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October 23, 2014

Search: Answers for sold merchandise for cash Rs.210,000 and on account Rs.80,000

Number of results: 25,504

accounting
Assets Cash (Net Effect) $35,000 20,000 +15,000 A/R 33,000 14,000 +19,000 Merchandise Inventory 27,000 20,000 +7,000 PPE 60,000 78,000 -18,000 Accumulated Depreciation (29,000) (24,000) ? Liabilities and Stockholder’s Equity Accounts payable 29,000 15,000 +14,000 Income taxes ...
August 8, 2008 by Lusine

math
John's specialty store uses a perpetual inveentory system. the following are some inventory transaction for the month of may 2009. John's purchased merchandise on account for $5,000. Freight charges of $300 were paid in cash.John's returned some of the merchandise purchased ...
March 19, 2011 by Bobbi Loffredo

account
1. Business started with Cash Rs. 100,000/-, Bank Balance Rs. 150,000/-, Merchandise goods Rs 40,000/-, furniture Rs. 5,000/- & Office equipment Rs. 30,000/- 2. Goods Purchase from ABC Co of Rs. 40,000/- on cash less 15% discount
May 6, 2013 by kamala neupane

accounting
Write the journal entries to record the following transactions. A) Sold merchandise on account, $11,000, terms 2/10, net 30. The cost of merchandise sold was $8,000 (2 entries required). B) Issued a credit memorandum for $500 to the customer for merchandise sold in A. (2 ...
March 6, 2012 by kmo

accounting
The following transactions occurred during March 2009 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 30,000 shares of common stock in exchange for $300,000 in cash. 2. Purchased equipment of a cost of $40,000. $10,000 cash was ...
January 12, 2011 by Bobbi

accounting
John's specialty store uses a perpetual inveentory system. the following are some inventory transaction for the month of may 2009. John's purchased merchandise on account for $5,000. FREIGHT CHARGE OF $300 WERE PAID IN CASH. JOHN'S RETURNED SOME OF THE MERCHANDISE PURCHASED IN...
November 28, 2010 by Marty

Excelsior
he following transactions occurred during March 2009 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 30,000 shares of common stock in exchange for $300,000 in cash. 2. Purchased equipment of a cost of $40,000. $10,000 cash was ...
January 28, 2014 by meghan

accounting
Fill in the blanks in the following separate income statements a through e. Identify any negative amount by putting it in parentheses. a b c d e Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $60,000 $42,500 $36,000 $ ? $23,600 Cost of goods sold ...
July 9, 2011 by Joann

accounting
Partners Smith and Jones decide to close their business and share the profits equally. They sell the partnership's non-cash assets. The transactions for the sales are below: 1. The merchandise inventory, which cost $45,000, was sold for $38,000. 2. The office equipment, with a...
July 13, 2012 by working hard

Financial Accounting
1. Post the following transactions of a restaurant to prepare the journal ledger and trial balance. Jan - 2011 Transaction Amount 5 Started the business with cash 2,50,000 10 Deposited in the bank 50,000 15 Purchased tables and chairs 80,000 20 Purchased Freeze 30,000 ...
January 11, 2012 by Kavya Tank

Accounting
The beginning inventory of Merchandise at Waldo Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total March 3 Inventory 60 $1500 $90,000 8 Purchase 120 1800 216,000 11 Sale 80 5000 400,000 30 Sale 50 5000 ...
November 10, 2012 by tabitha Bennett

Accounting
The Rebecca Company acquired merchandise inventory costing $10,000 on September 1. The company will not pay for the inventory until October 1. This transaction will affect the Rebecca Company by increasing the Merchandise Inventory account by $10,000 and _____. A. increasing ...
April 18, 2010 by Pat

Accounting
I need to enter the following into Journal Enteries a) Borrowed $12,000 cash on a short-term note payable dates march 1, 2011 b) Purchased land for future buildings site, paid cash, $9,000. c) Earned $160,000 in Service Revenue for 2011, including 40,000 on credit and 120,000 ...
September 24, 2009 by Leisel

Accounting
Janfer Book Store purchased a new automobile that cost $10,000, made a down payment of $3,000, and signed a note payable for the balance. The entry to record this transaction is: Cash 3,000.00 Note Payable7,000.00 Automobile 10,000.00 Cash 3,000.00 Automobile 3,000.00 ...
April 25, 2010 by Anonymous

accounting
E15-7 Bennis Company has the following comparative balance sheet data. BENNIS COMPANY Balance Sheets December 31 2009 2008 Cash $ 15,000 $ 30,000 Receivables (net) 70,000 60,000 Inventories 60,000 50,000 Plant assets (net) 200,000 180,000 $345,000 $320,000 Accounts payable $...
June 10, 2012 by bren

