alexmoy45p8yd7v
23.12.2021 •
Business
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances:
Accounts Debits Credits
Cash $15,000
Accounts Receivable 7,000
Supplies 3,000
Equipment 10,000
Accumulated Depreciation $3,000
Salaries Payable 5,000
Common Stock 20,000
Retained Earnings 7,000
Totals $35,000 $35,000
The following is a summary of the transactions for the year:
1. March 12 Provide services to customers, $50,000, of which $20,000 is on account.
2. May 2 Collect on accounts receivable, $17,000.
3. June 30 Issue shares of common stock in exchange for $5,000 cash.
4. August 1 Pay salaries of $5,000 from 2020 (prior year).
5. September 25 Pay repairs and maintenance expenses, $12,000.
6. October 19 Purchase equipment for $7,000 cash.
7. December 30 Pay $1,000 cash dividends to stockholders.
The following information is available for the adjusting entries.
Accrued salaries at year-end amounted to $21,000.
Depreciation for the year on the equipment is $4,000.
Office supplies remaining on hand at the end of the year equal $1,000.
Requried:
Record each of the summary transactions listed above.
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Ответ:
1. What stock did you buy?
Apple Inc.
2. Why did you think buying this stock would be a good idea?
Apple products are becoming more and more popular everday. The company is always
introducing new and exciting devices. I knew it would be a safe choice to invest in.
3. How much would you have made or lost on an investment of $1,000?
I would have made $105
Hint: First find out how many shares you could've bought one year ago by dividing $1,000
by the price of the stock one year ago today. You may have to estimate the stock price
from the graph. Round the number of shares to the nearest whole number. Then, find out
the current value of your shares by multiplying the number of shares you bought by the
price of the stock today. Compare that to your initial investment of $1,000.
3. Could you have made more money by selling sooner?
Yes on October 3rd, 2018 it was at its peak for the year