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please help solve all parts Riley Company began operations on August 1,2026 and entered into the following transactions during 2026: 1. On August 1, Riley
please help solve all parts
Riley Company began operations on August 1,2026 and entered into the following transactions during 2026: 1. On August 1, Riley Company sold common stock to owners in the amount of $60,000 and borrowed $48,000 from a local bank on a 10 -month, 10% note payable. 2. On August 14, Riley Company purchased inventory for $42,000 cash. 3. On September 1, Riley Company purchased a 3-year insurance policy for $27,000 cash. 4. On September 19, Riley Company purchased land for $30,000 cash. 5. On October 28 , Riley Company sold two-thirds of the inventory that was purchased on August 14 to a customer for $62,000 cash. 6. On December 3, Riley Company sold the land that was purchased on September 19 for $19,000 cash. 7. On December 31, Riley recorded all necessary adjusting entries. Calculate the amount of total assets reported in Riley Company's December 31, 2026 balance sheet after all of the above transactions have been recorded and posted. During the past few years, Joseph Company has taken out the following loans from the bank: 1. On June 1,2026 , Joseph Company borrowed $60,000 on a 13%,10-month note payable 2. On March 1, 2026, Joseph Company borrowed $39,000 on a 14%,5-month note payable 3. On April 1, 2027, Joseph Company borrowed $63,000 on a 12%,8-month note payable 4. On July 31,2027 Joseph Company borrowed $51,000 on an 8%, 9-month note payable Calculate the total amount of interest expense related to these four loans that Joseph Company would report in its 2027 income statement. Riley Company began operations on August 1,2026 and entered into the following transactions during 2026: 1. On August 1, Riley Company sold common stock to owners in the amount of $60,000 and borrowed $48,000 from a local bank on a 10 -month, 10% note payable. 2. On August 14 , Riley Company purchased inventory for $42,000 cash. 3. On September 1, Riley Company purchased a 3-year insurance policy for $27,000 cash. 4. On September 19, Riley Company purchased land for $30,000 cash. 5. On October 28 , Riley Company sold two-thirds of the inventory that was purchased on August 14 to a customer for $62,000 cash. 6. On December 3 , Riley Company sold the land that was purchased on September 19 for $19,000 cash. 7. On December 31, Riley recorded all necessary adjusting entries. Calculate the amount of total expenses reported in Riley Company's 2026 income statement after all of the above transactions have been recorded and posted Step by Step Solution
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