Owner, Tom Ford, invested $260,000 cash along with office equipment that had a $90,000 market value in exchange for 35,000 shares of $10 par value common stock in Celebrity Consultants, Inc. I need to know how would this transaction be recorded in a general journal,
Q: Dristell Inc. had the following activities during the year (all transactions are for cash unless…
A: Cash flows from Financing Activities deals with the Activities where cash inflow and outflow are…
Q: J.K. Builders was incorporated on July 1. Received $70,000 cash invested by owners and issued…
A: Journal Entries: Journal entries are recorded for all the transactions that occur during the…
Q: The transaction below happened at Areej Company: 1. 1st of October, the owner of the company…
A: Introduction: The act of recording or keeping track of any financial or non-financial action is…
Q: Prepare Jagga’s Statement of Profit & Loss for the year ended 31 December 2020
A: Statement of Profit & Loss for the year ended 31 December 2020: Particulars Details(RM’000)…
Q: Ernie’s Electronics had the following transactions with Bert’s Bargain House:1. Ernie sold Bert…
A: The cash flow statement is defined as the financial statement, highlighting the cash inflow and cash…
Q: Sept. 1 The Corporation issued 20,000 shares of capital stock to Elizabeth Carver in exchange for…
A: Debit what comes in , and Credit what goes out. Debit all expenses, and credit all income Debit the…
Q: An undertaking called Blue Enterprises was formed on 3 January 20x1, on which date the owner…
A: Lets understand the basics. As per balance sheet equation, total assets are always equal to total…
Q: The following transactions are for the Sun’s Corporation, December, 2018. 12 Jan. Sun’s…
A: Sun's Corporation…
Q: Everett McCauley invested an additional $40,000 in the business in exchange for common stock, and…
A: Stockholders equity includes total capital , additional paid in capital and retained earning…
Q: Dristell Inc. had the following activities during the year (all transactions are for cash unless…
A: Statement of cash flows: This statement reports all the cash transactions which are responsible for…
Q: The ABC Company had the following transactions in 2021, the first year of its operations: 1. Issued…
A:
Q: Dristell Inc. had the following activities during the year (all transactions are for cash unless…
A: Cash flow from investing activities is a part of cash flow statement. This section deals with the…
Q: Jackie Corp. is included in the list of top withholding agents. During the month, it paid out the…
A: Tax credits is an amount of money that taxpayers can subtract directly from the taxes owned by them.…
Q: Capital Financial Advisors Limited had the following transactions during January, its first month of…
A: In the accounting cycle, After the transactions are analyzed and Journal entries are prepared, the…
Q: The ABC Corporation was formed on January 1, 2017. The three initial owners each invested $400,000…
A: The transactions are firstly recorded in the books of original entries known as Journal. Any…
Q: Ag Bio Tech (ABT) was organized on January 1 by four friends. Each organizer invested $6,250 in the…
A: An accounting equation refers to an equation where the total assets are equal to the sum of…
Q: Moonlight Bay Inn is incorporated on January 2, 2014, by its three owners, each of whom contributes…
A: 10 Coloum Work Sheet 10 Coloum work sheet which consist of unadjusted trial balance and made the…
Q: aun Seu AUrdu llowing transactions -Issued 50,000 shares at P30 per share, received cash • Issued…
A: Share premium is the additional cash received for issuance of shares as compared to par value of…
Q: Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $62,475 cash…
A:
Q: A company exchanged 500 shares of $2 par value common stock for $3,000 of legal services incurred…
A: DATE ACCOUNTS DEBIT CREDIT Legal fees/Organizational costs $3000 Common stock (500…
Q: Lyle white has decided ti incorporate her small lock rekeying business.Cash of 10,000 was invested…
A: Given: Cash = $10,000 Common shares = $10,000
Q: a. Jenna Aracel, the owner, invested $180,000 cash, office equipment with a value of $5,100, and…
A: In the above question we have asked to prepare journal entries, ledger and trial balance with the…
Q: The following transactions occurred last year at Joyce Company: Issuance of shares of the company's…
A: The Company gives the transactions that occured last year. Required Net cash provided by the…
Q: The ABC Company had the following transactions in 2021, the first year of its operations: 1. Issued…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: Mark Waugh starts business. Before any sales, he has purchased fixtures $12,000, motor vehicle…
A: We have the following information of Mark Waugh's Business Fixtures: $12,000 Motor Vehicle: $30,000…
Q: or Head is a privately-owned company. On October 1, Gator exchanged 3,000 shares of its private…
A: As per rules of accounting, If assets come in, then it should be debited but if assets go out then…
Q: Matthew Martin, the sole stockholder of Innovation Consulting, started the business by investing…
A: Increase in assets is debited and decrease in assets is credited. Increase in equity is credited and…
