In Year 1 of its existence, Z-Kola Company provided $100,000 of services to customers on account,...
Homework Answers
Answer:
Year 1 end =$62,000-86,000 =$24,000
Less Divident paid =-$7,000
Retain Earning =$17,000
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In Year 1 of its existence, Z-Kola Company provided $100,000
of services to customers on account,...
During its first month of operations, Labrador Corporation provided $10,000 of services to it customers. Its...
During its first month of operations, Labrador Corporation provided $10,000 of services to it customers. Its costs included rent of $1,000 and salaries and wages totaling $3,000. At the end of the month, the board of directors approved a dividend of $500. What is the total amount of expenses incurred by the company during the month?
At the beginning of the year, a company had a balance in its prepaid insurance account...
At the beginning of the year, a company had a balance in its prepaid insurance account of $48,400. During the year, $86,000 was paid for insurance. At the end of the year, after adjusting entries were recorded, the balance in the prepaid insurance account was $42,000. Insurance expense for the year would be: Multiple Choice $86,000 $92,400. $134,400. $6,400.
27) In its first year of operations, Bulldog Corporation reports the following: Earned revenues of $100,000...
27) In its first year of operations, Bulldog Corporation reports the following: Earned revenues of $100,000 ($42,000 cash received from customers); incurred expenses of $65,000 ($31,000 cash paid toward them); prepaid $50,000 cash for costs that will not be expensed until next year. Net income under the accrual basis of accounting is: A) $17,000. B) $35,000. C) $13,000. D) $25,000 E) None of these choices are correct.
During the first year of operations, a company sold $100,000 of goods to customers and received...
During the first year of operations, a company sold $100,000 of goods to customers and received $90,000 in cash from customers. The remainder is owed to the company at the end of the year. The company incurred $70,000 in expenses for the year and paid $65,000 in cash for these expenses. The remainder is owed by the company at the end of the year. Based on this information, what is the amount of net income for the year? Multiple Cholce...
In Year 1. Lee Inc. billed its customers $62,000 for services performed. The company collected $51,000...
In Year 1. Lee Inc. billed its customers $62,000 for services performed. The company collected $51,000 of the amount billed. Lee incurred $39,000 of other operating expenses on account. Lee paid $31,000 of the accounts payable. Lee acquired $40,000 cash from the issue of common stock. The company invested $21,000 cash in the purchase of land. Required (Hint Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting to...
The following events apply to Montgomery Company for Year 1, its first year of operation: 1....
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $31,000 from the issue of common stock 2. Performed $50,000 of services on account. 3. Incurred $6,900 of other operating expenses on account. 4. Paid $23,000 cash for salaries expense 5. Collected $35,500 of accounts receivable. 6. Paid a $3,200 dividend to the stockholders. 7. Performed $9,700 of services for cash. 8. Paid $5,700 of the accounts payable. Required a. Record...
A company started the year with $65,000 in its common stock account and a credit balance...
A company started the year with $65,000 in its common stock account and a credit balance in retained earnings of $30,000. During the year, the company earned net income of $15,000 and declared and paid $5,000 of dividends. In addition, the company sold additional common stock amounting to $15,000. As a result, the amount of its retained earnings at the end of the year would be $50,000 $40,000 $120,000 O $25.000 O $105,000
Question 3: 1. Johnson Inc began operations in 20X6. In that year, the company earned net...
Question 3: 1. Johnson Inc began operations in 20X6. In that year, the company earned net income of S145,000 and paid dividends of $1.25 per share on each of its 30,000 outstanding common shares. Calculate retained earnings at the end of 20X6 Continue with Johnson Inc. from #1. In the following year, Johnson incurred a loss of $127,000 and paid no dividends. Calculate retained eanings or deficit at the end of 20X7 2. 3. Blaine Corporation had $200,000 in retained...
Urban ple, a company that prepares its financial statements to 31 December each year, is involved...
Urban ple, a company that prepares its financial statements to 31 December each year, is involved in the construction and repair of city centre student accommodation. Before the financial statements for the year ended 31 December 2018 can be finalised, a number of outstanding issues need to be resolved. Issue 1: In early January 2019, a customer commenced legal action against Urban plc alleging that construction work completed in September 2018 had not been carried out in accordance with the...
