The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. a. Issued 50,000 shares of common stock in exchange for $500,000 in cash.
b. Purchased equipment at a cost of $80,000. $20,000 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 $152,000.
d. The company uses the perpetual inventory system.
e. Credit sales for the month totaled $220,000. The cost of the goods sold was $132,000.
f. Paid $6,750 in rent on the warehouse building for the month of March.
h. Paid $7,300 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021.
h. Paid $132,000 on account for the merchandise purchased in c.
i. Collected $99,000 from customers on account.
j. Recorded depreciation expense of $2,000 for the month on the equipment.

Required:
Prepare journal entries to record each of the transactions listed above.

Which type of market are you in if your company, along with three other companies, controls 95 percent of the total music industry?

Data pertaining to the current position of forte company are as follows: cash $437,500 marketable securities 170,000 accounts and notes receivable (net) 320,000 inventories 700,000 prepaid expenses 42,000 accounts payable 240,000 notes payable (short-term) 250,000 accrued expenses 310,000 required: 1. compute (a) the working capital, (b) the current ratio, and (c) the quick ratio. round ratios to one decimal place. 2. compute the working capital, the current ratio, and the quick ratio after each of the following transactions, and record the results in the appropriate columns of the table provided. consider each transaction separately and assume that only that transaction affects the data given. round to one decimal place. a. sold marketable securities at no gain or loss, 75,000. b. paid accounts payable, 135,000. c. purchased goods on account, 100,000. d. paid notes payable, 105,000. e. declared a cash dividend, 125,000. f. declared a common stock dividend on common stock, 45,000. g. borrowed cash from bank on a long-term note, 205,000. h. received cash on account, 130,000. i. issued additional shares of stock for cash, 635,000. j. paid cash for prepaid expenses, 15,000.

Arecession is defined as a period in which