Trulia Advice Inc. is a multinational financial consultancy services company that specialises in financial consultancy services and consulting to big corporates to handle financial crisis. Following are the transactions for the year 2020. 2020 Details of Transactions Jan-01 Trulia Advice Inc acquired $415,000 from the issue of common stock. Collected $60,000 as an advance for consultancy services yet to be provided over one year starting May 1. Provided $26,460 of Consultancy Services on account. Mar-31 Paid $120,000 cash for the extension of the Office Building. Apr-15 Purchased $24,000 cash for a one-year insurance policy with coverage initiating 1st of July 20. Jun-10 Collected $18,400 from accounts receivable. Feb-02 Feb-25 Jul-25 Purchased $3,000 of Stationary for office use on the account. Aug-15 Paid $32,000 Cash for Wages to employees. Nov-10 Paid a dividend of 3% of Total Equity. Dec-01 Dec-20 Paid $3,000 to settle accounts payable related to stationery. $3,500 is recognized as Utility Bill expenses on account.
Trulia Advice Inc. is a multinational financial consultancy services company that specialises in financial consultancy services and consulting to big corporates to handle financial crisis. Following are the transactions for the year 2020. 2020 Details of Transactions Jan-01 Trulia Advice Inc acquired $415,000 from the issue of common stock. Collected $60,000 as an advance for consultancy services yet to be provided over one year starting May 1. Provided $26,460 of Consultancy Services on account. Mar-31 Paid $120,000 cash for the extension of the Office Building. Apr-15 Purchased $24,000 cash for a one-year insurance policy with coverage initiating 1st of July 20. Jun-10 Collected $18,400 from accounts receivable. Feb-02 Feb-25 Jul-25 Purchased $3,000 of Stationary for office use on the account. Aug-15 Paid $32,000 Cash for Wages to employees. Nov-10 Paid a dividend of 3% of Total Equity. Dec-01 Dec-20 Paid $3,000 to settle accounts payable related to stationery. $3,500 is recognized as Utility Bill expenses on account.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter12: Corporations: Organization, Capital Structure, And Operating Rules
Section: Chapter Questions
Problem 34P
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