A company had the following transactions during September, the first month of its operations:●• Issued 20,000 shares of common stock in exchange for $560,000.• Purchased equipment for $280,000, using a $140,000 cash down payment and signing a note payable for the balance.• Received $1,400 from a customer for services to be performed in November.• Total monthly sales: Cash sales $70,000 Credit Sales (Acct. Receivable): $25,200·• Purchased supplies on credit for $32,200.• Made a $42,000 payment on the note payable from the purchase of the land.• Collected $11,200 from customers on account..• Paid $3,500 for September employee wages.• Received a utility bill for $700 which will be paid next month.What is total stockholders' equity at the end of September?Select one:OOOOOa. $655,200b. $625,800C. $560,000d. $783,300e. $651,000

Stockholders equity is the total of stock and net profit (loss) for the period

Answered: O,000 shares of con ed equipment for $…

O,000 shares of con ed equipment for $ $1,400 from a cus nthly sales: Cash s ed supplies on crec 542,000 payment c $11,200 from cus

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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P10-19A
Multiple Choice a. $900. b. $1,400. c. $1,900. d. $2,400. e. $2,600.
Camaro GTO Torino Cash $ 2,400 $ 230 $ 1,300 Short-term investments 0 0 600 Current receivables 260 510 500 Inventory 2,175 2,020 3,050 Prepaid expenses 300 600 900 Total current assets $ 5,135 $ 3,360 $ 6,350 Current liabilities $ 2,220 $ 1,320 $ 3,550 a. Compute the acid-test ratio for each of the separate cases above.b. Which company is in the best position to meet short-term obligations?
The following trial balance has been extracted from the books of Abraham as at 31st March 2023 UGX 000 UGX 000 Administrative expense 250 Distribution cost 295 Share capital (all ordinary shares of UGX 1 each 270 Share premium 80 Revaluation reserve 20 Dividend 27 Cash at bank and hand 3 Receivables 233 Interest paid 25 Dividend received 15 Interest received 1 Land and buildings at cost (land 380, building 100) 480 Land and building acc. Dep 30 Plant and machinery 400 Plant and machinery acc. Dep 170 Retained earnings account (at April 2022 235 Purchases 1260 Sales 2165 Inventory at 1 April 2022 140 Trade payables 27 Bank loan 100 Total 3113 3113 Additional Information Inventory at 31st March 2023 was valued at a cost UGX 95000. Include in this…
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v2.cengagenow.com Glassdoor - Get Hired.... Northeast Mississippi C... S Click here to access Ce... CengageNOW Journalize the following transactions for Batson Co.: Sept. 1 Batson Co. purchased 1,200 of the 100,000 outstanding shares of Michael Corp. stock for $20.75 per share plus a $70 commission. Dec. 31 Michael Corp.'s total earnings for the period are $84,000. 31 Michael Corp. paid a total of $40,000 in cash dividends to shareholders of record. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Sept. 1 Dec. 31 Dec. 31 Previous Next Email Instructor Submit Test for Grading All work saved.