Question:Jennifer White recently formed Southwest Land Design to fill a need for designing, installing and maintaining...
Question
Jennifer White recently formed Southwest Land Design to fill a need for designing, installing and maintaining...
Jennifer White recently formed Southwest Land Design to fill a need for designing, installing and maintaining natural, desert oriented residential landscaping. In January of this year, its first month of operations, the following transactions occurred. 1. White invests $200,000 of her own money into the company. 2. Purchased an office building for $150,000 in cash. The building is valued at $110,000, and the remainder of the value is assigned to the land. 3. Signed a three-year promissory note at the bank for $125,000. 4. Purchased office equipment at a cost of $50,000, paying $10,000 down and agreeing to pay the remainder in 10 days. 5. Paid wages and salaries of $13,000 for the first half of the month. Office employees are paid twice per month 6. Paid the balance on the office equipment from transaction #4. 7. Sold $54,000 of advertising during the first month. Customers have until the 15th of the following month to pay their bills. 8. Paid wages and salaries of $15,000 for the second half of the month. 9. Recorded $3,500 in commissions earned by the sales people during the month. They will be paid on the fifth of the following month. 10. White draws $10,000 from the company as her salary for the month. Complete the accounting equation worksheet for transactions 1-10. Total the worksheet and verify that Assets - Liabilities + Equity. In proper order and form, prepare and income statement and balance sheet
Jennifer White recently formed Southwest Land Design to fill a
need for designing, installing and maintaining natural, desert
oriented residential landscaping. In January of this year, its
first month of operations, the following transactions occurred.
1. White invests $200,000 of her own money into the company. 2.
Purchased an office building for $150,000 in cash. The building is
valued at $110,000, and the remainder of the value is assigned to
the land.
3. Signed a three-year promissory note at the...
Southwest Land Design Income Statement For the Month Ending January 31, 20XX Advertising Revenue $ Expenses Wages & Salaries Expense Commissions Expense Total Expenses Net Income $ Southwest Land Design Balance Sheet January 31, 20XX $ Assets Cash Accounts receivable Land Office Equipment Building Total Assets Liabilities and Equity Liabilities Commissions Payable Notes Payable Total Liabilities $ Equity White Capital, January 31, 20XX Total Liabilities & Equity Jennifer White recently formed Southwest Land Design to fill a need for designing,...
Accounts Payable $55,000 Inventory $142,000 Accounts Receivable 61,000 Land 58,000 Building and Equipment 87,000 Mortgage Payable (long term) 82,000 Cash 40,000 Office Supplies 2,000 Common Stock 125,000 Retained Earnings Salaries Payable 8,000 HALFORD WHOLESALERS Balance Sheet December 31 Liabilities & Stockholders' Equity Current Liabilities: Assets Current Assets Salaries payable Total Current Liabilities Inventory Total Current Assets 0 Long Term Liabilities: Noncurrent Assets Total Long-term Liabilities: Total Liabilities Building and Equipment Total Noncurrent Assets Stockholders' Equity HALFORD WHOLESALERS Balance Sheet December...
I need help with this question
ACC Company, Inc. Balance Sheet 12/31/19 $ 1,500.00 1,250.00 100.00 $ $ 2,850.00 Assets: Current Assets: Cash Accounts Receivable Prepaid Expenses Total Current Assets Long-Term Assets: Property, Plant, and Equipment Land Buildings Equipment Accumulated Depreciation Total Property, Plant, and Equipment Total Assets 10,000.00 25,000.00 15,000.00 (12,000.00) $ $ $ 38,000.00 40,850.00 $ 100.00 150.00 $ Liabilities: Current Liabilities Accounts Payable Accrued Expense Salary and Wages Payable Total Liabilities Shareholder's Equity Common Stock - $1...
Balance Sheet 12/31/19 1,500.00 1,250.00 100.00 2,850.00 Assets: Current Assets: Cash Accounts Receivable Prepaid Expenses Total Current Assets Long-Term Assets: Property, Plant, and Equipment Land Buildings Equipment Accumulated Depreciation Total Property, plant, and Equipment Total Assets $ 10,000.00 25,000.00 15,000.00 (12,000.00) $ $ $ 38,000.00 40,850.00 100.00 150.00 $ Liabilities: Current Liabilities Accounts Payable Accrued Expense Salary and Wages Payable Total Liabilities Shareholder's Equity Common Stock - $1 par Retained Earnings Total Equity Total Liabilities and Equity 250.00 $ $...