Accounts
From the following Balance Sheets of Sriramco, prepare (a) Statement of Changes in Working Capital, and (b) Funds Flow Statement: Balance Sheet of Sriramco as on 31st December… Assets Goodwill Land and Buildings Plant Investments Book Debts Stock Cash in hand and at Bank ...
October 16, 2010 by Neeraj

Accounting
Cash $10,000 Accounts Payable $7,000 Accounts Receivable $6,400 Mortgage Payable $65,000 Supplies $1,500 Long-term Debt $36,000 Building $150,000 Notes Payable $9,000 Equipment $80,000 Preferred Stock $32,000 Merchandise Inventory $18,000 Retained Earnings ? Prepaid Rent $3,...
January 13, 2014 by Angela

accounting
Houser Appliances accounts for all sales of its merchandise on the installment basis. Following is the unadjusted trial balance at 12/31/12. Cash $45,000 Installment accounts receivable—2010 20,000 Installment accounts receivable—2011 50,000 Installment accounts receivable—...
December 11, 2010 by weeli

accounting 2
June 30, 2008/2007 Assets Cash- 34,700/23,500 accounts receivable- 101,600/92,300 inventory- 146,300/142,100 Investment-0/50,000 Land-145,000/0 equipment- 215,000/175,500 accumulated depreciation- (53,400)/(41,300) 2008= 594,000 /2007=442,100 liabilities and stockholders ...
November 19, 2008 by gabrielle

Math
Please use the following information to answer questions 4-5: Cash $10,000 Accounts Payable $7,000 Accounts Receivable $6,400 Mortgage Payable $65,000 Supplies $1,500 Long-term Debt $36,000 Building $150,000 Notes Payable $9,000 Equipment $80,000 Preferred Stock $32,000 ...
December 19, 2013 by Angela

Accounting
Please use the following information to answer questions 4-5: Cash $10,000 Accounts Payable $7,000 Accounts Receivable $6,400 Mortgage Payable $65,000 Supplies $1,500 Long-term Debt $36,000 Building $150,000 Notes Payable $9,000 Equipment $80,000 Preferred Stock $32,000 ...
December 19, 2013 by Angela

ashford
At the beginning of 2012, the Jeater Company had the following balances in its accounts: Cash $4,300 Inventory 9,000 Common Stock 10,000 Retained Earnings 3,300 During 2012, the economy experienced the following events: 1. Purchased inventory that cost $2,200 on account from ...
July 2, 2012 by tammy

accounting
I need to make a t account for accounting homework. The statements are from 2009? Earned revenues for 2009 of 55,000 including 8,000 on credit and 47,000 cash. Received a 3,000 deposit from hospital to start January 5, 2010. Purchased supplies on account for future use. 7,000
September 15, 2010 by chris

accounting
A company was recently formed with $ 50,000 cash contributed to the company by stock-holders. The company then borrowed $ 20,000 from a bank and bought $ 10,000 of supplies on account. The company also purchased $ 50,000 of equipment by paying $ 20,000 in cash and issuing a ...
May 7, 2013 by dan

accounting
Jack Shellenkamp owns and manages a computer repair service, which had the following trial balance on December 31, 2011 (the end of its fiscal year). BYTE REPAIR SERVICE Trial Balance December 31, 2010 Cash $8,000 Accounts Receivable 15,000 Parts Inventory 13,000 Prepaid Rent ...
February 25, 2012 by Will

accounting
From the following transactions, state which account will be debited and which account will be credited by filling up the appropriate boxes. S.No. Transactions Accounts involved Application Reason with respect to Rules of Debit and Credit Sample Example Mr. X started business ...
October 27, 2010 by pinki

accounting
From the following transactions, state which account will be debited and which account will be credited by filling up the appropriate boxes. S.No. Transactions Accounts involved Application Reason with respect to Rules of Debit and Credit Sample Example Mr. X started business ...
October 31, 2010 by Anonymous

accounting
Hutton Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursement journal, and a general journal. The following transactions occur in the month of March: 1) Mar 2 Sold merchandise costing $300 to B Fager for $450 cash, invoice no 5703. 2) 5...
March 23, 2010 by charmaine

