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Financial and Managerial Accounting- Problem 2.3A Goldstar communications was organized on December-ANSWER KEY (INSTANT DOWNLOAD)

Financial and Managerial Accounting- Problem 2.3A Goldstar communications was organized on December-ANSWER KEY (INSTANT DOWNLOAD)
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Financial and Managerial Accounting (The basis for Business Decisions) 15th Edition Jan Williams, Sue Haka, Mark Bettner, Joseph Carcello

 

Problem 2.3A Goldstar communications was organized on December 1 of the current year and had the following account balances at December 31, listed in the tabular form: Assets = Liabilities + Owners’ Equity Cash + Land + Building + Office Equipment = Notes Payable + 37,000 95,000 125,000 51,250 80,000 Accounts Payable+ Capital Stock 28,250 200,000 Early in January, the following transactions were carried out by Goldstar communications: 1. Sold capital to owners for $35,000 2. Purchased land and a small office building for a total price of $90,000, of which $35,000 was the value of the land and $55,000 was the value of the building. Paid $22,500 in cash and signed a note payable for the remaining $67,500. 3. Bought several computer systems on credit for $9,500 (30 day open account) 4. Obtained a loan from Capital Bank in the amount of $20,000. Signed a note payable . 5. Paid the $28,250 account payable due as of December 31. Instructions: A. List the December 31 balances of assets, liabilities, and owners' equity in the tabular form as shown. B. Record the effects of each of the five transactions in the format of expanded accounting equation.

 

FILE: MS WORD

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