balance sheet, Accounting Basics

Assignment Help:
Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $49,000 cash to start the business and received 4,000 shares of stock. The store completed its first year of operations on December 31, 2009. On that date, the following financial items for the year were determined: December 31, 2009, cash on hand and in the bank, $47,500; December 31, 2009, amounts due from customers from sales of books, $26,900; property and equipment, $48,000; December 31, 2009, amounts owed to publishers for books purchased, $8,000; one-year note payable to a local bank for $2,850. No dividends were declared or paid to the stockholders during the year.

Related Discussions:- balance sheet

Starting , Define Accounting. Briefly explain the accounting concept which...

Define Accounting. Briefly explain the accounting concept which guide the accounting at the recording stage?

An accounting perspective - uses of technology, Accountants and others are ...

Accountants and others are able to access the home pages of companies to find their annual reports and other information home pages of CPA firms to find employment opportunities an

What does a business owner do when the cash balance, What does a business o...

What does a business owner do when the cash balance approaches zero and there are bills to be paid? (Hint: look at the financing activities of the Cash Flow Statement and then lo

Cost accounting, DEFINITION OF COST ACCOUNTING DEFINITION:  as said by ...

DEFINITION OF COST ACCOUNTING DEFINITION:  as said by the Institute of Cost and Works Accountants (ICWA), London, Cost accounting is " the method of accounting for costs from t

Which accounting concept this?, All relevant information and explanations a...

All relevant information and explanations about a business have been included in its financial reports

The qualitative characteristics of relevance and reliability, Maryanne was ...

Maryanne was looking to purchase a local business that sold coal jewelry to tourists along the interstate. The present business owner instructed his accountant, Jane Sane, CPA, to

Determine the types of credit card sales, Determine the types of Credit car...

Determine the types of Credit card sales Bank Credit Card Sales - Most retail businesses accept bank credit cards. Treated as a CASH sale. Recording Bank Credit Card Sale

Taxes, ACCT225-1204A-01 Introduction to Tax Task Name: Phase 5 Individual ...

ACCT225-1204A-01 Introduction to Tax Task Name: Phase 5 Individual Project Deliverable Length: All applicable tax forms and a Word document of 1–2 pages Details: Weekly tasks or

American rule, A rule in economics and law that says attorney fees must be ...

A rule in economics and law that says attorney fees must be paid by every party included in litigation - even the party that wins the case. An exception to the American rule can ta

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd