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nikdorinn [45]
3 years ago
13

Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements

are automatically generated based on the journal entries recorded. Jan. 1 Kacy Spade, owner, invested $100,750 cash in the company in exchange for common stock. Jan. 2 The company purchased office supplies for $1,250 cash. Jan. 3 The company purchased $10,050 of office equipment on credit. Jan. 4 The company received $15,500 cash as fees for services provided to a customer. Jan. 5 The company paid $10,050 cash to settle the payable for the office equipment purchased on January 3. Jan. 6 The company billed a customer $2,700 as fees for services provided. Jan. 7 The company paid $1,225 cash for the monthly rent. Jan. 8 The company collected $1,125 cash as partial payment for the account receivable created on January 6. Jan. 9 The company paid $10,000 cash in dividends to the owner (sole shareholder).

Business
1 answer:
Vikki [24]3 years ago
4 0

Answer:

See explanation

Explanation:

See the image below

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At which step or steps in the decision-making process do qualitative considerations generally have the greatest impact
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Making a decision

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When Zappos focused on aligning and maximizing customer service, distribution, product selection, and other key areas, they were
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Horton Co. was organized on January 2, 2014, with 500,000 authorized shares of $10 par value common stock. During 2014, Horton h
Harrizon [31]

Answer:

The balance in the Paid-in Capital from Treasury Stock account at December 31, 2014 is $36,000

Explanation:

The computation of the balance in the treasury stock account is shown below:

= Number of shares sold × (Selling price of share - purchase price of share)

= 18,000 shares × ($13 per share - $11 per share)

= 18,000 shares × $2 per share

= $36,000

The other items which are mentioned like issued shares, authorized shares are irrelevant because we have to compute for the treasury stock, not for the common stock. So, these parts would be ignored in the computation part.

7 0
3 years ago
On May 1, your firm had a beginning cash balance of $175. Your sales for April were $430 and your May sales were $480. During Ma
Juli2301 [7.4K]

Answer:

Begininig cash balance June 1 205

Explanation:

Sales April 430

Sales May 480

 

Begininig cash balance May 1 175

Cash expenses                        -110

Payments                               -290

Sales april                                 430

Begininig cash balance June 1 205

8 0
3 years ago
Read 2 more answers
Define the following terms: a. Cost of debt b. Cost of equity c. After-tax WACC d. Equity beta e. Asset beta f. Pure-play compar
gtnhenbr [62]

Answer: The answers are explained below.

Explanation:

• Cost of debt: The cost of debt is the interest rate that a company is charged on its debts. It is the interest paid on bonds, loans etc. The cost of debt is usually the before-tax cost of a debt.

• Cost of equity: The cost of equity is the return a firm pays to its equity investors e.g shareholders in order to reward them for the risk taken by investing their capital. Companies need capital to operate and grow hence, individuals and organizations who provide funds to such companies are rewarded.

• After tax WACC: The Weighted Average Cost of Capital (WACC) is a firm's combined cost of capital including preferred shares, common shares, and debt after the deduction of tax.

• Equity Beta: It measures the sensitivity of the stock price to changes in market. Equity Beta is also called levered beta.

• Asset beta: It is the beta of a firm without the effect of debt. It is a company's volatility of returns without its indebtedness.

• Pure play comparable: The pure play comparable is the taking of the beta estimate of another company that is comparable and in same line of business.

• Certainty equivalent: It is the guaranteed return that an individual would take now, rather than awaiting a higher but uncertain return later in the future.

3 0
3 years ago
Read 2 more answers
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