CourseLover

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    Devry University
    Sep-2004 - Aug-2010

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    NatSteel Holdings Pte Ltd
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Category > Accounting Posted 08 Dec 2017 My Price 10.00

using the balance sheet equation (A=L+E).

 strand corp started an accounting - exam consulting business for wayward accounting students on january 1, 2013 and for the year had the following transactions:  

1. started the company with a $125,000 investment in return for stock

2. sold consulting services for $ 350,000 50% on account,the remainder for cash

3. purchased office supplies of $10,000 on account

4. paid wages, $ 150,000

5.sold additional consulting services for $200,000,50% on account, the remainder for cash

6. purchased a computer system for $15,000 by borrowing from the bank ( current value=$20,000)

7.collected $150,000 from  customers previously sold to on account  

 

8. purchased office  furniture for $50,000 with 10% down and borrowing remainder from bank

9. paid the bank 50% of what owed them

10.paid the following  a. utilities -$75,000

 

b, rent - $115,000

c,insurance-$45,000

d, adverstising of -$50,000

11. paid dividends of $ 15,000

12. additional investment in the company was made of $100,000

REQUID.

1. using the balance sheet equation (A=L+E). accounting for the transactions above

2.calculate ending account balances to prove  that A =L+E

3. prepare an income statement in proper form

 

4. prepare a balance sheet in proper form

 

Answers

CourseLover
(12)
Status NEW Posted 08 Dec 2017 03:12 PM My Price 10.00

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