. 1. Prepare journal entries for the selected transactions listed below. 2. Based on the account information...
Fantastic news! We've Found the answer you've been seeking!
Question:
.
Transcribed Image Text:
1. Prepare journal entries for the selected transactions listed below. 2. Based on the account information in the ledger, the selected transactions below, and the other financial statements, prepare theStatement of Cash Flows for ABC Company for the year ended June 30, 2014 3. Answer questions A-D. 1. PREPARE THE JOURNAL ENTRIES. Some of ABC Company's January transactions are listed below. They have been already been posted to the ledger. Partial list of fiscal year ended June 30, 2014 transactions for ABC Company: a. Issued 5,000 shares of $1 par common stock for cash, $50,000 b. Sold investment for $35,000 of cash. c. Redeemed $55,000 bonds at face value. d. Declared $4,000 in dividends. e. Recorded depreciation on equipment, $18,500 f. Paid $3,500 in cash for dividends g. Purchased equipment for cash, $13,450 PARTIAL JOURNAL Debit Credit a. b. с. d. е. g. 1. Prepare journal entries for the selected transactions listed below. 2. Based on the account information in the ledger, the selected transactions below, and the other financial statements, prepare theStatement of Cash Flows for ABC Company for the year ended June 30, 2014 3. Answer questions A-D. 1. PREPARE THE JOURNAL ENTRIES. Some of ABC Company's January transactions are listed below. They have been already been posted to the ledger. Partial list of fiscal year ended June 30, 2014 transactions for ABC Company: a. Issued 5,000 shares of $1 par common stock for cash, $50,000 b. Sold investment for $35,000 of cash. c. Redeemed $55,000 bonds at face value. d. Declared $4,000 in dividends. e. Recorded depreciation on equipment, $18,500 f. Paid $3,500 in cash for dividends g. Purchased equipment for cash, $13,450 PARTIAL JOURNAL Debit Credit a. b. с. d. е. g.
Expert Answer:
Answer rating: 100% (QA)
1 Journal entries are as prepared below Date Particulars LF Amount Amount a Cash 50000 Capital 50000 ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
A corporation has the following account balances on December 31, 2019: Accounts payable $2,500 Accounts receivable 5,200 Advertising expense 450 Cash 1,500 Common stock 1,500 Interest expense 400...
-
Lazur Corporation, whose fiscal year ended June 30, 2011, completed the following transactions involving notes payable: May 21 Obtained a 60-day extension on a $9,000 trade account payable owed to a...
-
You are considering a job offer. The job offers an annual salary of $42,000, $45,000, and $48,000 a year for the next three years, respectively. The offer also includes a starting bonus of $1,000...
-
Find the rate of markup based on cost of a textbook that is marked up 20% based on the selling price.
-
Choose a job position that interests you. Assume you have just completed the job interview. Write a thank-you message that you think appropriately expresses gratitude and improves your chances in the...
-
Honda Civic Crash Test In Data Set 13 of Appendix B, the measured chest deceleration of a Honda Civic in a crash test is 39 g, where g is a force of gravity. Determine whether the given values are...
-
On June 1, 2012, the City of Cape May authorized the construction of a police station at an expected cost of $250,000. Financing will be provided through transfers from a Special Revenue Fund. The...
-
Current Attempt in Progress During the first year of operations, Carla Vista Tool accumulated the following manufacturing costs: Raw materials purchased on account $11,520 Factory labor incurred...
-
Omar is leading a weekly workshop series for his peers on how to be a successful student. Each week, he assigns a task for them to try and report back on next session. However, it seems like nobody...
-
Where in the accounting equation will one find Accounts Receivable?
-
1. The Figure 1 below shows a series of four processes (P1, P2, P3, P4) with events a-u of messages being sent the processes. Let's assume the initial logical clock for each process is set to 0. P1...
-
Assume that the depth of water in a harbor oscillates once every 5 hours, that the smallest depth is 4.5, and that the largest depth is 7.5. Find a formula for the depth as a function of time t...
-
Part A: The Sunset Property Fund is an international portfolio with holdings in Indonesian Real Estate shares, Singaporean Real Estate stocks and Australian government bonds. The fund is considering...
-
Consider the function f(x) = -5x2+8x8. Find the critical point, A, of the function. A =
-
Write algorithm that will tell you how old you are on your next birthday. Your program should: Prompt you to enter an age Add 1 to the entered age Output your age on your next birthday
-
Calculate the angles and long chords (left side of the road and right side of the road) to lay out the road:
-
Can partitioned join be used for r r.A s? Explain your answer
-
Each of the items listed below is a quality of earnings issue. Indicate whether the items is (a) An accounting method, (b) An accounting estimate, or (c) A non-operating item. For any item for which...
-
Whitehouse Company manufactures major appliances. Because of growing interest in its products, it has just had its most successful year. In preparing the budget for next year, its controller compiled...
-
Using the data in SE 3, calculate the cost of ending inventory and cost of goods sold according to the average cost method under the periodic inventory system.
-
Find the \(y\)-parameters of the two-port network in Figure P17-4. V 16 R BI R R3 ww 18+ V2 19
-
Design an appropriate load that will draw \(28 \mathrm{~A}\) (rms), \(2.2 \mathrm{~kW}\), at \(110 \mathrm{~V}\) (rms) from a \(400-\mathrm{Hz}\) source. Wha1 is its power factor? Prove your design...
-
Find the load impedance \(Z\) for the following complex powers. (a) When \(S=2000+j 2500 \mathrm{VA}\) and \(|\mathbf{V}|=1000 \mathrm{~V}\). (b) When \(|S|=15 \mathrm{kVA}, P=12 \mathrm{~kW}, Q>0\),...
Study smarter with the SolutionInn App