Selected transactions for Marigold Corp. during its first month in business are presented below.Issued common stock in exchange for $18,200 cash received from investors.Sept. 1Purchased equipment for $9,270, paying $2,810 in cash and the balance on account.Performed services on account for $18,000.8Paid salaries of $1,200.14Paid $2,650 cash on balance owed for equipment.25Paid $720 cash dividend.30(a)Complete a tabular analysis of the September transactions. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for theparticular Asset, Liability or Equity item that was reduced. See Illustration 3-3 for example.)Stockholders' EquityAssetsLiabilitiesRetained Earnings= Accounts Payable + Common Stock ++ Accounts Receivable +EquipmentCashRevenuesExpensesDividendsSept. 1$Sept. 5Sept. 8Sept. 14Sept. 25Sept. 30$4$4$4

Transaction analysis involves the selection of transactions which requires a recording in the…

Answered: Selected transactions for Marigold…

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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nces Blooming Flower Company was started in Year 1 when it acquired $60,500 cash from the issue of common stock. The following data summarize the company's first three years' operating activities. Assume that all transactions were cash transactions. Purchases of inventory Sales Cost of goods sold Selling and administrative expenses Income Statements Required: Prepare an income statement (use multistep format) and balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.) Complete this question by entering your answers in the tabs below. Balance Sheets Assets Cash Merchandise inventory Prepare a balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.) Total assets Liabilities Stockholders' equity Common stock Retained earnings Year 1 $ 22,200 26,400 12,500…
Determining Retained Earnings and Net Income The following information appears in the records of Bock Corporation at year-end: Accounts Receivable $23,000 Retained Earnings ? Accounts Payable 00 Supplies Cash Common Stock 110,000 9,000 8,000 Equipment, net 154,000 a. Calculate the balance in Retained Earnings at year-end $ 0 b. If the amount of the retained earnings at the beginning of the year was $30,000 and $12,000 in dividends is paid during the year, calculate net income for the year. $42,000
prepare journal entries and T-account
Assume the following: Lomo Engineering Company had the following transactions: Jan-01 Issued capital stock for $965,000. Jan-01 Purchased a Packaging Equipment for $20,000. Jan-01 Purchased an Insurance Policy (1 year) for $30,000. Jan-03 Purchased a Machine, paying $15,000 in cash and issuing a note of $20,000. Jan-05 Purchased $28,000 of inventory on account. Jan-07 Sold inventory costing $6,000 for $50,000 on account. Jan-11 Paid $2,000 for inventory purchased on account (from Jan-05). Jan-15 Collect $12,550 of accounts receivable from customers (from Jan-07). Jan-17 Paid utility bills totaling $1,500. Jan-23 Paid wages for $13,000. Jan-25 Collect $8,000 in bank interest. Jan-30 Paid $12,590 due to income taxes. Required: Record the above transactions in General Journal (Journal Entries). Record the transactions in General Ledger format (T-Accounts). Prepare a…
Following information is from first month of operations. Make a Mulit Step Income Statement 1/1 Ray incorporated B&C Inc and invested $100,000 in exchange for 100,000 shares of $1 par common stock. 1/1 Paid $9,000 for the first 6 months of rent (Jan-June) on a production facility. 1/1 Paid $4,200 for an insurance premium on a one-year policy. 1/1 Purchased a $15,000 piece of factory equipment with a 3% Note Payable which will be paid in full at the end of 2 years. This equipment has an estimated life of 5 years and an estimated residual value of $3,000. 1/2 Purchased $600 of supplies from Office Hoard Corp on account with terms 2/10, n/30. 1/3 Purchased $50,000 of raw materials from Chemical Supply Inc on account. 1/5 Requisitioned $10,000 of raw materials to begin working on Job A (a batch of doodads) and another $7,000 of raw materials to begin working on Job B. 1/8 Paid off account with Office Hoard Corp with cash. 1/10 Incurred $2,500 worth of direct labor costs while…
