Bryant Company sells a wide range of inventories, which are initially purchased on account. Occasionally, a...
Bryant Company sells a wide range of inventories, which are initially purchased on account. Occasionally, a short-term note payable is used to obtain cash for current use. The following transactions were selected from those occurring during the year. a. On January 10, purchased merchandise on credit for $29,000. The company uses a perpetual inventory system. b. On March 1, borrowed $62,000 cash from City Bank and signed a promissory note with a face amount of $62,000, due at the end...
Bryant Company sells a wide range of inventories, which are initially purchased on account. Occasionally, a short-term note payable is used to obtain cash for current use. The following transactions were selected from those occurring during the year. a. On January 10, purchased merchandise on credit for $25,000. The company uses a perpetual inventory system. b. On March 1, borrowed $54,000 cash from City Bank and signed a promissory note with a face amount of $54,000, due at the end...
E10-5 Determining the Impact of Current Liability Transactions, including Analysis of the Debt-to-Assets Ratio [LO 10-2, LO 10-5) Bryant Company sells a wide range of inventories, which are initially purchased on account. Occasionally, a short-term note payable is used to obtain cash for current use. The following transactions were selected from those occurring during the year. a. On January 10, purchased merchandise on credit for $28,000. The company uses a perpetual Inventory system. b. On March 1, borrowed $60,000 cash...
EZ Curb Company completed the following transactions. The annual accounting period ends December 31. Jan. 8 Purchased merchandise on account at a cost of $25,eee. (Assume a perpetual inventory system. ) Jan. 17 Paid for the January 8 purchase. Apr. l Received $57,6ee from National Bank after signing a 12-month, 17.9 percent, promissory note. June 3 Purchased merchandise on account at a cost of $29,888 July 5 Paid for the June 3 purchase. July 31 Rented out a small office...
Tiger Company completed the following transactions. The annual accounting period ends December 31. Jan. 3 Purchased merchandise on account at a cost of $29,000. (Assume a perpetual inventory system.) Jan. 27 Paid for the January 3 purchase. Apr. 1 Received $85,000 from Atlantic Bank after signing a 12-month, 8.0 percent promissory note. June 13 Purchased merchandise on account at a cost of $9,000. July 25 Paid for the June 13 purchase. July 31 Rented out a small office in a...
TRANSACTIONS 1 Owner invested $90,000 in the business 2 Purchased $26,700 supplies on account. 3. Purchased equipment for $21,000 cash. 4. Paid $6,000 for rent in advance). 5. Performed services for $7,800 cash. 6. Paid $2,160 for utilities 7. Performed services for $10,500 on account 8. Received $6,600 from charge account customers 9. Paid salaries of $4,500 to employees 10. Paid $6,000 to a creditor on account Indicate the impact of each of the transactions above on the fundamental accounting...
EZ Curb Company completed the following transactions. The annual accounting period ends December 31. Jan. 8 Purchased merchandise on account at a cost of $23,000. (Assume a perpetual inventory system. ) Jan. 17 Paid for the January 8 purchase. Apr. 1 Received $54,400 from National Bank after signing a 12-month, 15.0 percent, promissory note. June 3 Purchased merchandise on account at a cost of $27,000. July 5 Paid for the June 3 purchase. July 31 Rented out a small office...
Find current ratio, debt ratio and earnings per share Transactions a. Purchased merchandise inventory of $48,000 on account. b. Borrowed $127,000 on a long-term note payable. c. Issued 1,000 shares of common stock, receiving cash of $106,000. d. Received cash on account, $5,000 Data Table Cash S 21,000 79,000 186.000 639,000 102.000 38,000 49000 221.000 69 000 10/000 Accounts Receivable Net (Round Merchandise Inventory Total Assets Accounts Payable Accrued Liabilities Short-term Notes Payable Long-term Liabilities Net Income Common Shares Outstanding...
The Pioneer Company has provided the following account balances: Cash $39,400; Short-term investments $5,400; Accounts receivable $7,400; Supplies $55,000; Long-term notes receivable $3,400; Equipment $103.000; Factory Building $194,000; Intangible assets $7,400; Accounts payable $28,600; Accrued liabilities payable $3,300; Short-term notes payable $16,800; Long-term notes payable $99,000; Common stock $194,000; Retained earnings $73,300. What is Pioneer's current ratio? 4 A company's January 1, 2019 balance sheet reported total assets of $157,000 and Total liabilities of $63,500. During January 2019, the company...
Glenn Grimes is the founder and president of Heartland Construction, a real estate development venture. The business transactions during February while the company was being organized are listed as follows. Feb. 1 Grimes and several others invested $500,000 cash in the business in exchange for 30,000 shares of capital stock. Feb. 10 The company purchased office facilities for $330,000, of which $110,000 was applicable to the land and $220,000 to the building. A cash payment of $66,000 was made and...