Current Attempt in Progress Selected transactions for Sandhill Corporation 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

Current Attempt in Progress Selected transactions for Sandhill Corporation 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

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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Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1) issued stock for $68,0002) borrowed $39,000 from its bank3) provided consulting services for $67,000 cash4) paid back $29,000 of the bank loan5) paid rent expense for $16,0006) purchased equipment for $26,000 cash7) paid $4,400 dividends to stockholders8) paid employees' salaries of $35,000 What is Yowell's net income for Year 1?
1. Husain Corporation has the following account it trial balance at the end of year: Accounting Receivables $ 230,000, Inventories $ 342,000, Allowances for doubtful debts $ 11,000, Long –term notes payable $ 56,000, Prepaid Rent $ 13,000, Unearned fee $ 5,000, Cash $ 46,000, Trading Securities $ 32,000. Prepare current assets section of the balance sheet.
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The following are the transactions of Spotlighter, Incorporated, for the month of January. a. Borrowed $4,390 from a local bank on a note due in six months. b. Received $5,080 cash from investors and issued common stock to them. c. Purchased $1,900 in equipment, paying $650 cash and promising the rest on a note due in one year. d. Paid $750 cash for supplies. e. Bought and received $1,150 of supplies on account. Required: Post the effects to the appropriate T-accounts and determine ending account balances. Show a beginni Debit Beginning Balance Ending Balance Debit F Cash Equipment Credit Credit Debit Beginning Balance Ending Balance Debit Supplies Accounts Payable
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prepare journal entries and T-account
On June 30, Year 3, Campbell Company's total current assets were $503,000 and its total current liabilities were $270,500. On July 1, Year 3, Campbell issued a short-term note to a bank for $38,200 cash. Required a. Compute Campbell's working capital before and after issuing the note. b. Compute Campbell's current ratio before and after issuing the note. Note: Round your answers to 2 decimal places. a. Working capital b. Current ratio Before the Transaction After the Transaction
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Selected transactions for Concord Corporation during its first month in business are presented below. Sept. 1 Issued common stock in exchange for $18,200 cash received from investors. 5 Purchased equipment for $8,670, paying $2,550 in cash and the balance on account. 8 Performed services on account for $19,700. 14 Paid salaries of $2,900. 25 Paid $2,900 cash on balance owed for equipment. 30 Paid $520 cash dividend. Complete a tabular analysis of the September transactions. For transactions affecting stockholders’ equity, provide explanations in the far right column. (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.)