Assets Liabilities + Stockholders' Equity %3D Contributed + Retained Capial Eamings
Assets Liabilities + Stockholders' Equity %3D Contributed + Retained Capial Eamings
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Goal Systems, a business consulting firm, engaged in the following transactions: a. Issued common stock for $75,000 cash. b. Borrowed $35,000 from a bank. c. Purchased equipment for $12,000 cash. d. Prepaid rent on office space for 6 months in the amount of $7,800. e. Performed consulting services in exchange for $6,300 cash. f. Performed consulting services on credit in the amount of $18,750. g. Incurred and paid wage expense of $9,500. h. Collected $10,200 of the receivable arising from Transaction f. i. Purchased supplies for $1,800 on credit. j. Used $1,200 of the supplies purchased in Transaction i. k. Paid for all of the supplies purchased in Transaction i. Required: For each transaction described above, indicate the effects on assets, liabilities, and equity |
![Assets
Liabilities +
Stockholders' Equity
%3D
Contributed
+
Retained
Capial
Eamings](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd8005cf7-f68a-48ea-af2c-4bdd34e5d0c9%2F7739dbd5-ca1d-4434-9c88-8cb881ab815c%2Fp954t9n_processed.png&w=3840&q=75)
Transcribed Image Text:Assets
Liabilities +
Stockholders' Equity
%3D
Contributed
+
Retained
Capial
Eamings
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