The following transactions pertain to year 1, the first-year operations of Rundle Company. All inventory was started and completed during year 1. Assume that all transactions are cash transactions. Acquired $4,300 cash by issuing common stock. Paid $700 for materials used to produce inventory. Paid $1,820 to production workers. Paid $948 rental fee for production equipment. Paid $120 to administrative employees. Paid $112 rental fee for administrative office equipment. Produced 340 units of inventory of which 220 units were sold at a price of $12 each. Required Prepare an income statement and a balance sheet in accordance with GAAP.

Levchenko Company purchased inventories from a vendor for $16,000 on July 1. The purchase was financed through a $10,000 note with the remainder paid in cash. The vendor charged an additional $400 for shipping, on account. Levchenko paid a moving company $700 cash to move the inventory to a different warehouse. Interest on the note totaled $50, payable in August. a. Determine the cost to be assigned to the inventory. $ b. Record the transactions using the financial statement effects template. Note: Use negative signs with your answers, when appropriate. Select "N/A" as your answer if a part of the accounting equation is not affected. Transaction a. Inventory purchase b. Shipping charge c. Moving cost d. Interest incurred Totals Cash Asset ♦ ◆ ◆ ◆ 0 + Noncash Asset ◆ ◆ ◆ ◆ 0 Balance Sheet Liabilities ◆ ◆ ◆ 0 Contributed + Capital + Earned Capital ♦ ◆ ♦ ♦ 0 Revenues Income Statement Expenses ◆ ◆ ◆ 0 Net = Income 0

Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing $45,200 of common stock for cash. 2) The company paid cash to purchase $28,000 of Inventory. 3) The company sold inventory that cost $17,600 for $34,600 cash. 4) Operating expenses incurred and paid during the year, $15,600. Sanchez Company engaged in the following transactions during Year 2: 1) The company paid cash to purchase $38,400 of inventory. 2) The company sold inventory that cost $34,400 for $61,000 cash. 3) Operating expenses incurred and paid during the year, $19,600. Note: Sanchez uses the perpetual inventory system. What is the amount of retained earnings that will be shown on the balance sheet at December 31, Year 2? Multiple Choice $7,000

During Year 1, Hardy Merchandising Company purchased $21,000 of inventory on account. Hardy sold inventory on account that cost $15,800 for $23,600. Cash payments on accounts payable were $13,100. There was $21,000 cash collected from accounts receivable. Hardy also paid $4,100 cash for operating expenses. Assume that Hardy started the accounting period with $18,500 in both cash and common stock. Required a. Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. b. What is the balance of accounts receivable at the end of Year 1? c. What is the balance of accounts payable at the end of Year 1? d. What are the amounts of gross margin and net income for Year 1? e. Determine the amount of net cash flow from operating activities. Complete this question by entering your answers in…

During Year 1, Hardy Merchandising Company purchased $16,000 of inventory on account. Hardy sold inventory on account that cost $12,000 for $18,000. Cash payments on accounts payable were $10,000. There was $16,000 cash collected from accounts receivable. Hardy also paid $3,600 cash for operating expenses. Assume that Hardy started the accounting period with $24,000 in both cash and common stock.     Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. What is the balance of accounts receivable at the end of Year 1? What is the balance of accounts payable at the end of Year 1?

During Year 1, Hardy Merchandising Company purchased $16,000 of inventory on account. Hardy sold inventory on account that cost $12,000 for $18,000. Cash payments on accounts payable were $10,000. There was $16,000 cash collected from accounts receivable. Hardy also paid $3,600 cash for operating expenses. Assume that Hardy started the accounting period with $24,000 in both cash and common stock.     What are the amounts of gross margin and net income for Year 1? Determine the amount of net cash flow from operating activities.

Vigeland Company completed the following transactions during Year 1. Vigeland’s fiscal year ends on December 31. January 15 Purchased and paid for merchandise. The invoice amount was $15,200; assume a perpetual inventory system. April 1 Borrowed $774,000 from Summit Bank for general use; signed a 10-month, 9% annual interest-bearing note for the money. June 14 Received a $24,000 customer deposit for services to be performed in the future. July 15 Performed $3,450 of the services paid for on June 14. December 12 Received electric bill for $26,160. Vigeland plans to pay the bill in early January. December 31 Determined wages of $15,000 were earned but not yet paid on December 31 (disregard payroll taxes). Required: Prepare journal entries for each of these transactions. Prepare the adjusting entries required on December 31.

View the data below and then answer the question below: Company Name: WaitRose Sales - $2,100 (20% cash, 80% credit) Inventory - $750 Depreciation - $1,500 Plant & Equipment - $2,000 Accounts Receivable - $225 Notes Payable - $165 Question: What is the average collection period for the year for Waitrose? (show your work and explain)

The following transactions occurred during December, the first month of operations for Johnson, Corp.: Purchased $150,000 of equipment by making a $55,000 cash down payment and signing a note payable for the balance. Capital stock was issued in exchange for $225,000 cash. Made a $25,000 cash payment on the note payable from the purchase of equipment. Sold a piece of equipment for cash of $14,000. The equipment was sold at cost, so there is no gain or loss on the sale. What are total assets at the end of December? Select one: OA. 136,000 OB. 159,000 OC. 295,000 OD. 320,000

Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing $13,100 of common stock for cash. 2) The company paid cash to purchase $7,900 of inventory. 3) The company sold inventory that cost $5,300 for $10,900 cash. 4) Operating expenses incurred and paid during the year, $4,800. Sanchez Company engaged in the following transactions during Year 2: 1) The company paid cash to purchase $11,400 of inventory. 2) The company sold inventory that cost $9,500 for $17,500 cash. 3) Operating expenses incurred and paid during the year, $5,800. Note: Sanchez uses the perpetual inventory system. What is Sanchez's gross margin for Year 2? Multiple Choice $9,500 $2,200 $6,100 $8,000