
Concept explainers
Recording Process: Using the
a.
To indicate: the effect of receipt of $520 for Service Revenue earned on accounting equation
b.
To indicate: the effect of payment of $325 for payment towards Salaries Expense on
c.
To indicate: the effect of owner’s contribution towards business capital on accounting equation
d.
To indicate: the effect of the services performed to customer, but has not been paid, yet
e.
To indicate: the effect of the accrual of Utility Bill, to be paid next month on accounting equation
f.
To indicate: the effect of the withdrawal of $100 cash by the owner on accounting equation

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Chapter 1 Solutions
ACCOUNTING PRINCIPLES 222 5/16 >C<
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- Financial Accountingarrow_forwardsubject: general accounting questionarrow_forwardNicole organized a new corporation. The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation started: Expense Date Amount Attorney fees for articles of incorporation February 10 $ 40,500 March 1-March 30 wages March 30 6,550 March 1-March 30 rent Stock issuance costs March 30 2,850 April 1-May 30 wages Note: Leave no answer blank. Enter zero if applicable. April 1 May 30 24,000 16,375 a. What is the total amount of the start-up costs and organizational expenditures for Nicole's corporation? Start-up costs Organizational expendituresarrow_forward
- What is the return on investment of this financial accounting question?arrow_forwardLast Chance Mine (LCM) purchased a coal deposit for $2,918,300. It estimated it would extract 18,950 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.24 million, $13 million, and $11 million for years 1 through 3, respectively. During years 1-3, LCM reported net income (loss) from the coal deposit activity in the amount of ($11,400), $550,000, and $502,500, respectively. In years 1-3, LCM extracted 19,950 tons of coal as follows: (1) Tons of Coal 18,950 Depletion (2) Basis (2)(1) Rate $2,918,300 $154.00 Tons Extracted per Year Year 1 4,500 Year 2 8,850 Year 3 6,600 Note: Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars. b. What is LCM's percentage depletion for each year (the applicable percentage for coal is 10 percent)? Percentage Depletion Year 1 Year 2 Year 3 $ 0arrow_forwardCan you please solve this accounting issue without use Ai?arrow_forward
- Brown Company estimates that monthly sales will be as follows. January $100,000 February 150,000 March 180,000 Historical trends indicate that 40 percent of sales are collected during the month of sale, 50 percent are collected in the month following the sale, and 10 percent are collected two months after the sale. Brown's accounts receivable balance as of December 31 totals $80,000 ($72,000 from December's sales and $8,000 from November's sales). The amount of cash Brown can expect to collect during the month of January is?arrow_forwardgiven answer General accounting questionarrow_forwardHow many units were completed during the period on these accounting question?arrow_forward
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