The Wagner Company acquired $500,000 cash from the issue of common stock. How would this transaction be recorded in the company's T-accounts? Multiple Choice
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![The Wagner Company acquired $500,000 cash from the issue of common stock. How would this transaction be recorded in the company's T-accounts?
Multiple Choice
Common Stock
500,000
Common Stock
500,000
Retained Earnings
500,000
Cash
500,000
Retained Earnings
Cash
500,000
500,000
Common Stock
500,000
Common Stock
500,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fccb668bc-10a4-4aaf-a388-7b2b8ddb3a25%2F83e65c72-ef33-4f07-b11e-87e8c7c17291%2Fdgvksyj_processed.png&w=3840&q=75)
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- On January 1, 2021, Red Flash Photography had the following balances: Cash, $25,000; Supplies, $9,300; Land, $73,000; Deferred Revenue, $6,300; Common Stock $63,000; and Retained Earnings, $38,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $33,000. 2. May 20 Provide services to customers for cash, $48,000, and on account, $43,000. 3. August 31 Pay salaries to employees for work in 2021, $36,000. 4. October 1 Purchase rental space for one year, $25,000. 5. November 17 Purchase supplies on account, $35,000. 6. December 30 Pay dividends, $3,300. The following information is available on December 31, 2021: Employees are owed an additional $5,300 in salaries. Three months of the rental space has expired. Supplies of $6,300 remain on hand. All of the services associated with the beginning deferred revenue have been performed. part 1.please do the journal entry…Can you recheck the transaction on Feb. 12? It was said that the owner received P50,000 from customers, why did you deduct the P50,000 in accounts receivable? The cash came from the customers and not from the Nestle Corporation, does it? Should that P50,000 be added on the Capital? A revenue earned?On January 1, 2021, Red Flash Photography had the following balances: Cash, $29,000; Supplies, $9,700; Land, $77,000; Deferred Revenue, $6,700; Common Stock $67,000; and Retained Earnings, $42,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $37,000. 2. May 20 Provide services to customers for cash, $52,000, and on account, $47,000. 3. August 31 Pay salaries to employees for work in 2021, $40,000. 4. October 1 Purchase rental space for one year, $29,000. 5. November 17 Purchase supplies on account, $39,000. 6. December 30 Pay dividends, $3,700. The following information is available on December 31, 2021: Employees are owed an additional $5,700 in salaries. Three months of the rental space has expired. Supplies of $6,700 remain on hand. All of the services associated with the beginning deferred revenue have been performed. Record the adjusting entry for supplies…
- Park & Company was recently formed with a $6,400 investment in the company by stockholders in exchange for common stock. The company then borrowed $3,400 from a local bank, purchased $1,140 of supplies on account, and also purchased $6,400 of equipment by paying $2,140 in cash and signing a promissory note for the balance. Based on these transactions, the company's total assets are: Multiple Choice $9,800. $15,200. $12,800. $11,940.On January 1, Year 2, the following information was drawn from the accounting records of Carter Company: cash of $475; land of $2,625; notes payable of $775; and common stock of $1,705. Required a. Determine the amount of retained earnings as of January 1, Year 2. b. After looking at the amount of retained earnings, the chief executive officer (CEO) wants to pay a $575 cash dividend to the stockholders. Can the company pay this dividend? c. As of January 1, Year 2, what percentage of the assets were acquired from creditors? d. As of January 1, Year 2, what percentage of the assets were acquired from investors? e. As of January 1, Year 2, what percentage of the assets were acquired from retained earnings? f. Create an accounting equation using percentages instead of dollar amounts on the right side of the equation. g. During Year 2, Carter Company earned cash revenue of $720, paid cash expenses of $410, and paid a cash dividend of $61. (Hint. It is helpful to record these events under…Transaction Classification on Cash Flow Statement 1.Sold shares in a listed company [select] Operating/Investing/Finanting/None 2.Cash paid to suppliers [select] Operating/Investing/Finanting/None 3.Purchased a new office building with cash [select] Operating/Investing/Finanting/None 4.Took out a loan from the bank [select] Operating/Investing/Finanting/None 5.Purchased inventory on credit [select] Operating/Investing/Finanting/None 6.Issued shares for cash [select] Operating/Investing/Finanting/None 7.paid employees with cash [select] Operating/Investing/Finanting/None 8.Purchased computer equipment with cash[select] Operating/Investing/Finanting/None
