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Record the transaction: May 26: SBUX sells $10,000 of coffee to Valentine, payment due in 45...
Record the transaction: June 20: SBUX receives $8,000 payment from Valentine relating to the May 26...
Record the transaction:
June 20: SBUX receives $8,000 payment from Valentine relating
to the May 26 sale.
Income Statement Balance Sheet Date ash sh contributed Earned -Revenues Revenues Expenses Net Income -Spenses Net Income Liabilities Liabilities Capital given) Asset Assets 2/14 5/26 6/15 6/20 6/30 7/5 Assets
Record the transaction: June 15: the new store opened. SBUX determines that it has satisfied the...
Record the transaction:
June 15: the new store opened. SBUX determines that it has
satisfied the promises made to Valentine relating to store location
and training.
February 14: SBUX granted a license to Valentine Partners to operate a SBUX a store in (that's right you guessed it) the City of Brotherly Love, Philadelphia, Pennsylvania. Under the terms of the agreement SBUX will assist Valentine in determining store location and train Valentine's employees to meet SBUX standards for service before the...
Record the transaction: February 14: SBUX granted a license to Valentine Partners to operate a SBUX...
Record the transaction:
February 14: SBUX granted a license to Valentine Partners to
operate a SBUX store in the City of Brotherly Love, Philadelphia,
Pennsylvania. Under the terms of the agreement SBUX will assist
Valentine in determining store location and train Valentine’s
employees to meet SBUX standards of service before officially
opening of the store. The fee for these services is $400,000 due up
front. SBUX will sell coffee to Valentine on credit. Valentine will
pay a 10% royalty to...
Record the transaction: SBUX sells $180,000 in coffee to customers who uses Starbucks Cards to make...
Record the transaction:
SBUX sells $180,000 in coffee to customers who uses Starbucks Cards
to make their purchases.
SBUX sells $180,000 in coffee to customers who uses Starbucks Cards to make their purchases. Balance Sheet Income Statement Date (ifany Cash given) Asset Noncash Contributed Earned Liabilities Capital -pens e-.NerIncome Assets surplus Revenues
Record transaction: In January, SBUX sells coffee totaling $300,000 to customers for cash. (IMPORTANT ASIDE: The...
Record transaction:
In January, SBUX sells coffee totaling $300,000 to customers
for cash. (IMPORTANT ASIDE: The customer might use a credit card to
make the purchase. Credit companies charge 2-3% processing fee.
SBUX would treat the credit card transaction the same as a cash
purchase, except that the amount recorded would be the net cash
flow, 97-98% of the selling price.)
Transactions to record: Company-owned stores. In January, SBUX sells coffee totaling $300,000 to customers for cash. (Important aside: The...
Record the transaction: June 30: Valentine reports that it has made $40,000 of sales in June....
Record the transaction:
June 30: Valentine reports that it has made $40,000 of sales
in June.
Date Balance Sheet Income Statement Contributed Earned (if any Cash Noncash given) A 2/14 5/26 6/15 6/20 6/30 7/5 sset Assets Liabilities Capital Srplus Revenues Expenses Net Incon
Record the transaction: Customers go online and load $200,000 on their Starbucks Cards. Date (ifany Cash...
Record the transaction:
Customers go online and load $200,000 on their Starbucks
Cards.
Date (ifany Cash Noncash given) AssetAssets Balance Sheet Income Statement Contributed Earned surplius Revenues Expenses Net Income
Goal: Ch 1, Cash-basis vs. accrual-basis transaction analysis (pp. 15-19, 100-101). 1. Consider how shareholder contributions...
Goal: Ch 1, Cash-basis vs. accrual-basis transaction analysis (pp. 15-19, 100-101). 1. Consider how shareholder contributions of $100,000 (to form the corporation) affect the following cash- and accrual-basis accounting equations, respectively: Cash-Basis Assets/Resources = Claims against Resources Cash = Contributed Capital + Earned Capital = Accrual-Basis Assets/Resources = Claims against Resources Cash Inventory = Liabilities + Shareholders’ Equity Cash Inventory = Liabilities + Contributed Capital + Earned Capital Cash Inventory = Accounts Payable + Contributed Capital + Revenues Expenses =...
Analyzing Transactions Using the Financial Statement Effects Template Hanlon Advertising Company began the current month with...
