Homework Answers
Solution
1)
Answer: Issuance of common stock to stockholders
Explanation: Cash debited (increased) by $31000 and Common Stock credited (increased) by $31000. It generally means that the company must have made any issue of stock to public or any other person in cash.
2)
Answer: Earned Revenue on Account
Explanation: Accounts Receivable has been debited (increased) by $3800 and Service Revenue credited (increased) by $3800. It generally means that the company has provided any service to any person on account.
3)
Answer: Purchased equipment on account
Explanation: Accounts Payable credited (increased) by $13400 and Equipment debited (increased) by $13400. It happens when equipment bought on account.
4)
Answer: Collected cash on account
Explanation: Cash debited (increased) by $190 and Accounts Receivable credited (decreased) by $190. That means cash recovery made from receivables.
5)
Answer: Cash purchase of equipment
Explanation: Cash credited (decreased) by $410 and Equipment debited (increased) by $410. That means equipment bought in cash.
6)
Answer: Paid cash on account
Explanation: Cash credited (decreased) by $8000 and Accounts Payable debited (decreased) by $8000. That means payable balances have been settled in cash.
7)
Answer: Earned revenue and received cash
Explanation: Cash debited (increased) by $790 and Service Revenue credited (increased) by $790. This generally happens when services have been provided in exchange of cash.
8)
Answer: Paid Cash for Salaries expenses
Explanation: Cash credited (decreased) by $1500 and Salaries expenses account has been debited in Profit and Loss Account by $1500. That means Salaries has been paid in cash.
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2: Data Table ASSETS = LIABILITIES + EQUITY Contributed Capital Retained Earnings Cash + + Equipment...
5. The analysis of the first eight transactions of Advanced Accounting Service follows. Describe each transaction....
5. The analysis of the first eight transactions of Advanced Accounting Service follows. Describe each transaction. 4(Click the icon to view the transactions.) 1. (1) 2. (2) 3. (3) 4. (4) 5. (5) 6. (6) 7. (7) 8. (8) 4: Data Table LIABILITIES EQUITY ASSETS Contributed Retained Earnings Capital Cash + Equipment = Service Accounts Accounts Common Dividends Salaries Receivable Revenue Stock Expense payable +31,000 +31,000 +3,800 +3,800 2 $31,000 + $3,800 $31,000 $3,800 Bal. +13,400 +13,400 $3,800 $31,000 +...
* Data Table ASSETS = LIABILITIES EQUITY Contributed Capital Retained Earnings Cash Land = Accounts +...
* Data Table ASSETS = LIABILITIES EQUITY Contributed Capital Retained Earnings Cash Land = Accounts + Common - Dividends - + Accounts + Office + Receivable Supplies + $ 3,100 + $ 0 + $ Rent Expense + Service Revenue + $ 3,100 - Advertising Expense Payable 8,000 + $ Stock 5,100 Bal. $ 2,100 11,000 = $ Print Done * More Info a. b. c. e. Received contribution of $8,000 cash from Mary Montana in exchange for common stock....
CH Learning Objective 4 E1-28 Using the accounting equation to analyze business transactions The analysis of...
CH Learning Objective 4 E1-28 Using the accounting equation to analyze business transactions The analysis of the first cight transactions of Advanced Accounting Service follows Dt: cnc cách transactan. ASSETS LIABILITIES + EQUITY Contributed Capital + Retained Earnings Cash + Accounts +Equipment Accounts + Common - Dividends + Service - Salaries Receivable Payable Stock Revenue Expense 1 +31,000 +31,000 +3800 +3,800 Bal. $31,000+ $3,800 $31,000 + 53,800 +13,400 Bal. 531,000 + 53,800 + $13,400 $13,400 + $31,000 + $3,800 4...
To purchase office supplies. analysis of the first eight transactions of Advanced Accounting Service follows. Describe...
To purchase office supplies. analysis of the first eight transactions of Advanced Accounting Service follows. Describe each transaction. LIABILITIES + Cash ASSETS + Accounts Receivable Equipment Accounts Payable + EQUITY Wel + Service - Salaries Withdrawals Revenue Expense 1 Wel, Capital +31,000 +31,000 +3,800 Bal. $31,000 + $3,800 $31,000 +3,800 $3,800 +13,400 + $13,400 +12,400 513,400 $13,400 + $3,800 + 331,000 + $31,000 + $13.400 + $3,800 + 513,610 Bal. $31,000 + $3,800 4 +190 -190 Bal. 531,190 + $3,610...
