Question

In: Accounting

Markk Co. made the following transactions: 1. Payment of a $200 invoice on account. 2. Increase...

Markk Co. made the following transactions:

1.		Payment of a $200 invoice on account.
2.		Increase in the fair value of a Fair Value-Net Income Investment by $260.
3.		Sale on account for $120.
4.		Purchase of equipment paid for with $550 cash and a $1,105 note payable.
5.		Increase in the fair value of a Fair Value-OCI Investment by $160.
6.		Repayment of a $1,900 bank loan.

Indicate the effect of each of the transactions on (a) the basic accounting equation and (b) the expanded basic accounting equation.

A)

Assets / Liabilities / Shareholders equity Increase / decrease $

1-

2-

3-

4-

5-

6-

B)

*Assets, expense, gain, liabilities, loss, revenues, other comprehensive income, other comprehensive loss, shareholders equity

*Increase / decrease

* $

1-

2-

3-

4-

5-

6-

Expert Solution

ekkarill92 answered 1 year ago

I depost $1,000 in my account today. Each year, I increase this payment by $200 per...

I depost $1,000 in my account today. Each year, I increase this payment by $200 per period (That is $1,200 deposited in year 1. What is the amount in the account at the end of 15 years including the payment in year 15. Interest rate is 6%.

Why wouldn't you want to post a payment against an invoice directly to a bank account?

An invoice for $2100, dated February 2, has terms 2/15, 1/30, n/90. If a $670 payment...

An invoice for $2100, dated February 2, has terms 2/15, 1/30, n/90. If a $670 payment was made on February 15, what payment on March 1st will settle the account? Calculate your answer in dollars to two decimal places. Do not enter the $ sign

Decide whether a booking must be made for the following business transactions and enter the account...

Decide whether a booking must be made for the following business transactions and enter the account name and amount. The sales tax (VAT) may have to be taken into account with 18%. If no booking record has to be formed, please make this clear with "No booking record". Info: Elektrovolt A.Ş., an industrial company, produces sockets and mainly supplies them to Cereyan A.Ş., a trading company. Unless otherwise stated, create the posting records for the following business transactions as of...

Post to T accounts The following transactions for The Reds Co. in 2000: 2/1 deposited in...

Post to T accounts The following transactions for The Reds Co. in 2000: 2/1 deposited in the bank $50,000 as Capital 4/1 furniture bought to use in store for $6,500 paid by cheque. 10/1 bought good on Credit from alwatan Co. at a cost of $8,000. 15/1 goods were sold for $1,500 in cash 16/1 goods were sold to Mohammad for $600 received a cheque 18/1 sales for $800 in cash 20/1 $2,000 were deposited in the business bank account...

Sandhill Limited purchased a machine on account on April 2, 2018, at an invoice price of...

Sandhill Limited purchased a machine on account on April 2, 2018, at an invoice price of $332,220. On April 4, it paid $2,170 for delivery of the machine. A one-year, $3,960 insurance policy on the machine was purchased on April 5. On April 18, Sandhill paid $7,840 for installation and testing of the machine. The machine was ready for use on April 30. Sandhill estimates the machine’s useful life will be five years or 6,153 units with a residual value...

Record the following transactions as journal entries. 1. Earned $5,000 of services on account. 2. Completed...

Record the following transactions as journal entries. 1. Earned $5,000 of services on account. 2. Completed an impairment test, determined there to be an impairment loss on their equipment. Cost of equipment was $785,000, carry value was $328,510 and fair value is $138,000.

The following transactions occurred for Mouawad Inc. 1. Inventory costing $295,000 was purchased on account. 2....

The following transactions occurred for Mouawad Inc. 1. Inventory costing $295,000 was purchased on account. 2. A new vehicle costing $31,000 was purchased. Mouawad paid $6,900 as a down payment, and the remaining $24,100 was financed through a bank loan. 3. Surplus land was sold for $76,000, which was $16,500 more than its original cost. 4. During the year, the company made a payment of $18,000 on its mortgage payable; $2,250 of this amount was for the interest on the...

Journalize the following Tyler Co. transactions. (Chart of Account : Cash, Bond Payable, Discount on Bond...

Journalize the following Tyler Co. transactions. (Chart of Account : Cash, Bond Payable, Discount on Bond Payable, Premium on Bond Payable, Common Stock, Paid-in Capital in Excess of Par, Treasury Stock, Interest Expense) - Tyler Co. issued 1,000 shares of $20 par, common stock for $23,000 - Tyler Co. reacquired 300 shares of its common stock for $30 per share. - Tyler Co. issued $60,000, 9%, 10-year bonds on Jan 1, 2018 for $56,261.(Interest is payable semiannually on July 1...

Journalize the following transactions for Gecco Manufacturing. 1. Purchased raw materials on account, $660,000. 2. Raw...

Journalize the following transactions for Gecco Manufacturing. 1. Purchased raw materials on account, $660,000. 2. Raw materials used in production: direct materials = $504,000 and indirect materials = $73,500. 3. Incurred total manufacturing wages of $681,500, of which $586,000 was direct labor and $95,500 was indirect labor. 4. Other manufacturing overhead costs incurred (depreciation, insurance, property taxes, etc.) totalled $215,220. (Record one transaction and credit "Other Accounts.") 5. Allocated manufacturing overhead to jobs, 65% of direct...