Business, 18.02.2020 17:34 lorie76

Lena Holden began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Holden (the owner) completed these transactions

a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock.
b. The company paid $1,500 cash for rent of office space for the month.
c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days).
d. The company completed work for a client and immediately collected the $2,500 cash earned.
e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days.
f. The company purchased additional equipment for $6,000 cash.
g. The company paid an assistant $3,000 cash as wages for the month.
h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e.

i. The company paid $10,000 cash to settle the liability created in transaction c.
j. The company paid $1,000 cash in dividends to the owner (sole shareholder.

Enter the impact of each transaction on individual items of the accounting equation.

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 18:30

Which of the following is located at the point where the supply and demand curves intersect? a. the equilibrium price. b. the minimum supply. c. the level of efficient production. d. the maximum demand. 2b2t

Answers: 1

Answer

Business, 21.06.2019 21:00

Identify the accounting assumption or principle that is described below. (a) select the accounting assumption or principle is the rationale for why plant assets are not reported at liquidation value. (note: do not use the historical cost principle.) (b) select the accounting assumption or principle indicates that personal and business record-keeping should be separately maintained. (c) select the accounting assumption or principle assumes that the dollar is the "measuring stick" used to report on financial performance. (d) select the accounting assumption or principle separates financial information into time periods for reporting purposes. (e) select the accounting assumption or principle measurement basis used when a reliable estimate of fair value is not available. (f) select the accounting assumption or principle dictates that companies should disclose all circumstances and events that make a difference to financial statement users.

Answers: 3

Answer

Business, 22.06.2019 03:40

Oceanside marine company manufactures special metallic materials and decorative fittings for luxury yachts that require highly skilled labor. oceanside uses standard costs to prepare its flexible budget. for the first quarter of the year, direct materials and direct labor standards for one of their popular products were as follows: direct materials: 2 pound per unit; $ 11 per pound direct labor: 2 hours per unit; $ 19 per hour oceanside produced 2 comma 000 units during the quarter. at the end of the quarter, an examination of the direct materials records showed that the company used 7 comma 500 pounds of direct materials and actual total materials costs were $ 98 comma 100. what is the direct materials cost variance? (round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar.)

Answers: 1

Answer

Business, 22.06.2019 11:10

Which feature is a characteristic of a corporation?

Answers: 1

Answer

You know the right answer?

Lena Holden began a professional practice on June 1 and plans to prepare financial statements at the...

Questions