User Account

All Pages

Record the events in the financial statements model below

Assignment Help Finance Basics
Reference no: EM13480412

Scott Company is a merchandising business that was started in 2012. Scott uses the perpetual inventory system. It experienced the following events during 2012.

1. Acquired $25,000 cash by issuing common stock
2. Purchased inventory on account that cost $14,000, terms 2/10, n/30
3. Sold inventory that had cost $8,400 for $15,000 cash
4. Paid for the merchandise referred to in event 2, within the discount period

Required:

1) Record the events in the financial statements model below; include column totals.
2) Prepare an income statement for 2012.
3) What is the amount of total assets at the end of 2012?

Reference no: EM13480412

Questions Cloud

Ending liabilities are 67000 beginning equity was 87000 : ending liabilities are 67000 beginning equity was 87000 common stock sold during year totaled 31000 expenses for the
A change in the method of accounting for leases for tax : various types of accounting changes can affect the financial statements of a business enterprise differently. assume
You are a managing partner of a prestigious investment : you are a managing partner of a prestigious investment counseling firm that specializes in individual rather than
Fast delivery is a small company that transports business : fast delivery is a small company that transports business packages between new york and chicago. it operates a fleet of
Record the events in the financial statements model below : scott company is a merchandising business that was started in 2012. scott uses the perpetual inventory system. it
Your brother is short on cash and cannot pay his rent this : 1. your brother is short on cash and cannot pay his rent this month. you pay his rent for him. is this taxable income
Answer in dollars and assuming there is sufficient cash : total market value of a company 60million. during the year company plans to invest 30mil in new projects. based on the
The may 31 2012 balance per bank statement for upton : the may 31 2012 balance per bank statement for upton company was 7200. the cash balance per books was 9500.
Investing in real estate does present some opportunity for : investing in real estate does present some opportunity for the creation of wealth much like any other investment does.

Reviews

Write a Review

Finance Basics Questions & Answers

  Computation of earnings before interest and taxes

Computation of earnings before interest and taxes based on sensitivity analysis and the fixed and variable cost estimates are considered accurate within a plus or minus 6% range

  Charging different groups of customers different prices

Determine the purpose of charging different groups of customers different prices? Provide the three broad examples in the Last Word with two additional examples of your own.

  What is a project finance loan

What is a project finance (PF) loan? What role does a stand-alone company play in the typical project finance deal?

  The bond has the coupon rate of 480 percent paid annually

dinero bank offers you a 59000 four-year term loan an annual interest rate of 7 percent. what will your annual loan

  Evaluate the total patient revenue for february

Evaluate the following values: Total patient revenue for February, collection of February charges in February

  Explain what is the npv of the project

There is no change expected in the other working capital components. The discount rate is 8% and What is the NPV of the project?

  What was the cash flow from operating activities

what was the cash flow from operating activities?

  What is your total dollar return on this investment

Six months ago, you purchased 1,900 shares of ABC stock for $25.24 a share. You have received dividend payments equal to $0.40 a share. Today, you sold all of your shares for $27.52 a share. What is your total dollar return on this investment?

  How much will this style of television cost in three years

The current price on a 60 inch flat panel lcdhd teleisionis $2300. Big screen televisions have dropped at an average rate of 9% per year in recent years. If you expect this trend to continue, how much will this style of television cost in three ..

  Cpa or cfa designations

With the proliferation of corporate takeovers, leveraged buyouts, and restructuring in the United State, it would seem that CFO hold the keys to executive wisdom.

  Triumph company has total assets worth 6413228 next year it

1.planning models that are more sophisticated than the percent of sales method have2.firms that achieve higher growth

  Prepare a 20x8 consolidated income statement

Assume that Go-med is a joint venture owned by Insure and four other venturers, that the acquisition differentials are valid, and that it has not yet adopted IFRS 11: Joint Arrangements.  Prepare a 20X8 consolidated income statement for Insure using ..

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