Required information E2-12 (Algo) Analyzing the Effects of Transactions Using T-Accounts; Preparing and Interpreting a Balance Sheet [LO 2-2, LO 2-3, LO 2-4] [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 $36,000 cash from the company's founders in exchange for common stock. b. Purchased land for $13,500, signing a two-year note (ignore interest). c. Bought two used delivery trucks at the start of the year at a cost of $8,000 each; paid $3,000 cash and signed a note due in three years for $13,000 (ignore interest). d. Paid $1,700 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e. Stockholder Jonah Lee paid $310,000 cash for a house for his personal use. E2-12 (Algo) Part 5 5. Using the balance sheet, indicate whether Laser Delivery Services's assets at the end of the year were financed primarily by liabilities or stockholders' equity. O Liabilities O Stockholders' Equity

Required information E2-12 (Algo) Analyzing the Effects of Transactions Using T-Accounts; Preparing and Interpreting a Balance Sheet [LO 2-2, LO 2-3, LO 2-4] [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 $36,000 cash from the company's founders in exchange for common stock. b. Purchased land for $13,500, signing a two-year note (ignore interest). c. Bought two used delivery trucks at the start of the year at a cost of $8,000 each; paid $3,000 cash and signed a note due in three years for $13,000 (ignore interest). d. Paid $1,700 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e. Stockholder Jonah Lee paid $310,000 cash for a house for his personal use. E2-12 (Algo) Part 5 5. Using the balance sheet, indicate whether Laser Delivery Services's assets at the end of the year were financed primarily by liabilities or stockholders' equity. O Liabilities O Stockholders' Equity

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Description: Required informationE2-12 (Algo) Analyzing the Effects of Transactions Using T-Accounts; Preparing and Interpreting aBalance Sheet [LO 2-2, LO 2-3, LO 2-4][The following information applies to the questions displayed below.]Laser Delivery Services,

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 [The following information applies to the questions displayed below] The following transactions apply to Jova Company for Year 1, the first year of operation. 1. Issued $20,000 of common stock for cash. 2. Recognized $60,000 of service revenue earned on account. 3. Collected $54,000 from accounts receivable. 4. Paid operating expenses of $37,800. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. The following transactions apply to Jova for Year 2 1. Recognized $67,500 of service revenue on account. 2. Collected $62,000 from accounts receivable: 3. Determined that $800 of the accounts receivable were uncollectible and wrote them off 4. Collected $300 of an account that had previously been written off. 5. Paid $47,500 cash for operating expenses. 6. Adjusted the accounts to recognize…
Required information [The following information applies to the questions displayed below.] The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $12,000 of common stock for cash. 2. Recognized $67,000 of service revenue earned on account. 3. Collected $59,600 from accounts receivable. 4. Paid operating expenses of $35,300. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. The following transactions apply to Jova for Year 2: 1. Recognized $74,500 of service revenue on account. 2. Collected $67,600 from accounts receivable. 3. Determined that $940 of the accounts receivable were uncollectible and wrote them off. 4. Collected $200 of an account that had previously been written off. 5. Paid $48,900 cash for operating expenses. 6. Adjusted the accounts to recognize…
49. The accountant of Jepjep Holdings presented the following account balances as of December 31, 2021: Cash in bank – Checking,P2,600,000Cash in bank - Savings, P700,000 Cash on hand, P300,000 Cash in bank – restricted, P2,000,000 Treasury bills, P3,000,000 The restricted cash in bank account is opened specifically for building construction expected to be disbursed in Q1 2022. The cash on hand includes a P100,000 check payable to Jepjep, dated January 5, 2022. The Treasury bills are purchased December 1, 2021 and due on February 28, 2022. If you are the Accountant of Jepjep Holdings, what amount of "cash and cash equivalents" should be reported as of December 31, 2021?
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Jan 1 - Ms Gutierrez invested the following: Bank deposit with Banco De Oro, 850,000: Merchandise with net realizable value of 250,000 and Transportation Equipment with fair market value of 1,800,000
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On June 30, Year 3, Franklin Company's total current assets were $500,500 and its total current liabilities were $275,500. On July 1, Year 3, Franklin issued a short-term note to a bank for $39,400 cash. Required a. Compute Franklin's working capital before and after issuing the note. b. Compute Franklin's current ratio before and after issuing the note. (Round your answers to 2 decimal places.) a. Working capital b. Current ratio Before the transaction After the transaction
Exercise No.(7): From the following ledger balances of Nizwa Bank as on 31st Dec.2016 prepare income statement and Balance Sheet OMR OMR ('000) 3,250 ('000) 2,500 Share Capital Statutory Reserves 2 Profit (previous year) Bills Payable Sundry Creditors General reserve Fixed Deposit Savings Deposit Current Accounts 3 17,750 1,500 38,750 100 Money at call and short notice 3. 2,400 4,000 15,500 1,000 Investments 250 Interest accrued 700 General Expenses 16 50 Borrowed from other banks 4 4,800 Dividend 11 Non-Banking assets Interest and Discount 3 250 1,200 Cash in hand 750 3,250 Premises 10 6,500 Unclaimed Dividends 5 50 Cash at Central Bank 6 7,050 Loans, Overdrafts 35,000 Cash at Other Banks 5,200 Payment to Employees (6 400 Bills Discounted and Deposits from other banks 3 1,000 Purchased 141 2,500 Rent, taxes 16 100 Additional Information: a. Rebate on bills discounted to OMR 25 b. Allow 5% depreciation on Premises on cost. c. Provide OMR 250 for provision for doubtful debts
Manually journalize the following: a. Bank transfer from any bank to 1612CN amounting P30,000 b. cash Payment amounting P1000 to Acme Corporation. c. the company issued ordinary share capital worth of P 5,000, payment received and deposited on its GBP Bank Account 1 Dr. GBP Bank Account 1 P 5,000 Cr. Ordinary Share Capital P 5,000 d. the company recorded a Salary Expense worth of P 2500, paid for through the company's GBP Bank Account 1. Dr. Salaries and Wages P 2500 Cr. GBP Bank Account 1 P 2500 2 e. the company will pay a total of P 1500 from the Petty Cash fund for transportation related expenses. This transaction is still subject to supervisor's approval.
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