Reference no: EM13863891
Rhaman Company had the following transactions in its first month of operations:
1. On incorporation, the company had issued 11,000 common shares in exchange for $10,000 cash and office furniture and equipment worth $1,000.
2. Additional equipment costing $4,000 was purchased for cash.
3. Supplies costing $500 were purchased for cash.
4. Inventory costing $5,000 was acquired on account. Later in the month, the company paid half of the amount owed. It will pay the remainder next month.
5. The entire inventory was sold to customers for $8,000. The company received half of this amount in cash and will receive the remainder next month.
6. By the end of the month, $400 of the supplies were used up.
7. The equipment was depreciated $100 for the month.
8. Operating expenses paid in cash during the month were $1,900.
9. Dividends of $200 were declared and paid during the month.
Calculate the following amounts as at the end of the month:
i. Cash on hand
ii. Total assets other than cash
iii. Total liabilities
iv. Share capital
v. Retained earnings
|
Health-care law changes
: Health-Care Law Changes- The government has recently changed the law regarding health insurance benefits, and your company will need to comply with the changes
|
|
Deduction on basis of amount prior to applying tax rate
: In this problem what is the effect on the pref. stock dividend? Is there a percentage deduction on the basis of the amount prior to applying the tax rate?
|
|
How much should the owner of machine charge per hour
: A track dozer cost $165,000 to purchase. Fuel, oil, grease, and minor maintenance are estimated to cost $35.00 per operating hour. A major engine repair costing more than $26,000 will probably be required after 7,200 hrs of use. How much should the o..
|
|
Evaluate the level of ethical behavior
: Evaluate the level of ethical behavior and corporate social responsibility of the organization you work for or are otherwise involved with
|
|
Calculate the cash on hand and total assets other than cash
: Rhaman Company had the following transactions in its first month of operations: On incorporation, the company had issued 11,000 common shares in exchange for $10,000 cash and office furniture and equipment worth $1,000. Calculate the following amount..
|
|
Assess how the sarbanes-oxley act has affected auditing
: Assess how the Sarbanes-Oxley Act has affected auditing
|
|
Did sexual harassment occur at any point
: As the compliance officer, consider your response to the situation. Based on the scenario, your readings, and research, respond to the following: Did sexual harassment occur at any point
|
|
Which is a common approach to developing a budget
: Which of the following factors is not an advantage of preparing operating budgets? Which of the following is not a common approach to developing a budget?
|
|
Construction accounting-construction on storage facility
: On January, 2010, P & P Products began construction on a storage facility for Alpha Company. The construction was completed on December 10, 2012. The president of P & P Products has consulted with the controller regarding estimated costs for the proj..
|