User Account

All Pages

Problem regarding the contributed capital

Assignment Help Finance Basics
Reference no: EM131413018

On January 1, 2015, Fast Track, Inc. was started with $30,000 invested by the owners as contributed capital.

On December 31, 2015, the accounting records contained the following amounts:

Accounts Payable

$1,800

Dividends Declared and Paid

$1,900

Accounts Receivable

2,200

Office equipment

25,000

Accumulated Depreciation

500

Office supplies

1,750

Cash

10,000

Office supplies expense

600

Consulting fees revenue

19,200

Rent expense

2,400

Common stock

30,000

Salary expense

6,900

Depreciation expense

500

Telephone expense

250
  1. The Company also estimates that it will have to pay income tax expense of $550.
  2. The Company has 100,000 shares of common stock outstanding.
  3. Prepare an income statement at December 31, 2015 for the first year of Fast Track's operation in proper form. Be sure to include income tax expense and earnings per share.

Reference no: EM131413018

Questions Cloud

Interest rate risk than are banks : Are savings institutions likely to be more or less exposed to interest rate risk than are banks? Explain your answer.
Identify the intellectual property implications in scenario : Identify the intellectual property implications in this scenario. Identify ethical dilemma faced by Acme, and dilemma faced by Beta. Use two ethical frameworks to discuss the recommended course of action by both companies.
Translate argument into symbolic form- fossil fuel : Translate the following arguments into symbolic form.- If fossil fuel combustion continues at its present rate, then a greenhouse effect will occur.
Determine the complexity classes of the algorithms : Examining an array of Points to see how many trios of points are colinear-that is, how many groups of three points could be connected by a straight line
Problem regarding the contributed capital : On January 1, 2015, Fast Track, Inc. was started with $30,000 invested by the owners as contributed capital. On December 31, 2015, the accounting records contained the following amounts:
Reasonable accommodating and work-life conflicts : Determine two (2) work-life challenges that either military personnel (e.g., Reserve and National Guard, etc.), individuals with accents or English fluency concerns, or gays / lesbians may face within any organization. Examine at least two (2) emp..
Write a paper about tesla versus google : Write a paper about Tesla versus Google. Approximately 6-8 pages single-spaced containing an in-depth description of the competitive environment, scenario analyses, and recommendations.
Translate arguments into symbolic form - riverbeds on mars : Translate the following arguments into symbolic form.- If there are dried-up riverbeds on Mars, then water once flowed on the Martian surface. There are dried-up riverbeds on Mars. Therefore, water once flowed on the Martian surface.
Discuss about the data analysis and interaction design : The collection of usability data from consumers can come from a variety of format methods (i.e., a Website, text message, door-to-door, phone call, etc.). NVivo and Atlas are two (2) well-known data analysis tools described in the textbook. Determ..

Reviews

Write a Review

Finance Basics Questions & Answers

  Consider a discount bond with a face value

Consider a discount bond with a face value of $500 and a maturity date of January 1, 2019.a.  Suppose that on January 1, 2016, when the market's (nominal) yield to maturity is 6.0 percent per year, you buy the bond at price P1. What will P1 be?

  Computation of value or price of the stock

Computation of value or price of the stock thus the company will maintain that dividend growth

  Calculate the dividend payout and dividend yield

1. Report the dividend payments over the last three years 2. Calculate the dividend payout and dividend yield

  Identify the business plan you selected and state why you

visit the bplans website to review one 1 of the following business plans franchise sandwich shop business plan pizzeria

  Radio shack sells a 32gb flash drive weekly demand for the

radio shack sells a 32gb flash drive. weekly demand for the 32gb flash drive in one of their stores is poisson

  List four concepts two from the video and two from article

List and describe four concepts -- two from the video and two from the article -- that we covered in class that were discussed in detail in the materials.

  Determine share of the market

Video Concepts, Corporation markets video equipment and film through a variety of retail outlets. Presently, VCI is faced with a decision as to whether it should obtain the distribution rights to an unreleased film titled Touch of Orange.

  Analyze the capital asset pricing model

Analyze the Capital Asset Pricing Model (CAPM). Using the course text and an article from ProQuest as references, address the following:

  Concepts of net present value and shareholder wealth

The market response to this action was immediately positive, with the stock price of USX increasing $2.37 to close at $31.25 on the day of the announcement. Why do you think this action by USX was so well received by the stock market?

  The common stock of alpha manufacture

The common stock of Alpha Manufacture has a beta of 1.25 and actual expected return of 10.50%. The risk-free rate of return is 2.0% and market return is 12.30%. what is the current price of the stock?

  Rucci inc is considering a project that would require an

rucci inc. is considering a project that would require an initial investment of 462000 and would have a useful life of

  How much revenue would have to be realized each year

A machine is purchased for $36,000 and will have a market value (salvage value) of $8,000 at the end of its 8 year useful life. If MARR= 9%, how much revenue would have to be realized each year to recover the cost of capital?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd