Taka Company had the following transactions during February 2021. Show the effects of each transactions as...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Taka Company had the following transactions during February 2021. Show the effects of each transactions as it is shown in the first example in red (Each is 5 points, total 35 points). Liabilities 1. 2. 3. 4. 5. 6. 7. 8. Assets Purchased office supplies by Increase and paying cash decrease by the same amount Purchased inventory on account. Paid the utilities bill. The owner withdrew money from business for personal use. Bought a building. Paid half of the price in cash and the balance as note payable. Received cash from one of the clients who owed to the company. Paid salary to the staff. Earned service revenue on account. OE Taka Company had the following transactions during February 2021. Show the effects of each transactions as it is shown in the first example in red (Each is 5 points, total 35 points). Liabilities 1. 2. 3. 4. 5. 6. 7. 8. Assets Purchased office supplies by Increase and paying cash decrease by the same amount Purchased inventory on account. Paid the utilities bill. The owner withdrew money from business for personal use. Bought a building. Paid half of the price in cash and the balance as note payable. Received cash from one of the clients who owed to the company. Paid salary to the staff. Earned service revenue on account. OE
Expert Answer:
Answer rating: 100% (QA)
Step 12 The accounting equation states that the assets should be equal to the liabilities plus owners equity hence total assets equal to liabilities p... View the full answer
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date:
Students also viewed these accounting questions
-
A Corporation had the following transactions during the year: 1. Issued $250,000 of par value common stock for cash. 2. Recorded and paid wages expense of $120,000. 3. Acquired land by issuing common...
-
The Piedmont Company had the following transactions during June 20X1: a. Collections of accounts receivable, $75,000. b. Payment of accounts payable, $45,000. c. Acquisition of inventory, $18,000, on...
-
During Year 1, Brianna Company had the following transactions related to its financial operations: Payment for the retirement of long- term bonds payable ( carrying value $ 740,000) $ 750,000...
-
Suri recently took a job in the marketing department for All Access Cable Company. After just a few days on the job. After just a few days on the job, Suri learned that the company has many layers of...
-
The Talent Company, manufacturer of a widely advertised and expensive perfume, sold a quantity of this product to Young, a retail druggist. Dentley and Bird visited Youngs store and Dentley, desiring...
-
Kansas City Mayor Sly James wants data collectors to conduct in-person interviews with some Kansas City residents. a. If each city block is treated as a cluster, describe how cluster sampling could...
-
Explain the impact on interest of a bond discount and bond premium to (a) the issuer and (b) the investor.
-
Mighty Bright Window Cleaners monthly income statement at several levels of activity is as follows: Required a. Identify each expense as fixed, variable, or mixed. b. Prepare a contribution margin...
-
Last January, Abby started a new business named Abby's Blinds, Curtains, & Dining Essentials, or ABC&DE for short. In her business, Abby, who has always loved arts and crafts, designs unique i...
-
You have just been offered a full-time position in Cambridge and want to live close to where you will be working.The picture shows a condo currently listed for sale at $575,000 in Cambridge.It last...
-
Read the case study Nestl: The Infant Formula Controversy For this case, you must use this question: how might Nestl, as a cultural agent, participate in the battle against the spread of HIV and aids...
-
Jason is saving for a new TV. He currently has $1,200 in his account that earns 3%, compounded monthly, and the new TV costs $4,500. Assuming Jason deposits $100 in his account each month, how many...
-
Texas Inc. has 4,085 shares of 8%, $100 par cumulative preferred stock and 98,276 shares of $1 par common stock outstanding at December 31. What is the annual dividend on the preferred stock? a....
-
Assume that a 16-year, 9% bond is callable after 10 years at 105% of par value and the discount rate in today's market is 6%. Using the price-to-worst method, what is the value of this bond? You own...
-
10 (1 point, Saved You have a VA mortgage of $208,000 at 4% interest with a 30-year term. The monthly principal and interest payment is $993.02. What portion of the second month's payment will apply...
-
3. This DE is separable, but it is also Bernoulli. Try the Bernoulli substitution to find the general solution. +4xy= xy dy dx
-
nativistic theory and Behavioral Theory Compare and contrast the two theories and their views on first language development. Explain which theory is better and why. Provide evidence from the...
-
(a) How far away can a human eye distinguish two ear headlights 2.0 m apart? Consider only diffraction effects and assume an eye pupil diameter of 5.0 mm and a wavelength of 550 nm. (b) What is the...
-
The following accounts and balances were drawn from the records of Dawkins Company at December 31, 2013: Required Use the accounts and balances from Dawkins Company to construct an income statement,...
-
On December 31, 2013, Green Company had the following normal account balances in its general ledger. Use this information to prepare a trial balance. Land ............... $40,000 Unearned Revenue...
-
The statement of financial position (balance sheet) of Trident Company reports assets of $5,500,000. Lisa Kimpton advises you that a major accounting firm has audited the statements and attested that...
-
3. Executives were considering the possibility of moving their company to a different state. They wanted to determine if employees would be willing to relocate, but they did not want the employees to...
-
5. H. B. Fuller Co. of St. Paul is a leading manufacturer of industrial glues. Its mission statement says the company "will conduct business legally and ethically." It has endowed a university chair...
-
6. According to the Electronic Industries Association, questionable returns have become the toughest problem plaguing the consumer electronics industry. Some consumers purchase electronic equipment...
Study smarter with the SolutionInn App