accounting
. Preference Decisions: NPV vs. IRR vs. Profitability Index Stephens Industries is contemplating four projects: Project P, Project Q, Project R, and Project S. The capital costs and estimated after- tax net cash flows of each project are shown in the table that follows. ...
September 10, 2014 by Cindy

accounting
I need HELP in journalizing the following please: February 1 Paid $3,750 accounts payable balance due to a supplier. March 15 Received $2,500 partial payment on a $5,000 accounts receivable balance. Wrote off the rest of the account as uncollectible. April 1 April 15 Purchased...
March 29, 2012 by Jan

college Accouting
Bennis Company has the following comparative balance sheet data. BENNIS COMPANY Balance Sheets December 31 2011 2010 Cash $ 15,000 $ 30,000 Receivables (net) 70,000 60,000 Inventories 60,000 50,000 Plant assets (net) 200,000 180,000 $345,000 $320,000 Accounts payable $50,000 $...
October 6, 2009 by Tonya

Accounting
Presented below are selected financial statement items for Rowe Corporation for December 31, 2012. Inventory $55,000 Cash paid to purchase equipment $30,000 Cash paid to suppliers 154,000 Equipment 40,000 Buildings 400,000 Revenues 200,000 Common stock 20,000 Cash received ...
April 2, 2012 by Dan

accounting
1-Aug-13 Started business by investing $20,000 from personal savings into a business' bank account and a car and furniture worth $90,000 and $30,000 respectively. 2-Aug-13 Purchased office furniture from Standards for $3,000 paying by cheque. 4-Aug-13 Purchased goods for ...
March 12, 2014 by Kai-lee

accounting
Santa Fe Company purchased merchandise for resale from Mesa COmpany with an invoice price of $24,000 and credit terms of 3/10,n/60. The merchandise had cost Mesa $16,000. Santa Fe paid within the discount period. Prepare entries that Santa Fe Company should record for the ...
April 4, 2011 by ash

business
Analyze the following scenario: Duncombe Village Golf Course is considering the purchase of new equipment that will cost $1,200,000 if purchased today and will generate the following cash disbursements and receipts. Should Duncombe pursue the investment if the cost of capital ...
June 22, 2010 by alaina

fiance
2. Analyze the following scenario: Duncombe Village Golf Course is considering the purchase of new equipment that will cost $1,200,000 if purchased today and will generate the following cash disbursements and receipts. Should Duncombe pursue the investment if the cost of ...
January 12, 2012 by kia

Business Maths
Leeann Company sold merchandise on credit to Janelle Company for $1,000 on July 1, with terms of 2/10, net /30. On July 6, Janelle returned $200 worth of merchandise claiming the materials was defective. On July 8, Leeann received a payment from Janelle and credited Accounts ...
July 10, 2009 by Peaches

Advanced accounting
Up owns 80% of Down. During 2009 Down began selling merchandise to Up at gross profit margin of 20%. Sales by Down to Up for the year totaled $80,000, of which $10,000 remain unsold. In 2010 Down sold $100,000 merchandise to Up at gross margin of 40%. Up’s Ending inventory ...
April 7, 2011 by Oksana

Account - Really need help!
Oral Corporation's beginning accounts receivable were $200,000 and ending accounts receivable were $270,000. During the period $500,000 cash was collected from customer credit sales. Calculate the amount of Oral Corporation sales on account during the period. a. 470,000 b. $...
October 18, 2012 by Anton

Account
Oral Corporation's beginning accounts receivable were $200,000 and ending accounts receivable were $270,000. During the period $500,000 cash was collected from customer credit sales. Calculate the amount of Oral Corporation sales on account during the period. a. 470,000 b. $...
October 18, 2012 by Anton

account
For both cases, show what each firm would report in its annual statement of profit and loss and other comprehensive income under the: a)Cash Basis b)Accrual Basis CASE 1 During 2012 Gangnam Marketing earned revenues of $500,000 on account. Gangnam collected $510,000 from the ...
March 25, 2013 by ifi

accounting
identify assumptions and concepts adn correct entries. The company used the average cost formula to determine that the cost of merchandise inventory at december 31 was $65,000. on December 31, it would have cost $80,000 to replace the merchandise inventory, so the following ...
January 30, 2011 by Thara

