Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Purchase painting equipment for 16000 cash

05/12/2021 Client: muhammad11 Deadline: 2 Day

ACCT&201 Week 2 Homework:

1. Select the financial statement that matches with the description (Related transactions)

Related transactions

Financial Statements

a.

Change in owners’ claims to resources

b.

Profitability of the company

c.

Change in cash as a result of operating, investing, and financing activities

d.

Resources equal creditors’ and owners’ claims to those resources

2. At the beginning of the year (January 1), Buffalo Drilling has $11,000 of common stock outstanding and retained earnings of $8,200. During the year, Buffalo reports net income of $8,500 and pays dividends of $3,200. In addition, Buffalo issues additional common stock for $8,000.

Required:

Prepare the statement of stockholders' equity at the end of the year (December 31).

BUFFALO DRILLING

Statement of Stockholders’ Equity

Common Stock

Retained Earnings

Total Stockholders’ Equity

Beginning balance

Ending balance

3. Wolfpack Construction has the following account balances at the end of the year.

Accounts

Balances

Equipment

$

26,000

Accounts payable

3,000

Salaries expense

33,000

Common stock

11,000

Land

18,000

Notes payable

20,000

Service revenue

39,000

Cash

6,000

Retained earnings

?

Required:

Use only the appropriate accounts to prepare a balance sheet.

WOLFPACK CONSTRUCTION

Balance Sheet

Assets

Liabilities

Total liabilities

0

Stockholders’ Equity

Total stockholders’ equity

0

Total assets

$0

Total liabilities and stockholders’ equity

$0

4. Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year, the company reports the following amounts:

Cash

$

1,200

Service revenue

$

67,700

Equipment

29,000

Cost of goods sold (food expense)

53,400

Accounts payable

4,400

Buildings

40,000

Delivery expense

2,600

Supplies

3,400

Salaries expense

5,500

Salaries payable

800

In addition, the company had common stock of $40,000 at the beginning of the year and issued an additional $4,000 during the year. The company also had retained earnings of $18,200 at the beginning of the year.

Show your work

1. Prepare the income statement for Longhorn Corporation.

LONGHORN CORPORATION

Income Statement

Expenses:

Total expenses

0

2. Prepare the statement of stockholders’ equity for Longhorn Corporation.

LONGHORN CORPORATION

Statement of Stockholders’ Equity

Common Stock

Retained Earnings

Total Stockholders’ Equity

Beginning balance

Ending balance

5. Below are incomplete financial statements for Bulldog, Inc. Required:

Calculate the missing amounts.

BULLDOG, INC.

Income Statement

Revenues

$39,000

Expenses:

Salaries

Advertising

6,000

Utilities

4,000

Net income

BULLDOG, INC.

Statement of Stockholders' Equity

Common Stock

Retained Earnings

Total Stockholders' Equity

Beginning balance

$10,000

$7,000

$17,000

Issuances

1,100

1,100

Add: Net income

Less: Dividends

(3,000)

(3,000)

Ending balance

$11,100

$10,000

$21,100

BULLDOG, INC.

Balance Sheet

Assets

Liabilities

Cash

$4,000

Accounts payable

Write in here

Accounts receivable

3,000

Stockholders' Equity

Supplies

9,000

Common stock

Write in here

Equipment

10,000

Retained earnings

Write in here

Total assets

$26,000

Total liabilities and stockholders' equity

Write answer in here

6. Cornhusker Company provides the following information at the end of 2018.

Cash remaining

$

4,800

Rent expense for the year

7,000

Land that has been purchased

21,000

Retained earnings

12,400

Utility expense for the year

4,900

Accounts receivable from customers

7,200

Service revenue earned during the year

37,000

Salary expense for the year

13,300

Accounts payable to suppliers

2,200

Dividends paid to shareholders during the year

3,200

Common stock that has been issued prior to 2018

16,000

Salaries owed at the end of the year

2,400

Insurance expense for the year

3,500

No common stock is issued during 2018, and the balance of retained earnings at the beginning of 2018 equals $7,300.

