Business, 23.09.2020 19:01 Karate5650

M. E. Carter launched a professional services firm on March 1. The firm will prepare financial statements at each month-end. In March (its first month), Carter executed the following transactions. 1. Prepare an income statement for Carter Company for the month of March.
2. Enter the effects of each of the transactions a through g using the financial statement effects template.
A. Carter (owner) invested in the company, $100,000 cash and $20,000 in property and equipment. The company issued common stock for Carter.
B. The company paid $3,200 cash for rent of office furnishing and facilities for March
C. The company performed services for clients and immediately received $4,000 cash earned.
D. The company performed services and sent a bill for $24,000 with payment due within 60 days
E. The company compensated an office employee with $4,800 cash as salary for March
F. The company received $10,000 cash as partial payment on the amount owed from clients in transaction d).
G. The company paid $935 cash in dividends to Carter (owner).

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 16:30

Achecklists should be based on past

Answers: 1

Answer

Business, 21.06.2019 18:20

Saeed needs money to purchase tools, basic office supplies, parts to refurbish equipment, accounting software, and legal fees. believing saeed's business will be a success, an investor invests $5,000 to saeed open his business. in return, saeed agrees to repay the investor the $5,000 plus 17 percent of the profits of the business. calculate the return on investment for the investor if saeed's business makes $7,000 in profit as a total return of the business in its first year.

Answers: 1

Answer

Business, 22.06.2019 18:00

Abbington company has a manufacturing facility in brooklyn that manufactures robotic equipment for the auto industry. for year 1, abbingtonabbington collected the following information from its main production line: actual quantity purchased-200 units, actual quantity used-110 units, units standard quantity-100 units, actual price paid-$8 per unit, standard price-$10 per unit. atlantic isolates price variances at the time of purchase. what is the materials price variance for year 1? 1. $400 favorable. 2. $400 unfavorable. 3. $220 favorable. 4. $220 unfavorable.

Answers: 2

Answer

Business, 22.06.2019 19:10

After the price floor is instituted, the chairman of productions office buys up any barrels of gosum berries that the producers are not able to sell. with the price floor, the producers sell 300 barrels per month to consumers, but the producers, at this high price floor, produce 700 barrels per month. how much producer surplus is created with the price floor? show your calculations.

Answers: 2

Answer

You know the right answer?

M. E. Carter launched a professional services firm on March 1. The firm will prepare financial state...

Questions