Homework Answers
| Balance Sheet | Income Statement | ||||||||||||||
| Transaction |
Cash Asset |
+ |
Noncash Assets |
= | Liabilities | + |
Contributed Capital |
+ |
Earned Capital |
RevenuEs | - | Expenses | = | Net income | |
| I | $10,000 | + | = | + | $10,000 | + | - | = | |||||||
| II | + | $18,000 | = | + | + | $18,000 | $18,000 | - | = | $18,000 | |||||
| + | ($9,000) | = | + | + | ($9,000) | - | $9,000 | = | ($9,000) | ||||||
| III | $700 | + | = | $700 | + | + | - | = | |||||||
| IV | ($3,500) | + | = | ($3,500) | + | + | - | = | |||||||
| V | ($700) | + | = | + | + | ($700) | - | = | |||||||
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A) M. E. Carter launched Carter Company, a professional services firm on March 1. The firm...
M.E. Carter launched Carter Company, a professional services firm on March 1. The firm will prepare...
M.E. Carter launched Carter Company, a professional services firm on March 1. The firm will prepare financial statements at each month-end. In March (its first month), Carte executed the following transactions. Enter the transactions, a through g, into the financial statement effects template below. a. Carter (owner) invested in the company $80,000 cash and $16,000 in property and equipment. The company issued common stock to Carter. b. The company paid $2,560 cash for rent of office furnishings and facilities for...
Analyzing and Reporting Financial Statement Effects of Transactions M.E. Carter launched Carter Company, a professional services...
Analyzing and Reporting Financial Statement Effects of Transactions M.E. Carter launched Carter Company, a professional services firm on March 1. The firm will prepare financial statements at each month-end. In March (its first month), Carter executed the following transactions. Enter the transactions, a through g, into the financial statement effects template below. a. Carter (owner) invested in the company $300,000 cash and $60,000 in property and equipment. The company issued common stock to Carter. b. The company paid $9,600 cash...
Analyzing and Reporting Financial Statement Effects of Transactions M.E. Carter launched Carter Company, a professional services...
Analyzing and Reporting Financial Statement Effects of Transactions M.E. Carter launched Carter Company, a professional services firm on March 1. The firm will prepare financial statements at each month-end. In March (its first month), Carter executed the following transactions. Enter the transactions, a through g, into the financial statement effects template below. a. Carter (owner) invested in the company $80,000 cash and $16,000 in property and equipment. The company issued common stock to Carter. b. The company paid $2,560 cash...
Sct up -accounlts lor each account and post the closing entries. 3-42. Analyzing and Reporting Financial...
Sct up -accounlts lor each account and post the closing entries. 3-42. Analyzing and Reporting Financial Statement Effects of Transactions M. E. Carter launched Carter Company, a professional services firm on March 1. The firm will prepare financial statements at each month-end. In March Gits first month), Carter executed the following transactions. Enter the transactions, a through g, into the financial statement effects template shown in the module. a. Carter (owner) invested in the company $100,000 cash and $20,000 in...
i want to know how they got these numbers. thanks is this clear ? Analyzing and...
i want to know how they got these numbers. thanks
is this clear ?
Analyzing and Reporting Financial Statement Effects of Transactions M.E. Carter launched Carter Company, a professional services firm on March 1. The firm will prepare financial statements at each month-end in March its first month. Carter executed the following transactions. Enter the transactions through into the financial statement effects template below. Carter (owner invested in the company $100.000 cash and $20.000 in property and equipment. The company...
On March 1, S. Penman (owner) launched AniFoods, Inc., an organic foods retailing company. Following are...
On March 1, S. Penman (owner) launched AniFoods, Inc., an
organic foods retailing company.
Following are the transactions for its first month of
business.
1. S. Penman (owner) contributed $100,000 cash to the company in
return for common stock. Penman also lent the company $55,000. This
$55,000 note is due one year hence.
2. The company purchased equipment in the amount of $50,000,
paying $10,000 cash and signing a note payable to the equipment
manufacturer for the remaining balance.
3....
On October 1, 2019, Santana Rey launched a computer services company. Business Solutions, that is organized...
On October 1, 2019, Santana Rey launched a computer services company. Business Solutions, that is organized as a corporation and provides consulting services, computer system installations, and custom program development. Oct. 1 5. Rey invested $47,000 cash, a $21,000 computer system, and $9,000 of office equipment in the company in exchange for its common stock 3 The company purchased $1,330 of computer supplies on credit from Harris Office Products. 6 The company billed Easy Leasing $5,000 for services performed in...
