Homework Answers
Transaction will be like issuance of common stock in exchange of cash 7000 and land 15000
Journal entry will be
cash A/c________ DR $7000
Land A/c_______DR $15000
To common stock $22000
Ledger posting
|
cash |
Land |
Common stock |
|||||
|
$7000 |
$15000 |
$22000 | |||||
Option c
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Your Company stock in return for $7,000 in cash and land worth $15,000.Which set of T...
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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...
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The following information is available for XYZ Company: January 1, 2022 December 31, 2022 ASSETS Cash...
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Question 1 Sunny Company has the following account balances after adjusting entries at December 31, 2012:...
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Question 2 Sunny Company has the following account balances after adjusting entries at December 31, 2012: Accounts Paya...
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HC Corporation issued 7,000 shares of its $2 par value common stock at a market price...
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Cash Inventory Land Common stock Retained earnings $ 6,900 15,000 7,000 15,000 13,900 During Year 2, the company experienced the following events: 1. Purchased inventory that cost $5,200 on account from Ross Company under terms 1/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $190 were paid in cash. 2. Returned $400 of the inventory it had purchased from Ross Company because the inventory was damaged in transit. The seller agreed to pay the return freight cost....
Cushenberry Corporation had the following transactions. 1. Sold land (cost $12,000) for $15,000 2. Issued common stock at par for $20,000. 3. Recorded depreciation on buildings for $17,000. 4. Paid salaries of $9,000 5. Issued 1,000 shares of $1 par value common stock for equipment worth $8,000 6. Sold equipment (cost $10,000, accumulated depreciation $7,000) for $1,200. (b) For each transaction above indicate how it would affect the statement of cash flows using the indirect method.
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...
Question 1 Sunny Company has the following account balances after adjusting entries at December 31, 2012: $24,000 7,000 Accounts Payable Dividends Treasury Stock, Common (22,000 shares) Preferred Stock ($10 par) Land Cash Equipment Accounts Receivable Common Stock ($1 par) Sales Prepaid Rent Bonds Payable (due 2030) Premium on Bonds Payable Cost of Goods Sold Interest Expense Unearned Revenue Allowance for Doubtful Accounts Operating Expenses Accumulated Depreciation- Equipment Paid-in Capital in Excess of Par Value, Common Retained Earnings 98,000 80,000 220,000...
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