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A company had the following sequential transactions during its FIRST year of operations: 1)  Issued 1,000 shares of $2 par value stock for $12 per share. 2)  Repurchased 100 shares of stock at $10 per share. 3)  Paid dividends of $1 per share. 4)  Had $1,500 in net income. What is the total balance in equity as a result of these events?  

The difference between sales revenue and cost of good sold is referred to as

Company A had the following events during 2021: 1)  Purchased a new piece of equipment for $20,000 2)  Issued stock for $12,000 3)  Borrowed $6,000 from a local bank 4)  Sold an old machine for $2,000 (there was no gain or loss on the sale) 5)  Repaid an old loan of $2,000 What is the cash flow from investing activities as a result of these events?  

If you needed $5,000 in 5 years and the annual interest rate was 8%, how much would you have to invest today to have the $5,000 in 5 years? (assume interest is compounded annually and round your answer to the nearest dollar)?

Company A borrows $100,000 from Company Z on July 1, 2021.  The loan is a 1 year loan with repayment due on June 30, 2022.  The annual interest rate for the loan is 12%.     Assuming the appropriate adjusting entry was made by Company A on December 31, 2021 to record the interest expense for the first 6 months of the loan, what is the entry that Company A makes on June 30, 2022 to reflect the payment to Company Z when the loan becomes due (assume no other entries have been made in 2022)?

A company had the following sequential transactions during the year : 1)  Issued 1,000 shares of $2 par value stock for $12 per share. 2)  Repurchased 100 shares of stock at $10 per share. 3)  Paid dividends of $1 per share. 4)  Had $1,500 in net income. What is the balance in retained earnings at the end of the year?

A company issues a bond when the market interest rate is less than the stated interest rate on the bond.  What is the entry for such an issuance?

A company purchases a new forklift on January 1, 2022 and pays cash.  The cost of the forklift is $46,000.  The company expects that they will use the forklift for 6 years and that at the end of 6 years, the forklift will have a salvage value of $16,000.  After two years, the company sells the forklift for $37,000.  Assuming the company utilizes the straight line method for depreciation, what is the gain/(loss) on the sale of the forklift?

A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company’s unadjusted trial balance reported the following selected amounts: Accounts receivable                                 $375,000 debit Allowance for uncollectible accounts               500 debit Net Sales                                                     800,000 credit All sales are made on credit. Based on past experience, the company estimates that 0.6% of net credit sales are uncollectible. What amount should be debited to Bad Debts Expense when the year-end adjusting entry is prepared?

A company had the following purchases and sales during its first month of operations: January 1 Purchased 10 units at $4.00 per unit January 9 Sold 6 units at $12.00 per unit January 17 Purchased 8 units at $5.50 per unit January 27 Sold 7 units at $12.00 per unit Using the Perpetual weighted average method, what is the value of cost of goods sold?  (Round weighted average costs per unit to 2 decimal places.)