Complete t-accounts to summarize the transactions

Assignment Help Corporate Finance
Reference no: EM131881106

Nicole has decided that she is going to start her business, Nicole's Getaway Spa (NGS). A lot has to be done when starting a new business.

Here are some transactions that have occurred prior to April 30.

a. Received $95,000 cash when issuing 9,500 new common shares.

b. Purchased some land by paying $7,000 cash and signing a note payable for $11,000 due in three years.

c. Hired a new aesthetician for a salary of $2,500 a month, starting next month.

d. NGS purchased a company car for $33,000 cash (list price of $36,000) to assist in running errands for the business.

e. Bought and received $900 in supplies for the spa on credit.

f. Paid $220 of the amount owed in (e).

Nicole sold 100 of her own personal shares to Raea Gooding for $1,000.

Assuming that the beginning balances in each of the accounts are zero, complete T-accounts to summarize the transactions (a)-(g).

Reference no: EM131881106

Questions Cloud

Discuss methods to be used in decision making : Provide an economical framework and use data to support how it impacts health care cost and quality.
Review problem of lack of inclusion and credibility : Lori Bradley, an experienced probation officer, is meeting with Ted Stolze and Ian Bateson, two other probation officers, and their supervisor, Len Duggan.
Explain how tms is beneficial for convoy trucking : Investigate a Transportation Management System (TMS) on the Internet. Explain how TMS is beneficial for Convoy Trucking.
What is the intrinsic value of a share of xyrong stock : The risk-free rate of return is 10.0%, the expected rate of return on the market portfolio is 17%. What is the intrinsic value of a share of Xyrong stock?
Complete t-accounts to summarize the transactions : Nicole has decided that she is going to start her business, Nicole's Getaway Spa (NGS). A lot has to be done when starting a new business.
Analyze the ethical and legal considerations in logistics : Referencing the above scenario, analyze the ethical and legal considerations in logistics management, both within the domestic United States and internationally
What will the stock price per share be three years from now : What will the stock price per share be three years from now? What will the stock price per share be five years from now?
Advantages of erp systems in logistics : 1. Explain ERP and the advantages of ERP systems in logistics. What are the benefits of ERPs in talking to other sW applications.
What monthly income will the pension assets purchase : On December 31, 2017, Harmit plans to retire and expects that her pension accumulation will be valued at $243,750.

Reviews

Write a Review

Corporate Finance Questions & Answers

  Prepare monthly cash budget showing estimated cash receipts

Jake Marley is negotiating with bank for a $200,000, 90-day 12 percent loan effective July 1 of the current year. If the bank accept the loan, the proceeds will be $194,000,

  Will the firm need external funds

Using the percent of sales method, forecast the new balance sheet for sales of $600,000 assuming that cash changes with sales and that the firm is not operating at capacity. Will the firm need external; funds?

  Discuss if maximizing value of firm is an appropriate goal

Discuss if maximizing the value of the firm is an appropriate goal. Which scenario is better for society and the organization?

  Multiple choice questions based on asset management

Shanklin Company buys merchandise on terms of 2/15, net 40, & its total gross buys are $800,000 per year. Find the maximum amount of costly trade credit.

  Topic 1 contingencieswhen examining financial statements a

topic 1 contingencieswhen examining financial statements a note that describes contingencies should be reviewed closely

  Estimate the companys current and future sales growth

Estimates of the company's current and future (long-term normal - gn ) sales growth (this should be completed in the same manner that you calculate dividend growth for a company).

  Essential criteria for a non-executive director

Specifying the essential criteria for a non-executive director to be appointed to the company's board - employed in a management consulting firm

  Adria lopez is considering the purchase of equipment

Adria Lopez is considering the purchase of equipment for Success Systems that would allow the company to add a new product to its computer furniture line.

  Computation of cost of goods sold from given datajasper

computation of cost of goods sold from given data.jasper company projects sales of 230000 in may 255000 in june 270000

  How can monetary policy coordination among countries

How can monetary policy coordination among countries increase the degree to which monetary policy can be used to pursue macroeconomic goals under fixed exchange rates?

  Calculate wilson companys weighted average cost of capital

Calculate the Wilson company's weighted average cost of capital. Use the dividend discount model. Show calculations in Microsoft Word.

  Compute the productivity ratios

Howard, Company manufactures carbon graphite fiber shafts for Calloway golf clubs. Past year their average monthly production included 19,000 shafts using 1 shift of 3 technicians working twenty days a month and eight hours a day.

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