Reference no: EM13929537
Iupe Supply Company had the following transactions in 2013:
1. Acquired $50,000 cash from the issue of common stock.
2. Purchased $120,000 of merchandise for cash in 2013.
3. Sold merchandise that cost $95,000 for $180,000 during the year under the following terms:
$ 50,000.Cash sales:
115,000..Credit card sales (The credit card company charges a 3 percent service fee.)
15,000..Sales on account:
4. Collected all the amount receivable from the credit card company.
5. Collected $11,300 of accounts receivable.
6. Paid selling and administrative expenses of $51,500.
7. Determined that 5 percent of the ending accounts receivable balance would be uncollectible.
Required:
a. Show the effects of each of the transactions on the elements of the financial statements, using a horizontal statements model like the one shown here. Use + for increase, Use - for decrease, and NA for not affected. The first transaction is entered as an example.
.png)
b. Prepare general journal entries for each of the transactions, and post them to T-accounts.
c. Prepare an income statement, statement of changes in stockholders equity, balance sheet, and statement of cash flows for 2013.
|
What would tension in string when its angular displacement
: A simple pendulum of length 1.0 metre with a bob of mass m swings with an angular amplitude of 60? What would be the tension in the string when its angular displacement is 45?
|
|
Explain the four rights of common stockholders
: What are the three major questions that financial managers address? Explain the four rights of common stockholders. Which of the four rights is often missing in modern corporations?
|
|
Stock redemptions
: Adams, Inc. is a family-owned business that has one class of stock. There are 600 shares allocated equally to Al Adams, Bev Adams, Curt Adams, Derek Adams, Elroy Adams and Fred Murray. Would this transaction meet the three IRS change in stock ownersh..
|
|
Find expected return-standard deviation of portfolio
: Find expected return of portfolio, standard deviation of portfolio, Sharpe ratios of Stock A, Stock B and portfolio, beta of portfolio, expected return of portfolio, under CAPM
|
|
Prepare general journal entries for each of the transactions
: Prepare an income statement, statement of changes in stockholders equity, balance sheet, and statement of cash flows for 2013.
|
|
What factors affected demand for your product
: What factors affected demand for your product? What pricing strategies did you use? Describe the most successful day and your least successful? Why were they successful or unsuccessful
|
|
Find normal and tangential acceleration of point at instant
: A point moves along a circle of radius 4 cm.The distance x is related to time t by x =ct3 ,where c =0.3cm/s3.Find the normal and tangential acceleration of the point at the instant when its linear velocity is v =0.4 m/s.
|
|
Goal of managerial accounting
: Which of the following is not a goal of Managerial Accounting? A. provide information managers need for planning b. provide information managers need for market wide interest c. provide information managers need for control d. provide information man..
|
|
Constant rate of growth dividend policy
: Winter time adventures is going to pay an annual dividend of 2.86 a share on its common stock next year. This year the company paid a dividend of 2.75 a share. The company adheres to a constant rate of growth dividend policy. What will one share of t..
|