Jse the following information for Exercises 9-12 below. (Algo) The following information applies to the questions displayed below.] Following are the transactions of a new company called Pose-for-Pics. 1 Madison Harris, the owner, invested $9,250 cash and $39,775 of photography equipment in the company in exchange for common stock. 2 The company paid $2,100 cash for an insurance policy covering the next 24 months. 5 The company purchased supplies for $1,758 cash. 20 The company received $3,850 cash from taking photos for customers. 31 The company paid $881 cash for August utilities. Aug.

Jse the following information for Exercises 9-12 below. (Algo) The following information applies to the questions displayed below.] Following are the transactions of a new company called Pose-for-Pics. 1 Madison Harris, the owner, invested $9,250 cash and $39,775 of photography equipment in the company in exchange for common stock. 2 The company paid $2,100 cash for an insurance policy covering the next 24 months. 5 The company purchased supplies for $1,758 cash. 20 The company received $3,850 cash from taking photos for customers. 31 The company paid $881 cash for August utilities. Aug.

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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! Required information Use the following information for Exercises 13-14 below. (Algo) [The following information applies to the questions displayed below.] The transactions of Spade Company appear below. a. K. Spade, owner, invested $17,750 cash in the company in exchange for common stock. b. The company purchased supplies for $515 cash. c. The company purchased $9,816 of equipment on credit. d. The company received $2,095 cash for services provided to a customer. e. The company paid $9,816 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $3,763 for services provided. g. The company paid $525 cash for the monthly rent. h. The company collected $1,580 cash as partial payment for the account receivable created in transaction f i. The company paid a $1,200 cash dividend to the owner (sole shareholder). Exercise 2-14 (Algo) Preparing a trial balance LO P1 Prepare the Trial Balance. Use May 31 as its report date. Note: Hint: Accounts…
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
Grid Iron Prep Inc. (GIPI) is a service business incorporated in January of the current year toprovide personal training for athletes aspiring to play college football. The following transactionsoccurred during the month ended January 31.1. GIPI issued stock in exchange for $100,000 cash on 1/01.2. GIPI purchased a gymnasium building and gym equipment on 1/02 for $50,000, 80% ofwhich related to the gymnasium and 20% to the equipment.3. GIPI paid $260 cash on 1/03 to have the gym equipment refurbished before it could be used.4. GIPI provided $4,000 in training on 1/04 and expected collection in February.5. GIPI collected $36,000 cash in training fees on 1/10, of which $34,000 was earned in Januaryand $2,000 would be earned in February.6. GIPI paid $23,000 of wages and $7,000 in utilities on 1/30.7. GIPI will depreciate the gymnasium building using the straight-line method over 20 yearswith a residual value of $2,000. Gym equipment will be depreciated using the doubledeclining-balance…
Jackie Corp. is included in the list of top withholding agents. During the month, it paid out the following: Cash dividends to resident individual shareholders - 200,000 Prize on competitions won by a resident alien - 5,000 Local purchases of services related to the operations - 600,000 Purchase of mineral products - 800,000 Winnings on a raffle promo conducted - 20,000 Lease payment to a vessel owned by a non-resident - 60,000 How much of the withholdings can be used as tax credits of the applicable payees? 54,700 46,000 52,000 48,700
[The following information applies to the questions displayed below.] Following are the transactions of a new company called Pose-for-Pics. August 1 Madison Harris, the owner, invested $10,750 cash and $46,225 of photography equipment in the company in exchange for common stock. August 2 The company paid $2,200 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $2,043 cash. August 20 The company received $3,750 cash from taking photos for customers. August 31 The company paid $873 cash for August utilities. Prepare general journal entries for the above transactions. View transaction list Journal entry worksheet
Use the following information for Exercises 13-14 below. (Algo) Skip to question [The following information applies to the questions displayed below.]The transactions of Spade Company appear below. K. Spade, owner, invested $13,500 cash in the company in exchange for common stock. The company purchased supplies for $392 cash. The company purchased $7,466 of equipment on credit. The company received $1,593 cash for services provided to a customer. The company paid $7,466 cash to settle the payable for the equipment purchased in transaction c. The company billed a customer $2,862 for services provided. The company paid $535 cash for the monthly rent. The company collected $1,202 cash as partial payment for the account receivable created in transaction f. The company paid a $1,100 cash dividend to the owner (sole shareholder).
Required information [The following information applies to the questions displayed below.] Laser Delivery Services, Incorporated (LDS), was incorporated January 1. The following transactions occurred during the year: a. Received $34,000 cash from the company's founders in exchange for common stock. b. Purchased land for $12,500, signing a two-year note (ignore interest). c. Bought two used delivery trucks at the start of the year at a cost of $10,000 each; paid $2,000 cash and signed a note due in three years for $18,000 (ignore interest). d. Paid $1,500 cash to a truck repair shop for a new motor, which increased the cost of one of t e. Stockholder Jonah Lee paid $290,000 cash for a house for his personal use. 4. Prepare a classified balance sheet for Laser Delivery Services at December 31. Include Retained Earnings on the balance sheet even though the account has a zero balance. LASER DELIVERY SERVICES, INCORPORATED S Balance Sheet trucks. 10 0 0 0
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[The following information applies to the questions displayed below.]RunHeavy Corporation (RHC) is a corporation that manages a local band. It had the following activities during its first month. RHC was formed with an investment of $11,900 cash, paid in by the leader of the band on January 3 in exchange for common stock. On January 4, RHC purchased music equipment by paying $2,300 cash and signing an $9,600 promissory note payable in three years. On January 5, RHC booked the band for six concert events, at a price of $2,800 each, but no cash was collected yet. Of the six events, four were completed between January 10 and 20. On January 22, cash was collected for three of the four events. The other two bookings were for February concerts, but on January 24, RHC collected half of the $2,800 fee for one of them. On January 27, RHC paid $3,440 cash for the band’s travel-related costs. On January 28, RHC paid its band members a total of $2,490 cash for salaries and wages for the first…
E2-13 (Algo) Recording Journal Entries LO2-4 Jameson Corporation was organized on May 1. The following events occurred during the first month. a. Received $72,000 cash from the five investors who organized Jameson Corporation. Each investor received 110 shares of $10 par value common stock. b. Ordered store fixtures costing $11,000. c. Borrowed $10,000 cash and signed a note due in two years. d. Purchased $18,000 of equipment, paying $1,100 in cash and signing a six-month note for the balance. e. Lent $1,500 to an employee who signed a note to repay the loan in three months. f. Received and paid for the store fixtures ordered in (b). Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Record the receipt of $72,000 cash from five investors who each received 110 shares of $10 par value common stock. Note: Enter…
a. Depreciation on the company's wind turbine equipment for the year is $6,500. b. The Prepaid Insurance account for the solar panels had a $3,500 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $1,350 of unexpired insurance coverage remains at year-end. c. The company received $7,500 cash in advance for sustainability consulting work. As of December 31, one-third of the sustainability consulting work had been performed. d. As of December 31, $2,700 in wages expense for the organic produce workers has been incurred but not yet paid. e. As of December 31, the company has earned, but not yet recorded, $550 of interest revenue from investments in socially responsible bonds. The interest revenue is expected to be received on January 12. For each of the above separate cases, determine the financial statement impact of each required year-end adjusting entry. Fill in the table below by indicating the amount and…
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