please please help solve the following I only have 30 mins left: refer to the photos please solve from cash until Total debit amount of the Unadjusted Trial Balance Cash Supplies Building Accounts Payable Notes Payable Darrell Palusky, Capital Withdrawals Service Revenue Salary Expense Rent Expense Property Tax Expense Current Assets Total Liabilities Total ProprietorshipTotal debit amount of the Unadjusted Trial Balance Party Time Amusements uses the following accounts:CashWithdrawalsSuppliesService RevenueBuildingSalary ExpenseRent ExpenseAccounts PayableNotes PayableProperty Tax expenseDarrell Palusky, CapitalRequired:- Balance Sheet accounts' ending balances as of January 31, 2020.- Balances of the Income Statement accounts for the month ended January 31, 2020. Party Time Amusements Company owns movie theaters. Party Timeengaged in the following business transactions in 2015:January 1 Darrell Palusky invested $350,000 personal cash in the business bydepositing that amount in a bank account titled Party Time Amusements.The business gave capital to Palusky.Paid $320,000 cash to purchase a theater building.Borrowed $220,000 from the bank. Palusky signed a note payable to thebank in the name of Party Time.Purchased theater supplies on account, $1,000.Paid $600 on account.2.5.1015Paid property tax expense on theater building. $350.Paid employees' salaries $2,900, and rent on equipment $1,300.Palusky withdrew $8,000.Received $20,000 cash from service revenue and deposited that amountin the bank.15162830

Trial balance: A trial balance is a list of all the ledger accounts with their closing balances…

please please help solve the following I only have 30 mins left: refer to the photos please solve from cash until Total debit amount of the Unadjusted Trial Balance Cash Supplies Building Accounts Payable Notes Payable Darrell Palusky, Capital Withdrawals Service Revenue Salary Expense Rent Expense Property Tax Expense Current Assets Total Liabilities Total Proprietorship Total debit amount of the

please please help solve the following I only have 30 mins left: refer to the photos please solve from cash until Total debit amount of the Unadjusted Trial Balance Cash Supplies Building Accounts Payable Notes Payable Darrell Palusky, Capital Withdrawals Service Revenue Salary Expense Rent Expense Property Tax Expense Current Assets Total Liabilities Total Proprietorship Total debit amount of the

