Better Corp. completed the following transactions during Year 2:

a. Purchased land for $10,500 cash.
b. Acquired $36,000 cash from the issue of common stock.
c. Received $75,000 cash for providing services to customers.
d. Paid cash operating expenses of $40,900.
e. Borrowed $21,000 cash from the bank.
f. Paid a $10,500 cash dividend to the stockholders.
g. Determined that the market value of the land purchased in event 1 is $46,000.

Required:
a. Record the transactions In the approprlate general ledger accounts. Record the amounts of revenue, expense, and dividends In the Retalned Earnings column. Provide the appropriate titles for these accounts In the last column of the table.
b. As of December 31, 2018, determine the total amount of assets, lablities, and stockholders' equity and present this Information In the form of an accounting equation.
c. What is the amount of total assets, liabilities, and stockholders' equity as of January 1, 2019?

Answer:

Better Corp.

a. Journal Entries:

a. Debit Land $10,500

Credit Cash $10,500

To record the purchase of land.

b. Debit Cash $36,000

Credit Common Stock $36,000

To record the issuance of stock for cash.

c. Debit Cash $75,000

Credit Service Revenue $75,000

To record the receipt of cash for services provided.

d. Debit Operating expenses $40,900

Credit Cash $40,900

To record the payment of operating expenses.

e. Debit Cash $21,000

Credit Bank Loan $21,000

To record the borrowing of cash from the bank.

f. Debit Dividends $10,500

Credit Cash $10,500

To record the payment of cash dividend to stockholders.

g. N/A

a2. a. Assets (Land +$10,500 + Cash- $10,500) = Liabilities + Equity

b. Assets (Cash + $36,000) = Liabilities + Equity (Common Stock + $36,000)

c. Assets (Cash $36,000 + 75,000) = Liabilities + Equity (Common Stock $36,000 + Retained Earnings + $75,000) Service Revenue

d. Assets (Cash 111,000 - $40,900) = Liabilities + Equity (Common Stock $36,000 + Retained Earnings $75,000 = $40,900) Operating Expense

e. Assets (Cash $70,100 + $21,000) = Liabilities (Bank Loan + $21,000) + Equity (Common Stock $36,000 + Retained Earnings $34,100)

f. Assets (Cash $91,100 - $10,500) = Liabilities (Bank Loan + $21,000) + Equity (Common Stock $36,000 + Retained Earnings $34,100 - $10,500) Dividends

g. Assets (Cash $80,600) = Liabilities (Bank Loan + $21,000) + Equity (Common Stock $36,000 + Retained Earnings $23,600)

b. Total amount of assets, liabilities, and stockholders' equity as of December 31, 2018:

Total assets $80,600  = Liabilities $21,000 + Equity (Common Stock $36,000 + Retained Earnings $23,600)

c. The amount of total assets, liabilities, and stockholders' equity as of January 1, 2019:

Assets = $80,600

Liabilities = $21,000

Equity = $59,600

Explanation:

The accounting equation is Assets = Liabilities + Equity.  It is the basis of the double-entry system of accounting.  With this equation, every transaction is always recorded twice.

The cost allocation method most widely used because of its accuracy and ability to provide a detailed level of analysis is: Joint product costing. Accounting approach. Activity-based approach. Direct approach. Departmental approach.

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Orientation responsibilities are normally shared between:
of 2
Select one:
a. the HR department and top management.
b. mid- and upper-level executives.
C. coworkers and line managers.
d. the HR department and the new employee's immediate manager.
Clear my choice

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Total Revenues $ 133,000
Operating Expenses 90,700
Cash 31,800
Accounts Receivable 25,500
Supplies 41,100
Accounts Payable 24,500
Common Stock 31,600
No dividends were declared or paid during January.
a. Does Miami Music Corporation have sufficient resources to pay its liabilities?
Yes
No
b. Which financial statement indicates this?
i. Income Statement
ii. Statement of Retained Earnings
iii. Balance Sheet
iv. Statement of Cash Flows

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1. Opened a bank account in the name of SnapShot! and deposited $8,290 of his own money into this account in exchange for common stock.
2. Purchased photography supplies at a total cost of $980. The business paid $390 in cash, and the balance is on account.
3. Obtained estimates on the cost of photography equipment from three different manufacturers.
In what form (type of record) should Joel record these three activities?
Prepare the entries to record the transactions.

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Complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it is binding or nonbinding.
Choices for Price Control is:________.
A. Price ceiling
B. Price floor
Choices for Binding or Not is:_______.
A. Binding
B. Non-Binding
Statement Price Control Binding or Not
There are many teenagers who would like to work at gas stations, but they are not hired due to minimum wage law
___________ ___________
The government prohibits gas stations from selling gasoline for more than $2.70 per gallon
___________ ___________
The government has instituted a legal minimum price of $2.70 per gallon for gasolone.
___________ ___________

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Accounts Amounts Cash
received from sale of products to customers 31,500
Çash received from the bank for long-term loan 36,500
Cash paid to purchase factory equipment (41,500)
Cash paid to merchandise suppliers (10,300)
Cash received from the sale of an unused warehouse 11,300
Cash paid to workers (22,300)
Cash paid for advertisement (2,300)
Cash received for sale of services to customers 21,500
Cash paid for dividends to stockholders (4,300)
Assume the balance of cash at the beginning of the period is $3,300.
Required: 1.
Calculate the ending balance of cash. Ending balance

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2) File a motion for a judgment notwithstanding the verdict
3) Motion that the court nullify the verdict based on res judicata(no this has to do with not refiling the case)
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A. 2.23 percent
B. 4.46 percent
C. 3.22 percent
D. 2.86 percent
E. 4.61 percent

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Compute earnings per share data as it should appear in the 2020 income statement of Wildhorse Corporation. (Round answers to 2 decimal places, e.g. 1.48.)
Earnings Per Share
$
$

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