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Riley Company began operations on August 1, 2026 and entered into the following transactions du ring 2026: 1. On August 1, Riley Company sold common stock to owners in the amount of $60,000 and bo rrowed $48,000 from a local bank on a 10-mont h, 10% note payable. 2. On August 14, Riley Company purchased inventory for $42,000 cash. 3. On September 1, Riley Company purchase d a 3-year insurance policy for $27,000 cash. 4. On September 19, Riley Company purchas ed land for $30,000 cash. 5. On October 28, Riley Company sold two- thirds of the inventory that was purchased on Au gust 14 to a customer for $62,000 cash. 6. On December 3, Riley Company sold the land that was purchased on September 19 for $19, 000 cash. 7. On December 31, Riley recorded all nec essary adjusting entries. Calculate the amount of total expenses rep orted in Riley Company's 2026 income statement after all of the above transactions have been recorded and poste d.

Riley Company began operations on August 1, 2026 and entered into the following transactions du ring 2026: 1. On August 1, Riley Company sold common stock to owners in the amount of $60,000 and bo rrowed $48,000 from a local bank on a 10-mont h, 10% note payable. 2. On August 14, Riley Company purchased inventory for $42,000 cash. 3. On September 1, Riley Company purchase d a 3-year insurance policy for $27,000 cash. 4. On September 19, Riley Company purchas ed land for $30,000 cash. 5. On October 28, Riley Company sold two- thirds of the inventory that was purchased on Au gust 14 to a customer for $62,000 cash. 6. On December 3, Riley Company sold the land that was purchased on September 19 for $19, 000 cash. 7. On December 31, Riley recorded all nec essary adjusting entries. Calculate the amount of total expenses rep orted in Riley Company's 2026 income statement after all of the above transactions have been recorded and poste d.

FINANCIAL ACCOUNTING
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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Riley Company began operations on August 1, 2026 and entered into the following transactions du ring 2026: 1. On August 1, Riley Company sold common stock to owners in the amount of $60,000 and bo $48,000 from a local bank on a 10-mont h, 10% note payable. rrowed 2. On August 14, Riley Company purchased inventory for $42,000 cash. 3. On September 1, Riley Company purchase d a 3-year insurance policy for $27,000 cash. 4. On September 19, Riley Company purchas ed land for $30,000 cash. 5. On October 28, Riley Company sold two- thirds of the inventory that was purchased on Au gust 14 to a customer for $62,000 cash. 6. On December 3, Riley Company sold the land that was purchased on September 19 for $19, 000 cash. 7. On December 31, Riley recorded all nec essary adjusting entries. Calculate the amount of total expenses rep orted in Riley Company's 2026 income statement after all of the above transactions have been recorded and poste d.
Transcribed Image Text:Riley Company began operations on August 1, 2026 and entered into the following transactions du ring 2026: 1. On August 1, Riley Company sold common stock to owners in the amount of $60,000 and bo $48,000 from a local bank on a 10-mont h, 10% note payable. rrowed 2. On August 14, Riley Company purchased inventory for $42,000 cash. 3. On September 1, Riley Company purchase d a 3-year insurance policy for $27,000 cash. 4. On September 19, Riley Company purchas ed land for $30,000 cash. 5. On October 28, Riley Company sold two- thirds of the inventory that was purchased on Au gust 14 to a customer for $62,000 cash. 6. On December 3, Riley Company sold the land that was purchased on September 19 for $19, 000 cash. 7. On December 31, Riley recorded all nec essary adjusting entries. Calculate the amount of total expenses rep orted in Riley Company's 2026 income statement after all of the above transactions have been recorded and poste d.
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