ACC Company, Inc. Balance Sheet 12/31/19 1,500.00 1,250.00 100.00 $ 2,850.00 Assets: Current Assets: Cash Accounts Receivable Prepaid Expenses Total Current Assets Long-Term Assets: Property, Plant, and Equipment Land Buildings Equipment Accumulated Depreciation Total Property, Plant, and Equipment Total Assets $ 10,000.00 25,000.00 15,000.00 (12,000.00) $ $ $ 38,000.00 40,850.00 100.00 150.00 Liabilities: Current Liabilities Accounts Payable Accrued Expense Salary and Wages Payable Total Liabilities Shareholder's Equity Common Stock - $1 par Retained Earnings Total Equity Total Liabilities and Equity...
please help fill out this sheet
Preparation of Balance Sheet Ari Company's December 31 post-closing trial balance contains the following normal balances: Cash $19,000 Accounts payable 20,000 Building 439,500 Long-term notes payable 785,000 Common stock 950,000 Retained earnings 75,000 Accumulated depreciation-Equipment 180,000 Land 877,000 Accounts receivable 22,500 Accumulated depreciation-Building 135,000 Wages payable 6,000 Patent (net of amortization) 120,000 Notes payable (short term) 131,000 Inventory 206,000 Equipment 600,000 Allowance for doubtful accounts 2,000 DUSITISSUUUISE Balance Sheet December 31 Assets Current Assets:...
Presented below is a list of accounts in alphabetical
order.
Accounts Receivable
Inventory-Ending
Accumulated
Depreciation-Buildings
Land
Accumulated
Depreciation-Equipment
Land for Future Plant
Site
Accumulated Other
Comprehensive Income
Loss from Flood
Advances to Employees
Noncontrolling Interest
Advertising Expense
Notes Payable (due next
year)
Allowance for Doubtful
Accounts
Paid-in Capital in Excess of
Par-Preferred Stock
Bond Sinking Fund
Patents
Bonds Payable
Payroll Taxes Payable
Buildings
Pension Liability
Cash (in bank)
Petty Cash
Cash (on hand)
Preferred Stock
Cash Surrender Value of Life...
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
$
6,800
Accounts Payable
$
12,600
Accounts Receivable
32,750
Deferred Revenue (deposits)
3,250
Supplies
1,850
Notes Payable (long-term)
45,500
Equipment
14,500
Common Stock
7,500
Land
10,050
Retained Earnings
17,300
Building
20,200
Following...
need help with balancing.Not sure what i did wrong and
question 1
i did send everything i have
U1 A220 BCDEFGHIJ Module 3 Assignment: Prepare the statement of retained earnings and balance sheet for Ma and Pa Calculate the current ratio for the year. Sales Revenue Equipment Accounts Payable Sales Discounts Advertising Expense Interest Expense Wages Payable Accounts Receivable Building Common Stock Sales returns and Allownaces Utilities Expense Inventory Commission Expense Cost of goods sold Accumulated depreciation equipment Unearned sales...
Southwest Land Design Income Statement For the Month Ending January 31, 20XX Advertising Revenue $ Expenses Wages & Salaries Expense Commissions Expense Total Expenses Net Income $ Southwest Land Design Balance Sheet January 31, 20XX $ Assets Cash Accounts receivable Land Office Equipment Building Total Assets Liabilities and Equity Liabilities Commissions Payable Notes Payable Total Liabilities $ Equity White Capital, January 31, 20XX Total Liabilities & Equity Jennifer White recently formed Southwest Land Design to fill a need for designing,...
Accounts Payable $55,000 Inventory $142,000 Accounts Receivable 61,000 Land 58,000 Building and Equipment 87,000 Mortgage Payable (long term) 82,000 Cash 40,000 Office Supplies 2,000 Common Stock 125,000 Retained Earnings Salaries Payable 8,000 HALFORD WHOLESALERS Balance Sheet December 31 Liabilities & Stockholders' Equity Current Liabilities: Assets Current Assets Salaries payable Total Current Liabilities Inventory Total Current Assets 0 Long Term Liabilities: Noncurrent Assets Total Long-term Liabilities: Total Liabilities Building and Equipment Total Noncurrent Assets Stockholders' Equity HALFORD WHOLESALERS Balance Sheet December...