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following transactions relates to Joshua Woods, a sole trader, during his first month of business: Date Transaction details 01-Sep Started business by investing $10,000 from personal savings into a business' bank account and Computer Equipment worth $7,500. 02-Sep Purchased furniture from LEO Ltd for $5,000 paying by cheque. 04-Sep Purchased goods for resale from BELL Ltd on credit for $3,100. 05-Sep Took $1,000 from the bank account for cash use. 07-Sep Purchased goods for resale on credit from Taylor for $2,800 08-Sep Credit sales to Adrian and Evans for $3,500 and $2,200 respectively. 09-Sep Cash sales $700 09-Sep Returned goods to BELL worth $350 11-Sep Cash sales $1,200. 11-Sep Purchased goods for resale from Jaime paying by cash $1,200 12-Sep Paid fuel expenses $1,100 by cash. 13-Sep Evans returned goods amounting to $650. 14-Sep Adrian paid $750 in cash to her account. 15-Sep Sold goods…
The following transactions relates to Joshua Woods, a sole trader, during his first month of business: Date Transaction details 01-Sep Started business by investing $10,000 from personal savings into a business' bank account and Computer Equipment worth $7,500. 02-Sep Purchased furniture from LEO Ltd for $5,000 paying by cheque. 04-Sep Purchased goods for resale from BELL Ltd on credit for $3,100. 05-Sep Took $1,000 from the bank account for cash use. 07-Sep Purchased goods for resale on credit from Taylor for $2,800 08-Sep Credit sales to Adrian and Evans for $3,500 and $2,200 respectively. 09-Sep Cash sales $700 09-Sep Returned goods to BELL worth $350 11-Sep Cash sales $1,200. 11-Sep Purchased goods for resale from Jaime paying by cash $1,200 12-Sep Paid fuel expenses $1,100 by cash. 13-Sep Evans returned goods amounting to $650. 14-Sep Adrian paid $750 in cash to her account. 15-Sep Sold goods…
Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $55,000 cash to start the business and received 4,000 shares of stock. The store completed its first year of operations on December 31, 2017. On that date, the following financial items for the year were determined: cash on hand and in the bank, $50,500; amounts due from customers from sales of books, $28,500; equipment, $54,000; amounts owed to publishers for books purchased, $9,000; one-year notes payable to a local bank for $5,250. No dividends were declared or paid to the stockholders during the year.Assuming that Reader Direct generates net income of $6,000 and pays dividends of $3,600 in 2018, what would be the ending Retained Earnings balance at December 31, 2018?This is the problem I have been given, and I've gotten to this point. I am just very confused on the Ending RE and Beginning RE.So far I haveENDING RE = BEG RE + Net Income- Dividends________ = _______ + 6,000 - 3,600
Carlos Ramirez and Camila Garza organized New World Book Store as a corporation; each contributed $80,000 cash to start the business and received 4,000 shares of common stock. The store completed its first year of operations on December 31, 2014. On that date, the following financial items for the year were determined: December 31, 2014, cash on hand and in the bank, $75,600; December 31, 2014, amounts due from customers from sales of books, $39,000; unused portion of store and office equipment, $73,000; December 31, 2014, amounts owed to publishers for books purchased, $12,000; one-year note payable to a local bank for $3,000. No dividends were declared or paid to the stockholders during the year. Complete the following balance sheet as of the end of 2014. 2. 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.)
The following transactions relate to Xolani Spark’s new electrical business, Xolani Electrical, for the month of February 2013: On 1 st February, Xolani Spark deposited RS 30 000 cash into a bank account in the name of the business as part of his capital contribution. Xolani transferred a vehicle, with a book value of RS 90 000, into the name of the business as the second part of his capital contribution (on 1st February). Two days later he took out a loan with Beep Bank to the value of RS 5 000. The funds/ proceeds from the loan were received the same day. On 5th February he bought tools to the value of RS 10 000 and a stepladder for RS 2 000. These items, to be used as his electrical equipment, were paid for in cash. On 7th February he repaired an air-conditioning system for a customer and received RS 8 000 cash in exchange for his services. Gamma Ltd requested Xolani to install a security lighting system to the value of RS 22 000 for which they paid him RS 12 000 upfront on the…
The following transactions relate to Xolani Spark’s new electrical business, Xolani Electrical, for the month of February 2013: On 1 st February, Xolani Spark deposited RS 30 000 cash into a bank account in the name of the business as part of his capital contribution. Xolani transferred a vehicle, with a book value of RS 90 000, into the name of the business as the second part of his capital contribution (on 1st February). Two days later he took out a loan with Beep Bank to the value of RS 5 000. The funds/ proceeds from the loan were received the same day. On 5th February he bought tools to the value of RS 10 000 and a stepladder for RS 2 000. These items, to be used as his electrical equipment, were paid for in cash. On 7th February he repaired an air-conditioning system for a customer and received RS 8 000 cash in exchange for his services. Gamma Ltd requested Xolani to install a security lighting system to the value of RS 22 000 for which they paid him RS 12 000 upfront on the…
John Smith starts an incorporated an online music store called Music mart Inc. on 1st January, 2019 as ‘One Person Company'. He does this by depositing $25,000 of his funds in bank account that he has opened in the name of the business entity and taking $25,000 of stock certificates in return from the company. Further transactions are as under: 1. Music Mart borrows $12,500 from a bank on January 2; the loan is evidenced by a legal document. 2. The business buys inventory worth $5,000 on January 3 by paying cash.3. On January 4th, store sells merchandise costing $500 for $ 750 for cash.4. The store purchased and received merchandise for inventory for $5,000, agreeing to pay within 30 days. 5. Merchandise costing $1,500 was sold for $2,300, which was received in cash6. Merchandise costing $1,700 was sold for $2,620 the customers agreeing to pay $2,620 within 30 days.7. The store purchased a three-year fire insurance policy for $1,224, paying cash.8. The store purchased two lots of land…
John Smith starts an incorporated an online music store called Music mart Inc. on 1st January, 2019 as ‘One Person Company'. He does this by depositing $25,000 of his funds in bank account that he has opened in the name of the business entity and taking $25,000 of stock certificates in return from the company. Further transactions are as under: 1. Music Mart borrows $12,500 from a bank on January 2; the loan is evidenced by a legal document. 2. The business buys inventory worth $5,000 on January 3 by paying cash. 3. On January 4th, store sells merchandise costing $500 for $ 750 for cash. 4. The store purchased and received merchandise for inventory for $5,000, agreeing to pay within 30 days. 5. Merchandise costing $1,500 was sold for $2,300, which was received in cash 6. Merchandise costing $1,700 was sold for $2,620 the customers agreeing to pay $2,620 within 30 days. 7. The store purchased a three-year fire insurance policy for $1,224, paying cash. 8. The store purchased two lots…
James invested additional $7,800 cash and car valued at $10,600 into the firm. What accounts does this go into in the journal?
On March 1, 2014, David Richardson started a painting business near a historical housing district. David was the sole proprietor of the company, which he named DR Painting. During March 2014, DR Painting engaged in the following transactions: a. DR Painting received cash of $40,000 from David Richardson and gave capital to Richardson. b. The business paid $20,000 cash to acquire a truck. c. The business purchased supplies costing $1,800 on account. d. The business painted a house for a client and received $3,000 cash. e. The business painted a house for a client for $4,000. The client agreed to pay next week. f. The business paid $800 cash toward the supplies purchased in transaction c. g. The business paid employee salaries of $1,000 in cash. h. Richardson withdrew cash of $1,500. i. The business collected $2,600 from the client in transaction e. j. David paid $100 cash for personal groceries. Requirements 1. Analyze the preceding transactions in terms of their effects on the…
During March 2020, ABC engaged in the following transactions: a. ABC received cash of $50,000 from David R. and issued common stock to David. b. The business paid $20,000 cash to acquire a truck. c. The business purchased supplies costing $1,800 on account. d. The business painted a house for a client and received $3,000 cash. e. The business painted a house for a client for $4,000. The client agreed to pay next week. f. The business paid $900 cash toward the supplies purchased in transaction c. g. The business paid employee salaries of $1,000 in cash. h. The business paid cash dividends of $1,500. i. The business collected $2,600 from the client in transaction e. j. David paid $200 cash for personal groceries. Required Record transaction in journal form
Mr. Steve Persian hired Elizabeth to prepare the Statement of Financial Position of his business. To prepare the statement, Elizabeth identified the following assets and liabilities of Mr. Persian: a. Cash deposited in YKY Bank amounting to P100, 000 b. He has uncollected sales from customers amounting to P50, 000 c. The total amount of merchandise left inside the warehouse is P35, 000 d. Steve paid in advance the rent amounting to P15, 000 for one year. e. The machineries and equipment amounted to P150, 000 f. He bought the materials from his suppliers amounting to P30, 000 and promised to pay the said amount one month after the end of the year. g. He paid the contributions of his employees such as SSS, Philhealth and Pag ibig amounting to P6, 500 h. Outstanding balance to Meralco is amounting to P3, 500 i. He acquired a 2 year loan from YKY Bank amounting to P45, 000.