Century 21 Accounting: General Journal
11th EditionClaudia Bienias Gilbertson, Debra Gentene, Mark W Lehman
1,012 solutions
Fundamentals of Financial Management, Concise Edition
10th EditionEugene F. Brigham, Joel Houston
777 solutions
Essentials of Investments
9th EditionAlan J. Marcus, Alex Kane, Zvi Bodie
689 solutions
Financial Accounting
4th EditionDon Herrmann, J. David Spiceland, Wayne Thomas
1,097 solutions
Accounting: What the Numbers Mean
9th EditionDaniel F Viele, David H Marshall, Wayne W McManus
345 solutions
Essentials of Investments
9th EditionAlan J. Marcus, Alex Kane, Zvi Bodie
689 solutions
Fundamentals of Financial Management, Concise Edition
10th EditionEugene F. Brigham, Joel Houston
777 solutions
Financial Accounting
12th EditionC Bill Thomas, Walter T Harrison, Wendy M Tietz
1,691 solutions
Century 21 Accounting: General Journal
11th EditionClaudia Bienias Gilbertson, Debra Gentene, Mark W Lehman
1,012 solutions
Intermediate Accounting
14th EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
1,471 solutions
Fundamentals of Financial Management, Concise Edition
10th EditionEugene F. Brigham, Joel Houston
777 solutions
Essentials of Investments
9th EditionAlan J. Marcus, Alex Kane, Zvi Bodie
689 solutions
Use the following appropriate amounts to calculate net income: Revenues, $12,000; Liabilities, $5,000; Expenses, $4,000; Assets, $19,000; Dividends, $4,000.
For the past five years, Mookie Consulting Services reported the following annual net income and dividend amounts:
Year
Net Income
Dividends
Year 1:
$22,000
$2,000
Year 2:
17,000
2,000
Year
3:
9,000
1,000
Year 4:
14,000
3,000
Year 5:
25,000
4,000
Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January:
1. Issued 10,000 shares of common stock for $15,000 cash.
2. Purchased land for $12,000, signing a note payable for the full amount.
3. Purchased office equipment for $1,200 cash.
4. Received cash of $14,000 for services provided to customers during the month. 5.
Purchased $300 of office supplies on account.
6. Paid employees $10,000 for their first month's salaries.
What was the total amount of Gotebo's liabilities following these six transactions?
Assume that Sallisaw Sideboards, Inc. had a retained earnings balance of $10,000 on April 1, and that the company had the following transactions during April.
1. Issued common stock for cash, $5,000.
2. Provided services to customers on account, $2,000.
Provided services to customers in exchange for cash, $900.
3. Purchased equipment and paid cash, $4,300.
4. Paid April rent, $800.
5. Paid employees' salaries for April, $700.
What was Sallisaw's retained earnings balance at the end of April?
Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January:
1. Issued 10,000 shares of common stock for $15,000 cash.
2. Purchased land for $12,000, signing a
note payable for the full amount.
3. Purchased office equipment for $1,200 cash.
4. Received cash of $14,000 for services provided to customers during the month. 5. Purchased $300 of office supplies on account.
6. Paid employees $10,000 for their first month's salaries.
How many of these transactions decreased Gotebo's total assets?
Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January:
1. Issued
10,000 shares of common stock for $15,000 cash.
2. Purchased land for $12,000, signing a note payable for the full amount.
3. Purchased office equipment for $1,200 cash.
4. Received cash of $14,000 for services provided to customers during the month. 5. Purchased $300 of office supplies on account.
6. Paid employees $10,000 for their first month's salaries.
How many of these transactions increased Gotebo's liabilities?