Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1) Jan 1 The JW-Corp authorized 1,000,000 shares of $1 par value stock. 2) Jan 1 The JW-Corp Issued 60,000 shares of Common stock for

1) Jan 1 The JW-Corp authorized 1,000,000 shares of $1 par value stock. 2) Jan 1 The JW-Corp Issued 60,000 shares of Common stock for $10 each. 3) Jan 1 The JW-Corp Issued 800 bonds for $1,000 each. a) Face Value of $1,000, Due in Ten Years at 6% Interest Payable every Dec 31st) 4) Jan 5 The JW-Corp Bought 400 Bikes for $70 each, with a check. 5) Jan 10 The JW-Corp Bought 400 Bikes for $90 each, on account. 6) Jan 15 The JW-Corp paid January Rent in the Amount of $15,000 with a Check. 7) Jan 20 The JW-Corp Sold 600 Bikes to the Gilroy Bike Shop for $200 each, with $50,000 Cash Now and the remainder on account. FYI The JW-Corp uses a Perpetual FIFO Inventory system 8) Jan 24 The JW-Corp paid Jan Salaries of $11,000 with checks. 9) Jan 25 The JW-Corp Bought Back 4,000 shares of Common stock for $6 each 10) Jan 31 The JW-Corp Recorded One month of Interest Payable on the Bonds 11) Jan 31 the JW-Corp Paid Dividends of $.50 Cents per share to All Outstanding Shareholders. 50) Compute the Gross Profit for the Month =___________________________________________________________ 51) Compute the Net Income for the Month =___________________________________________________________ 52) Compute the Ending Retained Earnings Balance=___________________________________________________ 53) Compute The Ending Cash Balance =_____________________________________________________________ 54) Compute The Ending Inventory Dollar Balance =________________________________________________________ 55) Compute the Number of Common Stock Shares Issued as of Month End =____________________________________ 56) Compute the Number of Common Stock Shares Outstanding as of Month End = ________________________________ 57) Compute the Ending Total Assets Amount = ___________________________________________________________ 58) Compute the Ending Total Liabilities Amount = __________________________________________________________ 59) Compute the Ending Total Owners Equity Amount = ______________________________________________________ 60) Compute the Ending Total Liabilities and Owners Equity Amount

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting And Causal Effects Econometric Challenges

Authors: Douglas A Schroeder

1st Edition

1441972242, 9781441972248

More Books

Students also viewed these Accounting questions