Business, 10.09.2021 19:40 chevysilverado2377

The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. a. Issued 46,000 shares of common stock in exchange for $460,000 in cash.
b. Purchased equipment at a cost of $72,000. $18,000 cash was paid and a notes payable to the seller was signed for the balance owed.
c. Purchased inventory on account at a cost of $140,000. The company uses the perpetual inventory system.
d. Credit sales for the month totaled $200,000. The cost of the goods sold was $120,000.
e. Paid $6,250 in rent on the warehouse building for the month of March.
f. Paid $7,000 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021.
g. Paid $120,000 on account for the merchandise purchased in 3.
h. Collected $90,000 from customers on account.
i. Recorded depreciation expense of $1,800 for the month on the equipment.

Required:
Analyze each transaction and show the effect of each on the accounting equation for a corporation.

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 04:40

Dahlia enterprises needs someone to supply it with 127,000 cartons of machine screws per year to support its manufacturing needs over the next five years, and you’ve decided to bid on the contract. it will cost you $940,000 to install the equipment necessary to start production; you’ll depreciate this cost straight-line to zero over the project’s life. you estimate that in five years, this equipment can be salvaged for $77,000. your fixed production costs will be $332,000 per year, and your variable production costs should be $11.00 per carton. you also need an initial investment in net working capital of $82,000. if your tax rate is 30 percent and your required return is 11 percent on your investment, what bid price should you submit? (do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

Answers: 3

Answer

Business, 22.06.2019 18:00

Your subscription to investing wisely weekly is about to expire. you plan to subscribe to the magazine for the rest of your life, and you can renew it by paying $85 annually, beginning immediately, or you can get a lifetime subscription for $620, also payable immediately. assuming that you can earn 6.0% on your funds and that the annual renewal rate will remain constant, how many years must you live to make the lifetime subscription the better buy?

Answers: 2

Answer

Business, 22.06.2019 22:30

When the price is the equilibrium price, we would expect there to be a causing the market to put pressure on the price until it went back to the equilibrium price. a. above; surplus; upward b. above; shortage; downward c. below; surplus; upward d. below; shortage; downward e. above; surplus; downward?

Answers: 2

Answer

Business, 22.06.2019 23:40

8. problems and applications q8there are four consumers willing to pay the following amounts for haircuts, and there are four haircutting businesses with the following costs: consumers' willingness to payyvette: $35cho: $15sean: $45bob: $25firms' costsfirm a: $40firm b: $20firm c: $10firm d: $30each firm has the capacity to produce only one haircut.for should be given.which businesses should cut hair? check all that apply.firm afirm bfirm cfirm dwhich consumers should have their hair cut? check all that apply.bobchoseanyvettethe maximum possible total surplus is

Answers: 3

Answer

You know the right answer?

The following transactions occurred during March 2021 for the Wainwright Corporation. The company ow...

Questions