Accounting
Maris Corporation acquired a patent on May 1, 2008. Maris paid cash of $25,000 to the seller. Legal fees of $1,000 were paid related to the acquisition. What amount should be debited to the patent account? $1,000 $24,000 $25,000 $26,000
April 25, 2009 by Bigboy2

Business/Accounting Question
You are to state what will increase and/or decrease in each of the transactions described below. 1) Mythical Services sold $500 of legal services on account. 2) Mythical collected the $500 from transaction nmuber 1 above 3) Mythical purchased office furniture on account in the...
June 15, 2006 by Laura

finance accounting
Fakari had the following asset at the ending of the year 2013 having started the business at the beginning of the same year. Ksh.000 Account payable 15,800 equipment 46,000 motor vehicles 25,160 Account receivable 23,080 cash at bank 29,120 cash in hand 160,000 during that ...
January 24, 2014 by tima ibrahim

finance
Given: WACC= 12%, NPV=+1,491.39, IRR=14.87378%, your all-equity firm has 5,000 common shares outstanding, and the cash flows are: CF0= -18,000, CF1= 3,000 CF2= 3,000, CF3=7,000, CF4?, CF5= 10,000. What is the cash flow at time-point 4.
October 17, 2012 by Lucas

Accounting
A company using the periodic inventory system has the following account balances: Merchandise Inventory at the beginning of the year, $4,000; Transportation-In, $450; Purchases, $12,000; Purchases Returns and Allowances, $2,300; Purchases Discounts, $220. The cost of ...
October 7, 2008 by Angela

accounting
In 2007, Clyde Blackstock opened Clyde’s Pets, a small retail shop selling pet supplies. On December 31, 2007 Clyde’s accounting records showed the following: Merchandise inventory at December 31, 2007 $10,250 Merchandise inventory at January 1, 2007 $15,000 Sales revenue for ...
December 10, 2011 by Anonymous

Accounting
Please prepare the following journal entries. Indicate which account should be debited and which account should be credited along with the dollar amount of the debit and credit. a) Investors invested $100,000 in exchange for 10,000 shares of common stock. b) Company paid a ...
April 19, 2012 by Anne

accounting
from the following transactions state which account will be debited and which will be credited by filling up. S.No. Transactions Accounts involved Application Reason with respect to Rules of Debit and credit Sample Example Mr. X started business with cash of Rs.100,000 Cash ...
October 27, 2010 by pinki

accounting
Making a t account need to know how to enter this Recognized operating expenses for 2009 of 30,000 including 5,000 on credit and 25,000 cash
September 15, 2010 by chris

Accounting
How do I enter the following investment as a compound entry in a general journal? I also don't understand how cash is different from capital. Help!!! ASSETS Cash...............20,000.00 Moving Van.........40,000.00 = 60,000.00 LIABILITIES & OWNER'S EQUITY Bank Loan..........15...
October 13, 2006 by Sherrie

Accounting
Journalize the following transactions and omit the explanations. A. ABC Corporation purchased $15,000 of office furniture by putting $7,000 down in cash and the rest on account on April 8. B. The corporation paid $60,000 for a two-year lease on April 19. C. The corporation had...
November 26, 2012 by Rescueme417

Finance
The glenna gayle company (GGC) had sales of $400,000 in the past year, with operating expenses of $210,000 and cost of goods sold of $70,000. Interest expense was $30.000, and $10,000 in common stock dividends were received. The company had $20,000 in capital gains and $30,000...
October 17, 2009 by Tash

accounting 2
a.Equipment and land were acquired for cash b.There were no disposal of equipment during the year c.The investments were sold for 45,000 cash d.The common stock was issued for cash e.There was a 65,900 credit to retained earning for net income f.There was a 50,000 debit to ...
November 19, 2008 by gabrielle

healthcare fiancare
HINT: 6% X $1,000,000 – {20% X ($1,000,000 – (6% X $1,000,000))} = 6% X $1,000,000 – {20% X ($1,000,000 - $60,000))}= 6% X $1,000,000 - {20% X $940,000}= 6% X $1,000,000 - $188,000 = $60,000 - $ 188,000= -$128,000 A) The interst due on a 10% loan of $1,000,000 at year end ...
February 12, 2012 by patricia

