Business
Business, 03.09.2019 17:30, brie7396

On august 1, 2018, brooke kline established western realty. brooke completed the following transactions during the month of august. a. opened a business bank account with a deposit of $24,000 in exchange for common stock. b. purchased office supplies on account, $2,100.c. paid creditor on account, $1,200.d. earned sales commissions, receiving cash, $38,000.e. paid rent on office and equipment for the month, $2,400.f. paid dividends, $3,700.g. paid automobile expenses (including rental charge) for month, $3,200, and miscellaneous expenses, $1,700.h. paid office salaries, $4,100.i. determined that the cost of supplies on hand was $1,000; therefore, the cost of supplies used was $1,100.required: 1. indicate the effect of each transaction and the balances after each transaction, using the tabular headings in the exhibit below. in each transaction row (rows indicated by a letter), you must indicate the math sign (+ or -) in columns affected by the transaction. you will not need to enter math signs in the balance rows (rows indicated by entries of 0 (zero) are not required and will be cleared if entered. assets = liabilities + stockholders’ equityaccounts common sales salaries rent auto supplies miscellaneouscash + supplies = payable + stock - dividends + commissions - expense - expense - expense - expense - expense2. a. prepare an income statement for august. if a net loss has been incurred, enter that amount as a negative number using a minus sign. refer to the list of labels, accounts and amount descriptions for the exact wording of the answer choices for text entries. be sure to complete the statement heading. you will not need to enter colons (: ) on the income statement.2. b. prepare a retained earnings statement for august. refer to the list of labels, accounts and amount descriptions for the exact wording of the answer choices for text entries. be sure to complete the statement heading. if a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. the word "less" or "add" is not needed in the retained earnings statement. if an amount is zero, enter "0".2. c. prepare a balance sheet as of august 31. refer to the list of labels, accounts and amount descriptions for the exact wording of the answer choices for text entries. be sure to complete the statement heading.

answer
Answers: 1

Other questions on the subject: Business

image
Business, 21.06.2019 23:30, brittd2728
Martha is the head of the accounts department in a small manufacturing company. the company follows the accrual-basis method of accounting. it recently purchased raw materials worth $5,000 from its vendors. however, the company paid only $3,000 to its vendors. it plans to pay the remaining amount after three months. considering this information, which entry should martha record in the company’s accounts? a. $5,000 as accounts receivable b. $3,000 as accounts payable c. $2,000 as accounts payable d. $2,000 as accounts receivable
Answers: 3
image
Business, 22.06.2019 05:00, mjam85877
What is free trade? a. trade that is not subject to taxes or fees b. trade that governments do not interfere with c. trade with a high level of government regulation d. trade between states in the u. s. b
Answers: 1
image
Business, 22.06.2019 10:30, SuBzErO24
Which maxim is being neglected in the following conversation? eli: how did you do at the track meet? caleb: i came in second place! eli: congratulations! what was your time? caleb: six minutes, four seconds. the guy who won only beat me by three seconds. eli: really? katie said the winning time was under 6 minutes. caleb: oh, well, he might have beat me by five seconds. a)maxim of quantity b)maxim of quality c)maxim of relevance d)maxim of manner
Answers: 1
image
Business, 22.06.2019 11:00, mmcdaniels46867
Companies hd and ld are both profitable, and they have the same total assets (ta), total invested capital, sales (s), return on assets (roa), and profit margin (pm). both firms finance using only debt and common equity. however, company hd has the higher total debt to total capital ratio. which of the following statements is correct? a) company hd has a higher assets turnover than company ld. b) company hd has a higher return on equity than company ld. c) none of the other statements are correct because the information provided on the question is not enough. d) company hd has lower total assets turnover than company ld. e) company hd has a lower operating income (ebit) than company ld
Answers: 2
Do you know the correct answer?
On august 1, 2018, brooke kline established western realty. brooke completed the following transacti...

Questions in other subjects: