The Spunkmeyer Corporation started operations this month and had the following transactions: 1 Owners invested $10,000 to start company, 6 Purchased $300 of supplies, 12 Completed work for a customer worth $900; sent bill 20 Customers purchased $500 of services in advance, 25 Completed work for another customer and was paid $2,200 At the end of the month, $100 of supplies were on still hand. What are the company's total assets at the end of the month?

The Spunkmeyer Corporation started operations this month and had the following transactions: 1 Owners invested $10,000 to start company, 6 Purchased $300 of supplies, 12 Completed work for a customer worth $900; sent bill 20 Customers purchased $500 of services in advance, 25 Completed work for another customer and was paid $2,200 At the end of the month, $100 of supplies were on still hand. What are the company's total assets at the end of the month?

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

ABC Corporation had sales of $125,000. Total assets at the beginning of the year were 53,000 and at the end of the year were $55,000. ABC's asset turnover for the entire year was Blank______. (Use the average total assets to solve)
The controller for Nina Group reviewed the following large transactions this month for the company: ● Purchase of a forklift to use in the warehouse: $32,000 (8-year life, depreciated on a straight-line basis, recorded monthly). ● Purchase of materials for use in the production of wheelbarrows (the company’s primary product): $114,000 (all was used in production this month, and all units produced were sold). ● Recognized payroll costs for this month’s production, office, and administrative employees: $45,000 (one-third for each category). ● Investment in mutual funds (with excess cash): $65,000. What dollar amount from these transactions would be recorded as an expense this month? What dollar amount would still be listed as an asset at the end of the month?
The following data are accumulated by Waiola Company in evaluating the purchase of $120,000 of equipment, having a 4-year useful life: Year Net Income Net Cash Flow Year 1 $45,000 $75,000 Year 2 28,000 58,000 Year 3 19,500 49,500 Year 4 (7,000) 37,000 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. Assuming that the desired rate of return is 6%, determine the net present value for the proposal. If required, round to the nearest dollar.Net present value fill in the blank 1 of 1$
C. d. e. C b. For each of the above separate cases, analyze each adjusting entry by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including (+) increase or (-) decrease) for each transaction or event. a. Assets |||||||||||||||| Liabilities + + + + +
The following transactions were completed by the company: The company completed consulting work for a client and immediately collected $5,500 cash. The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days. The company paid an assistant $1,400 cash as wages for the period. The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b. The company paid $700 cash for this period's cleaning services. Required:Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.)
A construction company entered into a fixed-price contract to build an office building for $18 million. Construction costs incurred during the first year were $6 million, and estimated costs to complete at the end of the year were $9 million. The company recognizes revenue over time according to percentage of completion. During the first year the company billed its customer $6 million, of which $3 million was collected before year-end. What would appear in the year-end balance sheet related to this contract? Note: Enter your answers in whole dollars and not in millions (i.e., $4 million should be entered as $4,000,000). Balance Sheet (Partial) Assets:
Knicks Incorporated reported sales of 5 million under accrual basis of accounting for the month of June. Other transactions which transpired during the month are as follows: - Advances received from customers amounted to 130,000 - Advances made to suppliers amounted to 140,000 - Credit sales amounted to 3,000,000 during the month. - Accounts receivable has a balance of 1,200,000 at the beginning of the month and 1,350,000 at the end. How much sales shall be reported under cash basis?
[The following information applies to the questions displayed below.] a. Wages of $13,000 are earned by workers but not paid as of December 31. b. Depreciation on the company's equipment for the year is $11,560. c. The Supplies account had a $430 debit balance at the beginning of the year. During the year, $4,599 of supplies are purchased. A physical count of supplies at December 31 shows $510 of supplies available. Saved d. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $2,800 of unexpired insurance benefits remain at December 31. e. The company has earned (but not recorded) $900 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. f. The company has a bank loan and has incurred (but not recorded) interest expense of $4,000 for the year ended December 31. The company will pay the interest five days after the year-end on January…
Lapann Company is into a business of construction. The company is constructing a building that was started on February 1 and was completed on December 31. Following are the expenditures incurred during the period March 01 June 01 December 31 $2.920,000 $2,248,000 $4,058,100 On March 1, the company borrowed $2,059,300, 5-Year, 13% note for financing the construction. The company also had $3,480,400, 5-Year, 10% note payable and $4,566,400, 4-year, 1% note payable outstanding throughout the year Determine the avoidable interest for the company if the company uses weighted-average interest rate for interest capitalization purposes. (Do not round the intermediate calculations. Round the final answer to the nearest whole dollar $663.426 1318.053 5445,810 5850344
Loveland Manufacturing Company was started on January 1, 2018. The company was affected by the following events during its first year of operation: Acquired $2,400 cash from the issue of common stock. Paid $720 cash for direct raw materials. Transferred $480 of direct raw materials to work in process. Paid production employees $720 cash. Paid $360 cash for manufacturing overhead costs. Applied $294 of manufacturing overhead costs to work in process. Completed work on products that cost $1,200. Sold products that cost $960 for $1,680 cash. Paid $480 cash for selling and administrative expenses. Made a $60 cash distribution to the owners. Closed the Manufacturing Overhead account. Record these events in a horizontal statements model. The first event is shown as an example. Prepare a schedule of cost of goods manufactured and sold
$ Mapleton Corporation builds sailboats. On January 1, Year 3, the company had the following account balances: $48,000 for both cash and common stock, Boat 25 was started on February 10 and finished on May 31. To build the boat, Mapleton had incurred cash costs of $8,640 for labor and $7,500 for materials. During the same period, Mapleton paid $11,160 cash for actual manufacturing overhead costs. The company expects to incur $210,600 of indirect overhead cost during Year 3. The overhead is allocated to jobs based on direct labor cost. The expected total labor cost for the year is $162,000. Mapleton uses a just-in-time inventory management system. Consequently, it does not have raw materials inventory. Raw materials purchases are recorded directly in the Work in Process Inventory account. Required a. Use the horizontal financial statements model to record Mapleton's business events. The first row shows beginning balances. b. If Mapleton desires to earn a profit equal to 20 percent of…
Dominion construction is awarded a contract to build a commercial building. The contract price is $1,500,000 and during the first month of the job, the following transactions occurred: Cash expenditures to date $300,000 Total expenditures to date $350,000 Estimated expenditure to complete $1,100,000 Total estimated expenditures $1,450,000 Billing to date $280,000 Cash collected to date $250,000 What is "Revenue to Date" in Cash Method? 350000 280000 250000 300000