Homework Answers
7. Advertising Expense for $1,610, debit Prepaid Advertising for $3,220 and credit Cash for $4,830.
8. $7,100
9. $47,900
10. $ 610
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7 In January, a company pays for advertising space in the local paper for ads to...
Melody's Piano School operations for the month of May were limited to the following transactions: •...
Melody's Piano School operations for the month of May were limited to the following transactions: • Provided $650 of piano lessons to students who paid in cash. Provided $500 of piano lessons on account. • Collected $375 from students who took piano lessons during April. Paid April's piano rental bill of $250. • Received May's piano rental bill of $300 and set it aside for payment in June. Assuming the company uses accrual basis accounting, what is net income for...
Required information (The following information applies to the questions displayed below.) During January 2015, the first...
Required information (The following information applies to the questions displayed below.) During January 2015, the first month of operations, a consulting firm had following transactions: 1. Issued common stock to owners in exchange for $24,000 cash. 2. Purchased $6,000 of equipment, paying $1,200 cash and signing a promissory note for $4,800. 3. Received $10,800 in cash for consulting services performed in January. 4. Purchased $1,800 of supplies on account; all of the supplies were used in January. 5. Provided consulting...
During January 2018, the first month of operations, a consulting firm had following transactions: 1. Issued...
During January 2018, the first month of operations, a consulting firm had following transactions: 1. Issued common stock to owners in exchange for $30,000 cash. 2. Purchased $7,500 of equipment, paying $2,250 cash and signing a promissory note for $5,250. 3. Received $13,500 in cash for consulting services performed in January. 4. Purchased $2,250 of supplies on account; all of the supplies were used in January, 5. Provided consulting services on account in the amount of $24,000. 6. Paid $1,125...
During January 2018, the first month of operations, a consulting firm had following transactions: 1. Issued...
During January 2018, the first month of operations, a consulting firm had following transactions: 1. Issued common stock to owners in exchange for $48,000 cash. 2. Purchased $12,000 of equipment, paying $2,400 cash and signing a promissory note for $9,600. 3. Received $21,600 in cash for consulting services performed in January. 4. Purchased $3,600 of supplies on account; all of the supplies were used in January 5. Provided consulting services on account in the amount of $38,400. 6. Paid $1,800...
Choose which one? Thanks. During January 2018, the first month of operations, a consulting firm had...
Choose which one? Thanks.
During January 2018, the first month of operations, a consulting firm had following transactions: 1. Issued common stock to owners in exchange for $46,000 cash. 2. Purchased $11,500 of equipment, paying $3,450 cash and signing a promissory note for $8,050. 3. Received $20,700 in cash for consulting services performed in January. 4. Purchased $3,450 of supplies on account, all of the supplies were used in January. 5. Provided consulting services on account in the amount of...
! Required information (The following information applies to the questions displayed below.) In January, Tongo, Inc.,...
! Required information (The following information applies to the questions displayed below.) In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $16,600 cash for consulting services rendered in January. b. Issued common stock to investors for $15,000 cash. c. Purchased $16,100 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $12,500 cash for consulting services to be performed in February e. Bought and received $1,550...
During February 2020, the first month of operations, Vaughn Consulting firm had following transactions: 1. Issued...
During February 2020, the first month of operations, Vaughn Consulting firm had following transactions: 1. Issued common stock to owners in exchange for $34,000 cash. 2. Purchased $8,500 of equipment, paying $2,550 cash and signing a promissory note for $5,950. 3. Received $15,300 in cash for consulting services performed in January 4. Purchased $2,550 of supplies on account; all of the supplies were used in January. 5. Provided consulting services on account in the amount of $27,200. 6. Paid $1,275...
Required information (The following information applies to the questions displayed below.) Yowell Company began operations on...
Required information (The following information applies to the questions displayed below.) Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1) issued stock for $78,000 2) borrowed $44,000 from its bank 3) provided consulting services for $76,000 4) paid back $34,000 of the bank loan 5) paid rent expense for $18,500 6) purchased equipment costing $31,000 7) paid $4.900 dividends to stockholders 8) paid employees' salaries, $40,000 What is...
Required information [The following information applies to the questions displayed below.) In January, Tongo, Inc., a...
Required information [The following information applies to the questions displayed below.) In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $14,600 cash for consulting services rendered in January. b. Issued common stock to investors for $9,000 cash. c. Purchased $16,400 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $11,500 cash for consulting services to be performed in February e. Bought $1,360 of supplies on...
