Question
In: Accounting
The following transactions are July 2014 activities of Craig’s Bowling, Inc., which operates several bowling centers...
The following transactions are July 2014 activities of Craig’s Bowling, Inc., which operates several bowling centers (for games and equipment sales). e. Craig’s sold bowling merchandise costing $6,800. [Do not consider sales revenue for this question.]
f. Craig’s paid $800 on the electricity bill for June (recorded as expense in June).
g. Craig’s paid $3,500 to employees for work in July.
h. Craig’s purchased $1,500 in insurance for coverage from July 1 to October 1. Assume that the purchase of the insurance has already been recorded.
i. Craig’s paid $700 to plumbers for repairing a broken pipe in the restrooms.
j. Craig’s received the July electricity bill for $900 to be paid in August.
For each of the following transactions, complete the tabulation, indicating the amount and net effect (+ for increase and − for decrease) of each transaction. (Remember that A = L + SE, R − E = NI, and NI affects SE through Retained Earnings.) The first transaction is provided as an example.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The following transactions are July 2014 activities of Craig’s Bowling, Inc., which operates several bowling centers...
The following transactions are July 2014 activities of Craig’s
Bowling, Inc., which operates several bowling centers (for games
and equipment sales). a. Craig’s collected $15,000 from customers
for games played in July. b. Craig’s sold bowling equipment
inventory for $8,000; received $3,000 in cash and the rest on
account. [Do not consider cost of goods sold for this question.] c.
Craig’s received $4,000 from customers on account who purchased
merchandise in June. d. The men’s and ladies’ bowling leagues gave...
Personal Trainer, Inc. owns and operates fitness centers in a dozen Midwestern cities. The centers have...
Personal Trainer, Inc. owns and operates fitness centers in a
dozen Midwestern cities. The centers have done well, and the
company is planning an international expansion by opening a new
“supercenter” in the Toronto area.
Background
Cassia Umi, president, heads Personal Trainer’s management team.
Three managers report to her at the firm’s Chicago headquarters:
Janet McDonald, manager, finance; Tai Tranh, manager, sales and
marketing; and Reed Curry, manager, operations. The managers who
run the 12 existing centers all report to...
Personal Trainer, Inc. owns and operates fitness centers in a dozen Midwestern cities. The centers have...
Personal Trainer, Inc. owns and operates fitness centers in a
dozen Midwestern cities. The centers have done well, and the
company is planning an international expansion by opening a new
“supercenter” in the Toronto area. Personal Trainer’s president,
Cassia Umi, hired an IT consultant, Susan Park, to help develop an
information system for the new facility. During the project, Susan
will work closely with Gray Lewis, who will manage the new
operation.
Background
You are enjoying your job as a...
The following selected transactions relate to contingencies of Eastern Products Inc., which began operations in July...
The following selected transactions relate to contingencies of
Eastern Products Inc., which began operations in July 2021.
Eastern's fiscal year ends on December 31. Financial statements are
published in April 2022.
No customer accounts have been shown to be uncollectible as
yet, but Eastern estimates that 3% of credit sales will eventually
prove uncollectible. Sales were $300 million (all credit) for
2021.
Eastern offers a one-year warranty against manufacturer's
defects for all its products. Industry experience indicates that
warranty costs...
You have the following information about the activities of Martin Inc. for 2014: Sales...
You have the following
information about the activities of Martin Inc. for 2014:
Sales
$
1,620,000
Factory
maintenance
67,500
Indirect labour
33,500
Direct material
purchases
210,000
Factory utilities
50,000
Direct materials used
in production
201,000
General and
administrative expenses
102,400
Beginning
work-in-process inventory
28,400
Beginning finished
goods inventory
63,700
Ending work-in-process
inventory
32,900
Beginning direct
materials inventory
17,500
Selling expenses
98,200
Direct labour
287,000
Factory insurance
46,500
Indirect materials
40,600
Depreciation,factory
60,000
Cost of goods sold
715,000
...
1. Which of the following transactions is included in the operating activities section of a cash...
1. Which of the following transactions is included in the
operating activities section of a cash flow
statement prepared using the indirect method?
A.
Gain on sale of plant asset
B.
Payment of cash dividend to the shareholders
C.
Issuance of common stock to the shareholders
D.
Sale of property, plant and equipment
12. What is
not
a variable that is considered in interest computations?
A. Interest rate
B. Time
C. Principal
D. Assets
13. A series of equal receipts...
Mike Greenberg opened Novak Window Washing Inc. on July 1, 2017. During July, the following transactions...
Mike Greenberg
opened Novak Window Washing Inc. on July 1, 2017. During July, the
following transactions were completed.
1-Jul
Issued 11,300 shares of common stock for $11,300 cash.
1
Purchased used truck for $7,520, paying $1,880 cash and the
balance on account.
3
Purchased cleaning supplies for $850 on account.
5
Paid $1,680 cash on a 1-year insurance policy effective July
1.
12
Billed customers $3,480 for cleaning services performed.
18
Paid $940 cash on amount owed on truck and...
Mike Greenberg opened Bridgeport Window Washing Inc. on July 1, 2022. During July, the following transactions...
Mike Greenberg opened Bridgeport Window Washing Inc. on July 1,
2022. During July, the following transactions were
completed.
July 1
Issued 12,300 shares of common stock for $12,300 cash.
1
Purchased used truck for $7,600, paying $2,000 cash and the
balance on account.
3
Purchased cleaning supplies for $900 on account.
5
Paid $1,800 cash on a 1-year insurance policy effective July
1.
12
Billed customers $3,300 for cleaning services performed.
18
Paid $900 cash on amount owed on truck...
Mike Greenberg opened Bramble Window Washing Inc. on July 1, 2017. During July, the following transactions...
Mike Greenberg opened Bramble Window Washing Inc. on July 1,
2017. During July, the following transactions were
completed.
July 1
Issued 14,900 shares of common stock for $14,900 cash.
1
Purchased used truck for $9,920, paying $2,480 cash and the
balance on account.
3
Purchased cleaning supplies for $1,120 on account.
5
Paid $2,280 cash on a 1-year insurance policy effective July
1.
12
Billed customers $4,590 for cleaning services performed.
18
Paid $1,240 cash on amount owed on truck...
Listed below are the transactions for Ajayi Art, Inc. for the month of July: July 1...
Listed below are the transactions for Ajayi Art, Inc. for the
month of July:
July 1 Ajayi Art, Inc. is started with an investment of $250,000
cash.
July 1 Ajayi purchases office equipment for $22,250 by signing a
10% note (interest and principal to be paid over the next 12
months).
July 6 Pays rent for the art gallery in advance for the next
three months with a check for $3,000.
July 8 Purchases art supplies from Wacky Art Co....
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