4. Summarized financial position of a business on 30.11.2022 is as follows: Assets Cash + Accounts Receivable + Supplies + 1.720 $3.240 Liabilities + Land = Accounts Payable + $5,400 $24,100 = Owners' Equity Owner's Capital $23,660 During December 2022, the following events occurred: - Company performed services for a client and received cash of $1,100. - Company purchased $720 of supplies on account. Show the accounting effects of transactions on the summarized financial position.

4. Summarized financial position of a business on 30.11.2022 is as follows: Assets Cash + Accounts Receivable + Supplies + 1.720 $3.240 Liabilities + Land = Accounts Payable + $5,400 $24,100 = Owners' Equity Owner's Capital $23,660 During December 2022, the following events occurred: - Company performed services for a client and received cash of $1,100. - Company purchased $720 of supplies on account. Show the accounting effects of transactions on the summarized financial position.

Name: 3 4. Summarized financial position of a business on 30.11.2022 is as f
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Description: 3 4. Summarized financial position of a business on 30.11.2022 is as follows:AssetsLiabilities +Cash + Accounts Receivable + Supplies + Land = Accounts Payable +$1.720$24,100$3.240$5.400Owners' EquityOwner's Capital$23,660During December 2022, the fo

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter1: Introduction To Accounting And Business

Section: Chapter Questions

Problem 3BE: Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected...

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Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected transactions were completed by Interstate Delivery during May: 1. Received cash in exchange for common stock, 18,000. 2. Paid advertising expense, 4,850. 3. Purchased supplies on account, 2,100. 4. Billed customers for delivery services on account, 14,700. 5. Received cash from customers on account, 8,200. Indicate the effect of each transaction on the following accounting equation elements: Assets, Liabilities, Common Stock, Dividends, Revenue, and Expense. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by 18,000; Common Stock increases by 18,000.
Gulf Cement, Inc. reports the following assets and liabilities, Compute the totals that would appear in the corporation's basic accounting equation (Assets = Liabilities + Stockholders' Equity (Capital Stock)). Cash...Asset.. OMR 37,000 Assets e Yi abilities + Equity- Accounts Payable....liabi libies OMR 15,000 30 800 Supplies....A seps. OMR 1, 800 Loan Payable. ibiliies OMR 9,000 Inventory....AScts. OMR 12,000
Cheyenne Inc. had the following balance sheet at December 31, 2024. Cash Accounts receivable Investments Plant assets (net) Land 1. 2. 3. 4. During 2025, the following occurred. 5. 6. 7. Cheyenne Inc. Balance Sheet December 31, 2024 8. $23,760 24,960 35,760 81,000 43,760 $209,240 Accounts payable Notes payable (long-term) Common stock Retained earnings $33,760 44,760 103,760 26,960 $209,240 Cheyenne Inc. sold part of its debt investment portfolio for $17,060. This transaction resulted in a gain of $5,460 for the firm. The company classifies these investments as available-for-sale. A tract of land was purchased for $16,760 cash. Long-term notes payable in the amount of $18,060 were retired before maturity by paying $18,060 cash. An additional $22,060 in common stock was issued at par. Dividends of $10,260 were declared and paid to stockholders. Net income for 2025 was $35,760 after allowing for depreciation of $13,060. Land was purchased through the issuance of $38,760 in bonds. At…
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