! Required information CC2-1 (Static) Accounting for the Establishment of a Business [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5] [The following information applies to the questions displayed below.] Nicole has decided that she is going to start her business, Nicole's Getaway Spa (NGS). A lot has to be done when starting a new business. Here are some transactions that have occurred prior to April 30. a. Received $80,000 cash when issuing 8,000 new common shares. b. Purchased land by paying $2,000 cash and signing a note payable for $7,000 due in three years. c. Hired a new aesthetician for a salary of $1,000 a month, starting next month. d. NGS purchased a company car for $18,000 cash (list price of $21,000) to assist in running errands for the business. e. Bought and received $1,000 in supplies for the spa on credit. f. Paid $350 of the amount owed in (e). g. Nicole sold 100 of her own personal shares to Raea Gooding for $300 CC2-1 (Static) Part 4 4. Calculate the current ratio at April 30. Numerator Denominator Current Ratio H

! Required information CC2-1 (Static) Accounting for the Establishment of a Business [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5] [The following information applies to the questions displayed below.] Nicole has decided that she is going to start her business, Nicole's Getaway Spa (NGS). A lot has to be done when starting a new business. Here are some transactions that have occurred prior to April 30. a. Received $80,000 cash when issuing 8,000 new common shares. b. Purchased land by paying $2,000 cash and signing a note payable for $7,000 due in three years. c. Hired a new aesthetician for a salary of $1,000 a month, starting next month. d. NGS purchased a company car for $18,000 cash (list price of $21,000) to assist in running errands for the business. e. Bought and received $1,000 in supplies for the spa on credit. f. Paid $350 of the amount owed in (e). g. Nicole sold 100 of her own personal shares to Raea Gooding for $300 CC2-1 (Static) Part 4 4. Calculate the current ratio at April 30. Numerator Denominator Current Ratio H

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter1: Accounting As A Form Of Communication

Section: Chapter Questions

Problem 1.2AP: Users of Accounting Information and Their Needs Billings Inc. would like to buy a franchise to...

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Nicole’s Getaway Spa (NGS) continues to grow and develop. Nicole is now evaluating a computerized accounting system and needs your help in understanding how source documents informaccounting processes. She also needs some help reconciling NGS’s bank account.Required:1. For each source document shown below, prepare the appropriate journal entry or indicate thatno journal entry is required.a. Purchase order dated October 13 for massage chairs costing $765 and oil suppliescosting $240.
Jay
Required information [The following information applies to the questions displayed below.] Nicole's Getaway Spa (NGS) continues to grow and develop. Nicole is now evaluating a computerized accounting system and needs your help in understanding how source documents inform accounting processes. She also needs some help reconciling NGS's bank account. Required: 1. For each source information shown below, prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. Purchase order dated October 13 for massage chairs costing $840 and oil supplies costing $315. b. Remittance advice from customer for $108, received October 17. c. Receiving report indicating October 22 receipt of October 13 order. Also received supplier invoice totaling $1,155. d. NGS check for payment in full of October 13 order.
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