Question

In: Accounting

During January 2018, the first month of operations, a consulting firm had following transactions: Issued common...

During January 2018, the first month of operations, a consulting firm had following transactions:

  1. Issued common stock to owners in exchange for $22,000 cash.

  2. Purchased $5,500 of equipment, paying $1,650 cash and signing a promissory note for $3,850.

  3. Received $9,900 in cash for consulting services performed in January.

  4. Purchased $1,650 of supplies on account; all of the supplies were used in January.

  5. Provided consulting services on account in the amount of $17,600.

  6. Paid $825 on account.

  7. Paid $3,300 to employees for work performed during January.

  8. Received a bill for utilities for January of $3,750; the bill remains unpaid.


What is the amount to be reported as total liabilities on the balance sheet at the end of January?

Solutions

Expert Solution

--------------------------------------------------------

If you have any queries/doubts,Immediately drop your messages in the comment box !!!! I will help you...
Thanks!!!

ekkarill92 answered 1 month ago
Next > < Previous

Related Solutions

Sage Inc. experienced the following transactions for 2018, its first year of operations: Issued common stock...
Sage Inc. experienced the following transactions for 2018, its first year of operations: Issued common stock for $100,000 cash. Purchased $200,000 of merchandise on account. Sold merchandise that cost $154,000 for $306,000 on account. Collected $276,000 cash from accounts receivable. Paid $180,000 on accounts payable. Paid $48,000 of salaries expense for the year. Paid other operating expenses of $64,000. Sage adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Amount Percent...
Sage Inc. experienced the following transactions for 2018, its first year of operations: Issued common stock...
Sage Inc. experienced the following transactions for 2018, its first year of operations: Issued common stock for $110,000 cash. Purchased $205,000 of merchandise on account. Sold merchandise that cost $164,000 for $326,000 on account. Collected $292,000 cash from accounts receivable. Paid $185,000 on accounts payable. Paid $54,000 of salaries expense for the year. Paid other operating expenses of $70,000. Sage adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Amount Percent...
Sage Inc. experienced the following transactions for 2018, its first year of operations: Issued common stock...
Sage Inc. experienced the following transactions for 2018, its first year of operations: Issued common stock for $110,000 cash. Purchased $205,000 of merchandise on account. Sold merchandise that cost $164,000 for $326,000 on account. Collected $292,000 cash from accounts receivable. Paid $185,000 on accounts payable. Paid $54,000 of salaries expense for the year. Paid other operating expenses of $70,000. Sage adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Amount Percent...
Naxion Corporation began operations on January 2, 2018, and had the following transactions during the year:...
Naxion Corporation began operations on January 2, 2018, and had the following transactions during the year: Jan. 2 Issued 250,000 shares of $1 par value common stock at $45 per share. Total shares authorized: 1,000,000. Feb. 5 Issued 10,000 shares of $50 par, 5% cumulative preferred stock at $65 per share. Total shares authorized: 25,000. Mar. 15 Issued 150,000 shares of $1 par value common stock at $35 per share. Apr. 2 Declared a $2.50 per share cash dividend on...
A company had the following purchases and sales during its first month of operations: January 1:
A company had the following purchases and sales during its first month of operations:   January 1: Purchased 10 units at $400 per unit; January 9: Sold 6 units at $1200 per unit; January 17: Purchased 8 units at $550 per unit; January 27: Sold 7 units at $1200 per unit   Using the Periodic weighted average method, what is the value of cost of goods sold? (Round weighted average cost per unit to 2 decimal places)
During its first year of operations, Falls Corporation had the following transactions pertaining to its common...
During its first year of operations, Falls Corporation had the following transactions pertaining to its common stock. Jan 10 issued 84,900 shares for cash at $6 per share Mar 1 Issued 5,000 shares to attorneys in payment of a bill for $37,600 for services rendered in helping the company to incorporate. July 1 Issued 33,100 shares for cash at $8 per share. Sept 1 Issued 63,200 shares for cash at $10 per share. (a)List the journal entries for these transactions,...
During its first year of operations, Roldan Corporation had the following transactions pertaining to its common...
During its first year of operations, Roldan Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 60,000 shares for cash at $5 per share. July 1 Issued 50,000 shares for cash at $8 per share. Instructions: a) Journalize the transactions, assuming that the common stock has a par value of $5 per share. (3 points) (b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $2 per share. On January...
During its first year of operations, Sheridan Corporation had the following transactions pertaining to its common...
During its first year of operations, Sheridan Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 84,900 shares for cash at $6 per share. Mar. 1 Issued 5,000 shares to attorneys in payment of a bill for $37,600 for services rendered in helping the company to incorporate. July 1 Issued 33,100 shares for cash at $8 per share. Sept. 1 Issued 63,200 shares for cash at $10 per share. (a) Prepare the journal entries for these...
During its first year of operations, Skysong, Inc. had the following transactions pertaining to its common...
During its first year of operations, Skysong, Inc. had the following transactions pertaining to its common stock. Jan. 10 Issued 71,500 shares for cash at $6 per share. July    1 Issued 36,500 shares for cash at $8 per share. Journalize the transactions, assuming that the common stock has a par value of $6 per share. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If...
During its first year of operations, Sheffield Corporation had the following transactions pertaining to its common...
During its first year of operations, Sheffield Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 82,100 shares for cash at $7 per share. Mar. 1 Issued 5,000 shares to attorneys in payment of a bill for $36,700 for services rendered in helping the company to incorporate. July 1 Issued 32,300 shares for cash at $9 per share. Sept. 1 Issued 60,500 shares for cash at $11 per share. Prepare the journal entries for these transactions,...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT