ACCT 212 Week 1 Homework (Collection) – Download For Revision

ACCT 212 Week 1 Homework (Collection) – Download For Revision Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, the company reports the follow ...

ACCT 212 Week 1 Homework (Collection) – Download For Revision Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, the company reports the following amounts: Cash $ 1,400 Service revenue $71,200 Equipment 20,500 Cost of goods sold (food 54,100 expense) Accounts payable 2,700 Buildings 23,000 Delivery expense 3,300 Supplies 1,700 Salaries expense 6,200 Salaries payable 700 In addition, the company had common stock of $23,000 at the beginning of the year and issued an additional $2,300 during the year. The company also had retained earnings of $10,300 at the beginning of the year. Required: 1. Prepare the income statement for Longhorn Corporation. 2. Prepare the statement of stockholders’ equity for Longhorn Corporation. 3. Prepare the balance sheet for Longhorn Corporation. Net incomeselected answer correct $7,600selected answe • Required 1 • Required 2 • Required 3 LONGHORN CORPORATION Statement of Stockholders’ Equity For the year ended Dec. 31, 2021 Common Stock Retained Earnings Total Beginning balance $23,000selected answer correct $10,300selected answer correct $33,3 Issuance of common stockselected answer correct 2,300selected answer correct not attempted 2,3 Add: Net incomeselected answer correct not attempted 7,600selected answer correct 7,6 Ending balance $25,300selected answer correct $17,900selected answer correct $43,2 • Dec. 31, 2021 Assets Liabilities Cashselected answer correct $1,400selected answer correct Accounts payableselected answer correct $2,700selected answer correct Equipmentselected answer correct 20,500selected answer correct Salaries payableselected answer correct 700selected answer correct Suppliesselected answer correct 1,700selected answer correct not attempted not attempted Buildingsselected answer correct 23,000selected answer correct not attempted not attempted not attempted not attempted not attempted not attempted Total liabilities 3,400 Stockholders’ Equity Common stockselected answer correct 25,300selected answer correct Retained earningsselected answer correct 17,900selected answer correct not attempted not attempted Total stockholders’ equity 43,200 Total assets $46,600 Total liabilities and stockholders’ equity $46,600 Week 2: Green Wave Company plans to own and operate a storage rental facility. Required: For the first month of operations, the company had the following transactions. For each transaction, describe the dual effect on the accounting equation. For example, in the first transaction, (1) assets increase and (2) stockholders’ equity increases. Transactions 1. Issue 10,000 shares of common stock in exchange for $32,000 in cash. Assets increase and st 2. Purchase land for $19,000. A note payable is signed for the full amount. Assets increase and lia 3. Purchase storage container equipment for $8,000 cash. One asset increases an 4. Hire three employees for $2,000 per month. No effect 5. Receive cash of $12,000 in rental fees for the current month. Assets increase and st 6. Purchase office supplies for $2,000 on account. Assets increase and lia 7. Pay employees $6,000 for the first month's salaries. Assets decrease and st Terrapin Company engages in the following external transactions for November. Required: 1. Purchase equipment in exchange for cash of $21,600. 2. Provide services to customers and receive cash of $6,000. 3. Pay the current month's rent of $1,700. 4. Purchase office supplies on account for $1,900. 5. Pay employee salaries of $2,200 for the current month. Record the transactions. Terrapin uses the following accounts: Cash, Supplies, Equipment, Accounts Payable, Service Revenue, Rent Expense, and Salaries Expense. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. Answer is not complete. No Transaction General Journal Debit Cr 1 1 Equipmentselected answer correct 21,600selected answer correct not att 2 2 Cashselected answer correct 6,000selected answer correct not att 3 3 Rent Expenseselected answer correct 1,700selected answer correct not att 4 4 Suppliesselected answer correct 1,900selected answer correct not att 5 5 Salaries Expenseselected answer correct 2,200selected answer correct not att Consider the recorded transactions below. Debit Credit 1.Accounts Receivable 7,500 Service Revenue 7,500 2.Supplies 1,850 Accounts Payable 1,850 3.Cash 9,300 Accounts Receivable 9,300 4.Advertising Expense 1,000 Cash 1,000 5.Accounts Payable 2,800 Cash 2,800 6.Cash 1,100 Deferred Revenue 1,100 Required: Post each transaction to T-accounts and compute the ending balance of each account. The beginning balance of each account before the transactions is: Cash, $2,500; Accounts Receivable, $3,300; Supplies, $310; Accounts Payable, $2,600; Deferred Revenue, $210. Service Revenue and Advertising Expense each have a beginning balance of zero. So list for #1. In acct rec=debit in this field as a debit, then a credit in the serv. Revenue box Pirates Incorporated had the following balances at the beginning of September. PIRATES INCORPORATED Trial Balance September 1 Accounts Debits Credits Cash $ 5,400 Accounts Receivable 1,400 Supplies 6,500 Land 10,100 Accounts Payable $ 6,400 Notes Payable 1,900 Common Stock 7,900 Retained Earnings 7,200 Totals $23,400 $23,400 The following transactions occur in September. September 1 Provide services to customers for cash, $3,600. September 2 Purchase land with a long-term note for $5,300 from Crimson Company. September 4 Receive an invoice for $390 from the local newspaper for an advertisement that appeared on September 2. September 8 Provide services to customers on account for $4,900. September 10 Purchase supplies on account for $1,200. September 13 Pay $2,900 to Crimson Company for a long-term note. September 18 Receive $3,900 from customers on account. September 20 Pay $790 for September's rent. September 30 Pay September's utility bill of $1,450. September 30 Pay employees $2,900 for salaries for the month of September. September 30 Pay a cash dividend of $1,200 to shareholders. No Date Account Title Debit Credit 1 September 01 Cash 3,600 Service Revenue 3,6 2 September 02 Land 5,300 3 September 04 Advertising Expense 390 4 September 08 Accounts Receivable 4,9 5 September 10 Supplies 1,200 6 September 13 Notes Payable 2,900 7 September 18 Cash 3,900 8 September 20 Rent Expense 790 9 September 30 Utilities Expense 1,450 10 September 30 Salaries Expense 2,900 11 September 30 Dividends 1,200 General Ledger Account Cash Accounts Receivable No. Date Debit Credit Balance No. Date Debit Cred September 01 5,400 September 01 1 September 01 3,600 9,000 7 September 3,900 12,900 18 Supplies No. Date Debit Credit Balance September 01 6,500 5 September 10 1,200 7,700 Accounts Payable No. Date Debit Credit Balance September 01 6,400 Common Stock No. Date Debit Credit Balance September 01 7,900 Dividends No. Date Debit Credit Balance 0 11 September 30 1,200 1,200 Advertising Expense No. Date Debit Credit Balance 0 3 September 04 390 390 No. Date Debit Credit Balance 0 9 September 30 1,450 1,450 PIRATES INCORPORATED Trial Balance September 30, 2018 Account Title Debit Cash 12,900 Accounts Receivable 1,400 Supplies 7,700 Land 15,400 Accounts Payable Notes Payable 1,000 Common Stock Retained Earnings Dividends 1,200 Service Revenue Advertising Expense 390 Salaries Expense 2,900 Utilities Expense 1,450 Rent Expense 790 Total 45,130 •