Sarasota Company's balance sheet shows:Common stock, $20 parPaid-in capital in excess of parRetained earningsRecord the following transactions by the cost method. (List all debit entries before credit entries. Credit account titles are automaticallyindented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for theamounts)(a)(b)(c)$3,100,0001,100,000760,000(a)Bought 8,200 shares of its common stock at $30 a share.Sold 4,200 treasury shares at $31 a share.Sold 1,800 shares of treasury stock at $26 a share.No. Account Titles and ExplanationDebitCredit Sarasota Company's balance sheet shows:Common stock, $20 parPaid-in capital in excess of parRetained earningsRecord the following transactions by the cost method. (List all debit entries before credit entries. Credit account titles are automaticallyindented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for theamounts)(a)(b)(c)$3,100,0001,100,000760,000(a)Bought 8,200 shares of its common stock at $30 a share.Sold 4,200 treasury shares at $31 a share.Sold 1,800 shares of treasury stock at $26 a share.No. Account Titles and ExplanationDebitCredit

Treasury stocks are repurchased shares of the company. The company has the power to reissue these…

Answered: Sarasota Company's balance sheet shows:…

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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Angel Valdez is an owner and manager of Angel V's Inc., which began operations a few years prior. On December 31, AV's shows the following selected accounts and amounts for the fiscal year ended December 31. Account Debit Credit Account Debit Credit Cash $ 25,394 Common stock $ 79,500 Accounts receivable 24,010 Paid-in capital in excess of par-C.S. 485,475 Allowance for doubtful accounts 807 Retained earnings 229,941 Interest receivable 100 Cash Dividends 10,004 Inventory 48,004 Sales 2,297,999 Supplies 10,410 Sales discounts 13,276 Prepaid insurance 3,272 Sales returns & allowances 62,900 Prepaid rent 5,398 Interest revenue 2,203 Notes receivable 39,004 Gain on sale of plant asset 4,226 Investment in stock 25,994 Cost of goods sold 1,266,441 Land 144,994 Depreciation expense 44,720 Buildings 1,394,986 Amortization expense 4,175 Equipment 215,400 Salaries expense 569,992…
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The bookkeeper for Novak Corp. has prepared the following statement of financial position as at July 31, 2023: Cash Accounts receivable (net) Inventory Equipment (net) Patents (net) 1. Novak Corp. Statement of Financial Position As at July 31, 2023 2. $84,000 39,800 72,000 217,000 23,000 $435,800 The following additional information is provided: Notes and accounts payable Long-term liabilities Shareholders' equity $52,000 83,000 300,800 $435,800 Cash includes $1,700 in a petty cash fund and $29,000 in a bond sinking fund. The net accounts receivable balance is composed of the following three items: (a) accounts receivable debit balances =SUPPORT
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…
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The balance sheet of RS Corp. as at December 31, 1979 contained the following current assets: Cash 96, 578 Accounts receivable 452,800 Inventories 376,300 925,678 An examination of the accounts disclosed that the accounts receivable consisted of the following items: Trade customers’ accounts 357,742 Due from employees – current 43,658 Equity in 50,000 of uncollected accounts receivable assigned under guaranty 16,000 Selling price of merchandise on consignment at 140% of cost and not sold 50,400 Allowance for doubtful accounts…
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…
[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
Presented below is information for Vaughn Company. 1. Beginning-of-the-year Accounts Receivable balance was $24,900. 2. Net sales (all on account) for the year were $105,300. Vaughn does not offer cash discounts. 3. Collections on accounts receivable during the year were $84,300. All Boo (a) Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. Debit Credit 2. 3.

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