Homework Answers
| a. | ||||||||
| Accounting Equation | ||||||||
| Cash | + | Land | = | Creditors | + | Stockholder's | ||
| Equity | ||||||||
| 16,000 | 6,000 | 10,000 | ||||||
| -12,000 | 12,000 | |||||||
| Bal | 4,000 | 12000 | 6,000 | 10,000 | ||||
| b) | percentage of total assets | 37.5% | ||||||
| c) | percentage of total assets | 62.5% | ||||||
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Jones Enterprises was started when it acquired $6,000 cash from creditors and $10,000 from owners. The...
Saved Help Save & Exit Sub Jones Enterprises was started when it acquired $9,000 cash from...
Saved Help Save & Exit Sub Jones Enterprises was started when it acquired $9,000 cash from creditors and $21,000 from owners. The company immediately purchased land that cost $26,000. Required a. Record the events under an accounting equation b. After all events have been recorded, Jones's obligations to creditors represent what percent of total assets? c. After all events have been recorded, Jones's stockholders' equity represents what percentage of total assets? d. Assume the debt is due. Given that Jones...
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...
Dakota Company experienced the following events during Year 2. 1. Acquired $10,000 cash from the issue...
Dakota Company experienced the following events during Year 2. 1. Acquired $10,000 cash from the issue of common stock 2. Paid $25,000 cash to purchase land. 3. Borrowed $7,500 cash. 4. Provided services for $37,500 cash. 5. Paid $1,500 cash for utilities expense. 6. Paid $22,500 cash for other operating expenses. 7. Paid a $2,500 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $30,000. Required a. The January...
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,...
Blooming Flower Company was started in 2018 when it acquired $61,200 cash from the issue of...
Blooming Flower Company was started in 2018 when it acquired $61,200 cash from the issue of common stock. The following data summarize the company’s first three years’ operating activities. Assume that all transactions were cash transactions. 2018 2019 2020 Purchases of inventory $ 23,200 $ 10,600 $ 20,000 Sales 27,000 31,700 37,800 Cost of goods sold 12,400 16,900 19,300 Selling and administrative expenses 5,330 8,180 9,250 Required Prepare an income statement (use multistep format) and balance sheet for each fiscal...
The following events occurred for Favata Company: a. Received $10,000 cash from owners and issued stock...
The following events occurred for Favata Company: a. Received $10,000 cash from owners and issued stock to them. b. Borrowed $7,000 cash from a bank and signed a note due later this year. Bought and received $800 of equipment on account. d. Purchased land for $12,000; paid $1,000 in cash and signed a long-term note for $11,000. e. Purchased $3,000 of equipment; paid $1,000 in cash and charged the rest on account. Required For each of the events (a) through...
1. Acquired cash from the issue of common stock. 2. Paid cash to reduce the principal...
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 "" for increase, the letter "D" for decrease, "/D" for increase and...
Dakota Company experienced the following events during Year 2 20 points 1. Acquired $15,000 cash from...
Dakota Company experienced the following events during Year 2 20 points 1. Acquired $15,000 cash from the issue of common stock. 2. Paid $25,000 cash to purchase land. 3. Borrowed $5,000 cash. 4. Provided services for $50,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Paid $37,500 cash for other operating expenses. 7. Paid a $2,500 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $29,000. Skipped eBook...
Blooming Flower Company was started in 2018 when it acquired $60,300 cash from the issue of...
Blooming Flower Company was started in 2018 when it acquired $60,300 cash from the issue of common stock. The following data summarize the company's first three years' operating activities. Assume that all transactions were cash transactions. Purchases of inventory Sales Cost of goods sold Selling and administrative expenses 2018 $23,400 27,100 11,600 5,420 2019 $11,100 30,600 16,700 8, 110 2020 $20,300 36,100 19,600 9, 250 Required Prepare an income statement (use multistep format) and balance sheet for each fiscal year....
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...
Saved Help Save & Exit Sub Jones Enterprises was started when it acquired $9,000 cash from creditors and $21,000 from owners. The company immediately purchased land that cost $26,000. Required a. Record the events under an accounting equation b. After all events have been recorded, Jones's obligations to creditors represent what percent of total assets? c. After all events have been recorded, Jones's stockholders' equity represents what percentage of total assets? d. Assume the debt is due. Given that Jones...
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...
Dakota Company experienced the following events during Year 2. 1. Acquired $10,000 cash from the issue of common stock 2. Paid $25,000 cash to purchase land. 3. Borrowed $7,500 cash. 4. Provided services for $37,500 cash. 5. Paid $1,500 cash for utilities expense. 6. Paid $22,500 cash for other operating expenses. 7. Paid a $2,500 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $30,000. Required a. The January...
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,...
The following events occurred for Favata Company: a. Received $10,000 cash from owners and issued stock to them. b. Borrowed $7,000 cash from a bank and signed a note due later this year. Bought and received $800 of equipment on account. d. Purchased land for $12,000; paid $1,000 in cash and signed a long-term note for $11,000. e. Purchased $3,000 of equipment; paid $1,000 in cash and charged the rest on account. Required For each of the events (a) through...
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 "" for increase, the letter "D" for decrease, "/D" for increase and...
Dakota Company experienced the following events during Year 2 20 points 1. Acquired $15,000 cash from the issue of common stock. 2. Paid $25,000 cash to purchase land. 3. Borrowed $5,000 cash. 4. Provided services for $50,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Paid $37,500 cash for other operating expenses. 7. Paid a $2,500 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $29,000. Skipped eBook...
Blooming Flower Company was started in 2018 when it acquired $60,300 cash from the issue of common stock. The following data summarize the company's first three years' operating activities. Assume that all transactions were cash transactions. Purchases of inventory Sales Cost of goods sold Selling and administrative expenses 2018 $23,400 27,100 11,600 5,420 2019 $11,100 30,600 16,700 8, 110 2020 $20,300 36,100 19,600 9, 250 Required Prepare an income statement (use multistep format) and balance sheet for each fiscal year....
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...
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