Waddell Company had the following balances in its accounting records as of December 31, Year 1:...
Waddell Company had the following balances in its accounting records as of December 31, Year 1: Liabilities and Equity 2 Assets 45,e00 Accounts Payable 43,80 Common Stock 31,000 Retained Earnings Accounts Receivable $119,80 Total $119,00e The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. 1 Acquired $40,000 cash from the issue of common stock Feb. 1 Paid $5,400 cash in advance for a one-year lease for office space Mar. 1 Paid a $1,900 cash dividend to...
At the beginning of the year, a company had a balance in its prepaid insurance account of $48,400. During the year, $86,000 was paid for insurance. At the end of the year, after adjusting entries were recorded, the balance in the prepaid insurance account was $42,000. Insurance expense for the year would be: Multiple Choice $86,000 $92,400. $134,400. $6,400.
27) In its first year of operations, Bulldog Corporation reports the following: Earned revenues of $100,000 ($42,000 cash received from customers); incurred expenses of $65,000 ($31,000 cash paid toward them); prepaid $50,000 cash for costs that will not be expensed until next year. Net income under the accrual basis of accounting is: A) $17,000. B) $35,000. C) $13,000. D) $25,000 E) None of these choices are correct.
During the first year of operations, a company sold $100,000 of goods to customers and received $90,000 in cash from customers. The remainder is owed to the company at the end of the year. The company incurred $70,000 in expenses for the year and paid $65,000 in cash for these expenses. The remainder is owed by the company at the end of the year. Based on this information, what is the amount of net income for the year? Multiple Cholce...
In Year 1. Lee Inc. billed its customers $62,000 for services performed. The company collected $51,000 of the amount billed. Lee incurred $39,000 of other operating expenses on account. Lee paid $31,000 of the accounts payable. Lee acquired $40,000 cash from the issue of common stock. The company invested $21,000 cash in the purchase of land. Required (Hint Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting to...
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $31,000 from the issue of common stock 2. Performed $50,000 of services on account. 3. Incurred $6,900 of other operating expenses on account. 4. Paid $23,000 cash for salaries expense 5. Collected $35,500 of accounts receivable. 6. Paid a $3,200 dividend to the stockholders. 7. Performed $9,700 of services for cash. 8. Paid $5,700 of the accounts payable. Required a. Record...
A company started the year with $65,000 in its common stock account and a credit balance in retained earnings of $30,000. During the year, the company earned net income of $15,000 and declared and paid $5,000 of dividends. In addition, the company sold additional common stock amounting to $15,000. As a result, the amount of its retained earnings at the end of the year would be $50,000 $40,000 $120,000 O $25.000 O $105,000
Question 3: 1. Johnson Inc began operations in 20X6. In that year, the company earned net income of S145,000 and paid dividends of $1.25 per share on each of its 30,000 outstanding common shares. Calculate retained earnings at the end of 20X6 Continue with Johnson Inc. from #1. In the following year, Johnson incurred a loss of $127,000 and paid no dividends. Calculate retained eanings or deficit at the end of 20X7 2. 3. Blaine Corporation had $200,000 in retained...
Urban ple, a company that prepares its financial statements to 31 December each year, is involved in the construction and repair of city centre student accommodation. Before the financial statements for the year ended 31 December 2018 can be finalised, a number of outstanding issues need to be resolved. Issue 1: In early January 2019, a customer commenced legal action against Urban plc alleging that construction work completed in September 2018 had not been carried out in accordance with the...
Waddell Company had the following balances in its accounting records as of December 31, Year 1: Liabilities and Equity 2 Assets 45,e00 Accounts Payable 43,80 Common Stock 31,000 Retained Earnings Accounts Receivable $119,80 Total $119,00e The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. 1 Acquired $40,000 cash from the issue of common stock Feb. 1 Paid $5,400 cash in advance for a one-year lease for office space Mar. 1 Paid a $1,900 cash dividend to...
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