Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
![Tamarisk, Inc. was started on May 1. A summary of May transactions is presented as follows.
1. Stockholders invested $11,000 cash in the business in exchange for common stock.
Purchased equipment for $4,000 cash.
Paid $400 cash for May office rent.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
Paid $500 cash for supplies.
Incurred $350 of advertising costs in the Beacon News on account.
Received $4,200 in cash from customers for repair service.
Declared and paid a $1,400 cash dividend.
Paid part-time employee salaries $1,000.
Paid utility bills $140.
Performed repair services worth $880 on account.
Collected cash of $130 for services billed in transaction (10).](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3ae0660d-5301-4b30-8361-0f1bb7fa4959%2F2e889877-4f03-477c-9ae7-f42c4ce2921d%2F1nqc25n_processed.png&w=3840&q=75)
Transcribed Image Text:Tamarisk, Inc. was started on May 1. A summary of May transactions is presented as follows.
1. Stockholders invested $11,000 cash in the business in exchange for common stock.
Purchased equipment for $4,000 cash.
Paid $400 cash for May office rent.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
Paid $500 cash for supplies.
Incurred $350 of advertising costs in the Beacon News on account.
Received $4,200 in cash from customers for repair service.
Declared and paid a $1,400 cash dividend.
Paid part-time employee salaries $1,000.
Paid utility bills $140.
Performed repair services worth $880 on account.
Collected cash of $130 for services billed in transaction (10).
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