(1)
Introduction: The financial statements of a company include balance sheets, income statements, and cash flow statements. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
To prepare:
(2)
Introduction: The financial statements of a company include balance sheets, income statements, and cash flow statements. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
To prepare: Income statement, statement of owner’s equity, and
(3)
Introduction: The financial statements of a company include balance sheets, income statements, and cash flow statements. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
To prepare: The cash flow statement.
(4)
Introduction: The financial statements of a company include balance sheets, income statements, and cash flow statements. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
To compute: The total assets, total liabilities, and total equity if roofing equipment is invested by the owner.
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FUND.ACCT.PRIN.
- Rochester Construction begins operations in March and has the following transactions. March 1 Issue common stock for $18,000. March 5 Obtain $8,400 loan from the bank by signing a note. March 10 Purchase construction equipment for $22,000 cash. March 15 Purchase advertising for the current month for $1,100 cash. March 22 Provide construction services for $17,400 on account. March 27 Receive $12,400 cash on account from March 22 services. March 28 Pay salaries for the current month of $5,400. Required: Analyze each transaction and show the effects of each on the accounting equation. Note: Decreases to account classifications should be indicated by a minus sign. Do not give answer in imagearrow_forwardConsider each of the transaction below independently. All expenditures were made in cash In march, the Cleanway Laundromat bought equipment. Cleanway paid $5,000 down and signed a noninterest-bearing note requiring the payment of $30,000 in nine months. The cash price for the equipment was $34,000. Prepare all necessary journal entries to record each the transaction. Use this format: Date Account Titles DR CRarrow_forwardT Account entries for Simple Construction:Bob Simple graduated from the BCIT Construction Management Program and decided to start his own construction company. We will record various entries that might be made in a T account sheet in order to account for his second year of operations. At the end of the first year, his income statement and balance sheet havethe following values:Balance Sheet Entries for Last Year:Cash: 365,000Accounts Receivable: $17,000Materials Inventory: $2000Equipment: $15,000Accumulated Amortization: $500Accounts Payable: $22,000Bank Loan –Long Term: $10,000Dividend Payable: $35,000Interest Payable: $500Wages Payable: $5,000Common Stock: $250,000Retained Earnings: $76,000Income statement Final Entries for Last Year:Revenue: $145,000Materials Expense: $20,000Wages Expense: $10,000Amortization Expense: $500Rental Expense: $2,500Interest Expense: $1000Net Income: $111,000 Question 1a.Enter the relevant amounts in the T sheet to start the current year, and designate…arrow_forward
- Harris Welding Company had the following transactions for June. June 1 Tyler Harris invested $9550 cash in a small welding business June 2 Bought used welding equipment on account for $3050 June 5 Hired an employee to start work on July 15. Agreed on a salary of $3390 per month June 17 Billed P. White $2230 for welding work done. June 27 Received $1220 cash from P.White for work billed on June 17. Journalize the transactionsarrow_forwardTB 03-84 Sparkling Pools provides $1,000 of pool main... Sparkling Pools provides $1,000 of pool maintenance services during July and collects payment in August. The company performs $1,600 of pool maintenance services during July that were paid for in June. The company accepts an order to perform $500 of pool maintenance services in August and will be pald in the same month. Revenue should be credited for: Multiple Choice $1,600 in June, $0 in July, and $1,500 in August. $0 in June, $2,600 in July, and $500 in August. $1,600 in June, $1,000 in July, and $500 in August. $0 in June, $1,600 in July, and $1,500 in August.arrow_forwardMANAGEMENT DEPARTMENT, FACULTY PROBLEM On January 1 of the current year, Juan David opened the “ J.D Men's Wear Shop", and during the month, the following transactions were completed: Jan. 1 Juan David invested cash P 80,000 in the business. He bought two sewing machines amounting P 30,000 each from Patio Merchandising, the he gave P15,000 down and the balance is payable within 60 days. Paid a three month rental of the shop, P30,000. This was charged to 1 1 prepaid Rent account. 1 Paid a one year insurance policy, P 5,700. Bought sewing tools P 5,900 and sewing supplies P 2,700 from Jomar Trading on credit. Received P 1,200 from customer for a short delivered. Billed to Maricris Acosta, P 5,000 for two-pair of pants and polo barong 7 delivered. 10 Purchased clothing materials from Baclaran Market and paid P 15,000 cash. 13 Received P 12,500 from various customers for pants and barong made and delivered. 14 Gave Patio Merchandising P 15,000 and issued a 60-day, 6% note for the balance.…arrow_forward