Q: On July 1, 2022, Mr. X incorporated a painting business near Green University of Bangladesh. Mr. X…
A: Introduction Double-entry accounting system: For every transaction inside a firm, a double-entry…
Q: Received $17000 cash investment from the business owners and distributed 1000 shares of common stock…
A: Journal entry is as follows for the given transaction:
Q: Suppose that GRAB Bank is a newly created bank in your hometown. Consider the following…
A: Balance Sheet - It refers to the financial statement prepared by every company at the end of the…
Q: Robert has recently decided to open his new business of retail of products for petcare in a store…
A:
Q: Alpha Company had the following activities during the current year: - Acquired 2,000 shares of…
A:
Q: Capstone Consulting Services acquired land 5 years ago for $200,000. Capstone recently signed an…
A: Hi student Since there are multiple questions, we will answer only first question. If you want…
Q: Suppose a group of investors pooled €500,000 and founded Floyds Bank in Belgium. Floyds Bank used…
A: Balance Sheet refers to the financial statement which is prepared at the end of the year through the…
Q: I am going to name a couple of statements and terms. I need to know if they are Proprietorship,…
A: Proprietorship firm is a business having single owners and no shares have been issued. Statement of…
Q: Received $45,000 cash from Alex Xu as an additional investment in exchange for common stock. Which…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: The following transactions occurred last year at Joyce Company: Issuance of shares of the company's…
A: Cash flow from Financing activities: It include transactions relating to the debt, equity, and…
Q: Fellingham Software Company has assets of $850,000 and liabilities of $460,000.a. Prepare the…
A:
Q: I am having trouble on 4 questions. Looking for some help or guidance. On November 1 of the…
A: Accounting equation is a linear equation which defines that the value of total liabilities and…
Q: Dristell Inc. had the following activities during the year (all transactions are for cash unless…
A: The cash flow from investing activities portion of the cash flow statement indicates how much money…
Q: Received $45,000 cash from Alex Xu as an additional investment in exchange for common stock. Which…
A: lets start with basics. Journal entry is made to record event and transaction occur during…
Q: The Westside Deli has engaged in several transactions during the year as follows: 1. Purchased a…
A: Cash flows statement is one of the financial statement which shows all type of cash inflows and cash…
Owner, Tom Ford, invested $260,000 cash along with office equipment that had a $90,000 market value in exchange for 35,000 shares of $10 par value common stock in Celebrity Consultants, Inc. I need to know how would this transaction be recorded in a general journal,
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- Prepare general journal entries for the following transactions, identifying each transaction by letter: (a) Gnu Company issued 5,000 shares of 1 par common stock to the Prendergas law firm as partial payment of fees incurred to incorporate the business. Gnu was short of cash, so Prendergas agreed to accept 10,000 cash and the shares of common stock in full settlement of its bill for 55,000. (b) Gnu issued 50,000 shares of 1 par common stock in exchange for a parcel of land for building a shopping plaza. (The list price for the land was 400,000; a similar parcel in the same area sold last week for 380,000. During the past month, the price at which Gnus common stock has traded on the open market has ranged from 5 to 12 per share. Two trades occurred yesterday at 7 and 10 per share.) (c) Gnu purchased 10,000 shares of 1 par value common treasury stock for 70,000. (This is the only treasury stock that Gnu holds.) (d) Gnu sold 4,000 shares of common treasury stock for 32,000. (e) Gnu sold 5,000 shares of common treasury stock for 30,000.Lyle white has decided ti incorporate her small lock rekeying business.Cash of 10,000 was invested in exchange for 10,000 common shares.How will this transaction affect the company's accounting equation?Park & Company was recently formed with a $6,000 investment in the company by stockholders in exchange for common stock. The company then borrowed $3,000 from a local bank, purchased $1,100 of supplies on account, and also purchased $6,000 of equipment by paying $2,100 in cash and signing a promissory note for the balance. Based on these transactions, the company's total assets are
