CLAUDrJune 17.Sold for $15,000 land that had cost this same amountJune 21Received $8000 cash from June 06 transactionJune 30.Paid utilities expense of $600 and salary expense $2,500Requirements:1. State the effect each transaction from June 1st 30th will have on the accountingequation. For example, the transaction increased asset and increased capital, thetransaction increased expenses and decreased cash, the transaction increasedasset and decreased asset, etc.2. Prepare the journal entries with narrations to record the transactions for "June"3. Post the transactions recorded in your journal to their respective "T" accounts andbalance off each account at June 30th 2020.4. Having determined the account balances, represent this information using theaccounting equation. ッ、AT NormalT No Spac.. Heading 1HeadingParagraphStylesQuality Service Inc. has the following accounts balances in their charts ofaccounts balances as at June 1, 2020:Cash $138,000, Accounts receivable $0; Land $ 30,000, Building $0; Supplies $0;Accounts payable $0, Notes payable $0; Quality-capital $70,000, Service revenue$98,000, Utilities, salary expense $0.The company also presented the following transactions for the month:June 1.Purchased supplies for $1000 on accountJune 4.Purchased a building for, $62,100 cashJune 6Performed service for a client on account, $12,000June 10.Borrowed $7,000 cash, signing a note payableJune 13Paid the liability from June 1June 17Sold for $15.000 land that had cost this same amountJune 21Received $8000 cash from June 06 transactionJune 30Paid utilities expense of S600 and salary expense $2.500Requirements.1. State the effect each transaction from.Juna 1st 20t l

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7. Sold for $15,000 land that had cost this same amount 1. Received $8000 cash from June 06 transaction 0. Paid utilities expense of $600 and salary expense $2,500 rements: State the effect each transaction from June 1st -30th will have on the a equation. For example, thę transaction increased asset and increaso

7. Sold for $15,000 land that had cost this same amount 1. Received $8000 cash from June 06 transaction 0. Paid utilities expense of $600 and salary expense $2,500 rements: State the effect each transaction from June 1st -30th will have on the a equation. For example, thę transaction increased asset and increaso

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Presented here is information for Sheridan Company. Income tax expense Casualty loss Loss from the sale of land Sales returns and allowances Interest revenue $15,000 Other expenses and losses $ 1,480 1,900 860 1,080 Sales revenue Rent expense Interest expense Dividend revenue Income tax payable Calculate the amount reported as "Other expenses and losses". 9040 $95,500 1,720 2,700 1,500 4,800
The Income statement, balance sheets, and additional Information for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2021 Net sales Gain on sale of land Total revenuen $2,410,000 7,500 2,417,500 Еxpenseв: Cost of goods sold Operating expensen Depreciation expense Interest expenae Income tax expense Total expenses $1,555,000 596,000 14,000 15,000 61,000 2,241,000 5 176,500 Net income VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 Assets Current asseta: Cash Accounts receivable $ 122,440 66,900 131,500 2,860 S66, 780 81,000 126,000 4320 Inventory Prepaid rent Long-term aBsets: Investments Land 176,000 154,500 212,000 (114,500) $ 751, 700 100,000 200,000 201.000 100,500) 5 678, 60 Equipment Accumulated depreciation Total assets Liabilitien and Stockholders' Equity Current 1iabilities: Accounts payable 25,500 3,300 31,400 79,000 2,100 33,500 Intereet yable Income tax payable Long-term 1labilittes Notes payable…
John purchased a truck to be used in the business for its market value or $35,000. Which fundamentals require John to record the truck at the price to buy it? A. Monetary unit assumption B. Revenue principle C. Historical cost principle D. Separate entity assumption
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When the amount paid for land is 36,000 and the amount paid expenses is 10,000 the balance in total assets after transactions (b)
answer the following questions based on the information provided please!
Do question2b) only
Land costing $40,631 was sold for $79,720 cash. The gain on the sale was reported on the income statement as other income. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?
The following information is available for Bridgeport Corp. for the year ended December 31, 2022. Beginning cash balance $ 39,600 Accounts payable increase 9,405 Depreciation expense 67,650 Accounts receivable decrease 7,920 Inventory decrease 5,115 Net income 94,380 Cash received for sale of land at book value 171,600 Cash dividends paid 62,700 Income taxes payable decrease 6,435 Cash used to purchase land 133,650 Cash used to redeem bonds 108,900 Cash received from issuing stock 264,000 Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Bridgeport Corp.Statement of Cash Flows—Indirect Methodchoose the accounting period select an opening name for section one select an item…
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