Business Maths
How do i calculate this proble and enter it in a journal entry: On January 1, the long-term liability section of a company’s balance sheet showed a balance of $20,000 in the bonds payable account. On December 31, the balance in the same account was $35,000. The change would ...
January 1, 2010 by Peaches

accounting 2 urgent please help
part 2 thank you Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities a.Equipment and land were acquired for cash b.There were no disposal of equipment during the year c.The investments were sold for 45,000 cash d.The ...
November 19, 2008 by gabrielle

accounting
Joe Brown invests $10,000 into his new business. How would the journal entry for this transaction be entered in the journal? Cash 10,000 Brown, Capital 10,000 Invested cash in business Cash 10,000 Brown, Capital 10,000 Invested cash in business Brown, Capital 10,000 Cash 10,...
April 7, 2008 by tomika

finance accounting
Fakari had the following asset at the ending of the year 2013 having started the business at the beginning of the same year. kSH.000 Account payables 15,800 equipment 46,000 motor vehicles 25,160 Account receivable 23,080 Cash at bank 29,120 cash in hand 160,000 during that ...
January 24, 2014 by tima ibrahim

Math
Using the following cash flows for projects A and B, use payback period, discounted payback period, NPV, IRR, and MIRR to see if these are good projects or not. > Project A: (283,000); 46,000; 89,000; 104,000; 123,000; 187,000; and 72,000 > Project B: (318,000); 72,000; ...
September 27, 2014 by James

Intermediate Accounting I
On January 1, 2007, the Accumulated Depreciation-Machinery account of a particular company showed a balance of $370,000. At the end of 2007, after the adjusting entries were posted, it showed a balance of $395,000. During 2007, one of the machines which cost $125,000 was sold ...
April 25, 2009 by Drake

Advance Accounting
On January 1, 20X1, Parent Company acquired 80% of the common stock of Subsidiary Company for $560,000 On this. date Subsidiary had total owners' equity of $540,000, including retained earnings of $240,000. During 20X1, Subsidiary had net income of $60,000 and paid no ...
November 30, 2012 by carol

Math
Staley Watch Company reported the following income statement data for a 2-year period. 2008 2009 Sales $210,000 $250,000 Cost of goods sold Beginning inventory 32,000 44,000 Cost of goods purchased 173,000 202,000 Cost of goods available for sale 205,000 246,000 Ending ...
May 2, 2010 by Angie

accounts
Analyze the transactions and do the following:- 1. Post to T Accounts 2. Prepare a Chart of Account 3. Record in the General Journal 4. Post to the General Ledger 5. Prepare a Trial Balance 6. Prepare a Six Column Worksheet 7. Prepare an Income Statement 8. Prepare a Capital ...
November 25, 2008 by jimmy

Accounting
Record the following transactions using the accounting equation. Example: Assets = Liabilities + Equity XXXX(cash) XXXX(accounts payable) A. Amanda invests $17,000 cash into her merchandising business. B. She buys $6,500 of office equipment and $3,000 of office supplies with ...
November 26, 2012 by Rescueme417

accounting
A recent cash budget showed estimated cash receipts of $159,000, estimated cash disbursements of $155,000, and a desired ending cash balance of $6,000, with no borrowing of funds. The beginning cash balance was:
September 19, 2013 by Leah

Principles of Accounting
E2-2 Selected transactions for D. Reyes, Inc., an interior decorating firm, in its first month of business, are as follows. Jan. 2 Invested $10,000 cash in the business in exchange for common stock. 3 Purchased used car for $4,000 cash for use in business. 9 Purchased supplies...
January 21, 2010 by Wendy

accounting
The following financial data were taken from the annual financial statements of Smith corporation: 2007 2008 2009 Current assets $450,000 $400,000 $500,000 Current liabilities $390,000 $300,000 $340,000 Sales $1,450,000 $1,500,000 $1,400,000 Cost of goods sold $1,180,000 $1,...
November 18, 2010 by Sheryl

accounting
The following financial data were taken from the annual financial statements of Smith corporation: 2007 2008 2009 Current assets $450,000 $400,000 $500,000 Current liabilities $390,000 $300,000 $340,000 Sales $1,450,000 $1,500,000 $1,400,000 Cost of goods sold $1,180,000 $1,...
June 3, 2014 by yousef

