Question
In: Accounting
Nicole has decided that she is going to start her business, Nicole’s Getaway Spa (NGS). A...
Nicole has decided that she is going to start her business, Nicole’s Getaway Spa (NGS). A lot has to be done when starting a new business. Here are some transactions that have occurred prior to April 30, 2017. Received $80,000 cash when issuing 8,000 new shares. Purchased some land by paying $2,000 cash and signing a note payable for $7,000 due in 2017. Hired a new esthetician for a salary of $1,000 a month, starting next month. Bought $1,000 in soaps and aromatherapy supplies for the spa on credit. NGS purchased a company car for $18,000 cash (list price of $21,000) to assist in running errands for the business. Nicole sold 100 of her own personal shares to Raea Gooding for $300. Paid $350 of the amount owed in (d). Prepare a classified balance sheet at April 30, 2017, using the information given in the transactions.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spa...
Nicole's Getaway Spa (NGS) has been so successful that Nicole
has decided to expand her spa by selling merchandise. She sells
things such as nail polish, at-home spa kits, cosmetics, and
aromatherapy items. Nicole uses a perpetual inventory system and is
starting to realizeall of the work that is created when inventory
is involved in a business. The following transactions were selected
from among those completed by NGS in August.
Aug.
2
Sold a bundle of spa services with a...
Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spa...
Nicole's Getaway Spa (NGS) has been so successful that Nicole
has decided to expand her spa by selling merchandise. She sells
things such as nail polish, at-home spa kits, cosmetics, and
aromatherapy items. Nicole uses a perpetual inventory system and is
starting to realize all of the work that is created when inventory
is involved in a business. The following transactions were selected
from among those completed by NGS in August.
Aug.2 Sold a bundle of spa services with a...
Nicole’s Getaway Spa (NGS) continues to grow and develop. Nicole is now evaluating a computerized accounting...
Nicole’s Getaway Spa (NGS) continues to grow and develop. Nicole
is now evaluating a computerized accounting system and needs your
help in understanding how source documents inform accounting
processes. She also needs some help reconciling NGS’s bank
account.
Required:
1. For each source information shown below,
prepare the appropriate journal entry. (If no entry is
required for a transaction/event, select "No journal entry
required" in the first account field.)
Purchase order dated October 13 for massage chairs costing $805
and...
In October 2017, Nicole of Nicole’s Getaway Spa (NGS) eliminated all existing inventory of cosmetic items....
In October 2017, Nicole of Nicole’s Getaway Spa (NGS) eliminated
all existing inventory of cosmetic items. The trouble of ordering
and tracking each product line had exceeded the profits earned. In
December, a supplier asked her to sell a prepackaged spa kit.
Feeling she could manage a single product line, Nicole agreed. NGS
would make monthly purchases from the supplier at a cost that
included production costs and a transportation charge. The spa
would use a perpetual inventory system to...
Nicole’s Getaway Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at...
Nicole’s Getaway Spa (NGS) purchased a hydrotherapy tub system
to add to the wellness programs at NGS. The machine was purchased
at the beginning of the year at a cost of $6,500. The estimated
useful life was five years and the residual value was $500. Assume
that the estimated productive life of the machine is 10,000 hours.
Expected annual production was year 1, 2,350 hours; year 2, 2,450
hours; year 3, 2,100 hours; year 4, 2,100 hours; and year 5,...
Nicole’s Getaway Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at...
Nicole’s Getaway Spa (NGS) purchased a hydrotherapy tub system
to add to the wellness programs at NGS. The machine was purchased
at the beginning of the year at a cost of $9,500. The estimated
useful life was five years and the residual value was $500. Assume
that the estimated productive life of the machine is 10,000 hours.
Expected annual production was year 1, 2,200 hours; year 2, 2,300
hours; year 3, 2,400 hours; year 4, 2,100 hours; and year 5,...
Nicole’s Getaway Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at...
Nicole’s Getaway Spa (NGS) purchased a hydrotherapy tub system
to add to the wellness programs at NGS. The machine was purchased
at the beginning of the year at a cost of $25,000. The estimated
useful life was five years and the residual value was $1,000.
Assume that the estimated productive life of the machine is 10,000
hours. Expected annual production was year 1, 2,550 hours; year 2,
2,300 hours; year 3, 2,050 hours; year 4, 2,100 hours; and year 5,...
The following transactions occurred over the months of September to December at Nicole’s Getaway Spa (NGS)....
The following transactions occurred over the months of September
to December at Nicole’s Getaway Spa (NGS). September Sold spa
merchandise to Ashley Welch Beauty for $2,150 on account; the cost
of these goods to NGS was $1,040. October Sold merchandise to Kelly
Fast Nail Gallery for $590 on account; the cost of these goods to
NGS was $270. November Sold merchandise to Raea Gooding Wellness
for $440 on account; the cost of these goods to NGS was $260.
December Received...
The following transactions occurred over the months of September to December at Nicole’s Getaway Spa (NGS)....
The following transactions occurred over the months of September
to December at Nicole’s Getaway Spa (NGS).
September
Sold spa merchandise to Ashley Welch Beauty for $1,400 on
account; the cost of these goods to NGS was $740.
October
Sold merchandise to Kelly Fast Nail Gallery for $290 on
account; the cost of these goods to NGS was $120.
November
Sold merchandise to Raea Gooding Wellness for $140 on account;
the cost of these goods to NGS was $110.
December
Received...
Nicole’s Getaway Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at...
Nicole’s Getaway Spa (NGS) purchased a hydrotherapy tub system
to add to the wellness programs at NGS. The machine was purchased
at the beginning of the year at a cost of $9,500. The estimated
useful life was five years and the residual value was $500. Assume
that the estimated productive life of the machine is 10,000 hours.
Expected annual production was year 1, 2,200 hours; year 2, 2,300
hours; year 3, 2,400 hours; year 4, 2,100 hours; and year 5,...
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