. Lita Lopez invested $70,000 cash and equipment valued at $34,000 in the company in exchange for its common stock. D. The company purchased a building for $45,000 cash. . The company purchased equipment for $5,500 cash. 1. The company purchased $3,800 of supplies and $1,900 of equipment on credit. e. The company paid $860 cash for advertising expenses. f. The company completed a financial plan for a client and billed that client $4,700 for the service. 1. The company designed a financial plan for another client and immediately collected a $8,600 cash fee. . The company paid $1,700 cash in dividends to the owner (sole shareholder). i. The company received $3,700 cash as partial payment from the client described in transaction f. j. The company made a partial payment of $950 cash on the equipment purchased in transaction d. . The company paid $1,900 cash for the secretary's wages for this period. required: Enter the amount of each transaction on individual items of the accounting equation. Determine the company's net income.

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Franklin Manufacturing Company was started on January 1, year 1, when it acquired $81,000 cash by issuing common stock. Franklin immediately purchased office furniture and manufacturing equipment costing $7,700 and $24,900, respectively. The office furniture had an eight-year useful life and a zero salvage value. The manufacturing equipment had a $3,600 salvage value and an expected useful life of three years. The company paid $11,200 for salaries of administrative personnel and $15,500 for wages to production personnel. Finally, the company paid $16,110 for raw materials that were used to make inventory. All inventory was started and completed during the year. Franklin completed production on 4,900 units of product and sold 3,970 units at a price of $15 each in year 1. (Assume that all transactions are cash transactions and that product costs are computed in accordance with GAAP.) Required a. Determine the total product cost and the average cost per unit of the inventory produced in…

Assume the following: Lomo Engineering Company had the following transactions: Jan-01           Issued capital stock for $965,000. Jan-01          Purchased a Packaging Equipment for $20,000. Jan-01          Purchased an Insurance Policy (1 year) for $30,000. Jan-03          Purchased a Machine, paying $15,000 in cash and issuing a note of $20,000. Jan-05          Purchased $28,000 of inventory on account. Jan-07          Sold inventory costing $6,000 for $50,000 on account. Jan-11          Paid $2,000 for inventory purchased on account (from Jan-05). Jan-15          Collect $12,550 of accounts receivable from customers (from Jan-07). Jan-17          Paid utility bills totaling $1,500. Jan-23          Paid wages for $13,000. Jan-25          Collect $8,000 in bank interest. Jan-30     Paid $12,590 due to income taxes.               Required: Record the above transactions in General Journal (Journal Entries). Record the transactions in General Ledger format (T-Accounts). Prepare a…