- On January 1, 2022, Lloyd and Joan Valdez organized Tech Associates as a corporation; each contributed $75,000 cash to start the business and received 4,000 shares of common stock. The store completed its first year of operations on December 31, 2022. financial items for the year were determined: On that date, the following Cash on hand and in the bank $73,350 Amounts due from customers for the sales of merchandise $39,000 Office equipment $72,000 Amounts owed to suppliers for merchandise inventory $12,000 One-year note payable to a local bank $3,000 Retained Earnings at Dec 31, 2022 $19230 No dividends were declared or paid to shareholders during the year. What was the amount of net income for the year? (Hint: Use the retained earnings equation [Beginning Retained Earnings + Net Income – Dividends = Ending Retained Earnings] to solve for net income.)Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $48,000 cash to start the business and received 4,000 shares of stock. The store completed its first year of operations on December 31, 2020. On that date, the following financial items for the year were determined: cash on hand and in the bank, $43,500; amounts due from customers from sales of books, $27,800; equipment, $47,000; amounts owed to publishers for books purchased, $8,300; one-year notes payable to a local bank for $4,200. No dividends were declared or paid to the stockholders during the year. Using the retained earnings equation and an opening balance of $0, work backwards to compute the amount of net income for the year ended December 31, 2020.Jackie Corp. is included in the list of top withholding agents. During the month, it paid out the following: Cash dividends to resident individual shareholders - 200,000 Prize on competitions won by a resident alien - 5,000 Local purchases of services related to the operations - 600,000 Purchase of mineral products - 800,000 Winnings on a raffle promo conducted - 20,000 Lease payment to a vessel owned by a non-resident - 60,000 How much is the total of the cash outflows to the payees? 1,605,300 1,604,500 1,606,300 1,603,500
- The owner of ABC Company invested cash to the business amounting ₱500,000 and office furniture and equipment which has a fair market value of ₱210,000. During the year, the owner made an additional investment of ₱150,000 to increase the working capital of the firm. On December 1, the owner issued a company check for ₱250,000 to settle his personal loan from Union Bank. Revenues in 2021 totaled ₱305,000 and expenses amounted to ₱420,200. How much was owner’s capital as of December 31, 2021?Jackie Corp. is included in the list of top withholding agents. During the month, it paid out the following: Cash dividends to resident individual shareholders - 200,000 Prize on competitions won by a resident alien - 5,000 Local purchases of services related to the operations - 600,000 Purchase of mineral products - 800,000 Winnings on a raffle promo conducted - 20,000 Lease payment to a vessel owned by a non-resident - 60,000 How much of the withholdings can be used as tax credits of the applicable payees? 54,700 46,000 52,000 48,700In June 2011, Wendy Winger organized a corporation to provide aerial photography services. Thecompany, called Aerial Views, began operations immediately. Transactions during the month ofJune were as follows: June 1 The corporation issued 60,000 shares of capital stock to Wendy Winger in exchangefor $60,000 cash. June 2 Purchased a plane from Utility Aircraft for $220,000. Made a $40,000 cash downpayment and issued a note payable for the remaining balance. June 4 Paid Woodrow Airport $2,500 to rent office and hangar space for the month. June 15 Billed customers $8,320 for aerial photographs taken during the first half of June. June 15 Paid $5,880 in salaries earned by employees during the first half of June. June 18 Paid Hannigan’s Hangar $1,890 for maintenance and repair services on thecompany plane. June 25 Collected $4,910 of the amounts billed to customers on June 15. June 30 Billed customers $16,450 for aerial photographs taken during the second halfof the month. June 30…
- Dristell Inc. had the following activities during the year (all transactions are for cash unless stated otherwise): A building with a book value of $400,000 was sold for $500,000. Additional common stock was issued for $160,000. Dristell purchased its own common stock as treasury stock at a cost of $75,000. Land was acquired by issuing a 6%, 10-year, $750,000 note payable to the seller. A dividend of $40,000 was paid to shareholders. An investment in Fleet Corp.’s common stock was made for $120,000. New equipment was purchased for $65,000. A $90,000 note payable issued three years ago was paid in full. A loan for $100,000 was made to one of Dristell’s suppliers. The supplier plans to repay Dristell this amount plus 10% interest within 18 months. Required:Calculate net cash flows from investing activities. (List cash outflows and any decrease in cash as negative amounts.)Received $17000 cash investment from the business owners and distributed 1000 shares of common stock to them with a market price of $17 per share? which accounts are affected in this transactions?Jax, Jewels, and James organized Big Three as a corporation; each contributed $24,000 cash to start the business and received shares of stock. The store completed its first year of operations on December 31, 2019. On that date, the following financial items for the year were determined: cash on hand and in the bank, $24,300; amounts due from customers from sales of books, $29,900; equipment, $56,900; amounts owed to publishers for books purchased, $8,200; one-year notes payable to a local bank for $29,000. No dividends were declared or paid to the stockholders during the year. On December 31, 2020, what are Big Three’s total assets? $______