- On January 1, Year 2, the following information was drawn from the accounting records of Carter Company: cash of $475; land of $2,625; notes payable of $775; and common stock of $1,705. Required a. Determine the amount of retained earnings as of January 1, Year 2. b. After looking at the amount of retained earnings, the chief executive officer (CEO) wants to pay a $575 cash dividend to the stockholders. Can the company pay this dividend? c. As of January 1, Year 2, what percentage of the assets were acquired from creditors? d. As of January 1, Year 2, what percentage of the assets were acquired from investors? e. As of January 1, Year 2, what percentage of the assets were acquired from retained earnings? f. Create an accounting equation using percentages instead of dollar amounts on the right side of the equation. g. During Year 2, Carter Company earned cash revenue of $720, paid cash expenses of $410, and paid a cash dividend of $61. (Hint. It is helpful to record these events under…Required Information [The following information applies to the questions dlisplayed below.] Deliberate Speed Corporation (DSC) was Incorporated as a private company. The company's accounts Included the following at June 30: Accounts Payable Buildings Cash $ 22,700 158,e00 46, 250 170,e0e 153,5e0 Conmon Stock Equipment Land Notes Payable (long-tern) Retained Earnings Supplies 226,eee 3,200 395,650 7,8ee During the month of July, the company had the following activities: a. Issued 4,600 shares of common stock for $460,000 cash. b. Borrowed $189,000 cash from a local bank, payable In two years. c. Bought a bullding for $202,000; pald $85,000 in cash and signed a three-year note for the balance. d. Pald cash for equipment that cost $277,000. e. Purchased supplies for $45,750 on account. 5. Prepare a classified balance sheet at July 31. DELIBERATE SPEED CORPORATION Balance SheetSelected ledger entries from the books of Solomon's Electrical Services follow: Common Stock Transaction Debit amount Transaction Credit amount 12/31 8,500 1/1 90, 000 12/31 30,000 Retained Earnings Transaction Debit amount Transaction Credit amount 12/31 5,000 1/1 62,000 12/31 18,000 Dividends Transaction Debit amount Transaction Credit amount 3/31 2, 500 12/31 5, 000 9/30 2,500 The balance in retained earnings that will appear on the financial statements as of December 31 is a. $57,000 b. $39,000 c. $85,500 d. $ 62,000
- 42. Make T-accounts for the following general ledger accounts of Mighty Movers, which began business on January 1, 2019: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Notes Payable; Common Stock; Dividends; Moving Fees Earned; Salaries Expense; Rent Expense; and Utilities Expense. Record the following January 2019 transactions in the accounts and key each entry with the transaction number. Shareholders purchased $270, 000 in stock. (1) Paid rent for the month, $3,300. (2) Purchased equipment for $90,000, giving a note payable for $90,000 (3) Purchased supplies on account, $15,000. Billed clients for services rendered, $57,000. (4) (5) (6) Paid salaries for the month, $23,400. Paid $12,000 on account for supplies purchased in transaction (4). (7) Collected $26,100 from clients previously billed. (8) Paid utilities for the month, $1,470 (9) (10) Paid $17,400 cash dividends.Your assistant has gone to lunch before completing his task, which was to calculate the P/E ratio for Bollymonster Toys Inc. All he has left you is the following financial information. What is Bollymonster's P/E? (Round to one decimal place.) Bollymonster Toys Inc.Selected Financial Information Debt $2000 Cash $200 #Shares Outstanding 200 Stock Price $13.00 EV-to-EBITDA 7 Depreciation Expense $70 Interest Expense $110 Income Taxes $100
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