Question
In: Accounting
At the end of last month, Ajax Inc. had the following balances in its accounts: Cash...
At the end of last month, Ajax Inc. had the following balances
in its accounts:
Cash $ 5,000
Inventory $10,000
Equipment $ 3,000
Land $10,000
Owe Jones $10,000
Common Stock $10,000
Retained Earnings $ 8,000
Set up the initial Balance Sheet for this month, make the
appropriate entries for this month using the Accounting Equation,
and show the ending Balance Sheet for this month. The following
should be included for this month:
a. Buy inventory from Jones on credit for $10,000
b. Sell goods for $4,000
c. Sell common stock for $1,000
d. Pay wages of $2,000
e. Pay tax of $1,000
f. Sell goods to Smith on credit for $15,000
g. Pay rent of $100
h. Pay Jones $2,000
i. Depreciate equipment $200
j. Inventory at the end of the month is worth $7,000
Solutions
ekkarill92 answered 1 year agoRelated Solutions
At the end of last month, Ajax Inc. had the following balances in its accounts: Cash...
At the end of last month, Ajax Inc. had the following balances
in its accounts:
Cash $ 5,000
Inventory $10,000
Equipment $ 3,000
Land $10,000
Owe Jones $10,000
Common Stock $10,000
Retained Earnings $ 8,000
Set up the initial Balance Sheet for this month, make the
appropriate entries for this month using the Accounting Equation,
and show the ending Balance Sheet for this month. The following
should be included for this month:
a. Buy inventory from Jones on credit for...
At the end of last month, Ajax Inc. had the following balances in its accounts: Cash...
At the end of last month, Ajax Inc. had the following balances
in its accounts:
Cash $ 5,000
Inventory $10,000
Equipment $ 3,000
Land $10,000
Owe Jones $10,000
Common Stock $10,000
Retained Earnings $ 8,000
Set up the initial Balance Sheet for this month, make the
appropriate entries for this month using the Accounting Equation,
and show the ending Balance Sheet for this month. The following
should be included for this month:
a. Buy inventory from Jones on credit for...
At the end of last month, Ajax Inc. had the following balances in its accounts: Cash...
At the end of last month, Ajax Inc. had the following balances
in its accounts:
Cash $ 5,000
Inventory $10,000
Equipment $ 3,000
Land $10,000
Owe Jones $10,000
Common Stock $10,000
Retained Earnings $ 8,000
Set up the initial Balance Sheet for this month, make the
appropriate entries for this month using the Accounting Equation,
and show the ending Balance Sheet for this month. The following
should be included for this month:
a. Buy inventory from Jones on credit for...
At the end of last month, Ajax Inc. had the following balances in its accounts: Cash...
At the end of last month, Ajax Inc. had the following balances
in its accounts: Cash $ 5,000 Inventory $10,000 Equipment $ 3,000
Land $10,000 Owe Jones $10,000 Common Stock $10,000 Retained
Earnings $ 8,000 Set up the initial Balance Sheet for this month,
make the appropriate entries for this month using the Accounting
Equation, and show the ending Balance Sheet for this month. The
following should be included for this month: a. Buy inventory from
Jones on credit for...
At the end of 2019, Jeffco Inc. had the following equity accounts and balances: Common stock,...
At the end of 2019, Jeffco Inc. had the following equity
accounts and balances:
Common stock, $10 par
$800,000
Additional paid-in capital—common stock
200,000
Retained earnings
279,000
During 2020, Jeffco engaged in the following transactions
involving its equity accounts:
Sold 8,000 shares of common stock for $35 per share.
Sold 1,000 shares of 9%, $120 par preferred stock at $125 per
share.
Declared and paid cash dividends of $14,000.
Repurchased 600 shares of treasury stock (common) for $45 per
share....
At the end of the period, Carson Company had the following balances in selected accounts: Materials...
At the end of the period, Carson Company had the following
balances in selected accounts:
Materials
$
80,000
Finished goods
190,000
Work in process
70,000
Cost of goods sold
1,000,000
Factory overhead
30,000
Required:
(a) The factory overhead
balance is relatively small; prepare the journal entry to close the
factory overhead account assuming a debit balance. What does a
debit balance mean?
(b) The factory overhead
balance is relatively small; prepare the journal entry to close the
factory overhead account...
Dunder Mifflin had the following balances in selected accounts at the end of 2015 and 2016....
Dunder Mifflin had the following balances in selected accounts
at the end of 2015 and 2016.
2015
2016
Cash
$58,000
$45,000
Short-term investments
46,000
39,000
Accounts receivable
54,000
61,000
Allowance for uncollectible accounts
3,500
5,000
Inventory
78,000
98,000
Accounts payable
91,000
102,000
Wages payable
17,000
25,000
Income tax payable
4,500
6,500
Note payable (due 2022)
100,000
100,000
Sales
415,000
525,000
Cost of goods sold
225,000
304,000
The accounts receivable at the end of 2014 were $50,000 and the
allowance for...
. In the last month, Cash Is King, Inc. had net income of $10,000, an increase...
. In the last month, Cash Is King, Inc. had net income of
$10,000, an increase in a/r of $5,000, a decrease in a/p of $5,000,
their inventories rose by $7500, they purchased computers worth
$10,000, sold stock worth $100,000, and paid down their bank loans
by $50,000. What was their cash flow from each of the following
areas:
a. Operations
b. Investing Activities
c. Financing Activities
d. What was their total cash flow for the period?
On January 1, 2021, Gerlach Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2021, Gerlach Inc. had the following account
balances in its shareholders' equity accounts.
Common stock, $1 par, 252,000 shares issued
$
252,000
Paid-in capital—excess of par, common
504,000
Paid-in capital—excess of par, preferred
110,000
Preferred stock, $100 par, 11,000 shares outstanding
1,100,000
Retained earnings
2,200,000
Treasury stock, at cost, 5,200 shares
26,000
During 2021, Gerlach Inc. had several transactions relating to
common stock.
January
15:
Declared a property dividend of 100,000 shares of Slowdown
Company (book value...
On January 1, 2021, Gerlach Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2021, Gerlach Inc. had the following account
balances in its shareholders' equity accounts.
Common stock, $1 par, 257,000 shares issued
$
257,000
Paid-in capital—excess of par, common
514,000
Paid-in capital—excess of par, preferred
135,000
Preferred stock, $100 par, 13,500 shares outstanding
1,350,000
Retained earnings
2,700,000
Treasury stock, at cost, 5,700 shares
28,500
During 2021, Gerlach Inc. had several transactions relating to
common stock.
January
15:
Declared a property dividend of 100,000 shares of Slowdown
Company (book value...
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