Question : 207. Several transactions listed below, with the accounting equation stated to : 1239519

 

207. Several transactions are listed below, with the accounting equation stated to the right side of each. Use the following identification codes to indicate the effects of each transaction on the accounting equation. Write your answers in the space provided under the accounting equation. You need an identification code for each element of the accounting equation. An example is given before the first transaction. 

I-Increase

D-Decrease

NE-No Effect

 

 

 

 

 

 

 

 

 

 

Stockholders’

 

 

Assets 

=

Liabilities

+

Equity 

Example

John Smith invests in a new business by purchasing $3,500 of capital stock.

       I    

 

    NE   

 

       I    

A)

Cash sales are made.

              

 

              

 

                

B)

Equipment is purchased on credit.

               

 

              

 

                

C)

Payment is made for the equipment purchased on credit in (B).

               

 

              

 

                

D)

The company sold excess supplies to another company on credit.

               

 

              

 

                

E)

Cash is collected from customers for accounts receivable balances.

               

 

              

 

                

 

 

 

 

 

 

 

       

 

 

 

 

 

208. Journalize the  five transactions for Mirmax Rentals described below. 

 

August   1

Mirmax purchases two new saws on credit at $425 each.  The saws are added to Mirmax’s rental inventory.  Payment is due in 30 days.

 

 

 

 

8

Mirmax accepts advance deposits for tool rentals of $125 that will be applied to the cash rental when the tools are returned.

 

 

 

 

15

Mirmax receives a bill from Macon Utility Company for $180.  Payment is due in 30 days.

 

 

 

 

20

Customers are charged $1,250 by Mirmax for tool rentals.  Payment is due from the customers in 30 days.

 

 

 

 

31

Mirmax receives $600 in payments from the customers that were billed for rentals on August 20.

 

 

 

 

 

 

 

 

 

 

209. Journalize the following five transactions for Nexium & Associates, Inc.  Omit explanations.  

 

Mar.   1

Bills are sent to clients for services provided in February in the amount of $800.

 

 

 

 

   9

Corner Office, Inc. delivers office furniture ($1,060) and office supplies ($160) to Nexium leaving an invoice for $1,220.

 

 

 

 

15

Payment is made to Corner Office, Inc. for the furniture and office supplies delivered on March 9.

 

 

 

 

23

A bill for $430 for electricity for the month of March is received and will be paid on its due date in April.

 

 

 

 

31

Salaries of $850 are paid to employees.

 

 

 

 

 

 

 

 

 

 

 

 

 

210. McMann Company has condensed income statements as follows: 

 

2011

2010

Sales

$178,400

$162,500

Wage expenses

100,000

92,500

Rent expenses

33,000

30,000

Utilities expenses

30,000

25,000

Total operating expenses

163,000

147,500

Net income

15,400

15,000

 

 

 

REQUIRED:Prepare a horizontal analysis of McMann Company’s income statements. Comment on the trends, both favorable and unfavorable. 

 

 

 

 

 

211. Georgia Company has condensed income statements as follows: 

 

2011

2010

Sales

$158,400

$162,500

Wage expenses

80,000

92,500

Rent expenses

28,000

30,000

Utilities expenses

30,000

25,000

Total operating expenses

138,000

147,500

Net income

20,400

15,000

 

 

 

REQUIRED:Prepare a horizontal analysis of Georgia Company’s income statements. Comment on the trends, both favorable and unfavorable. 

 

 

 

 

 

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more