On June 1, 2022 Bedu, Budi, and Bobi were three friends who wanted to form a new firm which would be named as 3B. Bedu would deposit Cash $2,250, Budi would give Equipment $1,150, and Bobi would give Vehicle $3,350. The correct record for this transaction is Select one: Oa. Equipment $1,150 on Credit O b. Cash $2,250 on Credit O c. Capital of Bedu $1,150 on Credit O d. Capital of Bobi $3,350 on Credit

On June 1, 2022 Bedu, Budi, and Bobi were three friends who wanted to form a new firm which would be named as 3B. Bedu would deposit Cash $2,250, Budi would give Equipment $1,150, and Bobi would give Vehicle $3,350. The correct record for this transaction is Select one: Oa. Equipment $1,150 on Credit O b. Cash $2,250 on Credit O c. Capital of Bedu $1,150 on Credit O d. Capital of Bobi $3,350 on Credit

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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Amy and Jeff Barnes are going to operate their florist shop as a partnership or as an S corporation. After paying salaries of $45,000 to each of the owners, the shop’s earnings are projected to be about $60,000. The earnings are to be invested in the growth of the business. What would you advise them as to which of the two entity forms they should select.
25)Robert Haddon contributed $70,000 in cash and land worth $130,000 to open a new business, RH Consulting. Which of the following general journal entries will RH Consulting make to record this transaction? (Hint: Owner can contribute both cash and non-cash item to his own company.) Group of answer choices Debit Cash $70,000; debit Land $130,000; credit Haddon, Capital, $200,000. Debit Assets $200,000; credit Haddon, Capital, $200,000. Debit Haddon, Capital, $200,000; credit Cash $70,000, credit Land, $130,000. Debit Cash and Land, $200,000; credit Haddon, Capital, $200,000.
25)Robert Haddon contributed $70,000 in cash and land worth $130,000 to open a new business, RH Consulting. Which of the following general journal entries will RH Consulting make to record this transaction? (Hint: Owner can contribute both cash and non-cash item to his own company.) Group of answer choices Debit Cash $70,000; debit Land $130,000; credit Haddon, Capital, $200,000. Debit Assets $200,000; credit Haddon, Capital, $200,000. Debit Haddon, Capital, $200,000; credit Cash $70,000, credit Land, $130,000. Debit Cash and Land, $200,000; credit Haddon, Capital, $200,000.
After researching the different forms of business organization, Natalie Koebel decides to operate “Cookie Creations” as a corporation. She then starts the process of getting the business running. In November 2022, the following activities take place. Nov. 8 Natalie cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account. 8 She opens a bank account under the name “Cookie Creations” and transfers $500 from her personal account to the new account in exchange for common stock. 11 Natalie pays $65 to have advertising brochures and posters printed. She plans to distribute these as opportunities arise. (Hint: Use Advertising Expense.) 13 She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash. 14 Natalie starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top-of-the-line food processor and mixer…
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Nora, Vilma and Sharon are setting up the Past Stars Company and agreed to contribute cash and non-cash assets with total capital at P2,500,000. If there profit and loss ratio will be 5 : 4 : 3 that is based on contributed capital, how much should Sharon invest ?
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From the following information, pass necessary journal entries in the books of Mr. X for August, 2021 1. Introduced capital in the form of Cash-Tk. 50,000.00,Furniture-Tk. 9,000.00, Supplies-Tk. 3,500.00 and depositing Tk. 6,000.00 in Bank. 2. Purchase Tk. 40,000.00 3. Purchased from M/S Karim Tk. 90,000.00, terms being 2/5, net 25 4. Cash Sales Tk. 49,000.00 5. Sold to M/S Rahman Tk. 50,000.00 Terms 3/10, net 30 6. Paid M/S Karim within discounting period 7. Payment received from M/S Karim within discounting period 8. Cash purchase Tk. 45,000.00 inclusive of Tk. 4,000.00 for Mr X 9. Cash drawn from Bank Tk. 2,000.00 10. Monthly wages Tk. 12,000.00, paid wages Tk 15,000.00 11. Yearly Insurance premium paid Tk. 18,000.00 12. Monthly rent payable Tk. 30,000.00, paid 25,000.00
You are a Corporate Credit Analyst for your bank. A new corporate customer in the manufacturing sector approached your bank for a large credit facility in the sum of $20 million for production equipment and warehousing. The customer submitted the following financials to you. The cash position increased from $6.7 million in 2019 to $16 million in 2021. Does this signal a strengthening of the liquidity position of the firm? Explain.