AJSmith Company started business on January 1, 2020and the following transactions occurred in its first year: 1. 2 On January 1, the company issued common shares at $25 per share. On January the company purchased land and a building from another company in exchange for $82,000 cash and 6,000 shares . The land's value is approximately one-quarter of the total value of the transaction. (Hint: You need determine a value for the shares using the information given in transaction 1, and the land and building should be reco separate accounts.) 3. 4. 5. 6. 7. On March company rented out a portion of its building to Frantek Company Frantek is required to make quart payments of $8,500 on March 31. June 30, September 30 , and December 31 of each year . The first payment , covering period from April 1 to June 30, was received on March 31and the other payments were all received as scheduled . Equipment worth $125,000 was purchased on July in exchange for $62,500 cash and a one- year note with a principa amount of $ 62,500 and an interest rate of 10% . No principal or interest payments were made during the year .. Inventory costing $259,000 was purchased on account . Sales were \$387 of which credit sales were $ 337.500 . The inventory sold had a cost of 187.500 . Payments to suppliers totalled $204,000 Accounts receivable totalling $205,000 were collected 8 9. 10. Operating expenses amounted to $58,000 . all of which were paid in cash .

Match each of the terms below with an example that fits the term. a. fungibility the production of gasoline b. inelasticity the switch from coffee to tea c. non-excludability the provision of national defense d. substitution the demand for cigarettes

Selected t-account balances for bloomfield company are shown below as of january 31, which reflect its accounting adjustments. the firm uses a calendar-year accounting period, but prepares monthly accounting adjustments.suppliesjan. 31 bal. 1,800 1,800 jan. 31 bal.supplies expensejan. 31 bal. 1,920 1,148 jan. 31 bal.prepaid insurancejan. 31 bal. 1,148 1,148 jan. 31 bal.insurance expensejan. 31 bal. 164 164 jan. 31 bal.wages payablejan. 31 bal. 1,400 1,400 jan. 31 bal.wages expensejan. 31 bal. 6,400 6,400 jan. 31 bal.truckjan. 31 bal. 17,376 17,376 jan. 31 bal.accumulated depreciation -truckjan. 31 bal. 5,068 5,068 jan. 31 bal.a. if the amount in supplies expense represents the january 31 adjustment for the supplies used in january, and $1,240 worth of supplies were purchased during january, what was the january 1 beginning balance of supplies? $answerb. the amount in the insurance expense account represents the adjustment made at january 31 for january insurance expense. if the original insurance premium was for one year, what was the amount of the premium, and on what date did the insurance policy start? amount of the premium $answerthe policy began on answerjune 1july 1august 1september 1october 1november 1 of the previous year.c. if we assume that no beginning balance existed in either in either wage payable or wage expense on january 1, how much cash was paid as wages during january? $answerd. if the truck has a useful life of four years (or 48 months), what is the monthly amount of depreciation expense, and how many months has bloomfield owned the truck? answermonths

Bayside coatings company purchased waterproofing equipment on january 2, 20y4, for $190,000. the equipment was expected to have a useful life of four years and a residual value of $9,000. instructions: determine the amount of depreciation expense for the years ended december 31, 20y4, 20y5, 20y6, and 20y7, by (a) the straight-line method and (b) the double-declining-balance method. also determine the total depreciation expense for the four years by each method. depreciation expense year straight-line method double-declining-balance method 20y4 $ $ 20y5 20y6 20y7 total $