Required:

1. Prepare the income statement for Cornhusker Company on December 31, 2018.

CORNHUSKER COMPANY

Income Statement

For the year ended December 31, 2018

Expenses:

Total expenses

2. Prepare the statement of stockholders’ equity for Cornhusker Company on December 31, 2018.

CORNHUSKER COMPANY

Statement of Stockholders’ Equity

For the year ended December 31, 2018

Common Stock

Retained Earnings

Total Stockholders’ Equity

Beginning balance

Ending balance

3. Prepare the balance sheet for Cornhusker Company on December 31, 2018.

CORNHUSKER COMPANY

Balance Sheet

December 31, 2018

Assets

Liabilities

Total liabilities

Stockholders’ Equity

Total stockholders’ equity

Total assets

Total liabilities and stockholders’ equity

7. The four underlying assumptions of generally accepted accounting principles are economic entity, monetary unit, periodicity, and going concern. Consider the four independent situations below.

1. Jumbo's is a local restaurant. Due to a bad shipment of potatoes, several of the company's customers become ill, and the company receives considerable bad publicity. Revenues are way down, several of its bills are past due, and the company is making plans to close the restaurant at the end of the month. The company continues to report its assets in the balance sheet at historical (original) cost.

2. Gorloks Tax Services is owned and operated by Sam Martin. The company has the usual business assets: land, building, cash, equipment, and supplies. In addition, Sam decides to buy a boat for him and his family to enjoy on the weekends. Sam includes the boat as an asset on the balance sheet of Gorloks Tax Services.

3. Claim Jumpers International, a U.S.-based company, has operations in the United States and in Europe. For the current year, the company purchased two trucks in the United States for $10,000 and three trucks in Europe for €20,000 (euros). Because of the differences in currencies, the company reported "Five Trucks" with no corresponding amount in the balance sheet.

4. Cobbers Etc. sells specialty music equipment ranging from African bongo drums to grand pianos. Because of the fluctuating nature of the business, management decides to publish financial statements only when a substantial amount of activity has taken place. Its last set of financial statements covered a period of 14 months, and the set of financial statements before that covered a period of 18 months.

Required:

For each situation, select which of the underlying assumptions of GAAP is violated.

Situation

Assumption Violated

1.

2.

3.

4.

Chap 2.

1. Suppose a local company has the following balance sheet accounts. Calculate the missing amounts assuming the business has total assets of $37,500.

Accounts

Balances

Land

$9,000

Equipment

Salaries Payable

4,300

Notes Payable

Supplies

2,100

Cash

7,200

Stockholders’ Equity

13,500

Accounts Payable

1,700

Prepaid Rent

3,200

2. Boilermaker House Painting Company incurs the following transactions for September.

Required:

For each transaction, describe the dual effect on the accounting equation. For example, for the first transaction, (1) assets increase and (2) stockholders' equity increases.

Transactions

Dual Effect

1.

Paint houses in the current month for $15,000 on account.

Assets increase and stockholders' equity increases.

2.

Purchase painting equipment for $16,000 cash.

3.

Purchase office supplies on account for $2,500.

4.

Pay employee salaries of $3,200 for the current month.

5.

Purchase advertising to appear in the current month, $1,200.

6.

Pay office rent of $4,400 for the current month.

7.

Receive $10,000 from customers in (1) above.

8.

Receive cash of $5,000 in advance from a customer who plans to have his house painted in the following month.

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Calculation Guru
Custom Coursework Service
Essay Writing Help
ECFX Market
Finance Master
Chartered Accountant
Writer Writer Name Offer Chat
Calculation Guru

ONLINE

Calculation Guru

Being a Ph.D. in the Business field, I have been doing academic writing for the past 7 years and have a good command over writing research papers, essay, dissertations and all kinds of academic writing and proofreading.

$27 Chat With Writer
Custom Coursework Service

ONLINE

Custom Coursework Service

I have done dissertations, thesis, reports related to these topics, and I cover all the CHAPTERS accordingly and provide proper updates on the project.

$45 Chat With Writer
Essay Writing Help

ONLINE

Essay Writing Help

I am an academic and research writer with having an MBA degree in business and finance. I have written many business reports on several topics and am well aware of all academic referencing styles.