ASSETS Current assets: Cash MANGO INC.. CONSOLIDATED BALANCE SHEET September 30, 2017 (dollars in millions) Short-term investments Accounts receivable Inventories Other current assets Total current assets Long-term investments Property, plant, and equipment, net Other noncurrent assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable Accrued expenses Unearned revenue. Short-term notes payable Total current liabilities Long-term debt Other noncurrent liabilities Total liabilities. Stockholders' equity: Common stock ($0.00001 per value) Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and shareholders' equity Assume that the following transactions fin $ 14,024 11,377 17,681 2,134 24,141 69,357 131,732 20,873 12,676 $234,638 $ 30,563 18,679 8,599 6,385 64,226 29,344 28,196 121,766 1 25,212 87,659 112,872 $234,638
Create journal entries for each of the following transactions The company issues capital stock for $90,000. The company borrows $40,000 from the bank. The company pays its rent for one year in advance, $18,000. The company buys inventory for $30,000 on account. The company sells inventory costing $20,000 for $40,000 on account. The company pays its employees $1,000 for services rendered. The company buys inventory for $50,000 cash. The company sells inventory costing $40,000 for $80,000 cash. The company collects $20,000 from customers on account. The company pays $25,000 on account. One month of rent has expired. Dividends of $2,000 are paid.
a. Journalize the following transactions: i. January 10. Received cash from three incorporators for 75,000 shares of common stock, $375,000.00. R1-3. ii. iii. iv. V. vi. vii. viii. ix. January 10. Paid cash to Aaron Lovell as a reimbursement for organization costs, $10,000. C1. Value of Preferred Stock January 10. Received a subscription from Amory Lin for 10,000 shares of common stock, $50,000.00. M1. Total Amount of Dividends January 15. Received cash for the face value of a 5-year, 10%, $1,000.00 par value bond issue, $50,000.00. R11. January 25. Received a subscription from Peter Lavine for 8,000 shares of common stock, $40,000.00. M2. February 14. Received cash from Amory Lin in partial payment of stock subscription, $25,000. R4. March 15. Paid cash to Peter Lavine for 500 shares of common stock at $10.00 per share. C112. March 20. Received cash from Amory Lin in final payment of stock subscription, $25,000.00. R5. b. At the end of the year, Al-Can Products, Inc. had issued…
The following events apply to Pearson Service Co. for Year 1, its first year of operation: Received cash of $50,000 from the issue of common stock. Performed $90,000 worth of services on account. Paid $64,000 cash for salaries expense. Purchased supplies for $12,000 on account. Collected $78,000 of accounts receivable. Paid $8,500 of the accounts payable. Paid a $5,000 dividend to the stockholders. Had $1,500 of supplies on hand at the end of the period. Required Record these events in general journal form. Post the entries to T-accounts and determine the ending balance in each account. Determine the amount of total assets at the end of Year 1. Determine the amount of net income for Year 1.
Following information is from first month of operations. Make a Statement of Stockholder's Equity 1/1 Ray incorporated B&C Inc and invested $100,000 in exchange for 100,000 shares of $1 par common stock. 1/1 Paid $9,000 for the first 6 months of rent (Jan-June) on a production facility. 1/1 Paid $4,200 for an insurance premium on a one-year policy. 1/1 Purchased a $15,000 piece of factory equipment with a 3% Note Payable which will be paid in full at the end of 2 years. This equipment has an estimated life of 5 years and an estimated residual value of $3,000. 1/2 Purchased $600 of supplies from Office Hoard Corp on account with terms 2/10, n/30. 1/3 Purchased $50,000 of raw materials from Chemical Supply Inc on account. 1/5 Requisitioned $10,000 of raw materials to begin working on Job A (a batch of doodads) and another $7,000 of raw materials to begin working on Job B. 1/8 Paid off account with Office Hoard Corp with cash. 1/10 Incurred $2,500 worth of direct labor costs while…
Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet As of December 31 Year 7 Year 6 Current Assets Cash and cash equivalents $ 634,527 $ 335,597 Marketable securities 166,106 187,064 Accounts receivable (net) 284,226 318,010 Inventories 466,942 430,249 Prepaid expenses 60,906 28,060 Other current assets 83,053 85,029 Total Current Assets 1,695,760 1,384,009 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,647,980 $2,434,430 Current Liabilities Short-term borrowings $ 306,376 $ 170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 279,522 314,883 Accrued liabilities 301,024 183,681 Income taxes payable 107,509 196,802 Total Current Liabilities 1,149,431…

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