Homework Answers
1.
| Cash | Computer equipment | Accounts payable | Common shares | ||||
| $170,000 | $130,000 | $130,000 | $170,000 | ||||
2.
Total debits = $170,000 (Cash) + 130,000 (Computer equipment) = $300,000
Total credits = $130,000 (Accounts payable) + 170,000 (Common shares) = $300,000
Add Answer to:
Ninth Investments began by issuing common shares for cash of $170,000. The company immediately purchased computer...
a. Kacy Spade, owner, invested $17,500 cash in the company in exchange for common stock. b....
a. Kacy Spade, owner, invested $17,500 cash in the company in exchange for common stock. b. The company purchased office supplies for $508 cash. c. The company purchased $9,678 of office equipment on credit. d. The company received $2,065 cash as fees for services provided to a customer. e. The company paid $9,678 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $3,710 as fees for services provided. g. The...
Axle Corporation recently organized. The company issued common stock to an inventor in exchange for a...
Axle Corporation recently organized. The company issued common stock to an inventor in exchange for a patent with a market value of $59,000. In addition, Axle received cash for 7,000 shares of its $20 par preferred stock at par value and 7,500 shares of its no-par common stock at $45 per share. Without making journal entries, determine the total paid-in capital created by these transactions. The total paid-in capital created by these transactions amounts to $ Rates Corp. issued 1,000...
Divine Apparel has 2.900 shares of common stock outstanding. On October 1, the company declares a...
Divine Apparel has 2.900 shares of common stock outstanding. On October 1, the company declares a $0.25 per share dividend to stockholders of record on October 15. The dividend is paid on October 31 Record all transactions on the appropriate dates for cash dividends. If no entry is required for a particular transaction/event, select "No Journal Entry Required" In the first account field.) View transaction list Journal entry worksheet Record the declaration of le Enter debits before credits Date General...
Required information Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in exchange for $11,000....
Required information Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in exchange for $11,000. BSC borrowed $32,000 from the bank, promising to repay it in two years. BSC paid $37,000 for computer equipment with check number 101 and signed a note for $4,000 due in six months. BSC received $550 of supplies purchased on account. BSC's loan contains a clause ("covenant") that requires BSC to maintain a ratio of current assets to current liabilities of at least 1.3....
Houghton Company began business on January 1, 2015 by issuing all of its 1,700,000 authorized sha...
Houghton Company began business on January 1, 2015 by issuing
all of its 1,700,000 authorized shares of its $2 par value common
stock for $33 per share. On June 30, Houghton declared a cash
dividend of $2.00 per share to stockholders of record on July 31.
Houghton paid the cash dividend on August 30. On November 1,
Houghton reacquired 340,000 of its own shares of stock for $38 per
share. On December 22, Houghton resold 170,000 of these shares for...
Grizzly Co. enters into the following transactions: • Stockholders contribute $25,000 cash to a company in...
Grizzly Co. enters into the following transactions: • Stockholders contribute $25,000 cash to a company in exchange for common stock. • The company purchases $12,500 of new equipment in exchange for its promise to pay $12,500 at the end of next month. The company pays $7,500 to suppliers on account. Required: a. Show the effect of these transactions on the basic accounting equation. b. Prepare the journal entries that would be used to record the transactions. Complete this question by...
The following events occurred for Johnson Company: Received investment of cash by organizers and distributed to...
The following events occurred for Johnson Company:
Received investment of cash by organizers and distributed to
them 1,090 shares of $1 par value common stock with a market price
of $25 per share.
Purchased $7,800 of equipment, paying $1,400 in cash and owing
the rest on accounts payable to the manufacturer.
Borrowed $15,000 cash from a bank.
Loaned $1,100 to an employee who signed a note.
Purchased $20,000 of land; paid $4,000 in cash and signed a
note for the...
a. Received $80,000 cash when issuing 8,000 new common shares. b. Purchased land by paying $2,000...
a. Received $80,000 cash when issuing 8,000 new common shares. b. Purchased land by paying $2,000 cash and signing a note payable for $7,000 due in three years. c. Hired a new aesthetician for a salary of $1,000 a month, starting next month. d. NGS purchased a company car for $18,000 cash (list price of $21,000) to assist in running errands for the business. e. Bought and received $1,000 in supplies for the spa on credit. f. Paid $350 of...
As a long-term investment, Painters' Equipment Company purchased 20% of AMC Supplies Inc.'s 420,000 shares for...
As a long-term investment, Painters' Equipment Company purchased
20% of AMC Supplies Inc.'s 420,000 shares for $500,000 at the
beginning of the fiscal year of both companies. On the purchase
date, the fair value and book value of AMC’s net assets were equal.
