Info
Warning
Danger
/ Homework Answers / Finance / Question lI Company had the following balances in its accounting records

Question

Question

lI Company had the following balances in its accounting records as of December 31, 2018 Assets Cash Liabilities and Equity 46,000 54,000 31,000 $131,000 Accounts Payable Common Stock $ 28,000 85,000 Accounts Receivable Land Totals $131,000 es The following accounting events apply to Waddell Company's 2019 fiscal year Jan. Feb. 1 Acquired $48,000 cash from the issue of common stock. 1 Paid $5,100 cash in advance for a one-year lease for office space. Mar. 1 Paid a $1,700 cash dividend to the stockholders. April 1 Purchased additional land that cost $31,000 cash. May 1 Made a cash payment on accounts payable of $20,000. ly 1 Received $7,600 çash in advance as a retainer for services to be performed monthly over the coming year. sept. 1 Sold land for $2i,000 cash that had originally cost $21,000. Oct. Dec. 31 Earned $65,000 of service revenue on account during the year. 1 Purchased $1,050 of supplies on account. 31 Received cash collections from accounts receivable amounting to 31 Incurred other operating expenses on account during the year that $61,000. amounted to $10,000 31 Recognized accrued salaries expense of $5,300. 31 Had $130 of supplies on hand at the end of the period. 31 The land purchased on April 1 had a market value of $36,000. 31 Recognized $122 of accryed interest revenue

Solution
5 (1 Ratings )

Solved
Finance 3 Months Ago 29 Views
This Question has Been Answered!
Premium Content -

Unlimited Access

Explore More than 2 Million+
  • Textbook Solutions
  • Flashcards
  • Homework Answers
  • Documents
Signup for Better Grades!

Ask an Expert

Our Experts can answer your tough homework and study questions
217143 Finance Questions Answered!
Post a Question

Welcome Back!

ScholarOn has more then 20 Million answers, flashcards & more being added everyday!

or
Forgot?
Login
Don't have an account? Signup

Join ScholarOn

ScholarOn has more then 20 Million answers, flashcards & more being added everyday!

or
Signup
By registering, I agree to the Terms and Privacy Policies
Already have an account? Log in

Verify Your Email

Check your inbox & click on the link to activate your account.

Resend Email
Verification Mail Send Successfully. Please Check Your Email.

Forgot Password

Please enter your registered email to recieve the password reset link.

Send reset link
Already have an account? Log in
Did you know?

ScholarOn has more than 2 Million+ answers, textbook solutions & flashcards. Explore Now!

Let us boost your grade together!

Get 24/7 homework help from Experts

Let our knowledge be your backup

1

Submit your homework question or assignment

2

Receive a quote & Make the Payment

3

Sit Back & Relax to Earn Better Grades!

Drag files here or Browse your Device

Maximum file size 10MB
17,475 Accounting Questions Answered! Get Answer

We are The Best Because

  • On Time Delivery
  • Plagiarism ReportFree
  • Unlimited RevisionsFree
  • 100% Privacy & Confidential
  • 24/7 Live Chat Support
4.9 (16846 Ratings)
You can communicate directly with your expert until the solution quality is delivered to your complete satisfaction.
Looking for writing help?
Did you know?

ScholarOn has more than 2 Million+ answers, textbook solutions & flashcards. Explore Now!