balance sheet, Accounting Basics

Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $49,000 cash to start the business and received 4,000 shares of stock. The store completed its first year of operations on December 31, 2009. On that date, the following financial items for the year were determined: December 31, 2009, cash on hand and in the bank, $47,500; December 31, 2009, amounts due from customers from sales of books, $26,900; property and equipment, $48,000; December 31, 2009, amounts owed to publishers for books purchased, $8,000; one-year note payable to a local bank for $2,850. No dividends were declared or paid to the stockholders during the year.
Posted Date: 8/31/2012 6:03:12 PM | Location : United States







Related Discussions:- balance sheet, Assignment Help, Ask Question on balance sheet, Get Answer, Expert's Help, balance sheet Discussions

Write discussion on balance sheet
Your posts are moderated
Related Questions
what is implication wrongly application of accounting concept#

Purpose To assess your ability to:  •apply REA ontology concepts to an organization  •prepare diagrams for the identification of the flow of data through an organization

How can price inflation effect a university negatively in the future? Like, what are a few things in the university that will be impacted?

The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate tax rate is also high this ye

Q. Basic elements of financial statements? Therefore far we have discussed objectives of financial reporting and qualitative characteristics of accounting information. A third


Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy fou

Acid test ratio = 2.5, current ratio = 1.5 net working capital = 10,00,000 fixed assets =? Share holder''s fund = 15,00,000 Stock inventory =? Bank overdraft =? Share capital =

explain the separate set of books method for maintaining joint venture accounts

The injection molding department of a company uses an average of 30 gallons of special lubricant a day. The supply of the lubricant is replenished when the amount on hand is 170 ga