Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Accounting Basics Expert

The following selected events were experienced by either Fact Finders Inc., a corporation, or Peter Flip, the major stockholder.

The transactions:

a. Received $8,500 cash from customers on account.

b. Flip used personal funds to purchase a flat screen tv for his home.

c. Sold land and received cash of $71,000(the land was carried on the company's books at $71,000).

d. Borrowed $56,000 from the bank.

e. Made cash purchase of land for a building site, $93,000.

f. Received $22,000 cash and issued stock to a stockholder.

g. Paid $68,000 cash on accounts payable.

h. Purchased equipment and signed a $104,000 promissory note in payment.

i. Purchased merchandise inventory on account for $16,500.

j. The business paid Flip a cash dividend of $7,000.

State whether each event(transaction) (1) increased (2) decreased or (3) had no effect on the total assets of the business. Identify any specific asset affected.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M948998

Have any Question? 


Related Questions in Accounting Basics

Question - on january 2 2017 the first year of operations

Question - On January 2, 2017 the first year of operations, Alpha Corp issued 15,000 shares of $10 par value common stock for $15 per share. On july 1, 2017 Alpha Corp 1,000 of these shares were reacquired for $20 each. ...

Question - stockman corp purchased 10 1000 6 bonds of

Question - Stockman Corp. purchased 10, $ 1,000 6% bonds of Energy Corporation when the market rate of interest was 14%. Interest is paid semiannually on the bonds, and the bonds will mature in six years. Using the PV fu ...

Question - the inouyes filed jointly in 2018 their agi is

Question - The Inouyes filed jointly in 2018. Their AGI is $78,000. They reported $2,000 of qualified business income and $22,000 of itemized deductions. They have two children, one of whom qualifies as their dependent a ...

Question - a company has 19 units in inventory at the

Question - A company has 19 units in inventory at the beginning of May and paid $55 for each unit. On May 2, the company buys 24 more units and pays $57 for each unit. On May 5, the company sells 30 units for $84 each. I ...

Question - prepare bank reconciliation and related

Question - Prepare bank reconciliation and related entries On October 31, 2017, Lisik Company had a cash balance per books of $8,946. The bank statement on that date showed a balance of $10,155. A comparison of the state ...

Question - client - jacob zuzejacob commenced to trade on 1

Question - Client - Jacob Zuze Jacob commenced to trade on 1 September 2017 and prepared the first set of accounts for the sixteen months period ended 31 December 2018. Your firm advised Jacob to register for Value Added ...

Question - x company manufactures a single product product

Question - X Company manufactures a single product, Product A, and budgets total manufacturing costs each month. The accountant provides the following information about its manufacturing process: Direct material quantity ...

Question - aja could tell that this patron was not her

Question - Aja could tell that this "patron" was not her store's usual type. She could see he did not care about fashion, and the customers that came to her shop in the Jacksonville mall were all tuned in to the latest s ...

Question - during 2017 crimson inc purchased 2775000 of

Question - During 2017, Crimson Inc. purchased $2,775,000 of inventory. The cost of goods sold for 2017 was $2,635,938 and the ending inventory at December 31, 2017 was $544,688. What was the inventory turnover for 2017?

Question - ismail construction enters into a contract to

Question - Ismail Construction enters into a contract to design and build a hospital. Ismail is responsible for the overall management of the project and identifies various goods and services to be provided, including en ...

  • 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

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As