Homework Answers
Answer = $25,000
Note:
Company's equity for year end = Company's equity at year beginning + (revenues - expenses) - dividends
= $ 15,000 + ($ 35,000 - $ 23,000) - $ 2,000
= $25,000
Add Answer to:
Knowledge Check 01 During its first year of operations, Mario Lupo formed Lupo Company as a...
Knowledge Check 01 A company is in its first month of operations. The company pays total...
Knowledge Check 01 A company is in its first month of operations. The company pays total salaries to its employees of $600 per day. For the first four weeks of January (28 days), the company paid its employees $16,800 cash. For the final three days in January, employees earn $1,800 in additional salaries that will not be paid until February 4. What adjusting entry would be made at the end of January? Post the adjusting entry for the scenario provided....
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 its first year, a corporation earned revenues of $135,000 and incurred expenses of $87,000. The...
During its first year, a corporation earned revenues of $135,000 and incurred expenses of $87,000. The corporation also paid cash dividends of $10,000 and purchased $25,000 of equipment in exchange for cash during the first year. What is the balance in the company's retained earnings account at the end of its first year? O A debit balance of $33,000. O A credit balance of $23,000 O A debit balance of $38,000 O A credit balance of $33,000 O A credit...
Alpaca Corporation had revenues of $210,000 in its first year of operations. The company has not...
Alpaca Corporation had revenues of $210,000 in its first year of operations. The company has not collected on $19,000 of its sales and still owes $26,400 on $75,000 of 18 merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $13,000 in salaries. Owners invested $19,000 in the business and $19,000 was borrowed on a five-year note. The company paid $2,100 in interest that was the amount owed for the year,...
Knowledge Check 01 Aurora Corporation operated without insurance coverage for the first month of operations. Then...
Knowledge Check 01 Aurora Corporation operated without insurance coverage for the first month of operations. Then onbrynen 54.800 premium on a two-year Insurance policy with benefits beginning on that date the company has Insurance expense will be reported on the company's income statement for their first year ended December $200 S. 200 54.600 4.800 Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below, identify the account to be debited...
19 Concord Company engaged in the following transactions during Year 1, its first year of operations....
19 Concord Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions 1) Acquired $3,400 cash from Issuing common stock. 2) Borrowed $2.400 from a bank. 3) Earned $3,300 of revenues. 4) Incurred $2,440 in expenses. 5) Pald dividends of $440. 1.66 points 01:07:42 Concord Company engaged in the following transactions during Year 2: 1) Acquired an additional $700 cash from the issue of common stock. 2) Repaid $1,440 of...
Lexington Company engaged in the following transactions during Year 1, its first year of operations. (Assume...
Lexington Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.) 1) Acquired $4,700 cash from issuing common stock. 2) Borrowed $3,050 from a bank. 3) Earned $3,950 of revenues. 4) Incurred $2,570 in expenses. 5) Paid dividends of $570. Lexington Company engaged in the following transactions during Year 2: 1) Acquired an additional $1,350 cash from the issue of common stock. 2) Repaid $1,895 of its debt to the...
Lexington Company engaged in the following transactions during Year 1, its first year of operations. (Assume...
Lexington Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.) 1) Acquired $4,300 cash from issuing common stock. 2) Borrowed $2,850 from a bank. 3) Earned $3,750 of revenues. 4) Incurred $2,530 in expenses. 5) Paid dividends of $530. Lexington Company engaged in the following transactions during Year 2: 1) Acquired an additional $1,150 cash from the issue of common stock. 2) Repaid $1,755 of its debt to the...
Lexington Company engaged in the following transactions during Year 1, its first year of operations. (Assume...
Lexington Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.) 1) Acquired $3,400 cash from issuing common stock. 2) Borrowed $2,400 from a bank. 3) Earned $3,300 of revenues. 4) Incurred $2,440 in expenses. 5) Paid dividends of $440. Lexington Company engaged in the following transactions during Year 2: 1) Acquired an additional $700 cash from the issue of common stock. 2) Repaid $1,440 of its debt to the...
