Homework Answers
Correct answer is option b. 1764000 credit
Calculation of Balance of retained earnings at september 30th
Balance = opening balance + addition to retained earnings
=1692000+ [ 240000-144000-24000]
=1764000
Purchase of equipment is not relevant here
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n d revenues of 340.000, incurred ope f 5144,3x, purchased equipment for 560,000 and paid dividend...
At September 1, 2014, Fitz Inc. reported Retained Eumings of $1,692,000. During the month, Fitzgenerated revenues...
At September 1, 2014, Fitz Inc. reported Retained Eumings of $1,692,000. During the month, Fitzgenerated revenues of $240,000, incurred expenses of $144,000, purchased equipment for $60,000 and paid dividends of $24,000. What is the balance in Retained Earnings st September 30, 20142 a 596,000 credit dT b. 51,764,000 credit de fo C 51,704,000 credit d. 51.692.000 debit e. None of the above
During its first year, a corporation earned revenues of $135,000 and incurred expenses of $87,000. The...
During its first year, a corporation earned revenues of $135,000 and incurred expenses of $87,000. The corporation also paid cash dividends of $10,000 and purchased $25,000 of equipment in exchange for cash during the first year. What is the balance in the company's retained earnings account at the end of its first year? O A debit balance of $33,000. O A credit balance of $23,000 O A debit balance of $38,000 O A credit balance of $33,000 O A credit...
7. Issued 56,000 shares of common stock in exchange for $560,000 in cash. 2. Purchased equipment...
7. Issued 56,000 shares of common stock in exchange for $560,000 in cash. 2. Purchased equipment at a cost of $92,000. $23,000 cash was paid and a notes payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $170,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $250,000. The cost of the goods sold was $150,000. 5. Paid $7,500 in rent on the warehouse building...
9 and 10 9. Beatrice Company received $4,000 in cash revenues, paid cash expenses of $3,450,...
9 and 10
9. Beatrice Company received $4,000 in cash revenues, paid cash expenses of $3,450, and paid a cash dividend of $300 to its stockholders. It engaged in no other transactions during the period. Which of the following statements is true regarding the classification of these activities in Beatrice's Statement of Cash Flows? A. $4,000 received in cash revenues is a financing activity. B. $3,450 paid in cash expenses is an operating activity. C. $300 in cash paid for...
At September 1, 2017 RFULL SCREEN PRN Question 7 At September 1,2017, Five-o Inc. reported retained...
At
September 1, 2017
RFULL SCREEN PRN Question 7 At September 1,2017, Five-o Inc. reported retained earnings of $136,000. During the month, Five-O generated revenues of $20, purchased equipment for $5,000 and paid dividends of $2,000. What i the balance in retained earnings at September 30, 2017 O $8,000 credit $137,000 credn 0 $142,000 credit $136,000 debit Click if you would like to Show Work for this question: Open how c Question Attempts: 0 of 1 used sAE FOR LATE...
Selected transactions for Crane Corporation during September 2018, its first month in business, are presented below:...
Selected transactions for Crane Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange for $18,000 cash. 2 Paid $1,600 cash for rent for the month of September. 5 Purchased equipment for $9,800, paying $1,800 in cash and the balance on account. 8 Earned $7,300 in revenue, receiving $900 cash and $6,400 on account of services provided. 12 Incurred $600 in advertising expense on account. 20 Paid $3,000 for repairs and...
question 5, 6, and 7 7 D is 210,000 5. Revenues and Expenses are recorded: A....
question 5, 6, and 7
7 D is 210,000
5. Revenues and Expenses are recorded: A. Because cash is received or paid. B. Instead of cash being received or paid. C. When revenue is earned, or expenses are incurred. D. Only at month end 6. The accounting concept/principle being applied when adjusting entries are made is usually: A. Original cost B. Consistency. C. Matching revenues and expenses D. Materiality. 7. In 2013, Fiske Corporation purchased land for $115,000 at a...
Selected transactions for Blossom Corporation during September 2018, its first month in business, are presented below:...
Selected transactions for Blossom Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange for $22,000 cash. 2 Paid $1,500 cash for rent for the month of September. 5 Purchased equipment for $9,800, paying $1.800 in cash and the balance on account. 8 Earned $6,700 in revenue, receiving $1,100 cash and $5,600 on account of services provided. 12 Incurred $400 in advertising expense on account. 20 Paid $3,000 for repairs and...
Chapter 1 Problems: Set B and compute net KP1-18 On Apni 1. Bill Taylor established Tavlor...
Chapter 1 Problems: Set B and compute net KP1-18 On Apni 1. Bill Taylor established Tavlor Made Travel Agency. The following Analyze tra transactions were completed during the month. 1. Stockholders invested $8,000 cash in the business in exchange for common stock income. 2. Paid $400 cash for April office rent. (LO 3,4) 3. Purchased office equipment for $2,500 cash. 4. Incurred $300 of advertising costs in the Chicago Tribune, on account. 5. Paid $500 cash for office supplies. 6....
