Reference no: EM132624531
Question - Use the horizontal model, or write the journal entry, for each of the following transactions and adjustments that occurred during the first year of operations at Kissick Co.
1. Issued 250,000 shares of $6-par-value common stock for $1,500,000 in cash.
2. Borrowed $510,000 from Oglesby National Bank and signed a 12% note due in two years.
3. Incurred and paid $400,000 in salaries for the year.
4. Purchased $650,000 of merchandise inventory on account during the year.
5. Sold inventory costing $610,000 for a total of $940,000, all on credit.
6. Paid rent of $110,000 on the sales facilities during the first 11 months of the year.
7. Purchased $150,000 of store equipment, paying $51,000 in cash and agreeing to pay the difference within 90 days.
8. Paid the entire $99,000 owed for store equipment and $620,000 of the amount due to suppliers for credit purchases previously recorded.
9. Incurred and paid utilities expense of $36,000 during the year.
10. Collected $855,000 in cash from customers during the year for credit sales previously recorded.
11. At year-end, accrued $61,200 of interest on the note due to Oglesby National Bank.
12. At year-end, accrued $10,000 of past-due December rent on the sales facilities.
Required - Record each transaction in the appropriate columns. Indicate the financial statement effect.
How would you use the resources to help liz situation
: Liz came from a background of homelessness and poverty. Name three resources you could use to help her in her as a runaway teen. Research and describe the.
|
Future of health care in the us
: Ask we see more and more intersectionality between race, gender and sexuality in the context of social justice, how do you see the future of health care in the
|
Human resource professional
: How can HR employees increase the amount of qualified and potentially excellent candidates to apply for a job while avoiding having to sift through
|
Discuss pros regarding the use of rfid
: Discuss pros and cons regarding the use of RFID (Radio Frequency Identification) for inventory management. Does its use involve any privacy concerns?
|
Record each transaction in the appropriate columns
: Issued 250,000 shares of $6-par-value common stock for $1,500,000 in cash. Record each transaction in the appropriate columns
|
Discuss the role the price elasticity of demand plays
: Discuss the role the price elasticity of demand plays in determining the impact on prices and quantity of tobacco products sold.
|
How institutions influence the global economies
: Find and Choose 4 financial markets or institutions. Briefly explain what each specializes in (mortgages, stocks, government securities, etc.).
|
You manage your privacy and self-disclosures online
: How do you manage your privacy and self-disclosures online? Are you or would you be friends with a parent on Instagram, Snapchat, or Facebook?
|
What are the basic and the diluted earnings per common share
: On September 1, 2021, Canaday sold 72 million additional shares of common stock. What are the basic and the diluted earnings per common share
|