- The following transactions occurred during December, the first month of operations for Johnson, Corp.: Purchased $150,000 of equipment by making a $55,000 cash down payment and signing a note payable for the balance. Capital stock was issued in exchange for $225,000 cash. Made a $25,000 cash payment on the note payable from the purchase of equipment. Sold a piece of equipment for cash of $14,000. The equipment was sold at cost, so there is no gain or loss on the sale. What are total assets at the end of December? Select one: OA. 136,000 OB. 159,000 OC. 295,000 OD. 320,000arrow_forwardMbalamwezi Merchandising Enterprise conducted the following transactions during its first month of operations 1st Jan Issued sh500,000 of capital stock to owners 2nd Jan Obtained a loan for sh200,000 from XY Bank 3rd Jan Equipment was purchased for sh400,000 paying by cheque 4th Jan Merchandise inventory was purchased for sh250,000 on account 15th Jan Employees who earned sh5,000 this period were paid 16th Jan A utility bill for sh1,500 was received but not paid 17th Jan Merchandise inventory costing sh100,000 was sold to customers for sh175,000 on account 26th Jan Customers paid sh80,000 on their accounts 29th Jan Dividends of sh5,000 were paid REQUIRED: i) Conduct the debit credit analysis for the above transactions for the month of January 2022. ii) Journalize the events for the montharrow_forwardTransaction Analysis During December, Cynthiana Refrigeration Service engaged in the following transactions: On December 3, Cynthiana sold a 1-year service contract to Cub Foods for $12,000 cash. On December 10, Cynthiana repaired equipment of the A&W Root Beer Drive-In. A&W paid $1,100 in cash for the service call. On December 10, Cynthiana purchased a new Chevy truck for business use. The truck cost $36,500. Cynthiana paid $5,500 down and signed a 1-year note for the balance. Cynthiana received a $3,200 order of repair parts from Carrier Corporation on December 19. Carrier is expected to bill Cynthiana for $3,200 in early January. On December 23, Cynthiana purchased 20 turkeys from Cub Foods for $300 cash. Cynthiana gave the turkeys to its employees as a Christmas gift. Required: For each transaction described above, indicate the effects on assets, liabilities, and stockholders' equity using the format below. If an amount box does not require an entry, leave the cells blank…arrow_forward
- Rivera Roofing Company, owned by Revna Rivera, began operations in July and completed these transactions during that first month of operations. July 1 Reyna Rivera invested $80.000 cash in the company in exchange for its common stock. July 2 The company rented office space and paid $700 cash for the July rent. July 3 The company purchased roofing equipment for $5,000 by paying $1,000 cash and agreeing to pay the $4,000 balance in 30 days. July 6 The company purchased office supplies for $600 cash. July 8 The company completed work for a customer and immediately collected $7,600 cash for the work July 10 The company purchased $2,300 of office equipment on credit. July 15 The company completed work for a customer on credit in the amount of 8,200 July 17 The company purchased 55,100 of office supplies on credit. July 23. The company paid $2,300 cash for the office equipment purchased on July 10. July 25 The company billed a customer $5,000 for work completed: the…arrow_forwardJournalize the following: 1. On the books & records of Company A: On May 2nd, Company A received $100 of interest income from the bank earned in April. If the books are on an accrual basis, record the entry in April and in May when cash was received April May 2. On the books & records of Company A: In January, Company A purchased Investment in XYZ for $100. Payment was made in cash. In March, Company A sold Investment in XYZ for $150. Payment was received in cash. 3. On the books & records of Company A: On April 1st, Company A paid $1,200 for insurance expense that covers the year 4/1/17-3/31/18. Record 4/1/17 entry for payment of $1,200 Record 4/30/17 journal entry 4. There are 2 parallel funds, Fund A and Fund B. Together, the funds will make an investment of $100k, with a 65/35 split. The investment will be paid in cash, however, Fund B does not currently have any cash so Fund…arrow_forwardMing Chen started a business and had the following transactions in June. Owner invested $66,000 cash in the company along with $10,000 of equipment. The company paid $1,100 cash for rent of office space for the month. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). The company completed work for a client and immediately collected $1,700 cash. The company completed work for a client and sent a bill for $8,200 to be received within 30 days. The company purchased additional equipment for $6,300 cash. The company paid an assistant $2,900 cash as wages for the month. The company collected $4,500 cash as a partial payment for the amount owed by the client in transaction e. The company paid $10,000 cash to settle the liability created in transaction c. The owner withdrew $1,200 cash from the company for personal use. Required:Complete the table using additions and subtractions to show the dollar effects of the transactions on individual items of…arrow_forward
- Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage