Reference no: EM132898715
The ABC Corporation was formed on January 1, 2019. The three initial owners each invested $100,000 cash and each received 10,000 shares. Below are selected transactions that were completed during January, 2019.
1. Issue shares of common stock to the owners.
2. Borrowed $80,000 on a one-year note payable.
3. Purchased land by signing a $70,000 note payable.
4. Paid $10,000 of accounts payable.
5. Purchased two service vehicles for cash at a cost of $24,000 each.
6. Purchased $2,000 of supplies on credit.
Problem 1: Prepare the journal entry on ABC's books for each transaction. Include a brief explanation for each entry.
|
Business operations and performance
: chosen ERP software should provide - and how extendable it is for the future - so it grows with you. This may restrict your choice of software and/or vendor
|
|
What percentage of the gross price is the investment bank
: Calculate the net proceeds and the underwriter's spread on the stock offering. What percentage of the gross price is the investment bank charging Video
|
|
What is the total interest and fees have paid on the loan
: If you immediately take down $830,000 and no more during the year, what is the total interest and fees you have paid on this loan commitment?
|
|
How many bonds will home improvement need to sell in order
: Home Improvement, Inc. needs to raise $3.70 million. How many bonds will Home Improvement need to sell in order to receive the $3.70 million they need?
|
|
Prepare the journal entry on abc books for each transaction
: Prepare the journal entry on ABC's books for each transaction. The three initial owners each invested $100,000 cash and each received 10,000 shares.
|
|
Determine liability on customer loyalty program on december
: Determine the liability on customer loyalty program on December 31,2021. During year 2022, LOYAL Corp. had product sales for P120 million and 50% of the points.
|
|
Which addition adjustment to federal income for california
: Which is an addition adjustment to federal income for California tax purposes? Ursula filed a federal return showing: $30,000 wage income, $250 educator expense
|
|
Review of the movie through the leadership lens
: Critically analyze the story, events, and characters from a leadership perspective. This analysis should draw from the lessons and readings in the course
|
|
Which of the total receivables will remain unchanged
: An entity has 25% investment in ordinary share and 20% investment in preference share over the investee. Which of the following is TRUE?
|