July 1 Reyna Rivera invested $80,000 cash in the company. 2 The company rented office space and paid $700 cash for the July rent. 3 The company purchased roofing equipment for $5,000 by paying $1,000 cash and agreeing to pay the $4,000 balance in 30 days. 6 The company purchased office supplies for $600 cash. 8 The company completed work for a customer and immediately collected $7,600 cash for the work. 10 The company purchased $2,300 of office equipment on credit. 15 The company completed work for a customer on credit in the amount of $8,200. 17 The company purchased $3,100 of office supplies on credit. 23 The company paid $2,300 cash for the office equipment purchased on July 10. 25 The company billed a customer $5,000 for work completed; the balance is due in 30 days. 28 The company received $8,200 cash for the work completed on July 15. 30 The company paid an assistant's salary of $1,560 cash for this month. The company paid $295 cash for this month's utility bill. 31 Reyna Rivera withdrew $1,800 cash from the company for personal use. 31 ing in Business Required 1. Create the following table similar to the one in Exhibit 1.9. Assets Liabilities + Equity Date Cash + Accounts Office Office Roofing = Accounts + R. Rivera, - R. Rivera, + Revenues - Expenses Recelvable Supples Equipment Equipment Рayable Capital Withdrawals Use additions and subtractions within the table to show the dollar effects of each transaction on indi- vidual items of the accounting equation. Show new balances after each transaction. 2. Prepare the income statement and the statement of owner's equity for the month of July, and the bal- ance sheet as of July 31. 3. Prepare the statement of cash flows for the month of July. Analysis Component 4. Assume that the $5,000 purchase of roofing equipment on July 3 was financed from an owner invest- ment of another $5,000 cash in the business (inste ad of the purchase conditions described in the trans- action above). Compute the dollar effect of this change on the month-end amounts for (a) total assets, (b) total liabilities, and (c) total equity.

Waterways has two major public-park projects to provide with comprehensive irrigation in one of its service locations this month. Job J57 and Job K52 involve 15 acres of landscaped terrain which will require special-order sprinkler heads to meet the specifications of the project. Using a job cost system to produce these parts, the following events occurred during December. Raw materials were requisitioned from the company's inventory on December 2 for $5,886; on December 8 for $1,224; and on December 14 for $4,008. In each instance, two-thirds (2/3) of these materials were for J57 and the rest for K52. Six time tickets were turned in for these two projects for a total amount of 18 hours of work. All the workers were paid $16.50 per hour. The time tickets were dated December 3, December 9, and December 15. On each of those days, 6 labor hours were spent on these jobs, two-thirds (2/3) for J57 and the rest for K52. The predetermined overhead rate is based on machine hours. The estimated…

Johnston Company cleans and applies powder coat paint to metal items on a job-order basis. Johnston has budgeted the following amounts for various overhead categories in the coming year. Supplies $220,000 Gas 56,000 Indirect labor 172,000 Supervision 75,500 Depreciation on equipment 51,000 Depreciation on the buliding 45,000 Rental of special equipment 11,500 Electricity (for lighting, heating, and air conditioning) 28,300 Telephone 5,000 Landscaping service 1,800 Other overhead 50,000 In the coming year, Johnston expects to powder coat 140,000 units. Each unit takes 1.4 direct labor hours. Johnston has found that supplies and gas (used to run the drying ovens—all units pass through the drying ovens after powder coat paint is applied) tend to vary with the number of units produced. All other overhead categories are considered to be fixed. Required: Question Content Area 1. Calculate the number of direct labor hours Johnston must budget for the coming…

McNeil, inc manufactures and sells guitars. During June, McNeil started and completed the production of 300 guitars. McNeil engaged in the following transaction in june:   A) Paid $68,000 for materials that were used to make guitars in June.   B) Paid $94,000 wages to production workers   C) Recorded $34,000 of depreciation on factory equipment   D) Sold 260 guitars on account in June for $900 each. Mcneil recorded the cost of goods sold at the time of sale.   Required: record the above transactions using the horizontal financial statements model. Be sure to identify the specific accounts affected by the transaction.