Analyze each transaction and show the effect of each

Assignment Help Accounting Basics
Reference no: EM133105245

Question - The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $245,000 (assume Marchetti uses a perpetual inventory system); (2) paid $60,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $150,000 to credit customers for $300,000; (4) collected $280000 in cash from credit customers; and (5) paid suppliers of inventory $225,000. Analyze each transaction and show the effect of each on the accounting equation for a corporation.

Reference no: EM133105245

Questions Cloud

Explain communication style : Choose ONE person you conducted your analysis with and explain their communication style describe why you came to this conclusion!
How can you monitor and maintain your digital communications : How can you monitor and maintain your digital communications? 50-80 words
How would you have solved the conflict : Think about a time (without naming any names) where you experienced or witnessed poor communication between coworkers.
Analysis of current state of management information system : Analysis of current state of Management Information System MIS at a local family company by using Information ethics of Information Systems
Analyze each transaction and show the effect of each : Paid suppliers of inventory $225,000. Analyze each transaction and show the effect of each on the accounting equation for a corporation
Describe how od interventions need to be adapted : Describe how OD interventions need to be adapted to fit different cultural contexts. (Use the textbook and at least one outside source)
Why do most change efforts fail : Why do most change efforts fail? (Use the textbook and at least one outside source)
Two kinds of feedback involved in evaluation : What are the two kinds of feedback involved in evaluation and what do they tell us? (Use the textbook and at least one outside source)
Digital platform ecosystem-industry analysis : 1) Digital Platform Ecosystem - Industry analysis and trends. Once you defined and described your business plan, the next step is to identify your industry and

Reviews

Write a Review

Accounting Basics Questions & Answers

  Explain the appropriate financial reporting standards

Explain the appropriate financial reporting standards to use for this public sector organization, using support from introduction to public sector accounting

  Discuss transactions on the balance sheet equation

indicate the effects of each of these three transactions on the balance sheet equation

  Prepare teal mountain journal entry for initial transaction

Teal Mountain Inc. lent $11,942 to Monty Corp.,Prepare Teal Mountain 's journal entries for the initial transaction and the collection of $12,300 at maturity.

  Capital account be recorded

The partnership also assumed a $12,000 note payable owed by Robert that was originally used to purchase the equipment. What amount should Robert's capital account be recorded?

  Prepare journal entries for the transactions

Prepare journal entries for the transactions listed above. Prepare a Stockholders' section of a classified balance sheet as of December 31

  By how much will the expected return on boeing stock change

The beta for Boeing's stock is 0.8. If the expected return on the market portfolio increases by 0.45%, by how much will the expected return on Boeing's stock.

  What affect will foreign accounting standards

omparative analyses can only take place in an environment of stable, static and consistent rules. Your final project will be to synthesize the issues/data previously researched into a single paper.

  Explain the difference between net income and cash flow

Using the table below, explain the difference between net income and cash flow from operating activities for Techno in 2009 and analyze their cash flows for 2008 and 2009

  Dusty johnson is the accounting and finance manager

1.Dusty Johnson is the accounting and finance manager for a manufacturer.

  What is the correct accumulated depreciation as of December

Aliya determined that the automotive equipment comprising the P 115,000 balance at January 1, What is the correct accumulated depreciation as of December

  May Andrew avoid like-kind exchange treatment

Andrew owns land (adjusted basis of $40,000) that he uses in his business. May Andrew avoid like-kind exchange treatment to recognize his realized loss

  Problem regarding the result of technological advances

When the environment changes as a result of technological advances, increased competition, or government regulation, an accounting system does not have to be sufficiently flexible to meet the changes in order to save money.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd