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harkovskaia [24]
3 years ago
9

Lisa Frees and Amelia Ellinger have been operating a catering business for several years. In March, the partners plan to expand

by opening a retail sales shop. They have decided to form the business as a corporation called Traveling Gourmet, Inc. The following transactions occurred in March:
a. Received $84,000 cash from each of the two shareholders to form the corporation, in addition to $2,400 in accounts receivable, $6,100 in equipment, a van (equipment) appraised at a fair value of $13,800, and $1,400 in supplies. Gave the two owners each 580 shares of common stock with a par value of $1 per share.
b. Purchased a vacant store for sale in a good location for $400,000, making an $80,000 cash down payment and signing a 10-year mortgage note from a local bank for the rest.
c. Borrowed $54,000 from the local bank on a 10 percent, one-year note.
d. Purchased food and paper supplies costing $11,000 in March; paid cash.
e. Catered four parties in March for $4,600; $1,680 was billed and the rest was received in cash.
f. Sold food at the retail store for $17,100 cash; the food and paper supplies used to cost $10,910. (Hint: Record two the revenue effect separate from the expense effect.)
g. Received a $460 telephone bill for March to be paid in April.
h. Paid $403 in gas for the van in March.
i. Paid $7,080 in wages to employees who worked in March.
j. Paid a $340 dividend from the corporation to each owner.
k. Purchased $54,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for $22.000 (added to the cost of the building); paid cash.

Prepare an unadjusted classified income statement in good form for the month of March.

Business
1 answer:
melisa1 [442]3 years ago
3 0

Answer:

See explanation

Explanation:

See the image below to get the appropriate answer:

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Answer:

Total Assets = $124,510

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Explanation:

Blossom Company

Balance sheet

As at December 31, 2022

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<em>Non-current asset</em>

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Liabilities and Stockholders' Equity

<em>Current liabilities</em>

Accounts payable                   $4,500

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Salaries and wages payable        830

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<em>Long-term liabilities</em>

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<em>Stockholders' equity</em>

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Headland Mining Company purchased land on February 1, 2020, at a cost of $1,169,500. It estimated that a total of 52,800 tons of
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Answer:

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Per unit mineral cost=$26 per unit

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Total materials cost= (26,400 tons-19,360 tons)*26

Total materials cost=7,040*26

Total materials cost=$183,040

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Total materials cost in Cost of goods sold =$503,360

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