Homework Answers
Step 1 )Total liability = common stock + loan borrowed + promisory note due
= $ 25000 + $10, 000 + $ 15,000
= $ 50,000
Step 2) Total Asset = Stock +Equipment +Cash balance
= $5,000 + $25,000 +$ (35000-5000-10000)
= $5,000 + $ 25,000 + $20,000
= $ 50,000
Answer is) c )$ 50,000
Add Answer to:
Park & Company was recently formed with a $25,000 investment in the company by stockholders in...
Grizzly Co. enters into the following transactions: • Stockholders contribute $25,000 cash to a company in...
Grizzly Co. enters into the following transactions: • Stockholders contribute $25,000 cash to a company in exchange for common stock. • The company purchases $12,500 of new equipment in exchange for its promise to pay $12,500 at the end of next month. The company pays $7,500 to suppliers on account. Required: a. Show the effect of these transactions on the basic accounting equation. b. Prepare the journal entries that would be used to record the transactions. Complete this question by...
Following are the transactions of Dennen, Inc., for the month of January. Borrowed $25,000 from a...
Following are the transactions of Dennen, Inc., for the month of January. Borrowed $25,000 from a local bank. Lent $8,600 to an affiliate; accepted a note due in one year. Sold to investors 60 additional shares of stock with a par value of $0.10 per share and a market price of $5 per share; received cash. Purchased $20,500 of equipment, paying $4,400 cash and signing a note for the rest due in one year. Declared and paid $3,000 in dividends...
O'Brien Construction had the following business activities: 1. Stockholders invest $50,000 cash in the corporation. 2....
O'Brien Construction had the following business activities: 1. Stockholders invest $50,000 cash in the corporation. 2. O'Brien purchased $800 of office supplies on credit. 3. O'Brien purchased office equipment for $14,000, paying $5,000 in cash and signing a 30-day note payable for the remainder. 4. O'Brien paid $400 cash on account for office supplies purchased in transaction 2. 5. O'Brien purchased two acres of land for $20,000, signing a 2-year note payable. 6. O'Brien sold one acre of land at...
a company was formed with $60,000 cash being contributed by its owners in exchange for common...
a company was formed with $60,000 cash being contributed by its owners in exchange for common stock. The, the company borrowed $30,000 from a bank. Next, the company purchased $10,000 of inventory and paid cash for it. Lastly, the company purchased $70,000 of equipment by paying $10,000 in cash and issuing a note payable (for the remaining $60,000) what is the amount og the total liabilities to be reported on the balance sheet? A. 0 B. $80,000 C. $90,000 D....
Following are the transactions of JonesSpa Corporation, for the month of January. a. Borrowed $25,000 from...
Following are the transactions of JonesSpa Corporation, for the month of January. a. Borrowed $25,000 from a local bank. b. Lent $8,400 to an affiliate; accepted a note due in one year. c. Sold to investors 100 additional shares of stock with a par value of $0.10 per share and a market price of $25 per share; received cash. d. Purchased $24,000 of equipment, paying $4,700 cash and signing a note for the rest due in one year. e. Declared...
During January, Your Company engaged in the following cash transactions: 1) issued stock for $30,000 2)...
During January, Your Company engaged in the following cash transactions: 1) issued stock for $30,000 2) borrowed $45,000 from its bank 3) provided services for $32,000 cash 4) paid back $10,000 of the bank loan 5) paid employees' salaries, $2,000 6) purchased supplies for $3,000 7) paid $5,000 dividends to stockholders What is the net cash flow from financing activities for January? Group of answer choices
McmanusCo began business this year and entered into the following transactions during the year. McmanusCo issued...
McmanusCo began business this year and entered into the following transactions during the year. McmanusCo issued common stock in exchange for cash of $80,000 from stockholders, borrowed $40,000 from a bank, bought $12,000 of inventory on account, and purchased $32,000 of equipment by paying $12,000 in cash and issuing a note for the remainder. What the amount of total assets to be reported on the balance sheet at the end of the year? Multiple Choice O $128,000 a $104,000 $120.000...
Choose the TRUE statement. A company with Liabilities of $80,000 and Stockholders' equity of $50,000 will...
