation, assume that all transactions are cash transactions and that financial statement data are prepared in accordance with GAAP. Skipped eBook 1. Acquired $68,000 cash by issuing common stock 2. Paid $8,700 for the materials used to make its products, all of which were started and completed during the year. 3. Paid salaries of $4,500 to selling and...
The following events apply to Tracey's Restaurant for the Year 1 fiscal year: 1. Started the company when it acquired $37,000 cash from the issue of common stock 2. Purchased a new cooktop that cost $36.000 cash. 3. Earned $50,000 in cash revenue. 4. Paid $34,000 cash for salaries expense. 5. Paid $7,300 cash for operating expenses. 6. Adjusted the records to reflect the use of the cooktop. The cooktop, purchased on January 1, Year 1, has an expected useful...
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