User Account

All Pages

Nbspthe following events occurred during the first month of

Assignment Help Financial Accounting
Reference no: EM13378272

 

The following events occurred during the first month of operations for XYZ Ltd., a company specialised in providing carburetors to automobile manufacturers.

Date Event
Jan. 1st The shareholders invested £300,000 in cash, land worth £100,000 and a building worth £250,000 in exchange for common shares.
Jan. 2nd In order to develop a research facility, XYZ acquired computer equipment for £175,000. The purchase price was paid 20% in cash and the remaining on a note.
Jan. 4th XYZ issued an advertisement in the newspaper in order to recruit a research lab specialist. The ad will run throughout the month and will cost £1,500. The invoice was received on the 15th of the month.
Jan. 31st The research specialist worked for the last two weeks of the month. His salary of £5,500 was paid on the last day of the month.
Jan. 31st The company started shipping products during the last week of the month. During that period, sales amounted to £265,000, all received in cash except for £15,000 which was sold on account.
Jan. 31st At the end of the month, XYZ received a bill from My Telecomm Ltd for its telephone, Internet and cell phone charges. The total of the invoice amounts to £750 to be paid by the end of the following month. In addition, the company paid the newspaper company for the advertisement services provided.
Jan. 31st To ensure the survival of the company in case of an incident, the company prepaid £5,000 for an annual insurance policy with coverage starting at the beginning of the following month.
Jan. 31st Given the success of the company, the board of directors declared and paid a dividend of £15,000.

Complete the following:

Prepare the journal entries for the current month. Do not prepare any entries for transactions that relate to the following month.

Reference no: EM13378272

Questions Cloud

At the end of each year a self-employed person deposits : at the end of each year a self-employed person deposits 1500 in a retirement account that earns 10 percent annually.a
Arb corporation acquired 25 percent of tee corporations : arb corporation acquired 25 percent of tee corporations outstanding common stock on october 1 for 600000. a summary of
Suppose that most people will not speed if the expected ne : suppose that most people will not speed if the expected ne is greater than 200. given current police practices the
Kyle is an english phd student there is some chance he will : kyle is an english phd student there is some chance he will get a prestigious university job that will pay him
Nbspthe following events occurred during the first month of : nbspthe following events occurred during the first month of operations for xyz ltd. a company specialised in providing
Assume that a leader country has real gdp per capita of : assume that a leader country has real gdp per capita of 40000 whereas a follower country has real gdp per capita of
On june 10 easy repair service extended an offer of 95000 : on june 10 easy repair service extended an offer of 95000 for land that ha been priced for sale at 118 500. on august 2
Consider the indirect utility functionvp1 p2 m m p1 p2a : consider the indirect utility functionvp1 p2 m m p1 p2a. derive the marshallian demand functions.b. what is the
Track town co had the following transactions involving : track town co. had the following transactions involving intangible assetsjan. 1 purchased a patent for leather soles

Reviews

Write a Review

Financial Accounting Questions & Answers

  Prepare journal entries - straight line method

The semiannual interest payment dates are September 1 and March 1. Using the straight line method and ignoring year end accruals, prepare journal entries

  What conditions must exist for them to be excluded entirely

If the preferred shares remain outstanding, what conditions must exist for them to be excluded entirely from the computation of basic earnings per share?

  What process followed for preparing consolidated statement

The income statement and the balance sheet are produced using a worksheet, but a consolidated statement of cash flows is not. What process is followed for preparing a consolidated statement of cash flows?

  Evaluate the overhead assigned to each product using abc

Determine the overhead assigned to each product using the traditional cost system. Evaluate the overhead assigned to each product using ABC

  Explain capture theory in your own words

Explain capture theory in your own words. Predict, from the perspective of capture theory, who may ultimately benefit from the introduction of such regulation.

  Statement of cash flows using the indirect method

Indicate by using the appropriate code letter, how the item should be reported in the statement of cash flows, using the indirect method.

  Illustrate what effect on income should be reported

Goofy reclassified this investment as trading securities in December of 2006 when the market value had risen to $162,000. Illustrate what effect on 2006 income should be reported by Goofy for the Crazy Co. shares?

  Create a correct income statement beginning with income

loss on disposal of discontinued music division $20,000. The income tax rate is 40%. Create a correct income statement, beginning with income before income taxes

  Problem on august 31 2010 a company purchased 10000 shares

problem on august 31 2010 a company purchased 10000 shares of stock for 30 per share. management recorded the stock in

  Question1explain the situation facing mensa at the time of

question1.explain the situation facing mensa at the time of the case. this should include the major issues facing the

  Illustrate what are the costs and benefits of alternative

Illustrate what are the costs and benefits of the alternatives available to Division A and Division B with respect to the transfer of Division A's product? Assume that Division A can market all that it can produce.

  My-best weight co offers personal weight reduction

my-best weight co. offers personal weight reduction consulting services to individuals. after all the accounts have

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