Lisa's Floral Arrangements, Inc. had the following transactions in the month of January: The owners invested...
Lisa's Floral Arrangements, Inc. had the following transactions in the month of January: The owners invested $90,000 (the par value of the stock) for 20,000 shares of common stock; the company purchased furniture for the florist shop in the amount of $35,000, which was put on a credit account with the vendor; and the company paid employees wages of $14,000 in cash. What is the effect of each of these transactions on the accounting equation?
Cash + Furniture = Liabilities + Contributed Capital + Beg. Retained Earnings + Revenues & Gains - Expenses & Losses - Dividends Declared
Homework Answers
| Cash | + | Furniture | = | Liabilities | + | Contributed Capital | + | Beg. Retained Earnings | + | Revenues & Gains | - | Expenses & Losses | - | Dividend Declared | |
| 1 | 90,000 | + | = | + | 90,000 | + | + | - | - | ||||||
| 2 | + | 35,000 | = | 35,000 | + | + | + | - | - | ||||||
| 3 | -14,000 | + | = | + | + | + | - | -14,000 | - | ||||||
| Total | 76,000 | + | 35,000 | = | 35,000 | + | 90,000 | + | 0 | + | 0 | - | -14,000 | - | 0 |
Kindly give a positive rating if you are satisfied with this solution and please ask if you have any query.
Thanks
Add Answer to:
Lisa's Floral Arrangements, Inc. had the following
transactions in the month of January: The owners invested...
High KickHigh Kick Games, Inc. is a new corporation started on January 1,2018 The following transactions...
High KickHigh Kick Games, Inc. is a new corporation started on January 1,2018 The following transactions occurred during the first year of operations. a. On January 1, the owners invested a total of $ 49,000.00 (the par value of the stock) to start the company. In exchange, the corporation issued the owners 5,000 shares of common stock. b. On March 14, the company paid cash to purchase office equipment for $10,200.00 c. On April 6, the company obtained a note...
Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: 1....
Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: 1. Issued 10,000 shares of common stock for $15,000 cash. 2. Purchased land for $12,000, signing a note payable for the full amount. 3. Purchased office equipment for $1,200 cash. 4. Received cash of $14,000 for services provided to customers during the month. 5. Purchased $300 of office supplies on account. 6. Paid employees $10,000 for their first month's salaries. What was the total amount...
Question Help E4-3 (similar to) High Wind Games, Inc. is a new corporation started on January...
Question Help E4-3 (similar to) High Wind Games, Inc. is a new corporation started on January 1, 2018. The following transactions occurred during the first year of operations 1 Click the icon to wow the transactions Requirements a. Show the elect of each transaction on assets, labi , and equity using the accounting equation b. Prepare the journal entry for each transaction. Omit explanations Requirement a Snow the offect of each transaction on labs, and equity using the accounting on...
On April 1, Adventures Travel Agency, Inc. began operations. The following transactions were completed during the month.
Exercise 2-9 On April 1, Adventures Travel Agency, Inc. began operations. The following transactions were completed during the month. 1. Stockholders invested $24,000 in the business in exchange for common stock. 2. Obtained a bank loan for $7,000 by issuing a note payable. 3. Paid $11,000 cash to buy equipment. 4. Paid $1,200 cash for April office rent. 5. Paid $1,450 for supplies. 5 Purchased $600 of advertising in the Daily Herald, on account. 7. Performed services for $18,000: cash of $2,000 was received from customers, and the...
On April 1, Larkspur, Inc. was established. These transactions were completed during the month. 1. Stockholders...
On April 1, Larkspur, Inc. was established. These transactions were completed during the month. 1. Stockholders invested $29,600 cash in the company in exchange for common stock. 2. Paid $690 cash for April office rent. 3. Purchased office equipment for $2,980 cash. 4. Purchased $110 of advertising in the Chicago Tribune, on account. 5. Paid $430 cash for office supplies. 6. Performed services worth $11,100. Cash of $3,700 is received from customers, and the balance of $7,400 is billed to...
Olivia's Apple Orchard had the following transactions during the month of September, the first month in...
Olivia's Apple Orchard had the following transactions during the month of September, the first month in business. Complete the chart to determine the ending balances. As an example, the first transaction has been completed. For those boxes in which you must enter subtractive or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank. Owner's Transaction Amount Liability Equity Amount owed for land purchase $52,000 $52,000 $52,000 $0 Apple sales: cash 3,200...
Required information The following information applies to the questions displayed below) Lisa Frees and Amelia Ellinger...
