Mateos Maple Syrup had the following transactions during the month of February, its first month in business.
Question:
Mateo’s Maple Syrup had the following transactions during the month of February, its first month in business.
Complete the chart to determine the ending balances. As an example, the first transaction has been completed. Note: negative amounts should be indicated with minus signs (–).
Transcribed Image Text:
Transaction Common stock sold Amount owed for tax expense Amount owed for insurance expense Syrup sales: cash Syrup sales: credit Dividends paid Collections of credit sales Cash purchase for supplies expenses Cash paid for amounts owed Utility expenses paid Taxes paid Amount Asset $ 3,000 $3,000 1,950 750 13,000 6,000 40 1,700 250 1,600 400 600 ? ? ? ? ? N... ~.~. ? ? ? ? ? $3,000 Liability $0 ? ? ? ? ...... NO ? ? ? ? ? ? $0 = Owner's Equity $3,000 ? ? ? ? 22222 ? ? ? ? ? ? $3,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (6 reviews)
Owners Transaction Amount Asset Liability Equity 3000 0 3000 Common stock sold 3000 3000 0 0 Amount ...View the full answer
Answered By
Labindao Antoque
I graduated in 2018 with a Bachelor of Science degree in Psychology from Dalubhasaan ng Lungsod ng San Pablo. I tutored students in classes and out of classes. I use a variety of strategies to tutor students that include: lecture, discussions about the subject matter, problem solving examples using the principles of the subject matter being discussed in class , homework assignments that are directed towards reinforcing what we learn in class , and detailed practice problems help students to master a concept. I also do thorough research on Internet resources or textbooks so that I know what students need to learn in order to master what is being taught in class .
0.00
0 Reviews
10+ Question Solved
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Question Posted:
Students also viewed these Business questions
-
Using the information in PB6, determine the amount of revenue and expenses for Mateos Maple Syrup for the month of February. Data from in PB6 Mateos Maple Syrup had the following transactions during...
-
Olivias Apple Orchard had the following transactions during the month of September, the first month in business. Complete the chart to determine the ending balances. As an example, the first...
-
Using the information in PA6, determine the amount of revenue and expenses for Olivias Apple Orchard for the month of September. Data from in PA6 Olivias Apple Orchard had the following transactions...
-
Mixing together solutions of acetic acid and sodium hydroxide can make a buffered solution. Explain. How does the amount of each solution added change the effectiveness of the buffer?
-
Jim is considering quitting his job and using his savings to start a small business. He expects that his costs will consist of a lease on the building. Inventory, wages for two workers,...
-
Partial income statements of University Dining Hall Food Service for the first two quarters of Year 200X follow. Each dollar of variable cost per meal comprises 50 percent direct labor, 25 percent...
-
How suitable are legal restrictions in the following cases? (a) Ensuring adequate vehicle safety (e.g. tyres with sufficient tread or roadworthy vehicles). (b) Reducing traffic congestion. (c)...
-
You have just received a report suggesting that a chemical your company uses in its manufacturing process is very dangerous. You have not read the report, but you are generally aware of its contents....
-
Coates writes about the precarious position of the Black body in America. What are some specific examples of the dangers that face the Black body?
-
Mike Greenberg opened Kleene Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. July 1 Issued 12,000 shares of common stock for $12,000 cash. 1 Purchased...
-
For the items listed below, indicate how the item affects equity (increase, decrease, or no impact. Expenses Assets Item Gains Liabilities Dividends Increase? Decrease? or No Impact?
-
Gumbo Company had the following transactions during the month of December. What was the December 1 cash balance? Dividends paid Credit sales Payments for equipment Taxes paid Common stock sold...
-
Suppose an investor starts with a portfolio consisting of one randomly selected stock. What would happen (1) to the riskiness and (2) to the expected return of the portfolio as more and more randomly...
-
Joan Johnson and Steve Smith, two mechanical engineers working for the ACME Machine Company were having lunch together one day. They were lamenting the fact that the United States Social Security...
-
Logic to implement transfers among three registers, R0, R1, and R2, is to be implemented. Use the control variable assumptions given in Problem 620. The register transfers are as follows: Using...
-
A company has data that indicates the annual expenditures on a robotics manufacturing line are uniform at $100 per unit produced for the first four years. This cost has shown to increase by $50 per...
-
A storage tank for toxic chemicals has an initial cost of $20,000. The tank is expected to last for 25 years, at which point it is discarded with no salvage value. Every five years during its use,...
-
(a) Construct a 4-bit up/down counter that uses a Gray-code counting sequence. (b) Repeat Problem 6-9 by comparing the numbers of changing inputs and outputs on the Gray-code counter to a 4-bit...
-
State with brief reasons whether the following statements are true or false: a. In the presence of heteroscedasticity OLS estimators are biased as well as inefficient. b. If heteroscedasticity is...
-
Whats the difference between an ordinary annuity and an annuity due? What type of annuity is shown below? How would you change the time line to show the other type of annuity?
-
What is an enterprise resource planning (ERP) system? What are the principal benefits of such a system?
-
What year was the Sarbanes-Oxley Act enacted? A. 2007 B. 1992 C. 1997 D. 2002
-
What led to the United States Congress passing the public accounting reform act called Sarbanes- Oxley?
-
If you sell 10,000 units for $3 each, the cost of manufacturing is $.75 per unit, marketing expenses are $12,000, and sales commission is $.35 per unit, what is the unit contribution?
-
The Alexander company has account receivables of $47458, net working capital of $5890, current liability of $91675 and inventory of $30389. What is the quick ratio?
-
For the current year, Theta Corporation has beginning and ending inventories of $40,000 and $60,000, respectively. Cost of goods sold for the year is $240,000. What is the company's inventory...
Study smarter with the SolutionInn App