Angela Lopez owns and manages a consulting firm called Metrix, which began operations on March 1
Angela Lopez owns and manages a consulting firm called Metrix, which began operations on March 1. On March 31, the company's records show the following accounts and amounts for the month of March. Equipment$9,000Office supplies$2,500Salaries expense4,000Rental revenue1,500Consulting revenue17,000Advertising expense600Cash10,000Prepaid insurance2,000Utilities expense400Accounts payable4,500Note payable3,400Note receivable3,500Accounts receivable4,500Rent expense3,000A. Lopez, Withdrawals3,000Unearned revenue500Required: 1. Prepare a March income statement for the business. 2. Prepare a March statement of owner's equity. The owner's capital account balance at February 28 was $0, and the owner invested $15,600 cash in...
On October 1, 2011, Santana Rey launched a computer services company, Business Solutions, that is organized...
On October 1, 2011, Santana Rey launched a computer services
company, Business Solutions, that is organized as a corporation and
provides consulting services, computer system installations, and
custom program development. Rey adopts the calendar year for
reporting purposes and expects to prepare the company's first set
of financial statements on December 31, 2011.
Oct.
1
S. Rey invested $54,000 cash, a $23,000 computer system, and
$12,000 of office equipment in the company in exchange for its
common stock.
3
The...
Analyzing Transactions and Adjustments using the Financial Statement Effects Template On March 1, S. Penman launched...
Analyzing Transactions and Adjustments using the Financial Statement Effects Template On March 1, S. Penman launched AniFoods Inc., an organic foods retailing company. Following are the transactions for its first month of business. 1. S. Penman contributed $180,000 cash to the company in return for common stock. Penman also lent the company $99,000. This $99,000 note is due one year hence. 2. The company purchased equipment in the amount of $90,000, paying $18,000 cash and signing a note payable to...
M.E. Carter launched Carter Company, a professional services firm on March 1. The firm will prepare financial statements at each month-end. In March (its first month), Carte executed the following transactions. Enter the transactions, a through g, into the financial statement effects template below. a. Carter (owner) invested in the company $80,000 cash and $16,000 in property and equipment. The company issued common stock to Carter. b. The company paid $2,560 cash for rent of office furnishings and facilities for...
Analyzing and Reporting Financial Statement Effects of Transactions M.E. Carter launched Carter Company, a professional services firm on March 1. The firm will prepare financial statements at each month-end. In March (its first month), Carter executed the following transactions. Enter the transactions, a through g, into the financial statement effects template below. a. Carter (owner) invested in the company $300,000 cash and $60,000 in property and equipment. The company issued common stock to Carter. b. The company paid $9,600 cash...
Sct up -accounlts lor each account and post the closing entries. 3-42. Analyzing and Reporting Financial Statement Effects of Transactions M. E. Carter launched Carter Company, a professional services firm on March 1. The firm will prepare financial statements at each month-end. In March Gits first month), Carter executed the following transactions. Enter the transactions, a through g, into the financial statement effects template shown in the module. a. Carter (owner) invested in the company $100,000 cash and $20,000 in...
i want to know how they got these numbers. thanks
is this clear ?
Analyzing and Reporting Financial Statement Effects of Transactions M.E. Carter launched Carter Company, a professional services firm on March 1. The firm will prepare financial statements at each month-end in March its first month. Carter executed the following transactions. Enter the transactions through into the financial statement effects template below. Carter (owner invested in the company $100.000 cash and $20.000 in property and equipment. The company...
On March 1, S. Penman (owner) launched AniFoods, Inc., an
organic foods retailing company.
Following are the transactions for its first month of
business.
1. S. Penman (owner) contributed $100,000 cash to the company in
return for common stock. Penman also lent the company $55,000. This
$55,000 note is due one year hence.
2. The company purchased equipment in the amount of $50,000,
paying $10,000 cash and signing a note payable to the equipment
manufacturer for the remaining balance.
3....
On October 1, 2019, Santana Rey launched a computer services company. Business Solutions, that is organized as a corporation and provides consulting services, computer system installations, and custom program development. Oct. 1 5. Rey invested $47,000 cash, a $21,000 computer system, and $9,000 of office equipment in the company in exchange for its common stock 3 The company purchased $1,330 of computer supplies on credit from Harris Office Products. 6 The company billed Easy Leasing $5,000 for services performed in...
On October 1, 2011, Santana Rey launched a computer services
company, Business Solutions, that is organized as a corporation and
provides consulting services, computer system installations, and
custom program development. Rey adopts the calendar year for
reporting purposes and expects to prepare the company's first set
of financial statements on December 31, 2011.
Oct.
1
S. Rey invested $54,000 cash, a $23,000 computer system, and
$12,000 of office equipment in the company in exchange for its
common stock.
3
The...
Analyzing Transactions and Adjustments using the Financial Statement Effects Template On March 1, S. Penman launched AniFoods Inc., an organic foods retailing company. Following are the transactions for its first month of business. 1. S. Penman contributed $180,000 cash to the company in return for common stock. Penman also lent the company $99,000. This $99,000 note is due one year hence. 2. The company purchased equipment in the amount of $90,000, paying $18,000 cash and signing a note payable to...
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