Show effect of given transaction on the accounting equation

Assignment Help Accounting Basics
Reference no: EM13844785

During 2014, Comstock Company entered into the following transactions.

1. Purchased equipment for $286,176 cash.

2. Issued common stock to investors for $137,590 cash.

3. Purchased inventory of $68,480 on account.

Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes to Stockholders' Equity in the right-hand margin. For Retained Earnings, use separate columns for Revenues, Expenses, and Dividends if necessary. Use Illustration 3-3 (page 110) as a model.

Assets = Liabilities + Stockholders' Equity

Cash +Inventory + Equipment = Accounts Payable + Common Stock + Retained Earnings

Reference no: EM13844785

Questions Cloud

Describe errors in the given paragraph : The following paragraph has been formatted incorrectly according to APA formatting rules. Identify and describe 4 errors in the following paragraph: Smith, Jones, & Terry 2008 investigated the effects of death-qualification on jurors' confidence
The first step to building a workable credit policy : The first step to building a workable credit policy is:
Highly committed to improving customer service quality : A company’s top management is highly committed to improving customer service quality, and proposes that simply finding the cheapest way to hire is not sufficient. Besides costs and retention, what other measures of employee performance would be good ..
Payoff tables and game forms : How do these tools (payoff tables and game forms) help decision Makers to avoid incomplete thinking and over-- inclusive thinking in their judgments?
Show effect of given transaction on the accounting equation : Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes to Stockholders' Equity in the right-hand margin.
Marking down inventory items : Marking down inventory items that don't sell will result in:
Trade credit-the small business owner : When it comes to trade credit, the small business owner:
How the firm should adjust its mix of capital and labor : how the firm should adjust its mix of capital and labor
Why is important for firms to analyze industry environment : Why is it important for firms to analyze the industry environment and how is Michael Porter’s five forces model useful as an analytical tool.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Inventory costs are rising which method fifo lifo or

inventory costs are rising which method fifo lifo or weighted average cost results in the highest net income? which

  Preston concrete is a major supplier of concrete to

preston concrete is a major supplier of concrete to residential and commercial builders in the pacific northwest. the

  Should the company purchase a new kilnrpw is considering

should the company purchase a new kiln?rpw is considering purchasing a new kiln. it currently operates two kilns each

  Assume that output can be produced only using processes a

assume that output can be produced only using processes a and b. process a requires inputs l and k to be combined in

  What is wolfe federal income tax withholding

What is Wolfe federal income tax withholding?

  Question regarding the settlement of the debt

Compute the gain or loss to Mann on the settlement of the debt. Compute the gain or loss to Mann on the transfer of the equipment.

  Which of the following situations best describes a business

which of the following situations best describes a business combination to be accounted for as a statutory merger?both

  Portable enterprises produces two lines of mobile

portable enterprises produces two lines of mobile homesdouble-wide and single-wide. unit cost and revenue data

  The layton company utilizes a process costing system and

the layton company utilizes a process costing system and has only one processing department. the companys ending

  January 1 2010 valuation allowance for trading investments

january 1 2010 valuation allowance for trading investments has a credit balance of 8700. on december 31 2010 the cost

  In order for companies to prepare and issue financial

in order for companies to prepare and issue financial statements their accounting equations debits and credits must be

  Compute the overhead controllable variance

Earth Company expects to operate at 86% of its productive capacity of 52,000 units per month. At this planned level, the company expects to use 26,832 standard hours of direct labor.

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!

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