Required information The following information applies to the questions displayed below) Lisa Frees and Amelia Ellinger have been operating a catering business for several years. In March, the partners plan to expand by opening a retail sales shop. They have decided to form the business as a corporation called Traveling Gourmet, Inc. The following transactions occurred in March a. Received $80,000 cash from each of the two shareholders to form the corporation. In addition to $2,000 in accounts receivable, $5,300...
Metlock Inc., a greeting card company, had the following statements prepared as of December 31, 2...
Metlock Inc., a greeting card company, had the following statements prepared as of December 31, 2017. METLOCK INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 Cash $5,900 $7,100 Accounts receivable 62,000 51,000 Short-term debt investments (available-for-sale) 35,000 18,100 Inventory 40,400 59,900 Prepaid rent 5,000 4,000 Equipment 153,300 129,100 Accumulated depreciation—equipment (35,000 ) (24,800 ) Copyrights 46,300 50,300 Total assets $312,900 $294,700 Accounts payable $46,500 $40,200 Income taxes payable 4,100 6,100 Salaries and wages payable 8,100...
For each of the following transactions of Spotlighter, Inc., for the month of January, indicate the...
For each of the following transactions of Spotlighter, Inc., for the month of January, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided. (Enter any decreases to account balances with a minus sign.) a. (Sample) Borrowed $5,540 from a local bank on a note due in six months. b. Received $6,230 cash from investors and issued common stock to them. C. Purchased $2,600 in equipment, paying $1,000 cash and promising the rest...
Required information [The following information applies to the questions displayed below.] Aubrae and Tylor Williamson began...
Required information [The following information applies to the questions displayed below.] Aubrae and Tylor Williamson began operations of their furniture repair shop (Furniture Refinishers, Inc.) on January 1, 2019. The annual reporting period ends December 31. The trial balance on January 1, 2020, was as follows: Furniture Refinishers, Inc. Trial Balance on January 1, 2020 Account Titles Debit Credit Cash 8,000 Accounts receivable 7,000 Supplies 2,000 Small tools 11,000 Equipment Accumulated depreciation (on equipment) Other noncurrent assets (not detailed to...
Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: 1. Issued 10,000 shares of common stock for $15,000 cash. 2. Purchased land for $12,000, signing a note payable for the full amount. 3. Purchased office equipment for $1,200 cash. 4. Received cash of $14,000 for services provided to customers during the month. 5. Purchased $300 of office supplies on account. 6. Paid employees $10,000 for their first month's salaries. What was the total amount...
Question Help E4-3 (similar to) High Wind Games, Inc. is a new corporation started on January 1, 2018. The following transactions occurred during the first year of operations 1 Click the icon to wow the transactions Requirements a. Show the elect of each transaction on assets, labi , and equity using the accounting equation b. Prepare the journal entry for each transaction. Omit explanations Requirement a Snow the offect of each transaction on labs, and equity using the accounting on...
On April 1, Larkspur, Inc. was established. These transactions were completed during the month. 1. Stockholders invested $29,600 cash in the company in exchange for common stock. 2. Paid $690 cash for April office rent. 3. Purchased office equipment for $2,980 cash. 4. Purchased $110 of advertising in the Chicago Tribune, on account. 5. Paid $430 cash for office supplies. 6. Performed services worth $11,100. Cash of $3,700 is received from customers, and the balance of $7,400 is billed to...
Olivia's Apple Orchard had the following transactions during the month of September, the first month in business. Complete the chart to determine the ending balances. As an example, the first transaction has been completed. For those boxes in which you must enter subtractive or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank. Owner's Transaction Amount Liability Equity Amount owed for land purchase $52,000 $52,000 $52,000 $0 Apple sales: cash 3,200...
Required information The following information applies to the questions displayed below) Lisa Frees and Amelia Ellinger have been operating a catering business for several years. In March, the partners plan to expand by opening a retail sales shop. They have decided to form the business as a corporation called Traveling Gourmet, Inc. The following transactions occurred in March a. Received $80,000 cash from each of the two shareholders to form the corporation. In addition to $2,000 in accounts receivable, $5,300...
For each of the following transactions of Spotlighter, Inc., for the month of January, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided. (Enter any decreases to account balances with a minus sign.) a. (Sample) Borrowed $5,540 from a local bank on a note due in six months. b. Received $6,230 cash from investors and issued common stock to them. C. Purchased $2,600 in equipment, paying $1,000 cash and promising the rest...
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