The following transactions occurred during June, the first month of operations for XYZ Company: Issued 50,000 shares of common stock for $300,000 cash.
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The following transactions occurred during June, the first month of operations for XYZ Company:
Issued 50,000 shares of common stock for $300,000 cash.
Purchased Equipment for $100,000 cash.
Collected $50,000 cash for services that will be performed in August.
Paid $35,000 for expenses incurred this period.
Declared and distributed a $2,000 cash dividend.
What is the balance in the Cash account at the end of June?
What is the balance in
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- Following are the transactions and adjustments that occurred during the first year of operations at Kissick Co. Issued 195,000 shares of $5-par-value common stock for $975,000 in cash. Borrowed $510,000 from Oglesby National Bank and signed a 11% note due in three years. Incurred and paid $380,000 in salaries for the year. Purchased $730,000 of merchandise inventory on account during the year. Sold inventory costing $570,000 for a total of $910,000, all on credit. Paid rent of $220,000 on the sales facilities during the first 11 months of the year. Purchased $160,000 of store equipment, paying $52,000 in cash and agreeing to pay the difference within 90 days. Paid the entire $108,000 owed for store equipment and $600,000 of the amount due to suppliers for credit purchases previously recorded. Incurred and paid utilities expense of $34,000 during the year. Collected $835,000 in cash from customers during the year for credit sales previously recorded. At year-end, accrued $56,100 of…Denna Company's working capital accounts at the beginning of the year follow: Cash $ 50,000 Marketable securities $ 30,000 Accounts receivable, net Inventory Prepaid expenses Accounts payable $ 10,000 $ 150,000 $ 30,000 $ 20,000 During the year, Denna Company completed the following transactions: Notes due within one year Accrued liabilities x. Paid a cash dividend previously declared, $12,000. a. Issued additional shares of common stock for cash, $100,000. b. Sold inventory costing $50,000 for $80,000, on account. c. Wrote off uncollectible accounts in the amount of $10,000, reducing the accounts receivable balance accordingly. d. Declared a cash dividend, $15,000. e. Paid accounts payable, $50,000. f. Borrowed cash on a short-term note with the bank, $35,000. g. Sold inventory costing $15,000 for $10,000 cash. h. Purchased inventory on account, $60,000. i. Paid off all short-term notes due, $30,000. j. Purchased equipment for cash, $15,000. k. Sold marketable securities costing…Your company declared $13,800 cash dividends on stock. There were $6,400 im dividends payable at the beginning of the vear and $2,800 at the end of the year. How much was paid in dividends during the year?
- Following are the transactions and adjustments that occurred during the first year of operations at Kissick Company. Issued 800,000 shares of $5-par-value common stock for $400,000 in cash. Borrowed $200,000 from Oglesby National Bank and signed a 8% note due in three years. Incurred and paid $160,000 in salaries for the year. Purchased $301,000 of merchandise inventory on account during the year. Sold inventory costing $205,000 for a total of $250,000, all on credit. Paid rent of $44,000 on the sales facilities during the first 11 months of the year. Purchased $60,000 of store equipment, paying $18,000 in cash and agreeing to pay the difference within 90 days. Paid the entire $42,000 owed for store equipment and $227,000 of the amount due to suppliers for credit purchases previously recorded. Incurred and paid utilities expense of $15,000 during the year. Collected $221,000 in cash from customers during the year for credit sales previously recorded. At year-end, accrued $16,000 of…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…The following are account balances for M-E Corporation: cash, $5,000; accounts receivable, $10,000; inventory, $16,000; equipment, $60,000; accounts payable, $20,000; salaries payable, $12,000; retained earnings, $9,000; and common stock, $50,000. Prepare a preliminary balance sheet. Total assets Total liabilities M-E CORPORATION Preliminary Balance Sheet At December 31, 2024 Assets Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ 0 0 0 0
- 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. $42,000What is the cash balance on December 31?Cash dividends of $78,312 were declared during the year. Cash dividends payable were $12,000 and $13,834 at the beginning and end of the year, respectively. Determine the amount of cash for the payment of dividends during the year.
- 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.Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2020): Borrowed $18,279 from banks due in two years. Purchased additional investments for $22,200 cash; one-fifth were long term and the rest were short term. Purchased property, plant, and equipment; paid $9,584 in cash and signed a short-term note for $1,422. Issued additional shares of common stock for $1,481 in cash; total par value was $1 and the rest was in excess of par value. Sold short-term investments costing $19,021 for $19,021 cash. Declared $11,138 in dividends to be paid at the beginning of the next fiscal year. Prepare a classified balance sheet for Orange at September 26, 2020, based on these transactions. please complete this with working and show how did you get the number with other work answer in text thanksSelected 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…