The following table shows the balance of certain accounts on the Holmes, Inc. balance sheet at...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following table shows the balance of certain accounts on the Holmes, Inc. balance sheet at the end of December 31 and the following three-day period. By December 31, the company had not yet started its primary operations. However, they had begun some minor activities: Balances at the close of... Dec, 31 Jan, 3 Jan, 4 Jan, 5 Cash 11,000 7,000 12,000 8,000 Inventories 14,000 14,000 14,000 20,000 *Fixed assets is the same as non-current assets. • What activity took place on January 5? O They purchased more inventory. O They paid their suppliers. They repaid the bank loan. They borrowed additional money from the bank. Fixed Assets* 15,000 15,000 15,000 15,000 A/P Bank Loan 5,000 8,000 1,000 8,000 1,000 13,000 3,000 13,000 Sh. Equity 27,000 27,000 27,000 27,000 The following table shows the balance of certain accounts on the Holmes, Inc. balance sheet at the end of December 31 and the following three-day period. By December 31, the company had not yet started its primary operations. However, they had begun some minor activities: Balances at the close of... Dec, 31 Jan, 3 Jan, 4 Jan, 5 Cash 11,000 7,000 12,000 8,000 Inventories 14,000 14,000 14,000 20,000 *Fixed assets is the same as non-current assets. • What activity took place on January 5? O They purchased more inventory. O They paid their suppliers. They repaid the bank loan. They borrowed additional money from the bank. Fixed Assets* 15,000 15,000 15,000 15,000 A/P Bank Loan 5,000 8,000 1,000 8,000 1,000 13,000 3,000 13,000 Sh. Equity 27,000 27,000 27,000 27,000
Expert Answer:
Answer rating: 100% (QA)
The detailed answer for the above question is provided below On January 5 the activi... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
An Acapulco cliff diver in (m = 70.0 kg) jumps 30.0 meters from the top of the cliff toward the ocean below. However, in a freak accident, half-way down 8.00 meters from his launch point, he crashes...
-
List three specific parts of the Case Guide, Objectives and Strategy Section (See below) that you had the most difficulty understanding. Describe your current understanding of these parts. Provide...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
A manager found the following information for his company: Profit margin = 0.08 and total asset turnover = 1.85. Given that the total assets of the company is $200 million, the total liabilities is...
-
If a hydrogen atom has m = - 3, what are the possible values of n, , and ms?
-
When a particle of mass 9.1 x 10-28 g in a certain one-dimensional box goes from the n = 5 level to the n = 2 level, it emits a photon of frequency 6.0 x 1014 s-1. Find the length of the box.
-
A common-size income statement for Liberty would report (amounts rounded) a. Net income of \(16 \%\) b. Cost of sales at \(36 \%\) c. Sales of \(100 \%\) d. All the above
-
Summer Fun manufactures flotation vests in Tampa, Florida. Summer Funs contribution margin income statement for the month ended December 31, 2016, contains the following data: Suppose Over-town...
-
ABC Registered, a sole proprietorship, began carrying on a business on September 1, 2023. A calendar based fiscal period ending December 31 was chosen. On October 1, 2023 the proprietorship purchased...
-
Give a correct name for a. (CH3)2CHCH2OCH2CH3 b. c. O- CH2CH2CH,
-
This project will view a video and discuss the assigned organization's organizational culture and organizational structure. Outcome Met by Completing This Assignment Organize human, physical, and...
-
How do sociobiological theories of altruism and cooperation intersect with sociological understandings of social norms, reciprocity, and the evolution of human societies ?
-
Big Bite Ltd., a multinational fast food chain, offers hamburgers, hot dogs, sandwiches, shakes, and desserts. The restaurant uses different ingredients in each country it operates, based on the...
-
Why might some be hesitant to make health-related policy decisions based on economic evaluations? What ethical concerns exist? Do you agree or disagree with the author's position?
-
RJR Receives from bondholders, Yen RJR's Objective: Step 2) RJR issues a Yen bond. Issue Size Yen 25 Bil. Price 100.25%. Fees 1.875%. Coupon Rate 6.375%. 5 year maturity. Step 3) Step 4) Find...
-
Provide strategies that manage stress and mental health of employees from a leadership perspective. Provide recommendations to the business owner with specific leadership styles and qualities must be...
-
What is the answer to this question? I am assuming it might be a trick question because it was paid on September 2 instead of September 1. Question: A company is paid $600 on September 2, 2019 to...
-
Bobbie Singh provides writing services for small businesses. He blogs for companies that need professionally written content. His business records at November 15, 2023, are shown below: During the...
-
Refer to the information in QS 6-11 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Data From QS...
-
Analyze each transaction from Exercise 13-4 by showing its effect on the accounting equation specifically, identify the accounts and amounts (including + or ) for each transaction. Data From Exercise...
-
Vintage Company reports the following information. Compute its product cost per unit under absorption costing. Direct materials...... Direct labor..... Units produced.... $10 per unit $10 per unit...
-
A simplified vibration analysis of an airplane considers bounce and pitch motions (Fig. 6.24(a)). For this, a model consisting of a rigid bar (corresponding to the body of the airplane) supported on...
-
Derive the equations of motion, using Newton's second law of motion, for each of the systems shown in Figs. 6.21. Pulley, mass M, mass moment of inertia Jo 3r 3m T x(1) F(t) 2k 000 T x2(1) m T X3(1)...
-
Derive the equations of motion, using Newton's second law of motion, for each of the systems shown in Figs. 6.22. M, cos wt G 15 G3 13 ka 03 4 kn 12 G k3 16 G6 G Number of teeth on gear G, n, (i = 1...
Study smarter with the SolutionInn App