Financial Accounting
Here is the problem: if you could just help me get started in the right direction that would be great, I don't even know where to begin with this question ellar Company was established to manufacture components for the auto industry. The components are shipped the same day ...
March 9, 2010 by Nancy

accounting
A company purchased $4,000 worth of merchandise. Transportation costs were an additional $350. The company later returned $250 worth of merchandise and paid the invoice within the 2% cash discount period. What is the total amount paid for this merchandise is?
April 10, 2011 by ASH

law
hi i just wanted to ask this question because i am in a problem. can someone help with this I operate an auto parts shop. The shop has gone out of business, and all assets have been sold. The following debts remain: 1. $10,000 owed to suppliers for merchandise that was sold to...
April 12, 2007 by Sachin

accounts
Part 1 During 2010, Raines Umbrella Corp. had sales of $850,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $610,000, $110,000 and $140,000, respectively. In addition, the company has an interest expense of $85,000 and a tax rate of...
September 2, 2012 by accouns

Accounting
O' Hara Company began operations on December 1, 2011. Presented below is selected information related to O' Hara Company at December 31, 2011. Office Equipment ₤ 40,000; Utilities Expense ₤ 6,000; Cash 14,000; Accounts Receivable 27,000; Service Revenue 108,000; ...
December 18, 2011 by ummu

accounting
BISHOP COMPANY Inv. No. Check Date Description Name or Date No. Terms Amount Mar. 1 Received merchandise and invoice Soy Industries Mar. 1 2/15, n/30 42,600 2 Merchandise sold (cost $7,900) Min Cho 854 2/10, n/30 15,800 3 Purchased office supplies Stacy Company Mar. 3 n/10 EOM...
January 16, 2011 by zion

accounting
Part 5 Cash Budgeting Landis Company has the following sales forecasts for the selected three-month period in the current year: Month Sales April $12,000 May 7,000 June 8,000 Seventy percent of sales are collected in the month of the sale, and the remaining balance is ...
March 25, 2012 by beth

Accounting
Given the following data, the gross profit for the fiscal year would be__. Freight-In on merchandise purchased $1,500; Merchandise Inventory, January 1 $30,000; Merchandise Inventory, December 31 $50,000; Purchases $100,000; Purchases discounts taken $2,800; Purchases returns ...
August 10, 2008 by GiGi

accounting please help!
I have most of them done but would like to have these ones double checked... Please Help!!! 2. The balance sheet format that lists assets above liabilities is the _______ form. A. alphabetical B. liquidity C. account D. report I said B 13. Nick Company reports the following ...
June 24, 2012 by anon

accounting cash flow
Hi, i have a problem with my statement of cash flow, I did all the work but I just can not seem to find the "cash at beginning of year" part. Does anyone know how to calculate this? Here is the question: Ohio Enterprises was organized on January 1, 2010, with the investment of...
January 28, 2011 by Lazeez

Finance
Equipment cost $625,000, salvage value $50,000 at end of 10 yrs. Probability .15 Cash Flow $60,000, .25 $85,000, .45 110,000, .15 130,000 What is expect cash flow, How do I stretch out for 10 years do I multiply about out get that total and get PV from chat by year of the ...
October 5, 2011 by Ron

accounting
Anzlyzing financial statement effects of accounting for bad debits using the allownace method. Duffy Bros. uses the allowance method to account for bad debets expense. Duffy experienced the following four events in 2008: 1.Recognition of 64,000 of service revenue on account 2...
February 1, 2009 by Chopsticks

accounting 205
Net income for the year is $25,000. Withdrawals of $36,000 per were taken at the end of the year. Which of the following occurs? (Points : 1) The Capital account decreases by $22,000. The Capital account decreases by $11,000. The Capital account increases by $11,000. The ...
July 15, 2012 by bernagene

accounting
Valmont, Inc. experienced the following events in 2012, in its first year of operation. 1. Received $20,000 cash from the issue of common stock. 2. Performed services on account for $50,000. 3. Paid utility expense of $12,500. 4. Collected $39,000 of the accounts receivable. 5...
August 7, 2011 by stephanie

accrual basis accounting vs. cash accounting basis
Can someone please check my answers to the following problem. Jack Eagles, a CPA, keeps his accounting records for his practice on the cash basis. During the current year, his clients paid $750,000 in the accounting and tax fees of which $5,000 was paid for work to be done ...
October 9, 2006 by help

accounting
A company purchased and installed a machine on January 1 at a total cost of $72,000. Straight-line depreciation was calculated based on the assumption of a five-year life and no salvage value. The machine was disposed of on July 1 of the fourth year. The company uses the ...
October 7, 2014 by Lonnie

accounting 201
I am having trouble figuring out my accounts payable and capital. Any help on going about and solving this would be greatly appreciated. I have listed the data below... Travis Fortney, an architect, opened an office on April 1, 2010. During the month, he completed the ...
September 30, 2009 by David

finance
Consider a 2 yr project with initial fixed asset investment=$495,000, straight line depreciation to zero over the 2 yr life, zero salvage value, selling price =$39, variable costs=$20. fixed costs=$210,000, quantity sold=150,000 units, tax rate=31%. How sensitive is (OCF) to ...
August 17, 2008 by Tuty

