Calculate the ending balance in the cash account based

Assignment Help Accounting Basics
Reference no: EM133659669

Question: Consider the following transactions for a new company: Shareholders invest a total of $50,000 cash in exchange for 100 shares of $1 par value stock. The company paid $3,000 for 6 months' rent in advance. The company acquired $2,400 in merchandise inventory with one-half of the purchase on account. The company provided services to customers valued at $3,100, on account. The company recruits a Marketing Director, with an annual salary of $60,000, to start next month. A customer pays a $2,500 deposit for goods that will be delivered next month.

Requirements:

Calculate the ending balance in the Cash account based on the transactions above. Make it clear if it is a debit or credit ending balance Show your calculations.

Reference no: EM133659669

Questions Cloud

How much interest did sharmaine pay on the loan : interest from Aug 27 to Oct 29; (b) interest from Oct 29 to Dec 31; (c) interest from Dec 31,2023 to Jan 2,2024. Lastly, (d) sum the total interest
How much nominal interest will you receive : How much nominal interest will you receive if inflation is 7% over the year and the bond promises a real return of 2%. Show your work.
Explain how you would adjust your teaching style : Explain how you would adjust your teaching style and/or content based on the audiences listed below.
Discussing true womanhood deferred : Crash Course US History episode, "Women in the 19th Century", and Crash Course Black American History episode titled "Women's Experience Under Slavery."
Calculate the ending balance in the cash account based : Calculate the ending balance in the Cash account based on the transactions above. Make it clear if it is a debit or credit ending balance Show your calculations
How does this affect the supply of linemen : All other things held constant, the government cuts subsidies that help provide insurance benefits for linemen. How does this affect the supply of linemen?
Setting in novel commonly refers to the time : Setting in a novel commonly refers to the time, place, and social environment in the plot.
What is the equilibrium quantity of nurses : Question The table below shows a supply and demand schedule for nurses. Supply and Demand for Nurses Wage (hourly). What is the equilibrium quantity of nurses?
What markdown percentage would it have to offer : If the company wanted to offer a lower price of $239 per set, what markdown percentage would it have to offer

Reviews

Write a Review

Accounting Basics Questions & Answers

  You have been asked to help your classmate who was just

you have been asked to help your classmate who was just offered a professional volleyball contract with selecting her

  If the company has a policy of maintaining a minimum end of

the following information was taken from southgate industrys cash budget for the month of julybeginning cash balance

  Who is taxed on the child earnings jane or her father

Ricardo owns a small unincorporated business. Who is taxed on the child's earnings: Jane or her father? Explain

  What would be the effect of the project

What would be the effect of the project on 2009 operating income under the percentage-of-completion method and the completed contract method

  What is the mer

All other expenses charged directly to the fund = $3452140. Assuming the average Net Asset Value for ECA Growth was $564164819 in 2020, what is the MER

  Prepare a statement showing the incremental cash flows

If the project required additional $1,000,000 investment in land and building, how would this affect your decision? Explain.

  Differentiate between the decreasing charge depreciation

Differentiate between the decreasing-charge depreciation methods and the special depreciation methods, and suggest the method that would result in the highest depreciation during the first year of operations.

  Prepare a merchandise purchases budget

Question - Purchases Budget, Prepare a merchandise purchases budget in unit of ankle braces for as many months as you can

  What was the amount of credit sales during may

The May 31 Accounts Receivable balance was $29,000. What was the amount of credit sales during May

  Prepare a memo or email to Betsy

Prepare a memo or email to Betsy and the Cook at the B&B outlining the answers to the above questions and including a discussion aimed at the cook

  Determine the correct inventory amount on december

Determine the correct inventory amount on December, The goods were received at Natali on January 8. They were not included in Josef's physical inventory

  What is the highest price you would be willing to pay

If your required return is 6.80% for bonds in this risk class, what is the highest price you would be willing to pay? (Use the PV function)

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