Choose the TRUE statement. A company with Liabilities of $80,000 and Stockholders' equity of $50,000 will have Assets of $30,000. A company with Net Income will also have a cash increase from operating activities. A company with total stockholders' equity of $120,000 and contributed capital of $75,000 must have total retained earnings of $45,000. How many of the following statements regarding posting and classification are true? If a purchase of supplies on account for $100 is recorded with a debit...
M2-9 Completing T-Accounts LO2-4 Following are the transactions of Dennen, Inc., for the month of January....
M2-9 Completing T-Accounts LO2-4 Following are the transactions of Dennen, Inc., for the month of January. Borrowed $30,000 from a local bank. Lent $10,000 to an affiliate; accepted a note due in one year. Sold to investors 100 additional shares of stock with a par value of $0.10 per share and a market price of $5 per share; received cash. Purchased $15,000 of equipment, paying $5,000 cash and signing a note for the rest due in one year. Declared and...
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...
Grizzly Co. enters into the following transactions: • Stockholders contribute $25,000 cash to a company in exchange for common stock. • The company purchases $12,500 of new equipment in exchange for its promise to pay $12,500 at the end of next month. The company pays $7,500 to suppliers on account. Required: a. Show the effect of these transactions on the basic accounting equation. b. Prepare the journal entries that would be used to record the transactions. Complete this question by...
O'Brien Construction had the following business activities: 1. Stockholders invest $50,000 cash in the corporation. 2. O'Brien purchased $800 of office supplies on credit. 3. O'Brien purchased office equipment for $14,000, paying $5,000 in cash and signing a 30-day note payable for the remainder. 4. O'Brien paid $400 cash on account for office supplies purchased in transaction 2. 5. O'Brien purchased two acres of land for $20,000, signing a 2-year note payable. 6. O'Brien sold one acre of land at...
Following are the transactions of JonesSpa Corporation, for the month of January. a. Borrowed $25,000 from a local bank. b. Lent $8,400 to an affiliate; accepted a note due in one year. c. Sold to investors 100 additional shares of stock with a par value of $0.10 per share and a market price of $25 per share; received cash. d. Purchased $24,000 of equipment, paying $4,700 cash and signing a note for the rest due in one year. e. Declared...
McmanusCo began business this year and entered into the following transactions during the year. McmanusCo issued common stock in exchange for cash of $80,000 from stockholders, borrowed $40,000 from a bank, bought $12,000 of inventory on account, and purchased $32,000 of equipment by paying $12,000 in cash and issuing a note for the remainder. What the amount of total assets to be reported on the balance sheet at the end of the year? Multiple Choice O $128,000 a $104,000 $120.000...
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...
Most questions answered within 3 hours.
-
At a certain temperature, the equilibrium constant, Kc, for this
reaction is 53.3.
H2(g)+I2(g)−⇀↽−2HI(g)Kc=53.3
At this...
asked 1 hour ago -
Question1 ) The STL provides similiar classes called stack and
queue, both of which gave functions...
asked 2 hours ago -
For Questions 1-4, assume you have 5 bits available:
1. For (positive) integers: What is the...
asked 2 hours ago -
convert grams into vloume with the density of water being at
.997514 g/cm^3 at 23.1 Celsuis...
asked 4 hours ago -
Foreman company obtained a $20,000, 6% loan on May 1, 2018.
Principal and interest will be...
asked 4 hours ago -
5. Problem 11.05 (Discounted Payback)
eBook
Project L costs $60,000, its expected cash inflows are $14,000
per...
asked 5 hours ago -
1. Which of the following is true about politics and health
organizations?
A. Health organizations are...
asked 5 hours ago -
A space vehicle is coasting at a constant velocity of 18.1 m/s
in the +y direction...
asked 6 hours ago -
5) Use the following balanced equation to answer questions
(a)-(i).
3 Cu(s) + 8 HNO3(aq) →...
asked 6 hours ago -
A three-year maturity bond with a 12% annual coupon rate is
currently traded at par $1000...
asked 6 hours ago -
1.
What is the minimum volume to use in the Spec 20 cuvette in order
to...
asked 7 hours ago -
A builder wants to install wall-to-wall carpeting in a living
room of length 8.87 m and...
asked 6 hours ago