Analyzing Transactions Using the Financial Statement Effects Template Hanlon Advertising Company began the current month with the following balance sheet. Cash $ 80.000 Liabilities $ 70,000 Noncash assets 135,000 Contributed capital 110.000 Earned capital 35.000 Total assets $215,000 Total liabilities and equity 5215,000 Following are summary transactions that occurred during the current month. 1. The company purchased supplies for $5,000 cash; none were used this month. 2. Services of $2,500 were performed this month on credit 3. Services were performed...
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31,...
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentage uncollectible. Accounts Estimated Age Group Receivable Loss % 0-30 days past due $ 80,000 1% 31-60 days past due 20,000 61-120 days past due 14,000 5 121-180 days past due 6,000 10 Over 180 days past due 4,000 25 Total accounts receivable $124,000 2 The balance of the allowance for uncollectible accounts is...
Record the transaction:
June 20: SBUX receives $8,000 payment from Valentine relating
to the May 26 sale.
Income Statement Balance Sheet Date ash sh contributed Earned -Revenues Revenues Expenses Net Income -Spenses Net Income Liabilities Liabilities Capital given) Asset Assets 2/14 5/26 6/15 6/20 6/30 7/5 Assets
Record the transaction:
June 15: the new store opened. SBUX determines that it has
satisfied the promises made to Valentine relating to store location
and training.
February 14: SBUX granted a license to Valentine Partners to operate a SBUX a store in (that's right you guessed it) the City of Brotherly Love, Philadelphia, Pennsylvania. Under the terms of the agreement SBUX will assist Valentine in determining store location and train Valentine's employees to meet SBUX standards for service before the...
Record the transaction:
February 14: SBUX granted a license to Valentine Partners to
operate a SBUX store in the City of Brotherly Love, Philadelphia,
Pennsylvania. Under the terms of the agreement SBUX will assist
Valentine in determining store location and train Valentine’s
employees to meet SBUX standards of service before officially
opening of the store. The fee for these services is $400,000 due up
front. SBUX will sell coffee to Valentine on credit. Valentine will
pay a 10% royalty to...
Record the transaction:
SBUX sells $180,000 in coffee to customers who uses Starbucks Cards
to make their purchases.
SBUX sells $180,000 in coffee to customers who uses Starbucks Cards to make their purchases. Balance Sheet Income Statement Date (ifany Cash given) Asset Noncash Contributed Earned Liabilities Capital -pens e-.NerIncome Assets surplus Revenues
Record transaction:
In January, SBUX sells coffee totaling $300,000 to customers
for cash. (IMPORTANT ASIDE: The customer might use a credit card to
make the purchase. Credit companies charge 2-3% processing fee.
SBUX would treat the credit card transaction the same as a cash
purchase, except that the amount recorded would be the net cash
flow, 97-98% of the selling price.)
Transactions to record: Company-owned stores. In January, SBUX sells coffee totaling $300,000 to customers for cash. (Important aside: The...
Record the transaction:
June 30: Valentine reports that it has made $40,000 of sales
in June.
Date Balance Sheet Income Statement Contributed Earned (if any Cash Noncash given) A 2/14 5/26 6/15 6/20 6/30 7/5 sset Assets Liabilities Capital Srplus Revenues Expenses Net Incon
Record the transaction:
Customers go online and load $200,000 on their Starbucks
Cards.
Date (ifany Cash Noncash given) AssetAssets Balance Sheet Income Statement Contributed Earned surplius Revenues Expenses Net Income
Analyzing Transactions Using the Financial Statement Effects Template Hanlon Advertising Company began the current month with the following balance sheet. Cash $ 80.000 Liabilities $ 70,000 Noncash assets 135,000 Contributed capital 110.000 Earned capital 35.000 Total assets $215,000 Total liabilities and equity 5215,000 Following are summary transactions that occurred during the current month. 1. The company purchased supplies for $5,000 cash; none were used this month. 2. Services of $2,500 were performed this month on credit 3. Services were performed...
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentage uncollectible. Accounts Estimated Age Group Receivable Loss % 0-30 days past due $ 80,000 1% 31-60 days past due 20,000 61-120 days past due 14,000 5 121-180 days past due 6,000 10 Over 180 days past due 4,000 25 Total accounts receivable $124,000 2 The balance of the allowance for uncollectible accounts is...
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