On August 31, the balance sheet of Bridgeport Veterinary Clinic showed Cash $12,000, Accounts Receivable $4,700,...
On August 31, the balance sheet of Bridgeport Veterinary Clinic showed Cash $12,000, Accounts Receivable $4,700, Supplies $ 600, Equipment $6,000, Accounts Payable $6,600, Common Stock $15,950, and Retained Earnings $750. During September, the following transactions occurred. 1. 2. 3. 4. 5. 6. 7. 8. Paid $3,300 cash for accounts payable due. Collected $1,350 of accounts receivable. Purchased additional equipment for $1,250, paying $900 in cash and the balance on account. Performed services worth $8,600, of which $2,400 is collected...
At September 1, 2014, Fitz Inc. reported Retained Eumings of $1,692,000. During the month, Fitzgenerated revenues of $240,000, incurred expenses of $144,000, purchased equipment for $60,000 and paid dividends of $24,000. What is the balance in Retained Earnings st September 30, 20142 a 596,000 credit dT b. 51,764,000 credit de fo C 51,704,000 credit d. 51.692.000 debit e. None of the above
During its first year, a corporation earned revenues of $135,000 and incurred expenses of $87,000. The corporation also paid cash dividends of $10,000 and purchased $25,000 of equipment in exchange for cash during the first year. What is the balance in the company's retained earnings account at the end of its first year? O A debit balance of $33,000. O A credit balance of $23,000 O A debit balance of $38,000 O A credit balance of $33,000 O A credit...
7. Issued 56,000 shares of common stock in exchange for $560,000 in cash. 2. Purchased equipment at a cost of $92,000. $23,000 cash was paid and a notes payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $170,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $250,000. The cost of the goods sold was $150,000. 5. Paid $7,500 in rent on the warehouse building...
9 and 10
9. Beatrice Company received $4,000 in cash revenues, paid cash expenses of $3,450, and paid a cash dividend of $300 to its stockholders. It engaged in no other transactions during the period. Which of the following statements is true regarding the classification of these activities in Beatrice's Statement of Cash Flows? A. $4,000 received in cash revenues is a financing activity. B. $3,450 paid in cash expenses is an operating activity. C. $300 in cash paid for...
At
September 1, 2017
RFULL SCREEN PRN Question 7 At September 1,2017, Five-o Inc. reported retained earnings of $136,000. During the month, Five-O generated revenues of $20, purchased equipment for $5,000 and paid dividends of $2,000. What i the balance in retained earnings at September 30, 2017 O $8,000 credit $137,000 credn 0 $142,000 credit $136,000 debit Click if you would like to Show Work for this question: Open how c Question Attempts: 0 of 1 used sAE FOR LATE...
Selected transactions for Crane Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange for $18,000 cash. 2 Paid $1,600 cash for rent for the month of September. 5 Purchased equipment for $9,800, paying $1,800 in cash and the balance on account. 8 Earned $7,300 in revenue, receiving $900 cash and $6,400 on account of services provided. 12 Incurred $600 in advertising expense on account. 20 Paid $3,000 for repairs and...
question 5, 6, and 7
7 D is 210,000
5. Revenues and Expenses are recorded: A. Because cash is received or paid. B. Instead of cash being received or paid. C. When revenue is earned, or expenses are incurred. D. Only at month end 6. The accounting concept/principle being applied when adjusting entries are made is usually: A. Original cost B. Consistency. C. Matching revenues and expenses D. Materiality. 7. In 2013, Fiske Corporation purchased land for $115,000 at a...
Selected transactions for Blossom Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange for $22,000 cash. 2 Paid $1,500 cash for rent for the month of September. 5 Purchased equipment for $9,800, paying $1.800 in cash and the balance on account. 8 Earned $6,700 in revenue, receiving $1,100 cash and $5,600 on account of services provided. 12 Incurred $400 in advertising expense on account. 20 Paid $3,000 for repairs and...
Chapter 1 Problems: Set B and compute net KP1-18 On Apni 1. Bill Taylor established Tavlor Made Travel Agency. The following Analyze tra transactions were completed during the month. 1. Stockholders invested $8,000 cash in the business in exchange for common stock income. 2. Paid $400 cash for April office rent. (LO 3,4) 3. Purchased office equipment for $2,500 cash. 4. Incurred $300 of advertising costs in the Chicago Tribune, on account. 5. Paid $500 cash for office supplies. 6....
On August 31, the balance sheet of Bridgeport Veterinary Clinic showed Cash $12,000, Accounts Receivable $4,700, Supplies $ 600, Equipment $6,000, Accounts Payable $6,600, Common Stock $15,950, and Retained Earnings $750. During September, the following transactions occurred. 1. 2. 3. 4. 5. 6. 7. 8. Paid $3,300 cash for accounts payable due. Collected $1,350 of accounts receivable. Purchased additional equipment for $1,250, paying $900 in cash and the balance on account. Performed services worth $8,600, of which $2,400 is collected...
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