The Spunkmeyer Corporation started operations this month and had the following transactions: 1 Owners invested $10,000 to start company, 6 Purchased $300 of supplies, 12 Completed work for a customer worth $900; sent bill 20 Customers purchased $500 of services in advance, 25 Completed work for another customer and was paid $2,200 At the end of the month, $100 of supplies were on still hand. What are the company's total assets at the end of the month?
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The Spunkmeyer Corporation started operations this month and had the following transactions: 1 Owners invested $10,000 to start company, 6 Purchased $300 of supplies, 12 Completed work for a customer worth $900; sent bill 20 Customers purchased $500 of services in advance, 25 Completed work for another customer and was paid $2,200 At the end of the month, $100 of supplies were on still hand. What are the company's total assets at the end of the month?
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- Niles and Cohen, CPAs earned $12,375,000 during 20Y4 using 75 employees. During 20Y5, the firm grew revenues to $15,400,000 and expanded the staff to 88 employees.a. Determine the revenue per employee for each year.b. Interpret the results.Solomon Company started year 1 with $270,000 in its cash and common stock accounts. During year 1, Solomon paid $202,500 cash for employee compensation and $62,100 cash for materials. Required Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming Solomon used the labor and materials to make 1,500 chairs. Further, assume that Solomon sold 1,200 of the chairs it made. State the name(s) of the expense account(s) shown on the income statement. Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming Solomon used the labor and materials to provide dental cleaning services to 500 patients. State the name(s) of the expense account(s) shown on the income statementPen Supply Corp. began operations on March 1, 20Y5. On this date, the company paid for the following expenses: legal fees related to organization, $5,000; rent for the upcoming month, $1,500; license fees, $2,000; promotional costs, $1,200; and insurance for the fiscal year, $9,000. Prepare the journal entry to record the organizational expenses paid.
- In its first year of operations, Maria Corp.earned 48,100 in service revenue.Of that amount, 8,200 was on account and the remainder, 39, 900, was collected in cash from customers. The company incurred various expenses totalling 32,300, of which 28,800 was paid in cash. At the year end, 3,500 was still owing on account. In addition, Maria prepaid 2,000 for insurance coverage that covered the last half of the first year and the first half of the second year. maria expects to owe 3000 of income tax when it files its corporate income tax return after year end.The following transactions occurred during June, the first month of operations for Accurate Manufacturing: • Issued 60,000 shares of capital stock to the owners of the corporation in exchange for $600,000 cash. • Purchased a piece of land for $250,000, making an $80,000 cash down payment and signing a note payable for the balance. • Made a $100,000 cash payment on the note payable from the purchase of land. • Purchased equipment on credit from National Supply for $40,000. Refer to the above data: What are total liabilities of Accurate Manufacturing at the end of June O $200,000 O $110,000 O $70,000 O $240,000In its first year of operations, Tammy Corp. earned $56,700 in service revenue. Of that amount, $8,200 was on account and the remainder, $48,500, was collected in cash from customers. The company incurred various expenses totalling $30,800, of which $27,300 was paid in cash. At year end, $3,500 was still owing on account. In addition, Tammy prepaid $2,000 for insurance coverage that covered the last half of the first year and the first half of the second year. Tammy expects to owe $3,000 of income tax when it files its corporate income tax return after year end. (a) Calculate the first year's net income under the accrual basis of accounting. Net income under accrual basis $
- At year end,Elliott counted the office supplies on hand,which amounted to $1500.The firm had $900 of supplies on hand at the start of the year, and had purchased $600 of supplies during the year.What was the total office supplies expense for the year?The following information was taken from the records of Baltimore Branch of Unilever Company pertaining to its operationn for the year just ended Sales Revenue $3,500,000 Salary and Wages Expense 480,000 Utilities Expense 140,000 Repairs and Maintenance * 75,000 Transportation Expense Share in Corporate Overhead Costs 8,000 140,000 Real Property Tax 25,000 Cost of Goods Sold 1,200,000 Permits and Licenses 7,000 80,000 Advertising Expense (Based on Annual Contract) Sales Commission 70,000 * With approval of manager The land wherein the Baltimore Branch is situated is owned by Unilever and the company is detemined to maintain the property regardless whether Baltimore will be closed or not. The salary and wages account includes the branch manager's annual salary amounting to $120,000. The manager is in-charge of hiring of people and setting the salaries. The store's operating hours are fixed at 8 hours a day. Transportation expense is incurred by the branch based on the customers'…In its first year of operations, Martha Enterprises Corp. reported the following information: a. Income before income taxes was $640,000. b. The company acquired capital assets costing $2,400,000; depreciation was $160,000, and CCA was $120,000. c. The company recorded an expense of $155,000 for the one-year warranty on the company's products; cash disbursements amounted to $79,000. d. The company incurred development costs of $77,000 that met the criteria for capitalization for accounting purposes. Development work was still ongoing at year-end. These costs could be immediately deducted for tax purposes. e. The company made a political contribution of $30,000 and expensed this for accounting purposes. f. The income tax rate was 28% and the year 2 tax rate was enacted, at 30%. In the second year, the company reported the following: a. Earnings before income tax were $1,700,000. b. Depreciation was $160,000; CCA was $360,000. c. The estimated warranty costs were $250,000, while the cash…
- Valero’s energy’s balance sheet showed total current assets of $3000 all of which were required in operations. It’s current liabilities consists of $905 of accounts payable $600 of 6% short term notes payable to the bank and $250 of acute wages and taxes. What was its net operating working capital?Denver Corporation has the following events for the year ending December 31, 20XX. Income tax rate is 30%. Income from continuing operations - 487,200; gain on disposal of plastics division - 500,000; loss from tornado disaster - 600,000; income from operations of plastic division - 70,000; retained earnings - 675,000. Instructions: prepare in proper format the income statement, starting with income from continuing operations.For the month of July, Blackfly Ltd. experienced/recorded the following transactions: received a $6000 cash payment for work performed & billed the previous month. replanted an area of northern Alberta forest for which it sent out an invoice totaling $35000. . At the beginning of the month, the company had $2000 of trees in inventory ready for planting. During the month the company purchased $7000 tress for planting ⚫ at the end of the month it was left with trees still suitable for planting that originally cost $2500. monthly expenses were: $1500 for office rent; $3500 in misc. expenses; Amortization on the truck and office equipment was calculated to be $1500 The income tax rate is 10%. Net Income for the month of July was $12305 $5850 $17900 none of the listed answers are correct $5959 $19800