$34 Chat With Writer
ECFX Market

ONLINE

ECFX Market

I can assist you in plagiarism free writing as I have already done several related projects of writing. I have a master qualification with 5 years’ experience in; Essay Writing, Case Study Writing, Report Writing.

$25 Chat With Writer
Finance Master

ONLINE

Finance Master

I can assist you in plagiarism free writing as I have already done several related projects of writing. I have a master qualification with 5 years’ experience in; Essay Writing, Case Study Writing, Report Writing.

$20 Chat With Writer
Chartered Accountant

ONLINE

Chartered Accountant

I can assist you in plagiarism free writing as I have already done several related projects of writing. I have a master qualification with 5 years’ experience in; Essay Writing, Case Study Writing, Report Writing.

$44 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

What is the spring constant of the silk thread - Titration of vinegar lab report answers - What happens at the end of it follows - Rosebank residential homes cap - Cybersecurity - Responding to Threats - 5 questions need 5 answers - Elearning kbs edu au login - Choosing a Methodology - Sony pictures ultraviolet redeem - Label the layers of the earth worksheet - Stockholders and Management Interests - Essay 3 paragraph APA format Essay Answer Discussion Post - A race car driver must average - Sade dancy where is she now - Using the financial statements for the snider corporation - Homeostasis amoeba sisters worksheet - Eso error 102 invalid metafile - Adventure papaer - Standard form ax2 bx c 0 - Name and explain two types of prewriting weegy - Hcl h2o h3o+ cl - Ann c logue net worth - 805 nicoma trail maitland fl - Chem1021 unsw course outline - Help - NRS-440-VN0502 Trends and Issues - Trader joe's talent pool - Pre lab questions answers biology - Apple inc compensation for employees - What are nurses' notes? - Cyber security awareness training proposal - Assessment 4 - 30 times the square root of 2 - Genesis jesus he knows me reaction - ASSIGNMENT 8/9/20 /2 - The system is initially moving with the cable taut - Which of the following is true regarding value engineering - Module 6 - Lecture Questions - Current Topics in Evolution - Burke litwin model of organisational change - An incident based nursing peer review committee - Paragraph starters for persuasive writing - Acca p level papers - Manual platelet count procedure - Cambridge latin course unit 1 stage 8 translations - Informative speech on how deaf people talk with emotion - Capstone component 1 executive summary - They say i say templates chapter 1 answers - Comprehensive soap note example nurse practitioner - Limiting reagent lab the reaction between vinegar and baking soda - Growth trend interpolation in excel - Year 2 curriculum queensland - 8 shipwright place oyster bay - Environmental science 7.2 extinction and biodiversity loss answers - Grading cup to disc ratio - Erikson's ego integrity scale 0 10 - What does the name christian mean - The way a rock reflects light is called the rocks - Asg1 - Https www jobtestprep co uk - How do volcanologists predict volcanic eruptions - Business Intelligence - Choosing indicators for titrations - Arduino mega analog input voltage range - 12 month old shoe size australia - Lamarck vs darwin giraffe - Redox titration real life application - Using nodal analysis find vo in the circuit - Homework - Wyong shire council v shirt summary - Business law answers to questions and case problems - Calibrating the cabbage ph indicator means based on solutions that - Prevention of obstructed labour - 2 truths and a lie lies - Blue lake walk kosciuszko - Balancing chemical equations hgo hg o2 - Back bay battery simulation decisions - MM finalpoject - Carlos plans to build a grain bin - Catholic college wodonga staff - Ideality factor of silicon diode - Leonardo hotels head office - How is folate linked to natural selection - Trump pretends to be publicist - The spiderwick chronicles theme - Discussion Board: What Do Discretionary Benefits Mean to You? - Managerial Economics Assignment - 6 Pages: 6 References - What is an extraneous variable - Human growth and development - Sorin inc a company that produces - Freecen rootsweb com uk - Middlesex rs owners club - Water salt boiling point - Boroondara hard rubbish collection - Change control - Challenges facing managers in the 21st century - Week 6 discussion - Aptly named sleep aid crossword clue - Stan checketts vsim