Event | Assets | = | Liabilities | + | Shareholders' Equity | |||
a. | Cash | $ 10,000 | Common stock | $ 10,000 | ||||
b. | Cash | $ 7,000 | Notes payable | $ 7,000 | ||||
c. | Land | $ 12,000 | ||||||
Cash | ($ 1,000) | Notes payable | $ 11,000 | |||||
d. | Equipment | $ 800 | Accounts payable | $ 800 | ||||
e. | Equipment | $ 3,000 | ||||||
Cash | ($ 1,000) | Notes payable | $ 2,000 | |||||
Totals | $ 30,800 | = | $ 20,800 | + | $ 10,000 |
E2-4 Determining Financial Statement Effects of Several Transactions (L01, LO2) The following events occurred for Favanta...
3 E2-4 (Algo) Determining Financial Statement Effects of Several Transactions LO2-3 The following events occurred for Johnson Company: 5 points Skipped a. Received investment of cash by organizers and distributed to them 1,140 shares of $1 par value common stock with a market price of $20 per share. b. Purchased $7,800 of equipment, paying $1,300 in cash and owing the rest on accounts payable to the manufacturer. c. Borrowed $14,000 cash from a bank. d. Loaned $1,000 to an employee...
The following events occurred for Favata Company: a. Received $10,000 cash from owners and issued stock to them. b. Borrowed $7,000 cash from a bank and signed a note due later this year. Bought and received $800 of equipment on account. d. Purchased land for $12,000; paid $1,000 in cash and signed a long-term note for $11,000. e. Purchased $3,000 of equipment; paid $1,000 in cash and charged the rest on account. Required For each of the events (a) through...
The following events occurred for Favata Company a. Received $12,000 cash from owners and issued stock to them. b. Borrowed $9,000 cash from a bank and signed a note due later this year. C. Bought and received $1,000 of equipment on account. Purchased land for $16,000; paid $1,400 in cash and signed a long-term note for $14,600 Purchased $5,000 of equipment, paid $1,400 in cash and charged the rest on account Required: For each of the events (a) through (e),...
E2-5 Determining Financial Statement Effects of Several Transactions LO2-3 FootCovers, Inc., with headquarters in Beaverton, Oregon, is one of the world’s leading manufacturers of athletic shoes and sports apparel. The following activities occurred during a recent year. The amounts are rounded to millions. Purchased additional buildings for $184 and equipment for $270; paid $402 in cash and signed a long-term note for the rest. Issued 100 shares of $2 par value common stock for $355 cash. Declared $145 in dividends...
E2-6 Recording Investing and Financing Activities [LO 2-3] The following events occurred for Favata Company: a. Received $18,000 cash from owners and issued stock to them. b. Borrowed $15,000 cash from a bank and signed a note due later this year. c. Bought and received $1,600 of equipment on account. d. Purchased land for $28,000; paid $2,600 in cash and signed a long-term note for $25,400. e. Purchased $11,000 of equipment, paid $2,600 in cash and charged the rest on...
The following events occurred for Favata Company: a. Received $13,000 cash from owners and issued stock to them. b. Borrowed $10,000 cash from a bank and signed a note due later this year C. Bought and received $1,100 of equipment on account d. Purchased land for $18,000: paid $1,600 in cash and signed a long-term note for $16,400 e Purchased $6,000 of equipment: paid $1,600 in cash and charged the rest on account Required: each of the events (a) through...
The following events occurred for Favata Company. a. Received $17,500 cash from owners and issued stock to them. b. Borrowed $14,500 cash from a bank and signed a note due later this year. c. Bought and received $1,550 of equipment on account. d. Purchased land for $27000; paid $2.500 in cash and signed a long-term note for $24.500. e. Purchased $10,500 of equipment; paid $2.500 in cash and charged the rest on account Required: For each of the events in...
The following events occurred for Favata Company: a. Received $10,000 cash from owners and issued stock to themm b. Borrowed $7,000 cash from a bank and signed a note due later this year. c. Bought and received $800 of equipment on account. d. Purchased land for $12,000; paid $1,000 in cash and signed a long-term note for $11,000 e. Purchased $3,000 of equipment; paid $1,000 in cash and charged the rest on account. Required For each of the events in...
Check my work The following events occurred for Favata Company a. Received $11,000 cash from owners and issued stock to them b. Borrowed $8,000 cash from a bank and signed a note due later this year. c. Bought and received $900 of equipment on account. d. Purchased land for $14,000; paid $1.200 in cash and signed a long-term note for $12,800 e. Purchased $4,000 of equipment; paid $1,200 in cash and charged the rest on account. Required: For each of...
Determining Financial Statement Effects of several transactions - M2-9 For each of the following transactions of Spotlighter, Inc., for the month of January, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided. (Enter any decreases to account balances with a minus sign.) (Sample) Borrowed $3940 from a local bank on a note due in six months. Received $4630 cash from investors and issued common stock to them. Purchased $1,000 in equipment, paying...