Turner Company started its business by issuing $14,000 of common stock on January 1, Year 1. The company performed $42,000 of services for customers on account in Year 1. It collected $34,100 of this amount in Year 1, recorded expenses on account of $31,100, paid $25,000 of the payables owed, and paid a $900 dividend to the stockholders.   What is the Cash on Hand at the end of Year 1?

The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $46,000 from the issue of common stock. 2. Performed $65,000 of services on account. 3. Incurred $9,900 of other operating expenses on account. 4. Paid $38,000 cash for salaries expense. 5. Collected $43,000 of accounts receivable. 6. Paid a $4,700 dividend to the stockholders. 7. Performed $11,200 of services for cash. 8. Paid $7,200 of the accounts payable. Required a. Record the preceding transactions in general journal form. b. Post the entries to T-accounts and determine the ending balance in each account. c. & d. Determine the amount of total assets at the end of Year 1, and the amount of net income for Year 1. Complete this question by entering your answers in the tabs below. Req A Req B Req C and D Record the preceding transactions in general journal form. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account…

Nelson Company experienced the following transactions during Year 1, its first year in operation. 1. Acquired $10,000 cash by issuing common stock. 2. Provided $6,300 of services on account. 3. Paid $2,600 cash for operating expenses. 4. Collected $3,900 of cash from customers in partial settlement of its accounts receivable. 5. Paid a $300 cash dividend to stockholders. What is the balance of the retained earnings that will be reported on the balance sheet as of December 31, Year 1? Multiple Choice $13,400 $11,300 $3,400 $3,700

As of December 31, Year 2, Moss Company had total cash of $151,000, notes payable of $85,100, and common stock of $51,900. During Year 3, Moss earned $31,000 of cash revenue, paid $17,500 for cash expenses, and paid a $2,500 cash dividend to the stockholders. a. Determine the amount of retained earnings as of December 31, Year 2.

Jesse and Mason Fabricating, Inc. general ledger has the following account balances at the end of the year: Cash $8,900 Common stock 5,200 Accounts receivable 6,600 Accounts payable 2,000 Additional paid-in capital 3,500 Prepaid insurance 5,200 Unearned revenue 3,500 Retained earnings 6,000 What is the total ending balance as reported on the company’s Statement of Stockholder’s Equity? $fill in the blank 1

On January 1, 2021, Red Flash Photography had the following balances: Cash, $25,000; Supplies, $9,300; Land, $73,000; Deferred Revenue, $6,300; Common Stock $63,000; and Retained Earnings, $38,000. During 2021, the company had the following transactions:   1.   February   15   Issue additional shares of common stock, $33,000. 2.   May   20   Provide services to customers for cash, $48,000, and on account, $43,000. 3.   August   31   Pay salaries to employees for work in 2021, $36,000. 4.   October   1   Purchase rental space for one year, $25,000. 5.   November   17   Purchase supplies on account, $35,000. 6.   December   30   Pay dividends, $3,300.   The following information is available on December 31, 2021: Employees are owed an additional $5,300 in salaries. Three months of the rental space has expired. Supplies of $6,300 remain on hand. All of the services associated with the beginning deferred revenue have been performed.   part 1.please   do the journal entry…

On January 1, 2021, Red Flash Photography had the following balances: Cash, $26,000; Supplies, $9,400; Land, $74,000; Deferred Revenue, $6,400; Common Stock $64,000; and Retained Earnings, $39,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $34,000. 2. Мay 3. August 4. Оctober 5. November 17 Purchase supplies on account, $36,000. 6. December 30 Pay dividends, $3,400. 20 Provide services to customers for cash, $49,000, and on account, $44,000. 31 Pay salaries to employees for work in 2021, $37,000. 1 Purchase rental space for one year, $26,000. The following information is available on December 31, 2021: 1. Employees are owed an additional $5,400 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,400 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed.

Following are the transactions and adjustments that occurred during the first year of operations at Kissick Company. Issued 800,000 shares of $5-par-value common stock for $400,000 in cash. Borrowed $200,000 from Oglesby National Bank and signed a 8% note due in three years. Incurred and paid $160,000 in salaries for the year. Purchased $301,000 of merchandise inventory on account during the year. Sold inventory costing $205,000 for a total of $250,000, all on credit. Paid rent of $44,000 on the sales facilities during the first 11 months of the year. Purchased $60,000 of store equipment, paying $18,000 in cash and agreeing to pay the difference within 90 days. Paid the entire $42,000 owed for store equipment and $227,000 of the amount due to suppliers for credit purchases previously recorded. Incurred and paid utilities expense of $15,000 during the year. Collected $221,000 in cash from customers during the year for credit sales previously recorded. At year-end, accrued $16,000 of…

As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of $908,611 and liabilities of $274,782. During Year 2, stockholders invested an additional $28,983 and received $25,270 in dividends from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $981,663 and liabilities were $238,074? a.$73,052 b.$25,270 c.$106,047 d.$36,708.

Blossom Company began the year with stockholders' equity of $107700. During the year, Blossom issued stock for $ 147800, recorded expenses of $412000, and paid dividends of $27800. If Blossom's ending stockholders' equity was $290300, what was the company revenue for the year? $594600. $446800. $ 474600. $622400.