Homework Answers
Answer
| OLIVE ENTERPRISES | |||||||
| Accounting equation | |||||||
| Stockholder's equity | |||||||
| Event number | Assets | = | Liabilities | + | Common Stock | + | Retained earnings |
| 1. | I | = | NA | + | I | + | NA |
| 2. | D | = | D | + | NA | + | NA |
| 3. | NA | = | NA | + | NA | + | NA |
| 4. | I | = | NA | + | NA | + | I |
| 5. | D | = | NA | + | NA | + | D |
| 6. | D | = | NA | + | NA | + | D |
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1. Acquired cash from the issue of common stock. 2. Paid cash to reduce the principal...
Olive Enterprises experienced the following events during 2016: 1. Acquired cash from the issue of common...
Olive Enterprises experienced the following events during 2016: 1. Acquired cash from the issue of common stock. 2. Paid cash to reduce the principal on a bank note. 3. Sold land for cash at an amount equal to its cost 4. Provided services to clients for cash. 5. Paid utilities expenses with cash. 6. Paid a cash dividend to the stockholders. Required Indicate which of the above events occur in the equation by selecting the letter "1" for increase, the...
Chapter 1 LO 2, 3 Exercise 1-10A/ Effect of events on the accounting equation Hansen Enterprises...
Chapter 1 LO 2, 3 Exercise 1-10A/ Effect of events on the accounting equation Hansen Enterprises experienced the following events during 2013: r. Acquired cash from the issue of common stock. 2. Provided services to clients for cash. 3. Paid utilities expenses with cash. 4. Paid cash to reduce the principal on a bank note. 5. Sold land for cash at an amount equal to its cost. 6. Paid a cash dividend to the stockholders. Required Explain how each of...
Acquired $30,000 cash from the issue of common stock. Paid $12,000 cash to purchase land. Borrowed...
Acquired $30,000 cash from the issue of common stock. Paid $12,000 cash to purchase land. Borrowed $10,000 cash. Provided services for $20,000 cash. Paid $1,000 cash for utilities expense. Paid $15,000 cash for other operating expenses. Paid a $2,000 cash dividend to the stockholders. Determined that the market value of the land purchased in Event 2 is now $12,700. Required a. The January 1, 2018, general ledger account balances are shown in the following accounting equation. Record the eight events...
Che 1. Acquired $30,000 cash from the issue of common stock 2. Paid $12,000 cash to...
Che 1. Acquired $30,000 cash from the issue of common stock 2. Paid $12,000 cash to purchase land. 3. Borrowed $10,000 cash 4. Provided services for $20,000 cash. 5. Paid $1,000 cash for utilities expense. 6. Paid $15,000 cash for other operating expenses. 7. Paid a $2,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $12,700. Required a. The January 1, Year 2. general ledger account balances are...
Dakota Company experienced the following events during 2018: Acquired $15,000 cash from the issue of common...
Dakota Company experienced the following events during 2018:
Acquired $15,000 cash from the issue of common stock.
Paid $15,000 cash to purchase land.
Borrowed $5,000 cash.
Provided services for $55,000 cash.
Paid $2,000 cash for utilities expense.
Paid $45,000 cash for other operating expenses.
Paid a $1,000 cash dividend to the stockholders.
Determined that the market value of the land purchased in Event
2 is now $16,000.
Required
a. The January 1, 2018, general ledger account
balances are shown in...
Dakota Company experienced the following events during 2018: 1. Acquired $25.000 cash from the issue of...
Dakota Company experienced the following events during 2018: 1. Acquired $25.000 cash from the issue of common stock. 2 Pald $25,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $36.000 cash. 5. Pald $1,000 cash for utilities expense. 6. Paid $28.000 cash for other operating expenses. 7. Pald a $2,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $27.500. Required a. The January 1,...
Acquired $54,000 cash from the issue of common stock. Paid $13,900 cash in advance for rent....
Acquired $54,000 cash from the issue of common stock. Paid $13,900 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31, Year 2. Performed services for customers on account for $110,000. Incurred operating expenses on account of $44,500. Collected $84,000 cash from accounts receivable. Paid $40,000 cash for salary expense. Paid $35,600 cash as a partial payment on accounts payable. Adjusting Entries Made the adjusting entry for the expired rent. (See Event...
Exercise 1.19 Dakota company experienced the following events during 2018: 1 Acquired 30,000 cash from issue...
Exercise 1.19
Dakota company experienced the following events during
2018:
1 Acquired 30,000 cash from issue of common stock
2.Paid 12,000 cash to purchase land
3.Borrowed 10,000 cash.