During the year, AMC earned net income of $270,000 and distributed
cash dividends of 25 cents per share. At year-end, the fair value
of the shares is $527,000.
Required information Exercise 12-19 (Algo) Investment securities and equity...
a. Received $96,000 cash when issuing 9,600 new common shares. b. Purchased land by paying $7,500...
a. Received $96,000 cash when issuing 9,600 new common shares. b. Purchased land by paying $7,500 cash and signing a note payable for $11,500 due in three years. c. Hired a new aesthetician for a salary of $2,600 a month, starting next month. d. NGS purchased a company car for $34,000 cash (list price of $37,000) to assist in running errands for the business. e. Bought and received $950 In supplies for the spa on credit. f. Paid $230 of...
a. Kacy Spade, owner, invested $17,500 cash in the company in exchange for common stock. b. The company purchased office supplies for $508 cash. c. The company purchased $9,678 of office equipment on credit. d. The company received $2,065 cash as fees for services provided to a customer. e. The company paid $9,678 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $3,710 as fees for services provided. g. The...
Axle Corporation recently organized. The company issued common stock to an inventor in exchange for a patent with a market value of $59,000. In addition, Axle received cash for 7,000 shares of its $20 par preferred stock at par value and 7,500 shares of its no-par common stock at $45 per share. Without making journal entries, determine the total paid-in capital created by these transactions. The total paid-in capital created by these transactions amounts to $ Rates Corp. issued 1,000...
Divine Apparel has 2.900 shares of common stock outstanding. On October 1, the company declares a $0.25 per share dividend to stockholders of record on October 15. The dividend is paid on October 31 Record all transactions on the appropriate dates for cash dividends. If no entry is required for a particular transaction/event, select "No Journal Entry Required" In the first account field.) View transaction list Journal entry worksheet Record the declaration of le Enter debits before credits Date General...
Required information Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in exchange for $11,000. BSC borrowed $32,000 from the bank, promising to repay it in two years. BSC paid $37,000 for computer equipment with check number 101 and signed a note for $4,000 due in six months. BSC received $550 of supplies purchased on account. BSC's loan contains a clause ("covenant") that requires BSC to maintain a ratio of current assets to current liabilities of at least 1.3....
Houghton Company began business on January 1, 2015 by issuing
all of its 1,700,000 authorized shares of its $2 par value common
stock for $33 per share. On June 30, Houghton declared a cash
dividend of $2.00 per share to stockholders of record on July 31.
Houghton paid the cash dividend on August 30. On November 1,
Houghton reacquired 340,000 of its own shares of stock for $38 per
share. On December 22, Houghton resold 170,000 of these shares for...
Grizzly Co. enters into the following transactions: • Stockholders contribute $25,000 cash to a company in exchange for common stock. • The company purchases $12,500 of new equipment in exchange for its promise to pay $12,500 at the end of next month. The company pays $7,500 to suppliers on account. Required: a. Show the effect of these transactions on the basic accounting equation. b. Prepare the journal entries that would be used to record the transactions. Complete this question by...
The following events occurred for Johnson Company:
Received investment of cash by organizers and distributed to
them 1,090 shares of $1 par value common stock with a market price
of $25 per share.
Purchased $7,800 of equipment, paying $1,400 in cash and owing
the rest on accounts payable to the manufacturer.
Borrowed $15,000 cash from a bank.
Loaned $1,100 to an employee who signed a note.
Purchased $20,000 of land; paid $4,000 in cash and signed a
note for the...
a. Received $80,000 cash when issuing 8,000 new common shares. b. Purchased land by paying $2,000 cash and signing a note payable for $7,000 due in three years. c. Hired a new aesthetician for a salary of $1,000 a month, starting next month. d. NGS purchased a company car for $18,000 cash (list price of $21,000) to assist in running errands for the business. e. Bought and received $1,000 in supplies for the spa on credit. f. Paid $350 of...
As a long-term investment, Painters' Equipment Company purchased
20% of AMC Supplies Inc.'s 420,000 shares for $500,000 at the
beginning of the fiscal year of both companies. On the purchase
date, the fair value and book value of AMC’s net assets were equal.
During the year, AMC earned net income of $270,000 and distributed
cash dividends of 25 cents per share. At year-end, the fair value
of the shares is $527,000.
Required information Exercise 12-19 (Algo) Investment securities and equity...
a. Received $96,000 cash when issuing 9,600 new common shares. b. Purchased land by paying $7,500 cash and signing a note payable for $11,500 due in three years. c. Hired a new aesthetician for a salary of $2,600 a month, starting next month. d. NGS purchased a company car for $34,000 cash (list price of $37,000) to assist in running errands for the business. e. Bought and received $950 In supplies for the spa on credit. f. Paid $230 of...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago