Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Q1) In its first month of operation, Rawls Repair Corporation, that specializes in bicycle repairs, completed transactions given below:

Oct. 1

Began business by making a deposit in a company bank account of $12,000, in exchange for 1,200 shares of $10 par value common stock.

Oct. 1

Paid the premium on a one-year insurance policy, $1,200.

Oct. 1

Paid the current month's rent, $1,040.

Oct. 3

Purchased repair equipment from Conklin Company, $4,400. Paid $600 down and the balance were placed on account.  Payments will be $200.00 per month for nineteen months.  The first payment is due 11/1.

Oct. 8

Purchased repair supplies from McKenna Company on credit, $390.

Oct. 12

Paid utility bill for October, $154.

Oct. 16

Cash bicycle repair revenue for the first half of October, $1,362.

Oct. 19

Made payment to McKenna Company, $200.

Oct. 31

Cash bicycle repair revenue for the last half of October, $1,310.

Oct. 31

Declared and paid cash dividend of $800.

Make financial statements for Rawls Repair Corporation as of October 31.

Make Income Statement, Statement of Retained Earning and Balance Sheet.

Statement of Cash Flows is required Financial Statement, but is not needed for this Project.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916805

Have any Question? 


Related Questions in Accounting Basics

Accountingnorthwest fur co started 2016 with 114000 of

Accounting Northwest Fur Co. started 2016 with $114,000 of merchandise inventory on hand. During 2016, $410,000 in merchandise was purchased on account with credit terms of 2/15, n/45. All discounts were taken. Purchases ...

Question 1the following information relates to the

Question 1 The following information, relates to the imputation credit account (ICA) for Killorglin Park Fair Ltd ("Killorglin Park") for the year ending 31 March 2016. (i) The shareholders as at 31 March 2015 were Donna ...

Discussionpart 1 please respond the following question no

Discussion Part 1 please respond the following question no less then 350 words (original work, no plagiarism, 1 reference "criminal fraud versus civil fraud and taxation of u.s. businesses operating abroad" please respon ...

Write a 300- to 500-word response in which you address the

Write a 300- to 500-word response in which you address the following questions from Case, Charitable Contributions and Debt: A Comparison of St. Jude Children's Research Hospital/ALSAC and Universal Health Services: What ...

Assignmentapplication break-even analysiswhen expenses and

Assignment Application: Break-Even Analysis When expenses and revenues are equal, this is known as the "break-even point" or BEP. To determine break-even, an examination of fixed and variable costs (expenses) in relation ...

1 the prices of financial assets are based on the expected

1. The prices of financial assets are based on the expected value of future cash flows, discount rate, and past dividends. A. True B. False 2. By using different discount rates, the market allocates capital to companies ...

Incorporation of plummet companyplummet company is created

Incorporation of Plummet Company Plummet Company is created with the following asset contributions. John and Jill are equal owners in this new business venture. Shareholder Assets Basis Fair Market Value John Cash Servic ...

Assignment identification of fiduciary fundsfollowing is a

Assignment: Identification of Fiduciary Funds Following is a list of fund names and descriptions from the comprehensive annual financial reports (CAFRs). Required: Indicate which of the following are fiduciary funds. If ...

Background of projectthe industry of medical devices

Background of Project The industry of medical devices involves a number of monitoring and reconstructive devices. Some of those devices include cardiac and diabetic care as well as hip and knee replacements. The owners o ...

Colllege loans and repayment projecti think that the

COLLLEGE LOANS AND REPAYMENT PROJECT I think that the College Debt issue will be the defining issue impacting young people who go to college today just like the Great Depression/WII was the defining issue for my parent's ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen