Following are the transactions of a new company called Pose-for-Pics. 1 Madison Harris, the owner, invested $9,250 cash and $39,775 of photography equipment in the company in exchange for common stock. 2 The company paid $2,100 cash for an insurance policy covering the next 24 months. 5 The company purchased supplies for $1,758 cash. 20 The company received $3,850 cash from taking photos for customers. 31 The company paid $881 cash for August utilities. Aug.

You have decided to go into the business of selling Beamers. You decide to operate the business as a corporation, Chris's Beamer Biz, Inc. On January 1, 20X1 the company issued you 100 shares of stock for $20,000 of cash. The company borrowed $10,000 from your Uncle Mike. For the $10,000 borrowed from your uncle, the company signed a note agreeing to pay back that amount on December 31, 20X4 and will pay interest at 10% at the end of each year. On January 1, 20X1, the company bought 11 Beamers for $2,500 each. During the year the company sold 8 Beamers for $8,000 each. They also paid a security deposit of $2,000, advertising expense of $6,000 and 12 months' rent of $18,000. In addition to the cash invested on January 1st, on August 1" you also invest a piece of land that you own into the business that is worth $40,000 in exchange for 200 more shares of stock. The first year's interest to Uncle Mike of $1,000 is paid on December 31 of 20X1. The tax rate is 30% of income before taxes and…

The following are the transactions relating to the formation of Gray Mowing Services Inc. and its first month of operations. a. The firm was organized and the initial stockholders invested cash of $720. b. The company borrowed $1,080 from a relative of one of the initial stockholders; a short-term note was signed. c. Two zero-turn lawn mowers costing $576 each and a professional trimmer costing $156 were purchased for cash. The original list price of each mower was $732, but a discount was received because the seller was having a sale. d. Gasoline, oil, and several packages of trash bags were purchased for cash of $108. e. Advertising flyers announcing the formation of the business and a newspaper ad were purchased. The cost of these items, $204, will be paid in 30 days. f. During the first two weeks of operations, 47 lawns were mowed. The total revenue for this work was $846; $558 was collected in cash, and the balance will be received within 30 days. g. Employees were paid $504 for…

Park & Company was recently formed with a $6,400 investment in the company by stockholders in exchange for common stock. The company then borrowed $3,400 from a local bank, purchased $1,140 of supplies on account, and also purchased $6,400 of equipment by paying $2,140 in cash and signing a promissory note for the balance. Based on these transactions, the company's total assets are: Multiple Choice $9,800. $15,200. $12,800. $11,940.

[The following information applies to the questions displayed below.]RunHeavy Corporation (RHC) is a corporation that manages a local band. It had the following activities during its first month. RHC was formed with an investment of $11,900 cash, paid in by the leader of the band on January 3 in exchange for common stock. On January 4, RHC purchased music equipment by paying $2,300 cash and signing an $9,600 promissory note payable in three years. On January 5, RHC booked the band for six concert events, at a price of $2,800 each, but no cash was collected yet. Of the six events, four were completed between January 10 and 20. On January 22, cash was collected for three of the four events. The other two bookings were for February concerts, but on January 24, RHC collected half of the $2,800 fee for one of them. On January 27, RHC paid $3,440 cash for the band’s travel-related costs. On January 28, RHC paid its band members a total of $2,490 cash for salaries and wages for the first…

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Solomon Company started year 1 with $270,000 in its cash and common stock accounts. During year 1, Solomon paid $202,500 cash for employee compensation and $62,100 cash for materials.   Required Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming Solomon used the labor and materials to make 1,500 chairs. Further, assume that Solomon sold 1,200 of the chairs it made. State the name(s) of the expense account(s) shown on the income statement. Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming Solomon used the labor and materials to provide dental cleaning services to 500 patients. State the name(s) of the expense account(s) shown on the income statement