Reference no: EM131303189
ABC Incorporated began operations on Jan 1st, 2012 with an initial issuance of 10,000 shares,( each with par value $0.10), for $10 per share
1. On Jan 1st, 2012, the company purchased a two-year fire insurance policy worth $10,000 and had paid it with cash.
2. Company purchased equipment worth $100,000 on Jan 1st by signing a one-year Notes Payable. Interest rate on the loan was 8% and the interest and the entire principal will be paid on Jan 1st 2013. The depreciation on equipment for the year 2012 was $20,000
3. On February 15th, 2012 the company received an advance of $70,000 for some technical services it provided to some companies. By the year end, the company had provided only 80% of the services it had contracted to provide.
4. On November 15th, 2012, the company bought a piece of land for $200,000 by taking a 30-year mortgage loan. The monthly installment is $2,000 is payable on the 1st of each month. The first installment of $2,000 was composed of $1,500 principal payment and $500 interest expense.
5. In 2012, the company purchased (in cash) and used up office supplies worth $20,000.
6. Company purchased Investments worth $20,000 on July 1st 2012. The company usually receives the 10% interest on its Investments annually on June 30th
7. On Feb 15th, 2012, the company bought toys inventory worth $80,000 on credit from its suppliers.
8. On March 20th, 2012, the company sold toys for $180,000. The company received 50% cash and the rest remained on account. The cost of these toys sold was $50,000
9. The company's franchisees owe ABC's $800 in royalties for sales the franchisees made in the last week of December 2012.
10. Utilities expenses for the year 2012 were $10,000 and were paid in cash.
11. Wages accrued in the last week of 2012 were $2,000 and will be paid in the first week of 2013.
12. On December 15th, 2012, the company declared cash dividends of $20,000 which will be paid sometime in 2013.
13. Assume tax rate is 20%
Required: Prepare the journal entries, trial balance, Income Statement, Statement of Stockholders Equity and Balance Sheet for the year ending December 31st 2012.
|
Outline a plan that managers in the low-calorie
: Outline a plan that managers in the low-calorie, frozen microwaveable food company could follow in anticipation of raising prices when selecting pricing strategies for making their products response to a change in price less elastic.
|
|
Discuss how the awareness of individual learning styles
: Compare your preferred learning strategies to the identified strategies for your preferred learning style.Discuss how the awareness of individual learning styles, pr
|
|
Regulating the ethical behavior
: There are a topic about business ethic :"During this class, we have discussed the role of government in regulating the ethical behavior of companies. We have called it the institutionalization of ethics.
|
|
The reserve banks and the federal reserve board
: Why did Congress set up a system that had this tension between the Reserve Banks and the Federal Reserve Board?
|
|
Prepare the journal entries and trial balance
: Required: Prepare the journal entries, trial balance, Income Statement, Statement of Stockholders Equity and Balance Sheet for the year ending December 31st 2012
|
|
What is the principle of minimum differentiation
: What is the principle of minimum differentiation and how does it relate to the free-rider problem we have in society? Under what conditions will the political process provide an inefficient amount of a public good?
|
|
Outcomes impact the learning processing
: How does not having clear learning objectives that align with the overall learning outcomes impact the learning processing? Please provide an example with your answer.
|
|
Why was the practice initiative developed
: Why was the practice initiative developed?Who was the target population?Who were the relevant stakeholders (who influenced and who was influenced by the program)?How would you describe the evidence translated into the practice initiative?How was the ..
|
|
A federal reserve bank operating independently
: What are the arguments for and against a Federal Reserve Bank operating independently?- In the modern Fed, would it be possible for a Reserve Bank to act as the New York Fed did in 1929?
|