What's retained earnings. total stockholders' equity, and total liabilities and stockholders' equity? Accounts receivable $3,400 Cash...
What's retained earnings.
total stockholders' equity, and total liabilities and stockholders'
equity?
Accounts receivable $3,400 Cash $6.240 Accounts payable 3,700 Supplies 3,780 Interest payable 530 Unearned service revenue 940 Salaries and wages expense 5,400 Service revenue 41,850 Notes payable 32,500 Salaries and wages payable 770 Common stock 55,000 Depreciation expense 740 Inventory 2,810 Equipment (net) 110,600 Using the information above, prepare a balance sheet as of December 31, 2022. (List assets in order of liquidity.) Cullumber Company Balance Sheet December...
The following events apply to Equipment Services Inc. in its first year of operation: Acquired $60,000...
The following events apply to Equipment Services Inc. in its
first year of operation:
Acquired $60,000 cash from the issue of common stock.
Received an $8,200 cash advance for services to be provided in
the future.
Purchased $2,000 of supplies on account.
Earned $36,000 of service revenue on account.
Incurred $16,100 of operating expenses on account.
Collected $28,500 cash from accounts receivable.
Made a $15,100 payment on accounts payable.
Paid a $2,000 cash dividend to the stockholders.
Recognized $1,600 of...
cant figure out retained earnings, revenue and expenses T-Accounts or Leger Accounts: Cash Beg Bal S12...
cant figure out retained earnings, revenue and expenses
T-Accounts or Leger Accounts: Cash Beg Bal S12 S14 b S4 S4 d. S47 28 $7 S10 i Accounts Receivable Beg Bal. SS 5 8 57 h End. Bal. Supplies Equipment Beg Bal. b $ 9 97 $14 54 End. Bal. $35 $5 $3-$9.95 - $7. Accumulated Depreciation Beg Ball Software $13 Sim End. Bal. SI Accumulated Amortization S8 $4 . End. Bal S13 Accounts Payable Beg Bal. S10 59 End. Bal....
Apr 3: Received $75,000 cash proceeds from refinancing her house. Assets = Liabilities + Cash +...
Apr 3: Received $75,000 cash proceeds from refinancing her house. Assets = Liabilities + Cash + AR + Supplies + Furniture AP + CS Stockholders' equity Retained earnings Revenue Expense Dividends 3) + + Bal Anr 5 75 m. mm en in the Apr 5: $75,000 of common stock in the business was sold to Julia Judge. The cash proceeds were deposited in a new business bank account titled Judge and Associates, Inc Assets Liabilities Stockholders' equity Cash AR •...
Assets - Liabilities + Stockholders' Equity Retained Earnings Accounts + Receivable Supplies Equipment Accounts Payable Common...
Assets - Liabilities + Stockholders' Equity Retained Earnings Accounts + Receivable Supplies Equipment Accounts Payable Common Stock +$15,000 Revenues Expenses Dividend + $5,000 +$3,000 +$750 $4,500 + $9.400 Service Revenue Cash +$15,000 -2.000 -750 +4,900 - 1,500 -2,000 -850 +450 -3,900 -1,500 -$2,000 Rent Expense -$850 -3,900 -500 Salaries/Wages Expense Utilities Expense (b) Determine how much stockholders' equity increased for the month. Increase in stockholders' equity (c) Compute the amount of net income for the month Net income Toth Company...
Stockholders' equity is subdivided into components: (1) paid-in capital or contributed capital, (2) retained earnings, and...
Stockholders' equity is subdivided into components: (1) paid-in capital or contributed capital, (2) retained earnings, and (3) treasury stock, if any. Treasury stock (cost method) reports the amount paid by the corporation to purchase its own shares of stock. The total of stockholders' equity is the book value of the corporation. You should realize that the book value or stockholders' equity is not an indication of the market value of the corporation. Retained earnings report the cumulative net income since...
5. The analysis of the first eight transactions of Advanced Accounting Service follows. Describe each transaction. 4(Click the icon to view the transactions.) 1. (1) 2. (2) 3. (3) 4. (4) 5. (5) 6. (6) 7. (7) 8. (8) 4: Data Table LIABILITIES EQUITY ASSETS Contributed Retained Earnings Capital Cash + Equipment = Service Accounts Accounts Common Dividends Salaries Receivable Revenue Stock Expense payable +31,000 +31,000 +3,800 +3,800 2 $31,000 + $3,800 $31,000 $3,800 Bal. +13,400 +13,400 $3,800 $31,000 +...
