Entries by Grace Wahito

Jonathan Swiss owns the Sports Watch Repairs Store

February 11, 2020 in /by

Jonathan Swiss owns the Sports Watch Repairs Store. He provides the transactions relating to the month of January this year. January 2          Invested $10,000 cash as well as providing watch repair equipment with a valuation of $4,800 (Hint: Treat watch repair equipment as part of capital.) January 4            Paid first month’s rent of $900 cash January 6            Received $2,500 […]

 

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Pronghorn Furniture Company started construction of a combination office

February 11, 2020 in /by

Pronghorn Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $4,972,800 on January 1, 2017. Pronghorn expected to complete the building by December 31, 2017. Pronghorn has the following debt obligations outstanding during the construction period. Construction loan-10% interest, payable semiannually, issued December 31, 2016$2,019,500 Short-term loan-8% interest, payable monthly, […]

 

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Partial balance sheets and additional information are listed below for Sowell Company

February 11, 2020 in /by

Partial balance sheets and additional information are listed below for Sowell Company.  Sowell Company Partial Balance Sheets as of December 31   2018   2017   Assets             Cash $ 49,000   $ 28,100   Accounts receivable   78,100     94,000   Inventory   49,000     43,100   […]

 

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Following are the income statement and some additional information for Carolina Consulting

February 11, 2020 in /by

Following are the income statement and some additional information for Carolina Consulting Company. Carolina Consulting Company Income Statement For the Year Ended December 31, 2018 Net sales       $ 18,000     Cost of goods sold         (3,100 )   Gross margin         14,900     Operating […]

 

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