Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Cullumber Corp. had the following transactions in its first month of operations: 1. On incorporation, the company had issued 1,000 common shares in exchange for
Cullumber Corp. had the following transactions in its first month of operations: 1. On incorporation, the company had issued 1,000 common shares in exchange for \\( \\$ 14,700 \\) cash and equipment worth \\( \\$ 11,100 \\). 2. Additional equipment costing \\( \\$ 4,100 \\) was purchased for cash. 3. Supplies costing \\( \\$ 540 \\) were purchased for cash. 4. Inventory costing \\( \\$ 5,700 \\) was acquired on account. Later in the month, the company paid half of the amount owed. It will pay the remainder next month. 5. The entire inventory was sold to customers for \\( \\$ 8,500 \\). The company received half of this amount in cash and will receive the remainder next month. 6. By the end of the month, \\( \\$ 100 \\) of the supplies were used up. 7. The equipment was depreciated \\( \\$ 210 \\) for the month. 8. Operating expenses paid in cash during the month were \\( \\$ 1,700 \\). 9. Dividends of \\( \\$ 300 \\) were declared and paid during the month. Calculate the following amounts for the month: (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) i. Sales revenue ii. Cost of goods sold iii. Total expenses other than cost of goods sold \\$ iv. Net earnings or loss \\( \\$ \\) \\( \\$ \\) \\( \\$ \\) \\( \\$ \\)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started