Shelley Herzog started a research services business near the university's headquarters The company gave the name Herzog Researchers Ltd., and the company during The first month of operations, July 2006, with the following transactions: A - The company issued its common shares to Shelly Herzog, who invested 40,000 riyals to begin receiving the company in cash. B The company purchased supplies at a cost of 1,000 riyals on account. C The company paid 16,000 riyals to buy lands next to the university It intends to use this land as a site to build the company's services office. The company conducted research for clients and received 7,000 riyals from them. E The company paid SAR 300 from the creditors account balance in transaction B. Herzog paid 5,000 riyals of her own money for the vacation. The company paid cash expenses for the office rent (500 riyals) And service expenses (200) riyals). The company sold a quarter of the plot of land it owned for 5, 000 riyals. i The company announced dividends and paid them in cash in the amount of 2, 000 riyals. Required: 1 - Analyze the previous transactions in light of their impact on the accounting equation, Herzog Research Limited. 2- Prepare an income statement, a list of changes in equity, and a list Financial position of Herzog Research Ltd. at the end of July 2006
Shelley Herzog started a research services business near the university's headquarters The company gave the name Herzog Researchers Ltd., and the company during The first month of operations, July 2006, with the following transactions: A - The company issued its common shares to Shelly Herzog, who invested 40,000 riyals to begin receiving the company in cash. B The company purchased supplies at a cost of 1,000 riyals on account. C The company paid 16,000 riyals to buy lands next to the university It intends to use this land as a site to build the company's services office. The company conducted research for clients and received 7,000 riyals from them. E The company paid SAR 300 from the creditors account balance in transaction B. Herzog paid 5,000 riyals of her own money for the vacation. The company paid cash expenses for the office rent (500 riyals) And service expenses (200) riyals). The company sold a quarter of the plot of land it owned for 5, 000 riyals. i The company announced dividends and paid them in cash in the amount of 2, 000 riyals. Required: 1 - Analyze the previous transactions in light of their impact on the accounting equation, Herzog Research Limited. 2- Prepare an income statement, a list of changes in equity, and a list Financial position of Herzog Research Ltd. at the end of July 2006
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter21: Cash Budgeting (cashbud)
Section: Chapter Questions
Problem 1R: On January 1, Sweet Pleasures, Inc., begins business. The company has 14,000 cash on hand and is...
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Transcribed Image Text:Shelley Herzog started a research services business near the university's headquarters The
company gave the name Herzog Researchers Ltd., and the company during The first month
of operations, July 2006, with the following transactions: A - The company issued its common
shares to Shelly Herzog, who invested 40,000 riyals to begin receiving the company in cash. B
The company purchased supplies at a cost of 1,000 riyals on account. C The company paid
16,000 riyals to buy lands next to the university It intends to use this land as a site to build the
company's services office. The company conducted research for clients and received 7,000
riyals from them. E The company paid SAR 300 from the creditors account balance in
transaction B. Herzog paid 5, 000 riyals of her own money for the vacation. The company paid
cash expenses for the office rent (500 riyals) And service expenses (200) riyals). The
company sold a quarter of the plot of land it owned for 5, 000 riyals. i The company
announced dividends and paid them in cash in the amount of 2,000 riyals. Required: 1 -
Analyze the previous transactions in light of their impact on the accounting equation, Herzog
Research Limited. 2 - Prepare an income statement, a list of changes in equity, and a list
Financial position of Herzog Research Ltd. at the end of July 2006
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