1 the cpa invested 200000 cash into his new firm in

Assignment Help Cost Accounting

Reference no: EM13371506

1. The CPA invested $200,000 cash into his new firm in exchange for 200,000 shares of capital stock at $1.00 per share.

2. The CPA signed a bank note with the Bank for $100,000. The note has a 5 year term. Five equal payments of $25,709 are due on December 31 of each year. The interest rate for the note is 9%. Prepare the entries for the note along with the necessary amortization schedule. Prepare the amortization schedule for the entire term of the loan. Only book the entries for the first year of the note payable (not all 5 years).

3. The CPA, purchased office supplies for $700. The entire purchase was made on account.

4. The CPA earned $750,000 by performing accounting services for clients during 2012. Of the total service revenue earned, $250,000 consisted of cash sales. The remainder of the sales were on account.

5. The value of the office supplies on hand at the end of the year (12/31/2012) was $175.

Make a journal of the transactions, which ones will be debit and credit.

Reference no: EM13371506

Questions Cloud

1 a find the probability of drawing a diamond card in each : 1 a find the probability of drawing a diamond card in each of the consecutive draws from a wellshuffled pack of cards

The microphone is used to measure the acoustic noise from : the microphone is used to measure the acoustic noise from an induction motor in an area of high electrical interference

Capm and capital structurereflect on the papers synthesize : capm and capital structurereflect on the papers. synthesize the key points theyre making and consider the challenges of

A knitting mill sells about 20000 units of its product per : a knitting mill sells about 20000 units of its product per year at an average price of 10 each. fixed costs amount to

1 the cpa invested 200000 cash into his new firm in : 1. the cpa invested 200000 cash into his new firm in exchange for 200000 shares of capital stock at 1.00 per share.2.

Q1 statistics plays a vital role in almost every facet of : q1. statistics plays a vital role in almost every facet of human life. describe the functions of statistics. explain

1 this christmas bobo can either go on a vegas vacation v : 1 this christmas bobo can either go on a vegas vacation v go on a road trip r or study economics e.nbsp he can also

1 the following table shows various stages by which wood is : 1. the following table shows various stages by which wood is turned into wallpapers as the final product. the numbers

1 compare similarities and contrast differences the role of : 1. compare similarities and contrast differences the role of lh in the regulation of the male and female gonad. include

User Account

All Pages