Required information [The following information applies to the questions displayed below.) Ricky's Piano Rebuilding Company has...
Required information [The following information applies to the questions displayed below.) Ricky's Piano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Land Building $ 6,000 Accounts Payable 25,000 Deferred Revenue (deposits) 1,200 Notes Payable (long-term) 8,000 Common Stock 6,000 Retained Earnings 22.000 $ 8,000 3,200 40,000 8,000 9,000 ces...
Melody's Piano School operations for the month of May were limited to the following transactions: • Provided $650 of piano lessons to students who paid in cash. Provided $500 of piano lessons on account. • Collected $375 from students who took piano lessons during April. Paid April's piano rental bill of $250. • Received May's piano rental bill of $300 and set it aside for payment in June. Assuming the company uses accrual basis accounting, what is net income for...
Required information (The following information applies to the questions displayed below.) During January 2015, the first month of operations, a consulting firm had following transactions: 1. Issued common stock to owners in exchange for $24,000 cash. 2. Purchased $6,000 of equipment, paying $1,200 cash and signing a promissory note for $4,800. 3. Received $10,800 in cash for consulting services performed in January. 4. Purchased $1,800 of supplies on account; all of the supplies were used in January. 5. Provided consulting...
During January 2018, the first month of operations, a consulting firm had following transactions: 1. Issued common stock to owners in exchange for $30,000 cash. 2. Purchased $7,500 of equipment, paying $2,250 cash and signing a promissory note for $5,250. 3. Received $13,500 in cash for consulting services performed in January. 4. Purchased $2,250 of supplies on account; all of the supplies were used in January, 5. Provided consulting services on account in the amount of $24,000. 6. Paid $1,125...
During January 2018, the first month of operations, a consulting firm had following transactions: 1. Issued common stock to owners in exchange for $48,000 cash. 2. Purchased $12,000 of equipment, paying $2,400 cash and signing a promissory note for $9,600. 3. Received $21,600 in cash for consulting services performed in January. 4. Purchased $3,600 of supplies on account; all of the supplies were used in January 5. Provided consulting services on account in the amount of $38,400. 6. Paid $1,800...
Choose which one? Thanks.
During January 2018, the first month of operations, a consulting firm had following transactions: 1. Issued common stock to owners in exchange for $46,000 cash. 2. Purchased $11,500 of equipment, paying $3,450 cash and signing a promissory note for $8,050. 3. Received $20,700 in cash for consulting services performed in January. 4. Purchased $3,450 of supplies on account, all of the supplies were used in January. 5. Provided consulting services on account in the amount of...
! Required information (The following information applies to the questions displayed below.) In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $16,600 cash for consulting services rendered in January. b. Issued common stock to investors for $15,000 cash. c. Purchased $16,100 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $12,500 cash for consulting services to be performed in February e. Bought and received $1,550...
During February 2020, the first month of operations, Vaughn Consulting firm had following transactions: 1. Issued common stock to owners in exchange for $34,000 cash. 2. Purchased $8,500 of equipment, paying $2,550 cash and signing a promissory note for $5,950. 3. Received $15,300 in cash for consulting services performed in January 4. Purchased $2,550 of supplies on account; all of the supplies were used in January. 5. Provided consulting services on account in the amount of $27,200. 6. Paid $1,275...
Required information (The following information applies to the questions displayed below.) Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1) issued stock for $78,000 2) borrowed $44,000 from its bank 3) provided consulting services for $76,000 4) paid back $34,000 of the bank loan 5) paid rent expense for $18,500 6) purchased equipment costing $31,000 7) paid $4.900 dividends to stockholders 8) paid employees' salaries, $40,000 What is...
Required information [The following information applies to the questions displayed below.) In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $14,600 cash for consulting services rendered in January. b. Issued common stock to investors for $9,000 cash. c. Purchased $16,400 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $11,500 cash for consulting services to be performed in February e. Bought $1,360 of supplies on...
Required information [The following information applies to the questions displayed below.) Ricky's Piano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Land Building $ 6,000 Accounts Payable 25,000 Deferred Revenue (deposits) 1,200 Notes Payable (long-term) 8,000 Common Stock 6,000 Retained Earnings 22.000 $ 8,000 3,200 40,000 8,000 9,000 ces...
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