Homework Help is Here – Start Your Trial Now!
Business
Accounting
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 assets repor ted in Riley Company's December 31, 2026 balance sheet after all of the above transactions have been recorded and posted.

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 assets repor ted in Riley Company's December 31, 2026 balance sheet after all of the above transactions have been recorded and posted.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Do not give answer in image 

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 assets repor ted in Riley Company's December 31, 2026 balance sheet after all of the above transactions have been recorded and posted.
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 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 assets repor ted in Riley Company's December 31, 2026 balance sheet after all of the above transactions have been recorded and posted.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Changes and Error Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS