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FINANCIAL ACCOUNTING
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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Do you intend to major in one of the College of Business and Economic's majors? Yes Assets Liabilities Shareholders tquiny Amount Account Amount Account Amount Account Balance Sheet at April 30: $ $ 111,000 Notes Payable 555 Interest Payable 87,466 Cash 5,750 Inventory 138,000 Equipment (1,150) Accumulated Depreciation $ 116,000 Stock 2,511 Retained Earnings Amounts in US$ During May, its second month of business, Karry no Key, Inc.: 5/1 Per Unit Total Purchased 300 karaoke machines on account Paid for six months of insurance in advance; coverage that begins May 1. 34,500 3,450 12 During Sold 320 karaoke machines on account: 13 May Record the sale 161.00 14 Record the cost of the sale During May 5/31 15 Collected cash from customers from sales made on account 46,368 16 17 Paid for inventory purchased on account 20,700 1,130 5/31 Declared and paid cash dividend to its shareholders Adjusted for insurance used during the month Adjusted for depreciation on equipment (hint: refer to P1 for estimated life of equipment) Adjusted for wages owed that will be paid in the first week of June Adjusted for interest owed on the 6%, 3-month bank loan; interest and principal due on June 30 18 19 A1 20 A2 1,554 555 21 A3 22 A4 Column Totals 230,066 111,555 118,511 23 24
Transcribed Image Text:Do you intend to major in one of the College of Business and Economic's majors? Yes Assets Liabilities Shareholders tquiny Amount Account Amount Account Amount Account Balance Sheet at April 30: $ $ 111,000 Notes Payable 555 Interest Payable 87,466 Cash 5,750 Inventory 138,000 Equipment (1,150) Accumulated Depreciation $ 116,000 Stock 2,511 Retained Earnings Amounts in US$ During May, its second month of business, Karry no Key, Inc.: 5/1 Per Unit Total Purchased 300 karaoke machines on account Paid for six months of insurance in advance; coverage that begins May 1. 34,500 3,450 12 During Sold 320 karaoke machines on account: 13 May Record the sale 161.00 14 Record the cost of the sale During May 5/31 15 Collected cash from customers from sales made on account 46,368 16 17 Paid for inventory purchased on account 20,700 1,130 5/31 Declared and paid cash dividend to its shareholders Adjusted for insurance used during the month Adjusted for depreciation on equipment (hint: refer to P1 for estimated life of equipment) Adjusted for wages owed that will be paid in the first week of June Adjusted for interest owed on the 6%, 3-month bank loan; interest and principal due on June 30 18 19 A1 20 A2 1,554 555 21 A3 22 A4 Column Totals 230,066 111,555 118,511 23 24
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