During January 2020, the first month of operations, a consulting firm had the following transactions:1. Issued common stock to owners in exchange for $20,000 cash.2. Purchased $5,000 of equipment, paying $1,000 cash and signing a promissory note for $4,000.3. Received $9,000 in cash for consulting services performed in January.4. Purchased $1,500 of supplies on account; all of the supplies were used in January.5. Provided consulting services on account in the amount of $ 16,000.6. Paid $750 on account.7. Paid $3,000 to employees for work perfonned during January.8. Received a bill for utilities for January of $3,400; the bill remains unpaid.What is the amount to be reported as total liabilities on the balance sheet at the end of January? a. $4, 150 b. $4,7500 c. $8,500 d. $8, 150 e. None of the above.

During January 2020, the first month of operations, a consulting firm had the following transactions:1. Issued common stock to owners in exchange for $20,000 cash.2. Purchased $5,000 of equipment, paying $1,000 cash and signing a promissory note for $4,000.3. Received $9,000 in cash for consulting services performed in January.4. Purchased $1,500 of supplies on account; all of the supplies were used in January.5. Provided consulting services on account in the amount of $ 16,000.6. Paid $750 on account.7. Paid $3,000 to employees for work perfonned during January.8. Received a bill for utilities for January of $3,400; the bill remains unpaid.What is the amount to be reported as total liabilities on the balance sheet at the end of January? a. $4, 150 b. $4,7500 c. $8,500 d. $8, 150 e. None of the above.

Name: During January 2020, the first month of operations, a consulting firm
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: During January 2020, the first month of operations, a consulting firm had thefollowing transactions:1. Issued common stock to owners in exchange for $20,000cash.2. Purchased $5,000 of equipment, paying $1,000 cash and signing apromissory note for $4

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

1. Husain Corporation has the following account it trial balance at the end of year: Accounting Receivables $ 230,000, Inventories $ 342,000, Allowances for doubtful debts $ 11,000, Long –term notes payable $ 56,000, Prepaid Rent $ 13,000, Unearned fee $ 5,000, Cash $ 46,000, Trading Securities $ 32,000. Prepare current assets section of the balance sheet.
During its first year of operations, a company entered into the following transactions: • Borrowed $5,150 from the bank by signing a promissory note. • Issued stock to owners for $11,500. • Purchased $1,150 of supplies on account. Paid $550 to suppliers as payment on account for the supplies purchased. What is the amount of total assets at the end of the year? Multiple Choice O O $17,250 $17,800 $5,750 $16,650
Please help me
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Do not provide Excel Screet shot rather use tool table Answer completely.
Question (I got $44,000... correct?): Riley Company began operations on August 1, 2026 and entered into the following transactions during 2026: 1. On August 1, Riley Company sold common stock to owners in the amount of $60,000 and borrowed $48,000 from a local bank on a 10-month, 10% note payable. 2. On August 14, Riley Company purchased inventory for $42,000 cash. 3. On September 1, Riley Company purchased a 3-year insurance policy for $27,000 cash. 4. On September 19, Riley Company purchased land for $30,000 cash. 5. On October 28, Riley Company sold two-thirds of the inventory that was purchased on August 14 to a customer for $62,000 cash. 6. On December 3, Riley Company sold the land that was purchased on September 19 for $19,000 cash. 7. On December 31, Riley recorded all necessary adjusting entries. Calculate the amount of total expenses reported in Riley Company's 2026 income statement after all of the above transactions have been recorded and posted.
Show all your workings.
Accounting
Summarized transactions for January 2018 were as follows: On January 1, 2019, issues 10,000 shares of common stock for cash. On January 5, 2019, purchases equipment on account for 2,500, payment due within the month. On January 8, 2019, receives 3,000 cash in advance from a customer for services not yet rendered. On January 9, 2019, pays 1200 insurance for one year in cash. On January 10, 2019, provides 6,500 in services to a customer who asks to be billed for the services. On January 11, 2019, purchases supplies on account for 500, payment due within three months. On January 12, 2019, pays a 300 utility bill with cash. On January 17, 2019, receives 2,800 cash from a customer for services rendered. On January 19, 2019, paid in full, with cash, for the equipment purchase on January 5. On January 20, 2019, paid 7,600 cash in salaries expense to employees. On January 27, 2019, provides 9,200 in services to a customer who asks to be billed for the services. On January 30, 2019, divident…
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
In the first month of operations for Sheffield Industries, the total of the debit entries to the cash account amounted to $ 35800 ($ 15600 investment by the owner and revenues of $ 20200). The total of the credit entries to the cash account amounted to $ 22000 (purchase of equipment $ 9000 and payment of expenses $ 13000). At the end of the month, the cash account has a(n) O $6400 debit balance. O $ 13800 credit balance. O $ 6400 credit balance. O $ 13800 debit balance.