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Rhaman Company had the following transactions in its first month of operations: 1. On incorporation, the company had issued 8,600 common shares in exchange for
Rhaman Company had the following transactions in its first month of operations:
1. | On incorporation, the company had issued 8,600 common shares in exchange for $7,800 cash and office furniture and equipment worth $800. | |
2. | Additional equipment costing $3,100 was purchased for cash. | |
3. | Supplies costing $400 were purchased for cash. | |
4. | Inventory costing $3,900 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 $6,200. The company received half of this amount in cash and will receive the remainder next month. | |
6. | By the end of the month, $300 of the supplies were used up. | |
7. | The equipment was depreciated $80 for the month. | |
8. | Operating expenses paid in cash during the month were $1,500. | |
9 | Dividends of $200 were declared and paid during the month. |
Calculate the following amounts for the month:
i. | Sales revenue | $ 6,200 | ||
ii. | Cost of goods sold | $ | ||
iii. | Total expenses other than cost of goods sold | $ | ||
iv. | Net Income / (Loss) | $ |
Calculate the following amounts as at the end of the month:
i. | Cash on hand | $ | ||
ii. | Total assets other than cash | $7,020 | ||
iii. | Total Liabilities | $1,950 | ||
iv. | Share capital | $ 8,600 | ||
v. | Retained earnings | $ |
Need help filling in the rest of the amounts
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