4.Provided services for 20,000 cash
5.Paid 1,000 cash for utilities expenses
6.Paid 15,000 cash for other operating expenses
7.Paid 2000 cash dividend to stock holders.
8.Determined that the market value of land purchased at Event
2 is now 12,700
xurise 1-1 Required a. The January 1,2018, general ledger account balances are shown...
El-19 Dakola Company experienced the following events during 2018 1. Acquired $30,000 cash from the issue...
El-19 Dakola Company experienced the following events during 2018 1. Acquired $30,000 cash from the issue of common stock. 2. Paid $12.000 cash to purchase land. 3. Borrowed $10.000 cash. 4. Provided services for $20,000 cash. 5. Paid $1.000 cash for utilities expense. 6. Paid $15.000 for other operating expenses. 7. Paid a $2.000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $12,700. (a) The January 1, 2018....
The following events pertain to Super Cleaning Company: Acquired $15,700 cash from the issue of common...
The following events pertain to Super Cleaning Company: Acquired $15,700 cash from the issue of common stock. Provided $13,700 of services on account. Provided services for $4,700 cash. Received $3,100 cash in advance for services to be performed in the future. Collected $9,700 cash from the account receivable created in Event 2. Paid $5,700 for cash expenses. Performed $1,550 of the services agreed to in Event 4. Incurred $2,200 of expenses on account. Paid $1,450 cash in advance for one-year...
Olive Enterprises experienced the following events during 2016: 1. Acquired cash from the issue of common stock. 2. Paid cash to reduce the principal on a bank note. 3. Sold land for cash at an amount equal to its cost 4. Provided services to clients for cash. 5. Paid utilities expenses with cash. 6. Paid a cash dividend to the stockholders. Required Indicate which of the above events occur in the equation by selecting the letter "1" for increase, the...
Chapter 1 LO 2, 3 Exercise 1-10A/ Effect of events on the accounting equation Hansen Enterprises experienced the following events during 2013: r. Acquired cash from the issue of common stock. 2. Provided services to clients for cash. 3. Paid utilities expenses with cash. 4. Paid cash to reduce the principal on a bank note. 5. Sold land for cash at an amount equal to its cost. 6. Paid a cash dividend to the stockholders. Required Explain how each of...
Che 1. Acquired $30,000 cash from the issue of common stock 2. Paid $12,000 cash to purchase land. 3. Borrowed $10,000 cash 4. Provided services for $20,000 cash. 5. Paid $1,000 cash for utilities expense. 6. Paid $15,000 cash for other operating expenses. 7. Paid a $2,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $12,700. Required a. The January 1, Year 2. general ledger account balances are...
Dakota Company experienced the following events during 2018:
Acquired $15,000 cash from the issue of common stock.
Paid $15,000 cash to purchase land.
Borrowed $5,000 cash.
Provided services for $55,000 cash.
Paid $2,000 cash for utilities expense.
Paid $45,000 cash for other operating expenses.
Paid a $1,000 cash dividend to the stockholders.
Determined that the market value of the land purchased in Event
2 is now $16,000.
Required
a. The January 1, 2018, general ledger account
balances are shown in...
Dakota Company experienced the following events during 2018: 1. Acquired $25.000 cash from the issue of common stock. 2 Pald $25,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $36.000 cash. 5. Pald $1,000 cash for utilities expense. 6. Paid $28.000 cash for other operating expenses. 7. Pald a $2,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $27.500. Required a. The January 1,...
Exercise 1.19
Dakota company experienced the following events during
2018:
1 Acquired 30,000 cash from issue of common stock
2.Paid 12,000 cash to purchase land
3.Borrowed 10,000 cash.
4.Provided services for 20,000 cash
5.Paid 1,000 cash for utilities expenses
6.Paid 15,000 cash for other operating expenses
7.Paid 2000 cash dividend to stock holders.
8.Determined that the market value of land purchased at Event
2 is now 12,700
xurise 1-1 Required a. The January 1,2018, general ledger account balances are shown...
El-19 Dakola Company experienced the following events during 2018 1. Acquired $30,000 cash from the issue of common stock. 2. Paid $12.000 cash to purchase land. 3. Borrowed $10.000 cash. 4. Provided services for $20,000 cash. 5. Paid $1.000 cash for utilities expense. 6. Paid $15.000 for other operating expenses. 7. Paid a $2.000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $12,700. (a) The January 1, 2018....
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