Question
Swifty Companys tabular analysis at the beginning of October consisted of the following balances: Assets = Liabilities + Stockholders' Equity Retained Earnings Cash + Accounts
Swifty Companys tabular analysis at the beginning of October consisted of the following balances:
Assets | = | Liabilities | + | Stockholders' Equity | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Retained Earnings | |||||||||||||
Cash | + | Accounts Receivable | = | Accounts Payable | + | Common Stock | + | Revenue | - | Expenses | |||
Beg. Bal | $9430 | $600 | $2960 | $7070 |
During October, the company issued additional shares of stock for proceeds of $2090. How would this transaction be recorded in the tabular analysis?
Decrease Cash by $2090 and increase Revenue by $2090.
Increase Cash by $2090 and increase Common Stock by $2090.
Increase Cash by $2090 and decrease Common Stock by $2090.
Increase Accounts Receivable by $2090 and increase Revenue by $2090.
During November, Vaughan Orr invested $270 in a new pet-sitting business, Vaughans Cats. During its first month of operations, Vaughans Cats performed services and billed customer $710, paid $130 for advertising, and collected $630 from customers. Use the following tabular analysis to determine Vaughans Cats Cash balance at the end of November
Assets | = | Liabilities | + | Stockholders' Equity | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Retained Earnings | |||||||||||||
Cash | + | Accounts Receivable | = | Accounts Payable | + | Common Stock | + | Revenue | - | Expenses |
$770
$980
$500
$840
The Wildhorse Company has four plants nationwide that cost $357 million. The current fair value of the plants is $304 million. The plants will be reported as assets at
$714 million.
$357 million.
$304 million.
$608 million.
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