Reference no: EM131318294
(Learning Objective 4: Analyze the impact of business transactions on accounts) Set up the following T-accounts: Cash, Accounts Receivable, Office Supplies, Office Furniture, Accounts Payable, Common Stock, Dividends, Service Revenue, Salary Expense, and Rent Expense. Record the following transactions directly in the T-accounts without using a journal. Use the letters to identify the transactions.
a. Stephen Garner opened a law firm by investing $25,000 cash and office furniture with a fair value of $10,400. Organized as a professional corporation, the business issued common stock to Garner.
b. Paid monthly rent of $1,800.
c. Purchased office supplies on account, $1,050.
d. Paid employees' salaries of $3,600.
e. Paid $500 of the account payable created in transaction c.
f. Performed legal service on account, $10,000.
g. Declared and paid dividends of $3,200.
|
Name two ways in which joints loaded in shear resist loads
: Which kind is slip-critical? Which kind requires control of bolt preload during assembly? What are typical coefficients of friction for slip-critical joints?. Approximately how much force would it take to shear one 3/4=28 6 ASTM A325 bolt?
|
|
How many shares of common stock had been issued
: How many shares of common stock had been issued as of December 31, 2010?- How many shares of common stock were outstanding as of December 31, 2010?
|
|
What’s the minimum and maximum tensile stress
: What are some obvious things you can do if you are concerned about one or more of these failure modes?
|
|
What would happen to the stock price on the date
: What would happen to the stock price on the date that the reverse split was effective?- Citigroup's net income (loss) for 2010, 2009 and 2008 would be reported at what amount after the reverse split?
|
|
Record the following transactions directly in the t-account
: Stephen Garner opened a law firm by investing $25,000 cash and office furniture with a fair value of $10,400. Organized as a professional corporation, the business issued common stock to Garner.
|
|
What is the monthly rate of interest
: Raymond borrowed $3,000.00 from Loans R Us Company. The line of credit agreement provided for repayment of the loan in equal monthly payments of $668.76 which includes interest of 9.00 % per annum calculated on the unpaid balance.
|
|
Process of capital rationing in its decision making
: The Suboptimal Glass Company uses a process of capital rationing in its decision making. The firm's cost of capital is 10 percent. It will only invest $77,000 this year. It has determined the internal rate of return for each of the following proje..
|
|
How much gaap income will michigan motors report
: Michigan Motors is a U.S. corporation with $1 billion of U.S.-source income. In addition, Michigan Motors owns 60% of Detroit Parts, a U.S. corporation with a total of $200 million of U.S.-source income, How much GAAP income will Michigan Motors re..
|
|
What is the net present value
: a. What is the net present value at an 8 percent discount rate? b. What is the internal rate of return? c. In this problem, would you make the same decision under both parts a and b?
|