* Data Table ASSETS = LIABILITIES EQUITY Contributed Capital Retained Earnings Cash Land = Accounts + Common - Dividends - + Accounts + Office + Receivable Supplies + $ 3,100 + $ 0 + $ Rent Expense + Service Revenue + $ 3,100 - Advertising Expense Payable 8,000 + $ Stock 5,100 Bal. $ 2,100 11,000 = $ Print Done * More Info a. b. c. e. Received contribution of $8,000 cash from Mary Montana in exchange for common stock....
CH Learning Objective 4 E1-28 Using the accounting equation to analyze business transactions The analysis of the first cight transactions of Advanced Accounting Service follows Dt: cnc cách transactan. ASSETS LIABILITIES + EQUITY Contributed Capital + Retained Earnings Cash + Accounts +Equipment Accounts + Common - Dividends + Service - Salaries Receivable Payable Stock Revenue Expense 1 +31,000 +31,000 +3800 +3,800 Bal. $31,000+ $3,800 $31,000 + 53,800 +13,400 Bal. 531,000 + 53,800 + $13,400 $13,400 + $31,000 + $3,800 4...
To purchase office supplies. analysis of the first eight transactions of Advanced Accounting Service follows. Describe each transaction. LIABILITIES + Cash ASSETS + Accounts Receivable Equipment Accounts Payable + EQUITY Wel + Service - Salaries Withdrawals Revenue Expense 1 Wel, Capital +31,000 +31,000 +3,800 Bal. $31,000 + $3,800 $31,000 +3,800 $3,800 +13,400 + $13,400 +12,400 513,400 $13,400 + $3,800 + 331,000 + $31,000 + $13.400 + $3,800 + 513,610 Bal. $31,000 + $3,800 4 +190 -190 Bal. 531,190 + $3,610...
What's retained earnings.
total stockholders' equity, and total liabilities and stockholders'
equity?
Accounts receivable $3,400 Cash $6.240 Accounts payable 3,700 Supplies 3,780 Interest payable 530 Unearned service revenue 940 Salaries and wages expense 5,400 Service revenue 41,850 Notes payable 32,500 Salaries and wages payable 770 Common stock 55,000 Depreciation expense 740 Inventory 2,810 Equipment (net) 110,600 Using the information above, prepare a balance sheet as of December 31, 2022. (List assets in order of liquidity.) Cullumber Company Balance Sheet December...
The following events apply to Equipment Services Inc. in its
first year of operation:
Acquired $60,000 cash from the issue of common stock.
Received an $8,200 cash advance for services to be provided in
the future.
Purchased $2,000 of supplies on account.
Earned $36,000 of service revenue on account.
Incurred $16,100 of operating expenses on account.
Collected $28,500 cash from accounts receivable.
Made a $15,100 payment on accounts payable.
Paid a $2,000 cash dividend to the stockholders.
Recognized $1,600 of...
cant figure out retained earnings, revenue and expenses
T-Accounts or Leger Accounts: Cash Beg Bal S12 S14 b S4 S4 d. S47 28 $7 S10 i Accounts Receivable Beg Bal. SS 5 8 57 h End. Bal. Supplies Equipment Beg Bal. b $ 9 97 $14 54 End. Bal. $35 $5 $3-$9.95 - $7. Accumulated Depreciation Beg Ball Software $13 Sim End. Bal. SI Accumulated Amortization S8 $4 . End. Bal S13 Accounts Payable Beg Bal. S10 59 End. Bal....
Apr 3: Received $75,000 cash proceeds from refinancing her house. Assets = Liabilities + Cash + AR + Supplies + Furniture AP + CS Stockholders' equity Retained earnings Revenue Expense Dividends 3) + + Bal Anr 5 75 m. mm en in the Apr 5: $75,000 of common stock in the business was sold to Julia Judge. The cash proceeds were deposited in a new business bank account titled Judge and Associates, Inc Assets Liabilities Stockholders' equity Cash AR •...
Assets - Liabilities + Stockholders' Equity Retained Earnings Accounts + Receivable Supplies Equipment Accounts Payable Common Stock +$15,000 Revenues Expenses Dividend + $5,000 +$3,000 +$750 $4,500 + $9.400 Service Revenue Cash +$15,000 -2.000 -750 +4,900 - 1,500 -2,000 -850 +450 -3,900 -1,500 -$2,000 Rent Expense -$850 -3,900 -500 Salaries/Wages Expense Utilities Expense (b) Determine how much stockholders' equity increased for the month. Increase in stockholders' equity (c) Compute the amount of net income for the month Net income Toth Company...
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