I need help with this question
ACC Company, Inc. Balance Sheet 12/31/19 $ 1,500.00 1,250.00 100.00 $ $ 2,850.00 Assets: Current Assets: Cash Accounts Receivable Prepaid Expenses Total Current Assets Long-Term Assets: Property, Plant, and Equipment Land Buildings Equipment Accumulated Depreciation Total Property, Plant, and Equipment Total Assets 10,000.00 25,000.00 15,000.00 (12,000.00) $ $ $ 38,000.00 40,850.00 $ 100.00 150.00 $ Liabilities: Current Liabilities Accounts Payable Accrued Expense Salary and Wages Payable Total Liabilities Shareholder's Equity Common Stock - $1...
Balance Sheet 12/31/19 1,500.00 1,250.00 100.00 2,850.00 Assets: Current Assets: Cash Accounts Receivable Prepaid Expenses Total Current Assets Long-Term Assets: Property, Plant, and Equipment Land Buildings Equipment Accumulated Depreciation Total Property, plant, and Equipment Total Assets $ 10,000.00 25,000.00 15,000.00 (12,000.00) $ $ $ 38,000.00 40,850.00 100.00 150.00 $ Liabilities: Current Liabilities Accounts Payable Accrued Expense Salary and Wages Payable Total Liabilities Shareholder's Equity Common Stock - $1 par Retained Earnings Total Equity Total Liabilities and Equity 250.00 $ $...
ACC Company, Inc. Balance Sheet 12/31/19 1,500.00 1,250.00 100.00 $ 2,850.00 Assets: Current Assets: Cash Accounts Receivable Prepaid Expenses Total Current Assets Long-Term Assets: Property, Plant, and Equipment Land Buildings Equipment Accumulated Depreciation Total Property, Plant, and Equipment Total Assets $ 10,000.00 25,000.00 15,000.00 (12,000.00) $ $ $ 38,000.00 40,850.00 100.00 150.00 Liabilities: Current Liabilities Accounts Payable Accrued Expense Salary and Wages Payable Total Liabilities Shareholder's Equity Common Stock - $1 par Retained Earnings Total Equity Total Liabilities and Equity...
please help fill out this sheet
Preparation of Balance Sheet Ari Company's December 31 post-closing trial balance contains the following normal balances: Cash $19,000 Accounts payable 20,000 Building 439,500 Long-term notes payable 785,000 Common stock 950,000 Retained earnings 75,000 Accumulated depreciation-Equipment 180,000 Land 877,000 Accounts receivable 22,500 Accumulated depreciation-Building 135,000 Wages payable 6,000 Patent (net of amortization) 120,000 Notes payable (short term) 131,000 Inventory 206,000 Equipment 600,000 Allowance for doubtful accounts 2,000 DUSITISSUUUISE Balance Sheet December 31 Assets Current Assets:...
Presented below is a list of accounts in alphabetical
order.
Accounts Receivable
Inventory-Ending
Accumulated
Depreciation-Buildings
Land
Accumulated
Depreciation-Equipment
Land for Future Plant
Site
Accumulated Other
Comprehensive Income
Loss from Flood
Advances to Employees
Noncontrolling Interest
Advertising Expense
Notes Payable (due next
year)
Allowance for Doubtful
Accounts
Paid-in Capital in Excess of
Par-Preferred Stock
Bond Sinking Fund
Patents
Bonds Payable
Payroll Taxes Payable
Buildings
Pension Liability
Cash (in bank)
Petty Cash
Cash (on hand)
Preferred Stock
Cash Surrender Value of Life...
need help with balancing.Not sure what i did wrong and
question 1
i did send everything i have
U1 A220 BCDEFGHIJ Module 3 Assignment: Prepare the statement of retained earnings and balance sheet for Ma and Pa Calculate the current ratio for the year. Sales Revenue Equipment Accounts Payable Sales Discounts Advertising Expense Interest Expense Wages Payable Accounts Receivable Building Common Stock Sales returns and Allownaces Utilities Expense Inventory Commission Expense Cost of goods sold Accumulated depreciation equipment Unearned sales...