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    "url": "\/study-help\/questions\/mcguire-corporation-began-operations-in-2018-the-company-purchases-computer-4233586",
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    "meta_title": "[Solved] McGuire Corporation began operations in 2 | SolutionInn",
    "meta_description": "Answer of - McGuire Corporation began operations in 2018. The company purchases computer equipment from manufacturers and then sel | SolutionInn",
    "meta_keywords": "mcguire,corporation,began,operations,2018,company,purchases,computer,equipment,manufacturers,sells,retail",
    "question_title_h1": "McGuire Corporation began operations in 2018. The company purchases computer equipment from manufacturers and then sells to retail stores. During 2018, the bookkeeper used a",
    "question_title": "McGuire Corporation began operations in 2018. The company purchases computer equipment from",
    "question_title_for_js_snippet": "McGuire Corporation began operations in 2018  The company purchases computer equipment from manufacturers and then sells to retail stores  During 2018, the bookkeeper used a check register to record all cash receipts and cash disbursements  No other journals were used  The following is a recap of the cash receipts and disbursements made during the year  Cash receipts  Sale of common stock $ 35,000 Collections from customers 260,000 Borrowed from local bank on April 1, note signed requiring principal and interest at 12  to be paid on March 31, 2019 22,000 Total cash receipts $ 317,000 Cash disbursements  Purchase of merchandise $ 165,000 Payment of salaries and wages 58,000 Purchase of office equipment 21,000 Payment of rent on building 7,500 Miscellaneous expenses 8,600 Total cash disbursements $ 260,100 You are called in to prepare financial statements at December 31, 2018  The following additional information was provided to you  Customers owed the company $13,000 at year end  At year end, $25,200 was still due to suppliers of merchandise purchased on credit  At year end, merchandise inventory costing $39,200 still remained on hand  Salaries and wages owed to employees at year end amounted to $3,300  On December 1, $1,200 in rent was paid to the owner of the building used by McGuire  This represented rent for the months of December through February  The office equipment, which has a 10 year life and no salvage value, was purchased on January 1, 2018  Straight line depreciation is used  please help to make an income statement for 2018 and a balance sheet as of December 31, 2018 ",
    "question_description": "<p>McGuire Corporation began operations in 2018. The company purchases computer equipment from manufacturers and then sells to retail stores. During 2018, the bookkeeper used a check register to record all cash receipts and cash disbursements. No other journals were used. The following is a recap of the cash receipts and disbursements made during the year.<\/p> <p> <\/p> <p> <\/p> <p> <\/p> <p> <\/p> <p> Cash receipts: <\/p> <p> <\/p> <p> <\/p> <p> Sale of common stock $ 35,000 <\/p> <p> Collections from customers <\/p> <p> 260,000 <\/p> <p> Borrowed from local bank on April 1, note signed requiring <\/p> <p> <\/p> <p> <\/p> <p> principal and interest at 12% to be paid on March 31, 2019 <\/p> <p> 22,000 <\/p> <p> Total cash receipts $ 317,000 <\/p> <p> Cash disbursements: <\/p> <p> <\/p> <p> <\/p> <p> Purchase of merchandise $ 165,000 <\/p> <p> Payment of salaries and wages <\/p> <p> 58,000 <\/p> <p> Purchase of office equipment <\/p> <p> 21,000 <\/p> <p> Payment of rent on building <\/p> <p> 7,500 <\/p> <p> Miscellaneous expenses <\/p> <p> 8,600 <\/p> <p> Total cash disbursements $ 260,100 <\/p> <p> <\/p> <p> <\/p> <p> You are called in to prepare financial statements at December 31, 2018. The following additional information was provided to you:<\/p> <ol> <li>Customers owed the company $13,000 at year-end.<\/li> <li>At year-end, $25,200 was still due to suppliers of merchandise purchased on credit.<\/li> <li>At year-end, merchandise inventory costing $39,200 still remained on hand.<\/li> <li>Salaries and wages owed to employees at year-end amounted to $3,300.<\/li> <li>On December 1, $1,200 in rent was paid to the owner of the building used by McGuire. This represented rent for the months of December through February.<\/li> <li>The office equipment, which has a 10-year life and no salvage value, was purchased on January 1, 2018. Straight-line depreciation is used.<\/li> <\/ol> <p> <\/p> <p> <\/p> <p>please help to make an income statement for 2018 and a balance sheet as of December 31, 2018. <\/p>",
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        "edition": "5th Edition",
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        "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/649592eaa157d_32303.jpg",
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    "question_posted": "2024-06-28 03:43:39",
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