Business
Business, 21.01.2021 22:40, kittey7854

Rachel started Mavtech Inc, a computer retail business on September 1, 2015. What follows is description of significant events that affected Mavtech Inc during September 2015. 1. On September 1, Mavtech issued 6000 shares at par to Rachel for cash. The par value of each share is $10.
2. On September 1, Mavtech borrowed $72,000 from a bank. The interest rate on the loan is 10% per annum. Interest is payable every year, the first interest payment being due for payment on September 1, 2016. The principal amount that was borrowed is due in one single repayment on September 1, 2019.
3. On September 1, Mavtech paid $6,000 toward rent on the store for the rest of 2015. The rent includes all utilities.
4. On September 1, Mavtech acquired furniture and fixtures for $14,000 and made a down payment of $3,000. The remaining payment will be made in October. The furniture and fixtures have an estimated useful life of 5 years, at the end of which they are expected to be sold for $2,000.
5. On September 1, Mavtech acquired 4 cash registers for $6,000 in cash. This equipment has a useful life of 3 years after which they are expected to be sold for $600.
Required:
prepare a Balance sheet dated september 30,1995 and the income statement for september 1995.

answer
Answers: 1

Other questions on the subject: Business

image
Business, 22.06.2019 06:40, jordenv00
Self-interest achieve society’s economic goals because producers know which goods consumers want the most. as consumers and producers exercise their freedom to act in their own self-interest, markets will produce the desired goods at the lowest possible cost. consumers and producers both operate based on society’s economic goals. consumers know which goods can be produced at the lowest cost. there is a wide variety of desired goods and services in a market system because producers determine what to produce. consumers change their minds frequently. there is always a need to produce something new and improved. individual wants are diverse. what is produced is ultimately determined by consumers, because if the goods offered are not what consumers want, consumers will not buy them. producers, because they are driven by profits. producers, because they determine what to produce. consumers, because they participate in marketing surveys.
Answers: 2
image
Business, 23.06.2019 07:00, TheMixingToad
Will mark you the which of the following groups has caused ongoing conflicts in afghanistan? a. the sinhalese majority b. natalitesc. kashmir sikhsd. the taliban
Answers: 2
image
Business, 23.06.2019 12:20, kfnldkl1782
Gross output (go) reflects the overall status of the productive side of the economy better than gdp does. a. true b. false
Answers: 2
image
Business, 23.06.2019 23:30, lillianradecki
Which organization is a provision of the 1990 farm bill which landowners protect environmentally important forestlands from development?
Answers: 3
Do you know the correct answer?
Rachel started Mavtech Inc, a computer retail business on September 1, 2015. What follows is descrip...

Questions in other subjects: