and a building. Five years ago, the stockholder purchased the land for $40,000 and constructed the building at a cost of $90,000. At the time of the stock issuance, the land and the building had fair market values of $45,000 and $95,000, respectively. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet < 1 On January 15, Pinkney, Inc., issued 10,000 shares of $10 par value common stock in exchange for land and a building. Five years ago, the stockholder purchased the land for $40,000 and constructed the building at a cost of $90,000. At the time of the stock issuance, the land and the building had fair Note: Enter debits before credits. Date Jan 15 General Journal Debit Credit

and a building. Five years ago, the stockholder purchased the land for $40,000 and constructed the building at a cost of $90,000. At the time of the stock issuance, the land and the building had fair market values of $45,000 and $95,000, respectively. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet < 1 On January 15, Pinkney, Inc., issued 10,000 shares of $10 par value common stock in exchange for land and a building. Five years ago, the stockholder purchased the land for $40,000 and constructed the building at a cost of $90,000. At the time of the stock issuance, the land and the building had fair Note: Enter debits before credits. Date Jan 15 General Journal Debit Credit

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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Chuckwagon Company went into business on July 1, 2020. During 2020, following are some of the company's transactions: July 1 - Issued 150 shares of stock to stockholders for a total of $15,000 in cash. July 1 - Borrowed $15,000 from the bank. Chuckwagon will pay nothing until July 1, 2025, and then the company will pay $21,000. July 15 - Bought land for $10,000 in cash. Aug. 1 - Bought equipment for $12,000 in cash. The equipment has an expected useful life of four years and no salvage value. Sep. 1- Paid $1,200 for six months of insurance. Sep. 30 - Bought inventory for $8,000, one-half in cash and one-half on account. Oct. 8 - Sold half of the inventory for $7,000 in cash. Nov. 25 - Sold one-half of land for $4,500 in cash. • Dec. 1 - Received $1,000 for work that will be performed in January, 2021. Dec. 31 - Paid a dividend of $200 in cash. What was the balance in Chuckwagon's cash account at December 31, 2020? $15,100 $15,600 $14,800 O $15,300 None of the above
Snyder Company's transactions for the year ended December 31, 2020 included the following: • Purchased real estate for $1,250,000 cash which was borrowed from a bank. • Sold available-for-sale securities for $1,000,000. • Paid dividends of $1,200,000. • Issued 500 shares of common stock for $500,000. • Purchased machinery and equipment for $250,000 cash. • Paid $900,000 toward a bank loan. • Reduced accounts receivable by $200,000. • Increased accounts payable $400,000. Snyder's net cash used in financing activities for 2020 was a. $900,000 O b. $850,000 c. $450,000 O d. $350,000
Chuckwagon Company went into business on July 1, 2020. During 2020, following are some of the company's transactions: July 1 - Issued 150 shares of stock to stockholders for a total of $15,000 in cash. July 1 - Borrowed $15,000 from the bank. Chuckwagon will pay nothing until July 1, 2025, and then the company will pay $21,000. July 15 - Bought land for $10,000 in cash. Aug. 1 - Bought equipment for $12,000 in cash. The equipment has an expected useful life of four years and no salvage value. Sep. 30 - Bought inventory for $8,000, one-half in cash and one-half on account. • Nov. 25 - Sold one-half of land for $4,500 in cash. Dec. 31 - Paid a dividend of $200 in cash. How much were financing cash flows for Chuckwagon during 2020? $29,200 O $29,400 $29,800 O $30,000 None of the above
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The Accounting Cycle Begin with the following account balances for University Street Parking Garage (assume all accounts have normal balances) at December 31, 2019: Accounts payable $16,700 Accounts receivable 39,200 Accumulated depreciation (equipment) 36,800 Cash 6,700 Common stock (20,000 shares) 100,000 Depreciation expense (equipment) 12,300 Dividends 6,300 Equipment 269,500 Income taxes expense 2,700 Income taxes payable 1,100 Interest expense 16,500 Interest payable 0 Interest income 4,100 Inventory 4,900 Investments 35,000 Notes payable (due May 2, 2025) 160,000 Prepaid rent (4 months) 36,400 Rent expense 94,400 Retained earnings, 12/31/2018 43,000 Service revenue, parking 224,600 Service revenue, repair 208,100 Supplies expense 36,900 Wages expense 233,600 Wages payable 0 Required: 1. For the following transactions, provide the necessary adjusting entries and update the account balances to appropriately reflect these…
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Transactions and events during 2021 (summarized in thousands of dollars) follow: a. Borrowed $12 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site; paid cash, $9. c. Issued additional shares of common stock on April 3 for $32. d. Purchased software on July 4, $10 cash. e. Purchased supplies on account on October 5 for future use, $18. f. Paid accounts payable on November 6, $13. g. Signed a $25 service contract on November 7 to start February 1, 2022. h. Recorded revenues of $144 on December 8, including $32 on credit and $112 collected in cash. i. Recognized salaries and wages expense on December 9, $77 paid in cash. j. Collected accounts receivable on December 10, $16. Data for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software, $8. 1. Supplies counted on December 31, 2021, $10. m. Depreciation for the year on the equipment, $6. n. Interest of $1 to accrue on notes payable. o. Salaries and…
On October 17, Nikle Company purchased a building and plot of land for $812,000. The building was valued at $479,100, while the land carried a value of $332,900. Nikle paid $77,700 down in cash and signed a note payable for the balance. Journalize the entry for this transaction. If an amount box does not require an entry, leave it blank. October 17
Prepare journal entries for the transactions listed below and post them to the T-accounts. a. Issued 7,500 shares of stock with a par value of $0.10 to the three owners (2,500 shares each) for $75,000 in cash.b. Purchased a short-term investment for $10,000 cash.c. Purchased 2 acres of land for $20,000, paid $5,000 in cash and signed a 2 year not for the remainder.
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On October 17, Nikle Company purchased a building and a plot of land for $834,700. The building was valued at $392,300 while the land carried a value of $442 $66,200 down in cash and signed a notes payable for the balance. Prepare the journal entry for this transaction. If an amount box does not require an entry, leave it blank. Oct. 17
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