Choice Chicken Company was organized on January 1, 2014. At the end of the first quarter (three
Question:
Choice Chicken Company was organized on January 1, 2014. At the end of the first quarter (three months) of operations, the owner prepared a summary of its activities as shown in the first row of the following tabulation:
Required:1. For each of the six transactions given in this tabulation, enter what you consider the correct amounts. Enter a zero when appropriate. The first transaction is illustrated.2. For each transaction. explain the basis for your dollarresponses.
Transcribed Image Text:
Computation of Summary of Transactions Income Cash a. Services performed for customers, $85,000, of which $15,000 remained uncollected at the end of the quarter. +$85,000+$70,000 b. Cash borrowed from the local bank, $25,000 (one-year note) c. Small service truck purchased at the end of the quarter to be used in d. Wages earned by employees, S36,000, of which one-sixth remained e. Service supplies purchased for use in the business, S4,000 cash, of f Other operating expenses, $31,000, of which one-half remained unpaid Based only on these transactions, compute the following for the quarter: the business for two years starting the next quarter: cost, $8,000 cash. unpaid at the end of the quarter. which $1,000 were unused (still on hand) at the end of the quarter. at the end of the quarter. Income (or loss) Cash inflow (or outflow)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (9 reviews)
Req 1 Transaction Income a O 85000 70000 0 36000 Cash 3000 25000 8000 3000...View the full answer
Answered By
Bhartendu Goyal
Professional, Experienced, and Expert tutor who will provide speedy and to-the-point solutions. I have been teaching students for 5 years now in different subjects and it's truly been one of the most rewarding experiences of my life. I have also done one-to-one tutoring with 100+ students and help them achieve great subject knowledge. I have expertise in computer subjects like C++, C, Java, and Python programming and other computer Science related fields. Many of my student's parents message me that your lessons improved their children's grades and this is the best only thing you want as a tea...
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-0078025556
8th edition
Authors: Robert Libby, Patricia Libby, Daniel Short
Question Posted:
Students also viewed these Accounting questions
-
At the end of the first quarter of Year 2, McKinney & Co. reevaluates its receivables. McKinney & Co.s management decides that $8,500 due from Mangold Corporation will not be collectible. This amount...
-
A corporation was organized on January 1. At that time, 10,000 shares of common were sold and issued at $10.00 per share cash. $20,000 of the proceeds was used to purchase equipment. The corporation...
-
An electric dipole, consisting of two opposite charges of magnitude 2 10 Ceach separated by a distance 3 cm is placed in an electric field of magnitude 2 10 N/C along the direction making 90 with...
-
The local bank manager has found that one out of every 400 bank loans end up in default. Last year the bank made 400 loans. What is the probability that two bank loans will end up in default?
-
An electric water heater works by passing electricity through an electrical resistance placed inside the flow of liquid water as shown in the accompanying animation. The specific internal energy and...
-
What does the maturation of a work process mean?
-
A parallel-plate capacitor has plates of area \(A\). The plates are initially separated by a distance \(d\), but this distance can be varied. If the capacitor is charged by a battery and the battery...
-
"The transactions completed by Revere Courier Company during December, the first month of the fiscal year, were as follows: Dec. 1. Issued Check No. 610 for December rent, $4,200. 2. Issued Invoice...
-
Government spending as a fiscal policy tool is used to: A) ?Decrease the national debt B) ?Directly stimulate economic activity by increasing demand C) ?Reduce inflation D) ?Lower interest rates
-
Define work.
-
On January 1, 2014, three individuals organized Northwest Company as a corporation. Each individual invested $10,000 cash in the business. On December 31, 2014, they prepared a list of resources...
-
Performance Corporation was organized on January 1.2012. At the end of 2012, the company had not yet employed an accountant; however, an employee who was good with numbers prepared the following...
-
Do you think shareholder activists would have been as upset with Nardelli's severance package had Home Depot's stock performed much better under his leadership?
-
A continuous uniform series of deposits totaling $1,000 per year are made into a fund paying 10 percent compounded continuously. a. What will the fund amount to after 7 years? b. What is the present...
-
Perform the operations and express the result in rectangular form. \(e^{(-1+2 j) /(1+j)}\)
-
Using real-world examples, discuss the effectiveness of three market-based policies that might be used to increase LRAS.
-
Using real-world examples, discuss the relative advantages and disadvantages of a floating exchange rate system in contrast with a fixed exchange rate system.
-
Decide whether the FVT is applicable, and if so, find \(x_{s s}\). \(X(s)=\frac{2 s+\frac{1}{3}}{\left(s+\frac{1}{3} ight)\left(s^{2}+s+1 ight)}\)
-
A 67.2 g sample of a gold and palladium alloy contains 2.49 * 10 23 atoms. What is the composition (by mass) of the alloy?
-
X-1 Find the domain of the function f(x) : x 1 2 - O (-00, -1) U (-1, ) O (-00, 1) U (1, ) O -00, -1) U (-1, 1) U (1, 0) O (- 1, 1)
-
Indicate whether each of the following statements is true or false by writing T or F i n t he a nswer c olumn. The European Union established a legal and political relationship among its members that...
-
Heavey and Lovas Furniture Repair Service, a company with two shareholders, began operations on June 1, 2014. The following T-accounts indicate the activities for the month of June. Required: Explain...
-
Bauer Performance Sports Ltd. is a leading developer and manufacturer of ice hockey, roller hockey, and lacrosse equipment as well as related apparel. The company holds the top market share position...
-
Which of the following events results in an exchange transaction for OBrien Company (Y for Yes and N for No)? _____ (1) OBrien purchased a machine and signed a note payable, payable in six months....
-
The answer of the fiurth line is not 4, 8, 32 or 40. I just need the answer for the fourth line Question 1 Memory Allocation SUBMITTED How much memory (in bytes) is taken up by the following...
-
Critical Thinking 10-7: Dynamic Mobile Access There are so many opportunities now for people to allow constant and dynamic connection between their mobile phone and an external (often unregulated)...
-
In Matlab, create a code that puts the value three-halves pi radians, 3, in a variable named "angle". Then set another variable named angleDegrees equal to a calculation that converts the value of...
Study smarter with the SolutionInn App