Question: Checkmate Games Inc started business on April 1 2011 with
Checkmate Games, Inc., started business on April 1, 2011, with $7,500 cash contribution from its owners in exchange for common stock. The company used $2,225 of the cash for equipment for the new shop and $2,750 on games for its inventory. During the month, the company earned $4,275 of revenue in cash from the sale of the entire inventory. On April 30, 2011, the owners then spent $3,000 cash on more games for the inventory. What is the retained earnings balance on April 30, 2011? How much cash does the company have on hand on April 30, 2011?
Answer to relevant QuestionsFor E1-28A, what amounts would Checkmate Games show on its statement of cash flows for the month ended April 30, 2011? Classify each as an operating, investing, or financing cash flow.In E1-28A, Checkmate Games, Inc., ...Enter each transaction into the accounting equation. Then, calculate the (1) amount of assets owned by Izzy’s Ice Cream Shop at the end of its first month of business and (2) the amount of net income for the month. All ...Frank Frock started a consulting business on the first day of July. He provided consulting services for 30 hours in July and earned $150 per hour. Most of his clients paid him at the time he provided the services, but one ...What will be the effects (increase, decrease, or no effect) on total assets, total liabilities, and total stockholders’ equity in each of the following situations? When shareholders’ equity changes, note whether it is ...The following information is for Larry’s Book Store: 1. Retained earnings on January 1, 2010 were $127,000.2. In January, revenues were $15,000 and expenses were $10,000.3. In February, revenues were $17,500 and expenses ...
Post your question