Mark’s Consulting experienced the following transactions for
2018, its first year of operations, and 2019. Assume...
Mark’s Consulting experienced the following transactions for
2018, its first year of operations, and 2019. Assume that all
transactions involve the receipt or payment of cash.
Transactions for 2018
Acquired $70,000 by issuing common stock.
Received $115,000 cash for providing services to customers.
Borrowed $19,000 cash from creditors.
Paid expenses amounting to $56,000.
Purchased land for $40,000 cash.
Transactions for 2019
Beginning account balances for 2019 are:
Cash
$
108,000
Land
40,000
Notes payable
19,000
Common stock
70,000
Retained earnings...
Mark’s Consulting experienced the following transactions for
2016, its first year of operations, and 2017. Assume...
Mark’s Consulting experienced the following transactions for
2016, its first year of operations, and 2017. Assume that all
transactions involve the receipt or payment of cash. Transactions
for 2016 1. Acquired $20,000 by issuing common stock. 2. Received
$35,000 for providing services to customers. 3. Borrowed $25,000
cash from creditors. 4. Paid expenses amounting to $22,000. 5.
Purchased land for $30,000 cash.
Required information [The following information applies to the
questions displayed below.] Mark’s Consulting experienced the
following...
Required information [The following information applies to the
questions displayed below.] Mark’s Consulting experienced the
following transactions for 2018, its first year of operations, and
2019. Assume that all transactions involve the receipt or payment
of cash. Transactions for 2018 Acquired $50,000 by issuing common
stock. Received $100,000 cash for providing services to customers.
Borrowed $15,000 cash from creditors. Paid expenses amounting to
$60,000. Purchased land for $40,000 cash. Transactions for 2019
Beginning account balances for 2019 are: Cash $...
Leach Inc. experienced the following events for the first two
years of its operations:
2018:
Issued...
Leach Inc. experienced the following events for the first two
years of its operations:
2018:
Issued $10,000 of common stock for cash.
Provided $80,000 of services on account.
Provided $33,000 of services and received cash.
Collected $47,000 cash from accounts receivable.
Paid $14,000 of salaries expense for the year.
Adjusted the accounting records to reflect uncollectible
accounts expense for the year. Leach estimates that 5 percent of
the ending accounts receivable balance will be uncollectible.
2019:
Wrote off an uncollectible...
Required information [The following information applies to the
questions displayed below.] Maben Company was started on...
Required information [The following information applies to the
questions displayed below.] Maben Company was started on January 1,
2018, and experienced the following events during its first year of
operation: Acquired $35,000 cash from the issue of common stock.
Borrowed $47,000 cash from National Bank. Earned cash revenues of
$63,000 for performing services. Paid cash expenses of $52,500.
Paid a $2,500 cash dividend to the stockholders. Acquired an
additional $35,000 cash from the issue of common stock. Paid
$12,000 cash...
Question
The following are the business transactions of Rustic Camp Sites
for November 2019.
Date
Narration...
Question
The following are the business transactions of Rustic Camp Sites
for November 2019.
Date
Narration
Event 1
Acquired $150,000 from issuing common stock
2
Bought a photocopier for $2,500, paying cash
3
Received a bank loan $70,000
4
Bought Office premises $130,000, paying cash
5
Revenue earned from providing services $35,000
6
Paid utility expenses $2,500
7
Bought furniture and paid 5,000
8
Salary paid to employees $10,000
9
Cash dividend paid $5,000
10
Paid interest expenses $200
11...
During 2019, Ocean Consulting had the following transactions
with it clients (customers):
On February 1, 2019,...
During 2019, Ocean Consulting had the following transactions
with it clients (customers):
On February 1, 2019, the company received cash of $10,000 from
clients in payment of their account balances as of December 31,
2018.
On November 1, 2019, the company received $4,000 cash as
payments in advance for services to be performed in 2020.
The company received a total of $26,000 in cash for services
that were performed during 2019.
The company sent bills totaling $8,000 to clients for...
Rawlings Corporation engaged in the following transactions
during Year 1, its first year of operations. (Assume...
Rawlings Corporation engaged in the following transactions
during Year 1, its first year of operations. (Assume all
transactions are cash transactions.)
1) Acquired $1,900 cash from the issue of common stock.
2) Borrowed $1,370 from a bank.
3) Earned $1,550 of revenues cash.
4) Paid expenses of $440.
5) Paid a $240 dividend.
During Year 2, Rawlings engaged in the following transactions.
(Assume all transactions are cash transactions.)
1) Issued an additional $1,275 of common stock.
2) Repaid $885 of...
The Comparative Balance Sheet of XYZ Inc. for December 31,
2019 and 2018 is shown as...
The Comparative Balance Sheet of XYZ Inc. for December 31,
2019 and 2018 is shown as follows:
12/31/19 12/31/18
Assets
Cash $625,760 $585,920
Accounts Receivable 227,840 208,960
Inventories $641,760 $617,120
Investments 0 240,000
Land 328,000 0
Equipment 705,120 553,120
Accumulated Depreciation-equipment (166,400) (148,000)
Total Assets $2,362,080 $2,057,120
Liabilities and Stockholders’ Equity
Accounts payable (merchandise creditors) $424,480
$404,960
Accrued expenses payable (operating expenses) 42,240
52,640
Dividends payable 24,000 19,200
Common Stock, $4 par 150,000 100,000
Paid In Capital – common stock...
Lexington Company engaged in the following transactions during
Year 1, its first year in operation: (Assume...
Lexington Company engaged in the following transactions during
Year 1, its first year in operation: (Assume all transactions are
cash transactions.)
Acquired $4,900 cash from issuing common stock.
Borrowed $3,150 from a bank.
Earned $4,050 of revenues.
Incurred $2,590 in expenses.
Paid dividends of $590.
Lexington Company engaged in the following transactions during Year
2: (Assume all transactions are cash transactions.)
Acquired an additional $1,450 cash from the issue of common
stock.
Repaid $1,965 of its debt to the bank....