Integrated financial statement framework

Reference no: EM13767352

Derma Care is owned and operated by Marilyn McColley, the sole stockholder. During February 2013, Derma Care entered into the following transactions:

a. Marilyn McColley invested $30,000 in Derma Care in exchange for capital stock.

b. Paid $7,200 on February 1 for an insurance premium on a 1-year policy.

c. Purchased supplies on account, $1,200.

d. Received fees of $43,500 during February.

e. Paid expenses as follows: wages, $8,000; rent, $2,500; utilities, $1,000; and miscellaneous, $850.

f. Paid dividends of $5,000.

Record the preceding transactions using the integrated financial statement framework.

After each transaction, you should enter a balance for each item.

Reference no: EM13767352

Questions Cloud

Write a paper on nick and mikey : Write a paper on Nick and Mikey.

Ethical and legal and professional interaction : What challenges are presented to individuals when people from different disciplines work together on a complex project?

Interest versus dividend income : During the year just ended, Shering Distributors, Inc., had pretax earnings from operations of $490,000

Safety and occupational health professional city health : You are the safety and occupational health professional for your city's health department. You received a call from a major food-distribution warehouse about some employees who are complaining of dizziness and feeling sick.

Integrated financial statement framework : Record the preceding transactions using the integrated financial statement framework. After each transaction, you should enter a balance for each item.

Should the legal drinking age change : Write two outlines the same topic: should the legal drinking age change? (USA), but one is support , other one is against. Use the simpler language and simpler grammar.

Determine and print the average age of your family : Design a program that will allow a user to Input a list of your family members along with their age and state where they reside. Determine and print the average age of your family and print the names of anyone who lives in Oregon.

What types of actions did the commission recommend : What types of actions did the commission recommend to prevent similar events in the future? In 2005, how did the 9/11 Commission rate the efforts of the Federal Government to address the shortfalls in terrorism preparedness outlined in their origi..

Disadvantages of using forward contracts : Draft a memo to a client comparing the advantages and disadvantages of using forward contracts and options to hedge foreign exchange risk.

User Account

All Pages