Business, 18.02.2020 00:01 chem64

The following events occurred for Johnson Company:

(a) Received investment of cash by organizers and distributed to them 1,080 shares of $1 par value common stock with a market price of $10 per share.
(b) Purchased $7,900 of equipment, paying $1,100 in cash and owing the rest on accounts payable to the manufacturer. Borrowed $13,000 cash from a bank.
(c) Loaned $500 to an employee who signed a note. Purchased $20,437 of land; paid $8,000 in cash and signed a mortgage note for the balance.

Required:

For each of the events (a) through (e), perform transaction analysis and indicate the account, amount, and direction of the effect (increase or decrease) on the accounting equation.

Answers: 3

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Answers

Answer from: brookealexis5768

Accounting Equation

Assets = Equity + Liabilities

(a) Cash +10,080 Common Shares 10,080 NE

(b) Equipment + 7,900 NE Account Payable + 6,800

Cash - 1,100

Cash +13,000 Bank loan +13,000

Receivable +500

Land +20,437

Cash -8,000

Total 42,317 10,080 32,237

Answer from: ZenMoss

see explanation below for a walk through to the answer.

Explanation:

(a) Received investment of cash by organizers and distributed to them 1,080 shares of $1 par value common stock with a market price of $10 per share.

(b) Purchased $7,900 of equipment, paying $1,100 in cash and owing the rest on accounts payable to the manufacturer. Borrowed $13,000 cash from a bank.

(c) Loaned $500 to an employee who signed a note. Purchased $20,437 of land; paid $8,000 in cash and signed a mortgage note for the balance.

Required:

Assets =Liabilities +Stockholders’ Equity

a.Cash10800 Common Stock1080

Additional paid in capital

9720

b.Equipment7,900 Notes Payable6,800

Cash-1100

c.Cash13,000 Notes Payable13,000

d.Note receivable500

Cash-500

e.Land20,437 Mortgage Notes Payable12,437

Cash-8,000

Answer from: Quest

i think it is sales-oriented, but i am not sure

Answer from: Quest

$527.7.if the following was the question $527.7 is the answer.students who are trying to raise funds have an agreement with a local pizza chain. the chain has agreed to sell them pizzas at a discount, which the students can then resell to families in the local community for a profit. it is expected that of the 500 families in the community, at most 70% will buy pizza. based on a survey of their personal preferences, the students believe that they should order no more than 120 cheese pizzas, no more than 150 pepperoni pizzas, and no more than 100 vegetarian pizzas. they also want to make sure that at least 20% of the total pizzas are cheese and at least 50% of the pizzas are pepperoni. they make a profit of $1.45, $1.75, and $1.98, respectively, for each cheese, pepperoni, and vegetarian pizza they resell. how many pizzas of each type should they buy?

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The following events occurred for Johnson Company:

(a) Received investment of cash by o...

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