Question
In: Accounting
Transaction 9 Cash dividends totaling $4,600 were paid to stockholders on March 31. Account: Cash Accounts Receivable...
Transaction 9
Cash dividends totaling $4,600 were paid to stockholders on March
31.
Account: Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank Dollar amount:
Account: Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank Dollar amount:
Account: Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank Dollar amount:
Account: Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank Dollar amount:
Account: Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank Dollar amount:
Solutions
ekkarill92 answered 1 year agoRelated Solutions
March 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 27,000.00 2 Accounts Receivable 60,000.00 3 Prepaid...
March 31, 2018
ACCOUNT TITLE
DEBIT
CREDIT
1
Cash
27,000.00
2
Accounts Receivable
60,000.00
3
Prepaid Insurance
2,500.00
4
Office Supplies
1,600.00
5
Land
6
Accounts Payable
13,800.00
7
Unearned Rent
8
Notes Payable
9
Common Stock
10,000.00
10
Retained Earnings
36,900.00
11
Dividends
1,600.00
12
Fees Earned
232,000.00
13
Salary and Commission Expense
146,800.00
14
Rent Expense
27,000.00
15
Advertising Expense
18,000.00
16
Automobile Expense
4,500.00
17
Miscellaneous Expense
3,700.00
18
Totals
292,700.00
292,700.00
The following business transactions were...
a. Performed $23,600 of services on account. b. Collected $21,200 cash on accounts receivable. c. Paid...
a.
Performed $23,600 of services on
account.
b.
Collected $21,200 cash on
accounts receivable.
c.
Paid $4,600 cash in advance for
an insurance policy.
d.
Paid $1,420 on accounts
payable.
e.
Recorded the adjusting entry to
recognize $3,700 of insurance expense.
f.
Recorded the adjusting entry to
recognize $340 accrued interest revenue.
g.
Received $5,300 cash for
services to be performed at a later date.
h.
Purchased land for $1,870
cash.
i.
Purchased supplies for $1,300 cash
Required
Record each...
Balance sheet 2010 2011 2010 2011 Cash 4,600 3,800 Accounts payable 16,200 17,100 Accounts receivable 10,200...
Balance sheet
2010
2011
2010
2011
Cash
4,600
3,800
Accounts payable
16,200
17,100
Accounts receivable
10,200
9,700
Long-term debt
36,000
33,400
Inventory
18,900
20,300
Common stock
14,000
20,000
Net fixed asset
41,400
42,100
Retained earning
8,900
5,400
Total asset
75,100
75,900
Total claim
75,100
75,900
Income statement 2011
Net sales
61,600
Cost
48,900
Depreciation
7,800
EBIT
4,900
Interest
2,500
EBT
2,400
Taxes
800
Net income
1,600
What is the amount of the change in net working capital using
the above...
On December 31, 2017, when its accounts receivable were $270,000 and its account Allowance for Doubtful...
On December 31, 2017, when its accounts receivable were $270,000
and its account Allowance for Doubtful Accounts had an unadjusted
debit balance of $1,800, Canarie Corp. estimated that $15,100 of
its accounts receivable would become uncollectible, and it recorded
the bad debts adjusting entry. On May 11, 2018, Canarie determined
that Fei Ya Cheng’s account was uncollectible and wrote off $1,700.
On November 12, 2018, Cheng paid the amount previously written off.
Prepare the required journal entries to record each...
Q7. General Electric Corp. (GE) paid cash dividends totaling $0.57 per share in 2000. Over the...
Q7. General Electric Corp. (GE) paid cash dividends totaling
$0.57 per share in 2000. Over the previous three years, GE's
dividends grew at an annual rate of 15.4 per-cent. Assume that this
growth rate will continue for five more years, after which dividend
growth will revert to a normal annual rate of 8 percent into
perpetuity. Also assume that the appropriate discount rate for GE
is 11 percent. a. Compute the value of GE's stock at year-end 2000.
b. The...
Q7. General Electric Corp. (GE) paid cash dividends totaling $0.57 per share in 2000. Over the...
Q7. General Electric Corp. (GE) paid cash dividends totaling
$0.57 per share in 2000. Over the previous three years, GE's
dividends grew at an annual rate of 15.4 per-cent. Assume that this
growth rate will continue for five more years, after which dividend
growth will revert to a normal annual rate of 8 percent into
perpetuity. Also assume that the appropriate discount rate for GE
is 11 percent. a. Compute the value of GE's stock at year-end 2000.
b. The...
In order to convert Account Receivable into faster cash, a company can sell its accounts receivable...
In order to convert Account Receivable into faster cash, a
company can sell its accounts receivable to another company, called
a factor, at a discount. Assume your average credit sales are $50
million per year and average accounts receivable are $5 million. A
factoring company offers you an agreement that it will be buying
your accounts receivable at a 2.20% discount. Your bank offers you
a credit at R% per year (actual yearly rate). What would be the
minimum R%...
The March 31, 2019 balance sheet of Kalakaua Corporation had Accounts Receivable of $525,000 and a...
The March 31, 2019 balance sheet of Kalakaua Corporation
had Accounts Receivable of $525,000 and a credit balance in
Allowance for Doubtful Accounts of $33,000. During the year ended
March 31, 2020, the following transactions occurred: sales on
account $1,550,000; sales returns & allowances, $120,000;
collections from customers, $1,350,000; accounts written off
$41,000; previously written off accounts of $5,000 were
collected.
REQUIRED:
1.Using the above
information, what is the balance of Accounts Receivable at March
31, 2020?
2.Suppose that it...
Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Common Stock; Dividends; Professional Fees;...
Set up T accounts for Cash; Accounts Receivable; Supplies;
Accounts Payable; Common Stock; Dividends; Professional Fees; and
Operating Expenses. (a) In the T accounts, record the following
transactions of Potter Pool Services for June, identifying each
entry by number: (1) Stockholders invested $12,500 cash in the
business by purchasing common stock. (2) Purchased supplies on
account, $6,250. (3) Paid operating expenses, $5,500. (4) Billed
clients for fees, $7,440. (5) Received cash from cash clients,
$4,700. (6) Paid creditors on account,...
The last dividends paid out to firm ABC’s stockholders were $5 per share. The current market...
The last dividends paid out to firm ABC’s stockholders were $5
per share. The current market value of the stock is $100. The
dividends are expected to grow at a rate of 10% for the next 2
years followed by a constant growth rate of 6%. The required rate
of return on the firm’s stock is 12%. A) Would you purchase the
stock? B) Calculate the expected rate of return assuming a constant
rate of dividends growth of 8%.
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