The following transactions apply to Bob s Bike Shop for 2016, its first year of operations: 1. Acquired $35,000 cash from the issue of common stock. 2. Acquired $9,600 of merchandise from Bob Hall, the owner, who had acquired the merchandise prior to opening the shop. Issued common stock to Bob in exchange for the merchandise inventory. 3. Purchased $85,000 of inventory on account. 4. Paid $2,800 for radio ads. 5. Sold inventory for $165,000 cash. 6. Paid $28,000 in salary to a part-time salesperson. 7. Paid $65,000 on accounts payable (see Event 3). 8. Physically counted inventory, which indicated that $28,500 of inventory was on hand at the end of the accounting period. a. Record each of these transactions in general journal form using the periodic method. b. Post each of the events to ledger T-accounts and the necessary closing entries at the end of 2016, and post them to the appropriate T-accounts. c. Prepare an income statement, statement of changes in stockholders equity, balance sheet, and statement of cash flows for 2016. d. Prepare e. Prepare a post-closing trial balance.
Explain the difference between fixed-production technology and variable technology. Should the government set a goal of reducing the marginal social cost of pollution to ...Mar 30 2020
You have a portfolio consisting of Intel, GE and Con Edison. You put 20% in Intel, 65% in GE and 15% in Con Edison. Intel, GE and Con Edison have betas of 1.77, 0.87 and ...Aug 29 2020
Determine that you have the making to become an entrepreneur, choose a product you would create and decide whether you would take a slow or fast approach internationalizi...Jun 01 2018
The 1200-lb uniform plate ABCD can rotate freely about the hinge AB. The plate is supported by the cables DE and CE. If the working stress in the cables is 18 000 psi, de...May 13 2020
What is meant by "portfolio" in portfolio analysis? A group of customers with similar needs A collection of products and businesses within a company Agroup of competitors...Aug 27 2020
.The geographic area structure is appropriate for a transnational strategy.12.Many firms phase out the international division structure after their initial stage of overs...Dec 10 2019
A large amount of energy E is suddenly released in the air as in a point of explosion. Experimental evidence suggests the radiusr of the high-pressure blast wave depends ...Mar 28 2020
A housing developer had 835 lots available in 2005 but only 316 in 2015. What was the annual rate of sales of lots over this period? A. 1.02% B. 3.78% C. 9.26% D. 10.20%Aug 10 2020
A council health inspector threatens to close down a restaurant by issuing a fake health violation notice if the owner does not make a financial payment to him. If the r...Jul 07 2020
Why are the Lapps considered nomads asked GeorgeNov 26 2019
Welcome to MyCourseHelp Services, World's leading Academic solutions provider with Millions of Happy Students.