The following events occurred for Johnson Company: a. Received investment of cash by organizers and distributed to them 1,200 shares of $1 par value common stock with a market price of $30 per share. b. Leased $8,400 of equipment, paying $1,900 in cash and signing a long-term right-of-use lease for the rest owed. c. Borrowed $14,000 cash from a bank. d. Loaned $800 to an employee who signed a note due in six months. e. Purchased $16,909 of land; paid $9,000 in cash and signed a note for the balance. Required: For each of the events (a) through (e), perform transaction analysis and indicate the account and amount. Check that the accounting equation remains in balance after each transaction. Note: Enter decreases to an element of the balance sheet with a minus sign. If no impact on accounting equation leave cells blank.

The following events occurred for Johnson Company: a. Received investment of cash by organizers and distributed to them 1,200 shares of $1 par value common stock with a market price of $30 per share. b. Leased $8,400 of equipment, paying $1,900 in cash and signing a long-term right-of-use lease for the rest owed. c. Borrowed $14,000 cash from a bank. d. Loaned $800 to an employee who signed a note due in six months. e. Purchased $16,909 of land; paid $9,000 in cash and signed a note for the balance. Required: For each of the events (a) through (e), perform transaction analysis and indicate the account and amount. Check that the accounting equation remains in balance after each transaction. Note: Enter decreases to an element of the balance sheet with a minus sign. If no impact on accounting equation leave cells blank.

Name: ookrinterencesThe following events occurred for Johnson Company:a. Re
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: ookrinterencesThe following events occurred for Johnson Company:a. Received investment of cash by organizers and distributed to them 1,200 shares of $1 par value common stock with a marketprice of $30 per share.b. Leased $8,400 of equipment, paying

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Subject: acounting
7
7
on An analysis of Forest Hills Corporation's Investment in Marketable Securities account disclosed the following: Debit entries $ 160,000 Credit entries 240,000 Forest Hill's income statement included a $40,000 gain on sale of marketable securities and $30,000 dividend income from marketable securities. All payments and proceeds relating to marketable securities transactions were in cash. The amount of cash paid by Forest Hills Corporation in for the purchase of marketable securities was: Select one: O a. $200,000 O b. $190,000 O c. $160,000 O d. $240.000
Manually journalize the following: a. Bank transfer from any bank to 1612CN amounting P30,000 b. cash Payment amounting P1000 to Acme Corporation. c. the company issued ordinary share capital worth of P 5,000, payment received and deposited on its GBP Bank Account 1 Dr. GBP Bank Account 1 P 5,000 Cr. Ordinary Share Capital P 5,000 d. the company recorded a Salary Expense worth of P 2500, paid for through the company's GBP Bank Account 1. Dr. Salaries and Wages P 2500 Cr. GBP Bank Account 1 P 2500 2 e. the company will pay a total of P 1500 from the Petty Cash fund for transportation related expenses. This transaction is still subject to supervisor's approval.
You have been presented with the following set of financial statements for National Property Trust, a REIT that is about to make an initial stock offering to the public. This REIT specializes in the acquisition and management of warehouses. Your firm, Blue Street Advisors, is an investment management company that is considering the purchase of National Property Trust shares. You have been asked to prepare a financial analysis of the REIT. National Property Trust Panel A. Operating Statement Summary Net revenue $ 101,000,000 Less: Operating expenses 40,400,000 Depreciation and amortization 23,000,000 General and administrative expenses 6,100,000 Management expense 3,100,000 Income from operations 28,400,000 Less: Interest expense* 6,400,000 Net income (loss) $ 22,000,000 *At 8% interest only. Panel B. Balance Sheet Summary Assets Cash $ 51,600,000 Rents receivable 2,600,000 Properties @ cost 710,000,000 Less: Accumulated depreciation…
You have been presented with the following set of financial statements for National Property Trust, a REIT that is about to make an initial stock offering to the public. This REIT specializes in the acquisition and management of warehouses. Your firm, Blue Street Advisors, is an investment management company that is considering the purchase of National Property Trust shares. You have been asked to prepare a financial analysis of the REIT. National Property Trust Panel A. Operating Statement Summary Net revenue $ 112,000,000 Less: Operating expenses 44,800,000 Depreciation and amortization 34,000,000 General and administrative expenses 7,200,000 Management expense 4,200,000 Income from operations 21,800,000 Less: Interest expense* 6,400,000 Net income (loss) $ 15,400,000 *At 8% interest only. Panel B. Balance Sheet Summary Assets Cash $ 52,700,000 Rents receivable 3,700,000 Properties @ cost 820,000,000 Less: Accumulated depreciation…
Fair-to-Midland Manufacturing, Inc. (FMM), has applied for a loan at True Credit Bank. Jon Fulkerson, the credit analyst at the bank, has gathered the following information from the company's financial statements: Total assets EBIT Net working capital Book value of equity Accumulated retained earnings Sales $105,000 8,400 4,900 34,000 18,300 107,000 The stock price of FMM is $36 per share and there are 6,500 shares outstanding. What is the Z-score for this company? (Do not round intermediate calculations and round your answer to 3 decimal places, e.g., 32.161.) Z-score
Sd
Indicate the best answer(s) for each question: Pudget Sound Co. sold marketable securities costing $80,000 for $92,000 cash. In the company’s journal entry, the entry will include (Identify the two correct answers): a A credit to marketable securities of $92,000 b A credit to marketable securities of $80,000 c A debit to cash of $92,000 d A credit to unrealized gain of $12,000
Bha
Received $17000 cash investment from the business owners and distributed 1000 shares of common stock to them with a market price of $17 per share? which accounts are affected in this transactions?