Some of the January transactions of City flights are listed belowJan 3 Paid $3,520 rent for hangar space during January.Jan 4 Placed advertising in local newspaper for publication duringJanuary. The agreed price of $860 was payable within 10 days after theend of the month.Jan 7 The business City Flights took a loan from the bank of amount$20,000. The loan has to be paid back to the bank as Accounts payable.Jan 15 0. Wright the owner withdrew $7,500 cash for personal use.Jan 16 Paid salaries to employees for services rendered in first half ofJanuary $13,200.Jan 25 Provided transportation for executives of the Hurley Corporation along time credit customer. Sent bill for $ 470 due within 30 days.Jan 29 Received a bill from Western Oil Company for fuel used inJanuary amounting to $4,360 and payable by February 10.Jan 31 Paid $3,372 to Steven Motors for repair and maintenance workduring January.Instructions :Prepare Journal entries from the above business transactions.

Journal: Journal is considered as a book of original entry because all the transactions that have…

Answered: Prenare lournal entrie s from the ab…

Business

Accounting

Prenare lournal entrie s from the ab ove b usines s tra

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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T o p i c : F i n a n c i a l A n a l y s i s G i v e t h r e e p o s s i b l e c a u s e s o f t h e f o l l o w i n g : A d v e r s e d i r e c t m a t e r i a l s p r i c e v a r i a n c e. F a v o r a b l e d i r e c t l a b o r r a t e v a r i a n c e . F a v o r a b l e d i r e c t m a t e r i a l s u s a g e v a r i a n c e. A d v e r s e d i r e c t l a b o r e f f i c i e n c y v a r i a n c e. A n d e x p l a i n ho w y o u w o u l d i d e n t i f y w h i c h v a ri a n c e s t o i n v e s t i g a t e N o t e : A n s w e r s s h o u l d b e q u i t e l o n g f o r m e t o u n d e r t a n d m o r e .
W h a t i s t h e c o s t o f c a p i t a l ? W h a t a r e t h e n e t p r o c e e d s f r o m t h e s a l e o f a b o n d ? W h a t a r e f l o t a t i o n c o s t s , a n d h o w d o t h e y a f f e c t a b o n d ’ s n e t p r o c e e d s ? W h a t p r e m i s e a b o u t s h a r e v a l u e u n d e r l i e s t h e c o n s t a n t - g r o w t h v al u a t i o n ( G o r d o n g r o w t h ) m o d e l t h a t i s u s e d t o m e a s u r e t h e c o s t o f c o m m o n s t o c k e q u i t y , r s ?
Answer each of the following independent question: a and b
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C a p i t a l R a i s i n g f o r C o r p o r a t i o n s D e s c r i b e t h e d i r e c t i o n a l e f f e c t ( i n c r e a s e , d e c r e a s e , o r n o e f f e c t ) o f e a c h t r a n s a c t i o n o n t h e c o m p o n e n t s o f t h e b o o k v a l u e o f c o m m o n s h a r e h o l d e r s ’ e q u i t y . E x p l a i n y o u r a n s w e r . I s s u a n c e o f $ 1 p a r v a l u e c o m m o n s t o c k a t a n a m o u n t g r e a t e r t h a n p a r v a l u e D o n a t i o n o f l a n d b y a g o v e r n m e n t a l u n i t t o a c o r p o r a t i o n C a s h d i v i d e n d d e c l a r e d 2 - f o r - 1 s t o c k s p l i t a n n o u n c e d a n d i s s u e S t o c k o p t i o n s g r a n t e d
T o p i c : I n te g r a t i o n o f A c c o u n t i n g C o n c e p t s W h a t a r e t h e r o l e s o f m a n a g e m e n t a n d t h e a u d i t o r i n t h e p r e p a r a t i o n a n d i n t e g r i t y o f t h e f i n a n c i a l s t a t e m e n t s ? W h y d o s o m e u n q u a l i f i e d o p i n i o n s h a v e e x p l a n a t o r y p a r a g r a p h s ? W i l l t h e a c c o u n t a n t e x p r e s s a n o p i n i o n o n r e v i e w e d f i n a n c i a l s t a t e m e n t s ? D e s c r i b e t h e a c co u n t a n t ’ s re p o r t f o r r e v i e w e d f i n a n ci a l s t a t e m e n t s. W h y ar e n o t e s t o s t a t e m e n t s n e c e s s a r y ? W h a t i s t he r e l a t i on s h i p b e t w e e n t h e a c c o u n t i n g e q u a t i o n a n d t h e d o u b l e- e n t r y s y s t e m o f r e c o rd i n g t r a n s a c t i o n s ?…