1. Explain the events that probably gave rise to journal entries 1 through 8 of exhibit 1. a. Entry 1: Miss barbarra Thompson opened the company investing USD 65,000.00 cash and USD 100,000.00 from Bank Borrowings. b. Entry 2: The company paid its Rent amounting to USD 1,485.00 c. The company bought inventory items worth USD 137,500.00 on credit. d. The company bought Furnitures and Fixtures (10 years useable life) for cash amounting to USD 15,500.00 e. The company utilized USD 1,320.00 worth of advertising and paid it with cash. f. The company paid its wages worth USD 935.00 g. The company bought USD 1,100.00 worth of office supplies. h. The company paid its utilities worth USD …show more content…
Closing Balance for Cash Debit | Credit | 1 USD 165,000.00 | 2 USD 1,485.00 | (9) USD 38,000.00(11) USD 3,614.00 | (4) USD 15,500.00 | | (5) USD 1,320.00 | | (6) USD 935.00 | | (7) USD 1,100.00 | -------------------------------------------------
USD 206,614.00Balance 84,661.00 | (8) USD 275.00(12) USD 96,195(15) 688.00(17) 1,485.00(18) 2,310.00-------------------------------------------------
(20) 660.00USD 121,953.00 |
Closing Balance For Merchandise Inventory Debit | Credit | (3) 137,500.00(13) 49,940.00 | (14) 38,140.00 | 187,440.00Balance 149,300.00 | 38,140.00 |
Closing Balance for Accounts Payable Debit | Credit | (12) 96,195.00 | (3) 137,500.00(13) 49,940.00(20) 1,100.00 | 96,195.00 | 188,540.00Balance 92,345 |
Closing Balance for Accounts Receivable Debit | Credit | (10) 14,850.00 | (11) 3,614.00 | 14,850.00Balance 11,236.00 | 3,614.00 |
Closing Balance for Sales Revenues Debit | Credit | | (9) 38,000.00(10) 14,850.00 | | 52,850.00Balance 52,850.00 |
Closing Balance for Wages Debit | Credit | (6) 935.00(15) 688.00(16) 440.00 | | 2,063.00Balance 2,063.00 | |
Closing Balance for Rent Expenses Debit | Credit | (2) 1,485.00(17) 1,485.00 | | 2,970.00Balance 2,970.00 | |
Closing Balance for Advertising Expenses Debit | Credit | (5) 1,320.00(20) 1,760.00 | | 3,080.00Balance 3,080.00 | |
Closing Balance for Utilities Expenses Debit |
b.What are the amounts and timing of the acquisition investment’s free cash flow from 2013 through 2022?
3. Was the firm able to generate enough cash from operations to pay for all of its capital expenditures?
d. The Johnsons own a rental home. They incurred $8,500 of expenses associated with the property.
1. For the year-end December 31, 2007, financial statements, what amount should M record as a liability?
c. The amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed.
D. Contribution of a building with a FMV of $200,000, a mortgage (assumed by the corporation) of $100,000, and a basis of $125,000.
The standard costs and variances for direct materials, direct labor, and factory overhead for the month of May are as follows:
You have a choice of five appetizers, ten entrees, three beverages, and six desserts. How many possible complete dinners are possible? Place your answer, as a whole number—no decimal places—in the blank. For example 176 would be a legitimate entry 900
Find the median of the CEO salaries, in thousands of dollars, rounded to 2 decimal places. Do
Caitlin and Wally formed the C&W Partnership on September 20, 2012. Caitlin contributed cash of $195,000, and Wally contributed office furniture with a FMV of $66,000. He bought the furniture for $60,000 on January 5, 2012, and placed it in service on that date. Wally will not elect Sec. 179 expensing on the furniture and elected out of bonus depreciation. He also contributed and office building and land with a combined FMV of $129,000. The land’s FMV is $9,000. Wally bought the land in 2005 for $8,000 and had the building constructed for $100,000. The building was placed in service in June 2008.
Problem Set 2 is to be completed by 11:59 p.m. (ET) on Monday of Module/Week 4.
b. The firm is required to make a cash payment for the goods or services.
It is equally owned and operated 100 percent by its partners. Each partner has contributed $ 20,000 dollars to the startup of this company and is in agreeance that half of the $20,000 will be deposited into an interest bearing business account, in addition to the $200,000 received through a business loan with Wells Fargo. This money will be
The semi-annual compounded interest rate is 5.2% (a six-month discount rate of 5.2/2 = 2.6%). (15 points)
Healthy Hearth has sufficient excess capacity to handle the one-time order for 1000 meals next month. Consequently, the analysis focuses on incremental revenues and costs: