Reference no: EM131811293
Question - Tex Holcomb began Rodeo Clowns as a corporation and completed these transactions during October of the current year:
Oct 1 Invested $50,000 cash of from his personal checking account into the newly created business. Tex received common stock.
Oct 3 Purchased some office supplies for $500 cash.
Oct 4 Rented office space for the company and paid the landlord $1,200 cash for the month.
Oct 5 Purchased some office equipment for $15,000. He paid $5,000 cash on this date and agreed to pay the balance due within 12 months.
Oct 9 Provided $4,000 of services to a client who paid cash to the company on this date.
Oct 11 Provided $2,000 of services to another client on account. The client will pay the company within 30 days.
Oct 22 Paid monthly utility bill of $200.
Oct 25 Received the $2,000 cash from the client for the services that were provided on Oct 11.
Oct 30 Paid the company's office manager's salary of $1,500 with cash.
Oct 31 Paid a cash dividend of $1,000 on this date.
Show the effects of the above transactions on the accounting equation (impact on total assets, total liabilities, and total equity) of Rodeo Clowns. Use the following format for your answers. The first item is shown as an example of how you should respond.
|
Discuss charge of general ledger accounting
: Ethics Case You are the assistant controller in charge of general ledger accounting at Linbarger Bottling Company
|
|
How much total tax could be saved
: If Ruby reduces her salary to $40,000 and takes an additional $40,000 as a distribution, how much total tax could be saved
|
|
What price should this bond trade? today
: The yield on the bond issue is 6.4?%. At what price should this bond trade? today, assuming a face value of ?$1,000??
|
|
Write a cover letter to accompany your resume
: Write a cover letter to accompany your resume. Post your cover letter and resume to the Doc Sharing area of the course, so that your colleagues can review.
|
|
Show the effects of the gvien transactions
: Show the effects of the above transactions on the accounting equation (impact on total assets, total liabilities, and total equity) of Rodeo Clowns
|
|
What steps should he take to ensure the company retains
: What steps should he take to ensure the company retains, stores, and disposes of payroll records properly
|
|
Identify three areas in which you need to grow
: Identify three areas in which you need to grow, based on your self-assessments, in order to be more effective in your work as a child development professional.
|
|
Frank was terminated for cause from pineland industries
: Frank was terminated for cause from Pineland Industries in Georgia. As of the date of his termination, he had accrued 24 hours of vacation and 15 hours of sick
|
|
Judy recently purchased her first home
: She financed the balance over 15 years at 5 % interest. Her first payment is due October 1 of this year. How much interest will she pay this year?
|