subject
Business, 30.11.2021 23:30 aaron2113

Required: Organize the transaction data in accounts under an accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign. Select "NA" if there is no effect on the "Accounts Titles for Retained Earnings".)
The following post-closing trial balance was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31 2017 Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings S 9,000 41,000 $ 2,500 78,000 21,000 50,000 54, 500 Transactions for 2018
1. Acquired an additional $20,000 cash from the issue of common stock.
2. Purchased $85,000 of inventory on account.
3. Sold inventory that cost $91,000 for $160,000. Sales were made on account.
4. The company wrote off $900 of uncollectible accounts
5. On September 1, LGS loaned $18,000 to Eden Co. The note had an 8 percent interest rate and a one-year term
6. Paid $19,000 cash for operating expenses
7. The company collected $161,000 cash from accounts receivable
8. A cash payment of $92,000 was paid on accounts payable
9. The company paid a $5,000 cash dividend to the stockholders
10. Uncollectible accounts are estimated to be 1 percent of sales on account. 11. Recorded the accrued interest at December 31, 2018

ansver
Answers: 2

Another question on Business

question
Business, 21.06.2019 15:20
List three major educational changes over the past 100 years that have positively influenced students. explain why these changes were influential.
Answers: 3
question
Business, 22.06.2019 11:00
You decide to invest in a portfolio consisting of 25 percent stock a, 25 percent stock b, and the remainder in stock c. based on the following information, what is the expected return of your portfolio? state of economy probability of state return if state occurs of economy stock a stock b stock c recession .16 - 16.4 % - 2.7 % - 21.6 % normal .55 12.6 % 7.3 % 15.9 % boom .29 26.2 % 14.6 % 30.5 %
Answers: 1
question
Business, 22.06.2019 22:00
Exercise 2-12 cost behavior; high-low method [lo2-3, lo2-4] speedy parcel service operates a fleet of delivery trucks in a large metropolitan area. a careful study by the company’s cost analyst has determined that if a truck is driven 120,000 miles during a year, the average operating cost is 11.6 cents per mile. if a truck is driven only 80,000 miles during a year, the average operating cost increases to 13.6 cents per mile. required: 1.& 2. using the high-low method, estimate the variable and fixed cost elements of the annual cost of truck operation. (round the "variable cost per mile" to 3 decimal places.)
Answers: 3
question
Business, 22.06.2019 22:40
Rolston music company is considering the sale of a new sound board used in recording studios. the new board would sell for $27,200, and the company expects to sell 1,570 per year. the company currently sells 2,070 units of its existing model per year. if the new model is introduced, sales of the existing model will fall to 1,890 units per year. the old board retails for $23,100. variable costs are 57 percent of sales, depreciation on the equipment to produce the new board will be $1,520,000 per year, and fixed costs are $1,420,000 per year.if the tax rate is 35 percent, what is the annual ocf for the project?
Answers: 1
You know the right answer?
Required: Organize the transaction data in accounts under an accounting equation. (Do not round in...
Questions
Questions on the website: 13722367