Knowledge Check 01 A company is in its first month of operations. Supplies worth $4,000 were...
Knowledge Check 01 A company is in its first month of operations. Supplies worth $4,000 were purchased on January 5. At the end of the month supplies worth $3,000 were in hand. What adjusting entry would be made at the end of January? Post the adjusting entry for the scenario provided. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. record the consumption of supplies during the month if supplies are...
Knowledge Check 01 A company is in its first month of operations. The company pays total salaries to its employees of $600 per day. For the first four weeks of January (28 days), the company paid its employees $16,800 cash. For the final three days in January, employees earn $1,800 in additional salaries that will not be paid until February 4. What adjusting entry would be made at the end of January? Post the adjusting entry for the scenario provided....
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 its first year, a corporation earned revenues of $135,000 and incurred expenses of $87,000. The corporation also paid cash dividends of $10,000 and purchased $25,000 of equipment in exchange for cash during the first year. What is the balance in the company's retained earnings account at the end of its first year? O A debit balance of $33,000. O A credit balance of $23,000 O A debit balance of $38,000 O A credit balance of $33,000 O A credit...
Alpaca Corporation had revenues of $210,000 in its first year of operations. The company has not collected on $19,000 of its sales and still owes $26,400 on $75,000 of 18 merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $13,000 in salaries. Owners invested $19,000 in the business and $19,000 was borrowed on a five-year note. The company paid $2,100 in interest that was the amount owed for the year,...
Knowledge Check 01 Aurora Corporation operated without insurance coverage for the first month of operations. Then onbrynen 54.800 premium on a two-year Insurance policy with benefits beginning on that date the company has Insurance expense will be reported on the company's income statement for their first year ended December $200 S. 200 54.600 4.800 Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below, identify the account to be debited...
19 Concord Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions 1) Acquired $3,400 cash from Issuing common stock. 2) Borrowed $2.400 from a bank. 3) Earned $3,300 of revenues. 4) Incurred $2,440 in expenses. 5) Pald dividends of $440. 1.66 points 01:07:42 Concord Company engaged in the following transactions during Year 2: 1) Acquired an additional $700 cash from the issue of common stock. 2) Repaid $1,440 of...
Most questions answered within 3 hours.
-
A uniform thin rod of length 0.97 m and mass 2.2 kg lies in a
horizontal...
asked 3 minutes ago -
A 110 kg horizontal beam is supported at each end. A 340 kg
piano rests at...
asked 4 minutes ago -
Python 3.0 Please
Write a function that takes, as arguments, a binary string, a
list of...
asked 5 minutes ago -
Case 5: World Food Programme: A Quarter a Day Keeps the
Hunger Away
Case Summary: Established...
asked 10 minutes ago -
What do the suction port connection adapter and gasket do in 2
Cylinder refrigerant gas piston...
asked 10 minutes ago -
Computer Programming II CS141(Java)
Mention the appropriate relationship between following
classes:
HOD–StaffMember
Car–Ferrari
Student-Address
BankAccount–FixedAccount
House-Building...
asked 2 hours ago -
Assume one of your finals has 50 questions on it, and
lucky for you, it's all...
asked 4 hours ago -
Rice Products in Bangladesh
Business behavior is derived in large part from the basic cultural
environment...
asked 5 hours ago -
The following base sequence is found for a mRNA fragment from
wild-type E. coli: 5'- UAUCAGUAGAUAAUGUAACC-3'...
asked 6 hours ago -
For this exercise, round all regression parameters to three
decimal places.
One of the two tables...
asked 6 hours ago -
What is the 5% level of significance for mean = 3.60, standard
deviation = 0.94, and...
asked 6 hours ago -
Prior to beginning work on this discussion, please read the
article by Hayley Peterson, 15 Companies...
asked 6 hours ago