Accounting
Use the following adjusted trial balance of Webb Trucking Company to prepare a classified balance sheet as of December 31, 2005.Account Title Debit Credit Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,000 Accounts receivable...
June 24, 2010 by Bongie

Accounting
What is the total stockholders' equity based on the following account balances? Common Stock $450,000 Paid-In Capital in Excess of Par 90,000 Retained Earnings 190,000 Treasury Stock 10,000 Answer A.$740,000 B.$730,000 C.$720,000 D.$640,000
June 8, 2013 by TS

fiancial accounting
Palomar Paper Products purchased land in 1990 for $15,000 cash. The company has held the land since that time. In 2008 Palomar purchased another tract of land for $15,000 cash. Assume that prices in general increases by 60 percent from 1990 to 2008. a. Assuming that Palomar ...
August 5, 2009 by wanda

Math
From the ff. account balances picked up from the ledger of Morgan Industries on July 15, 2008, prepare a trial balance in good form Morgan, Drawing Drawing 1, 800 Accounts Payable 38, 000 Land 30,000 Sales Discount 3, 600 Purchase Returns and Allowances 3,000 Insurance 1,800 ...
May 14, 2010 by Alison

business
Lansing Auto Pats, Inc., has projected sales of $25,000 in October , $35,000 in November, and $30,000 in December of the company’s sales 20 percent are paid for by cash and 80 percent are sold on credit. The credit sales are collected one month after the sale. Determine ...
March 20, 2012 by Andre

accounting
Analyze and record, in the form of T Accounts, Mr. James' transactions: Jan 1: Amount invested in the business $10,000 Jan 7: Bought equipment for $500 Jan 9: Bought office furniture with $2,000 cash Jan 10: Bought materials with $2,000 cash Jan 17: Sold part of equipment for...
November 6, 2012 by Melissa

FND 154 Fundamentals of Accounting
Harwick Company Exercise 5-2 1. on April 5, purchased merchandise from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point. 2. on April 6, paid freight costs of $900 on merchandise purchased from Botham. 3.on April 7, purchased equipment on account for $26,000. ...
June 24, 2013 by Tomika

Financial Accounting
Prepare the general journal entries for the following transactions: Jan 2, 2011 -- Purchased land with a building on it for $750,000. The land is worth $300,000. Paid $150,000 cash down and signed a mortgage payable for the balance. Dec. 31, 2011--Depreciation is computed ...
February 16, 2012 by Diane

Accounting
Partial balance sheets for ABC Company and additional information are provided below. ABC Company, Partial Balance Sheets, As of December 31 2009 2008 Equipment $100,000 $75,000 Accumulated depreciation (25,000) (20,000) Common stock, $5 par 180,000 100,000 Paid in capital 20,...
December 17, 2010 by R

accounting
Partial balance sheets for ABC Company and additional information are provided below. ABC Company, Partial Balance Sheets, As of December 31 2009 2008 Equipment $100,000 $75,000 Accumulated depreciation (25,000) (20,000) Common stock, $5 par 180,000 100,000 Paid in capital 20,...
April 21, 2011 by Anonymous

financial accounting and reporting
january 01,2007 Mr.A started a business with cash Rs.3000,000 Bank RS.4000,000, Building Rs.3000,000,Laptop Rs.80,000, Desktop computers Rs.50,000,Fax machine Rs.100,000,Simple calculators Rs.5,000, Financial calculators Rs.10,000, Printer Rs.35,000, Scanner Rs.15000,Cars Rs.1...
November 29, 2010 by saedd

accounting
(TCO 8) Partial balance sheets for ABC Company and additional information are provided below. ABC Company, Partial Balance Sheets, As of December 31 2009 2008 Equipment $100,000 $75,000 Accumulated depreciation (25,000) (20,000) Common stock, $5 par 180,000 100,000 Paid in ...
April 18, 2011 by janet

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