valuate the financial status of my icecream business chills and fruit by analyzing the general business transactions. Is the business making a profit or operating at a loss? Prospects of gain/loss. Invested in the business issuing common stock worth $100,000. Acquired an ice cream machine worth $30,000, paying $10,000 in cash, and issued a note for the remaining amount. Paid rent of the factory building for 12 months in advance worth $12,000. Purchased supplies worth $7,000 on the account. Cash sales worth $12,000. Sales on the account of $8,000. Paid salaries to staff amounting to $14,000. Received utility bill amount of $4,000, which will be paid in the following period. Made a $10,000 partial payment of the note, with accrued interest of $100. Received $4,000 from credit customers.
valuate the financial status of my icecream business chills and fruit by analyzing the general business transactions. Is the business making a profit or operating at a loss? Prospects of gain/loss. Invested in the business issuing common stock worth $100,000. Acquired an ice cream machine worth $30,000, paying $10,000 in cash, and issued a note for the remaining amount. Paid rent of the factory building for 12 months in advance worth $12,000. Purchased supplies worth $7,000 on the account. Cash sales worth $12,000. Sales on the account of $8,000. Paid salaries to staff amounting to $14,000. Received utility bill amount of $4,000, which will be paid in the following period. Made a $10,000 partial payment of the note, with accrued interest of $100. Received $4,000 from credit customers.
Chapter16: Statement Of Cash Flows
Section: Chapter Questions
Problem 1EA: Provide journal entries to record each of the following transactions. For each, identify whether the...
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Evaluate the financial status of my icecream business chills and fruit by analyzing the general business transactions. Is the business making a profit or operating at a loss? Prospects of gain/loss.
- Invested in the business issuing common stock worth $100,000.
- Acquired an ice cream machine worth $30,000, paying $10,000 in cash, and issued a note for the remaining amount.
- Paid rent of the factory building for 12 months in advance worth $12,000.
- Purchased supplies worth $7,000 on the account.
- Cash sales worth $12,000.
- Sales on the account of $8,000.
- Paid salaries to staff amounting to $14,000.
- Received utility bill amount of $4,000, which will be paid in the following period.
- Made a $10,000 partial payment of the note, with accrued interest of $100.
- Received $4,000 from credit customers.
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