Reference no: EM132829557
Question - On December 31, Local Corp is incorporated. It issues shares for $100,000 in cash.
The following are the company transactions for December and January:
31-Dec Local sells shares for $100,000 cash.
10-Jan Local buys $80,000 of equipment for cash.
12-Jan Local pays rent for the month of January of $5,000.
14-Jan Local borrows $20,000 from the bank.
15-Jan Local buys $25,000 of inventory for cash.
18-Jan Local sells $10,000 worth of inventory for $28,000 cash.
20-Jan Local sells $10,000 worth of inventory for $31,000 on account
22-Jan Local incurs salary expense of $15,000
28-Jan Local pays employees $9,000 for salaries already incurred.
30-Jan Local incurs and pays $150 interest on the loan.
30-Jan Local pays a cash dividend of $500
30-Jan Local incurs tax expense of $1,000.
30-Jan Local incurs depreciation expense of $1,500 on the equipment.
Required - Prepare the income statement, equity statement, and balance sheet.
|
Which security would you choose
: Suppose a tax-free municipal bond with a rate of 6.75% was available. Which security would you choose
|
|
Explain the developmental theories in brief
: Choose one of the developmental theories (i.e., biological, psychoanalytical, cognitive, or social learning) and describe how it might be used to influence the.
|
|
Explain what digital transformation is with two examples
: Explain what digital transformation is with two examples. The textbooks we are learning in this course:
|
|
Write an effective security policy
: Write synopsis as to why you chose those specific policies, and the reasoning behind the policy details you selected by using facts, statistics, and convincing
|
|
Prepare the income statement and equity statement
: On December 31, Local Corp is incorporated. It issues shares for $100,000 in cash. Prepare the income statement, equity statement, and balance sheet
|
|
Expanding scale and scope of large companies
: Can the expanding scale and scope of large companies between the late 19th century and the 1970s be explained by factors
|
|
What crane should report life insurance expense of
: Dividend received August 1, P10,000. Crane Company is the beneficiary under the life insurance policy. Crane should report life insurance expense for 2018 of
|
|
Conduct a summative assessment for same group of students
: In the previous field experience, you designed and implemented a lesson that provided additional learning support to a selected group of students.
|
|
What amount should dragon company report in december
: What amount should Dragon Company report in its December 31, 2018 balance sheet related to its non-current investment for bond sinking fund requirements?
|