E2-4 (Algo) Determining Financial Statement Effects of Several Transactions LO2-3 The following events occurred for Johnson Company: a. Received investment of cash by organizers and distributed to them 1,130 shares of $1 par value common stock with a market price of $15 per share. b. Leased $8,000 of equipment, paying $1,700 in cash and signing a long-term right-of-use lease for the rest owed. c. Borrowed $6,000 cash from a bank. d. Loaned $1,300 to an employee who signed a note due in six months. e. Purchased $17,093 of land; paid $8,000 in cash and signed a note for the balance. Required: For each of the events (a) through (e), perform transaction analysis and indicate the account and amount. Check that the accounting equation remains in balance after each transaction. Note: Enter decreases to an element of the balance sheet with a minus sign. If no impact on accounting equation leave cells blank.

E2-4 (Algo) Determining Financial Statement Effects of Several Transactions LO2-3 The following events occurred for Johnson Company: a. Received investment of cash by organizers and distributed to them 1,130 shares of $1 par value common stock with a market price of $15 per share. b. Leased $8,000 of equipment, paying $1,700 in cash and signing a long-term right-of-use lease for the rest owed. c. Borrowed $6,000 cash from a bank. d. Loaned $1,300 to an employee who signed a note due in six months. e. Purchased $17,093 of land; paid $8,000 in cash and signed a note for the balance. Required: For each of the events (a) through (e), perform transaction analysis and indicate the account and amount. Check that the accounting equation remains in balance after each transaction. Note: Enter decreases to an element of the balance sheet with a minus sign. If no impact on accounting equation leave cells blank.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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ook rint erences The following events occurred for Johnson Company: a. Received investment of cash by organizers and distributed to them 1,200 shares of $1 par value common stock with a market price of $30 per share. b. Leased $8,400 of equipment, paying $1,900 in cash and signing a long-term right-of-use lease for the rest owed. c. Borrowed $14,000 cash from a bank. d. Loaned $800 to an employee who signed a note due in six months. e. Purchased $16,909 of land; paid $9,000 in cash and signed a note for the balance. Required: For each of the events (a) through (e), perform transaction analysis and indicate the account and amount. Check that the accounting equation remains in balance after each transaction. Note: Enter decreases to an element of the balance sheet with a minus sign. If no impact on accounting equation leave cells blank. Event a. a. b. b. C C. d d. e e. Cash Long-term investments Cash Cash Cash Note receivable Land Cash Assets Liabilities + + + + + + + + + Stockholders'…
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hancial Statement Analysis 65. The following information pertains to Auburn Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. 931 Cash and short-term investments Accounts receivable (net) Assets Inventory Property, plant and equipment Total Assets S 40,000 30,000 25,000 280,000 $375,000 Current liabilities Liabilities and Stockholders Equity Long-term liabilities Stockholders' equity-common Total Liabilities and stockholders' equity 60,000 95,000 220,000 $375,000 Sales Cost of goods sold Gross margin Operating expenses Net income Income Statement $ 90.000 45,000 45,000 10,000 $ 35,000 Number of shares of common stock Market price of common stock Dividends per share Cash provided by operations 6,000 20 1.00 $ 40,000 What is the rate earned on stockholders' equity? Round answer to a single decimal point. a. 9.3% 15.9% b. 24.0% C. LO: 17-03 OBJ: d. 40.9% DIF: KEY: Bloom's: Knowledge Moderate PTS: 1 ANS:…
TB MC Qu. 17-138 (Algo) Refer to the following selected financial... Refer to the following selected financial information from Texas Electronics. Compute the company's current ratio for Year 2. Year 2 Year 1 Cash Short-term investments Accounts receivable, net Merchandise inventory $ 38,200 $ 32,950 97,000 63,500 89,000 83,000 124,500 128,500 Prepaid expenses 12,800 10,400 Plant assets 391,500 341,500 Accounts payable 109,900 111,300 ices Net sales 714,500 679,500 Cost of goods sold 393,500 378,500 Multiple Choice 3.29 3.17
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on An analysis of Forest Hills Corporation's Investment in Marketable Securities account disclosed the following: Debit entries $ 160,000 Credit entries 240,000 Forest Hill's income statement included a $40,000 gain on sale of marketable securities and $30,000 dividend income from marketable securities. All payments and proceeds relating to marketable securities transactions were in cash. The amount of cash paid by Forest Hills Corporation in for the purchase of marketable securities was: Select one: O a. $200,000 O b. $190,000 O c. $160,000 O d. $240.000
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