Question

During 2022, Martinez Corp. entered into the following transactions. 1. Borrowed $60,100 by issuing bonds. 2....

During 2022, Martinez Corp. entered into the following transactions.

1. Borrowed $60,100 by issuing bonds.
2. Paid $9,480 cash dividend to stockholders.
3. Received $18,500 cash from a previously billed customer for services performed.
4. Purchased supplies on account for $4,600.



Using the following tabular analysis, show the effect of each transaction on the accounting equation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-4 for example.)

Assets

=

Liabilities

+

Stockholders’ Equity

Cash + Accounts Receivable + Supplies = Accounts Payable + Bonds Payable + Common Stock +

Retained Earnings
Dividends

(1)

$enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount

(2)

enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount

(3)

enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount

(4)

enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount

Homework Answers

Answer #1

Using the following tabular analysis, show the effect of each transaction on the accounting equation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-4 for example.)

Assets

=

Liabilities

+

Stockholders’ Equity

Cash + Accounts Receivable + Supplies = Accounts Payable + Bonds Payable + Common Stock +

Retained Earnings
Dividends

(1)

60100 60100

(2)

-9480 -9480

(3)

18500 -18500

(4)

4600 4600
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1. During 2022, Splish Brothers Corp. entered into the following transactions. 1. Borrowed $56,400 by issuing...
1. During 2022, Splish Brothers Corp. entered into the following transactions. 1. Borrowed $56,400 by issuing a note. 2. Paid $8,460 cash dividend to stockholders. 3. Received $12,220 cash from a previously billed customer for services performed. 4. Purchased supplies on account for $2,914. Using the following tabular analysis, show the effect of each transaction on the accounting equation. For retained earnings, use separate columns for revenues, expenses, and dividends if necessary. (If a transaction results in a decrease in...
During 2022, its first year of operations as a delivery service, Novak Corp. entered into the...
During 2022, its first year of operations as a delivery service, Novak Corp. entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $122,000 in cash. 2. Borrowed $48,000 by issuing bonds. 3. Purchased delivery trucks for $52,000 cash. 4. Received $16,000 from customers for services performed. 5. Purchased supplies for $4,700 on account. 6. Paid rent of $5,800. 7. Performed services on account for $11,800. 8. Paid salaries of $26,700. 9. Paid a...
Exercise 3-3 During 2017, its first year of operations as a delivery service, Indigo Corporation entered...
Exercise 3-3 During 2017, its first year of operations as a delivery service, Indigo Corporation entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $150,000 in cash. 2. Borrowed $40,000 by issuing bonds. 3. Purchased delivery trucks for $55,000 cash. 4. Received $17,000 from customers for services performed. 5. Purchased supplies for $6,700 on account. 6. Paid rent of $4,200. 7. Performed services on account for $11,700. 8. Paid salaries of $26,800. 9....
Selected transactions for Monty Corp. during its first month in business are presented below. Sept. 1...
Selected transactions for Monty Corp. during its first month in business are presented below. Sept. 1 Issued common stock in exchange for $21,300 cash received from investors. 5 Purchased equipment for $8,520, paying $3,080 in cash and the balance on account. 8 Performed services on account for $18,900. 14 Paid salaries of $2,100. 25 Paid $3,440 cash on balance owed for equipment. 30 Paid $750 cash dividend. Complete a tabular analysis of the September transactions. For transactions affecting stockholders’ equity,...
Practice Problem 01 a, b1-b3 (Part Level Submission) On August 31, the balance sheet of Whispering...
Practice Problem 01 a, b1-b3 (Part Level Submission) On August 31, the balance sheet of Whispering Winds Corp. showed Cash $10,000, Accounts Receivable $2,700, Supplies $600, Equipment $6,000, Accounts Payable $4,600, Common Stock $13,950, and Retained Earnings $750. During September, the following transactions occurred. 1. Paid $2,200 cash for accounts payable due. 2. Collected $1,650 of accounts receivable. 3. Purchased additional equipment for $2,150, paying $900 in cash and the balance on account. 4. Recognized revenue of $8,000, of which...
Problem 1-2A (Part Level Submission) Judi Salem opened a law office on July 1, 2017. On...
Problem 1-2A (Part Level Submission) Judi Salem opened a law office on July 1, 2017. On July 31, the balance sheet showed Cash $5,900, Accounts Receivable $2,000, Supplies $500, Equipment $6,100, Accounts Payable $4,300, and Owner’s Capital $10,200. During August, the following transactions occurred. 1. Collected $1,700 of accounts receivable. 2. Paid $2,700 cash on accounts payable. 3. Recognized revenue of $7,600, of which $3,200 is collected in cash and the balance is due in September. 4. Purchased additional equipment...
A: Prepare a tabular analysis of the transactions. Revenue is called Service Revenue. (If a transaction...
A: Prepare a tabular analysis of the transactions. Revenue is called Service Revenue. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) B: From an analysis of the Retained Earnings columns, compute the net income or net loss for May. (Income Statement) Fredonia Repair Inc. was started on May 1. A summary of May...
1. While examining cash receipts information, the accounting department determined the following information: opening cash balance...
1. While examining cash receipts information, the accounting department determined the following information: opening cash balance $153, cash on hand $1,148.25, and cash sales per register tape $1,008.39. Prepare a tabular analysis of the required adjustment based upon the sales register tape and cash on hand. Include margin explanations for the changes in revenues and expenses. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount...
Exercise 8-13 Crane Company had these transactions during the current period. June 12 Issued 79,500 shares...
Exercise 8-13 Crane Company had these transactions during the current period. June 12 Issued 79,500 shares of $1 par value common stock for cash of $298,125. July 11 Issued 3,650 shares of $105 par value preferred stock for cash at $113 per share. Nov. 28 Purchased 3,200 shares of treasury stock for $8,800. Prepare a tabular summary to record the Crane Company transactions. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or...
Additional information: The net cash provided by operating activities for 2022 was $190,200. The cash used...
Additional information: The net cash provided by operating activities for 2022 was $190,200. The cash used for capital expenditures was $91,000. The cash used for dividends was $30,200. The weighted-average common shares outstanding during the year was 50,000. (a) Compute the following values and ratios for 2022. (We provide the results from 2021 for comparative purposes.) (Round Current Ratio and Earnings per share to 2 decimal places, e.g. 15.25 and Debt to assets ratio to 1 decimal place, e.g. 78.9%....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT