Help me with ACCT 2010 OB Financial Accounting Week 1 Homework

Question - Question 1 
Foster Corp. completed the following transactions during 2013: 
1.Purchased land for $7,500 cash. 
2.Acquired $30,000 cash from the issue of common stock. 
3.Received $69,000 cash for providing services to customers. 
4.Paid cash operating expenses of $41,500. 
5.Borrowed $15,000 cash from the bank. 
6.Paid a $7,500 cash dividend to the stockholders. 
7.Determined that the market value of the land purchased in event 1 is $40,000. 
  
Required: 
a.Recordthetransactionsintheappropriategeneralledgeraccounts.Recordthe    ...Read More         
amountsofrevenue,expense,anddividendsintheRetainedEarningscolumn.Provide            
theappropriatetitlesfortheseaccountsinthelastcolumnofthetable.(Leavenocells                
blank ­ be certain to select "NA" wherever required.) 
b.AsofDecember31,2013,determinethetotalamountofassets,liabilities,and              
stockholder’s equity and present this information in the form of an accounting equation. 
c.Whatistheamountoftotalassets,liabilities,andstockholders’equityasofJanuary               
1, 2014? 
 
 
 
 

Question 2 
Susan’sConsultingexperiencedthefollowingtransactionsfor2013,itsfirstyearof            
operations,and2014.Assumethatalltransactionsinvolvethereceiptorpaymentof             
cash. 
 
Transactions for 2013 
1.Acquired $70,000 by issuing common stock. 
2.Received $120,000 cash for providing services to customers. 
3.Borrowed $19,000 cash from creditors. 
4.Paid expenses amounting to $56,000. 
5.Purchased land for $35,000 cash. 
 
Transactions for 2014 
Beginning account balances for 2014 are:  
  Cash$118,000  
  Land 35,000  
  Notes payable 19,000  
  Common stock 70,000  
  Retained earnings 64,000  
 
1.Acquired an additional $24,000 from the issue of common stock. 
2.Received $134,000 for providing services. 

3.Paid $14,000 to creditors to reduce loan. 
4.Paid expenses amounting to $71,000. 
5.Paid a $13,000 dividend to the stockholders. 
6.Determined that the market value of the land is $45,000. 
 
Required: 
a.Recordtheeffectsofeachaccountingeventundertheappropriateheadingsfor            
eachyear.Recordtheamountsofrevenue,expense,anddividendsintheRetained             
Earningscolumn.Provideappropriatetitlesfortheseaccountsinthelastcolumnofthe              
table. (Leave no cells blank ­ be certain to enter "0" and select "NA" wherever required.) 
b.Prepareanincomestatement,statementofchangesinstockholders'equity,year­end            
balancesheet,andstatementofcashflowsfortheyear2013.(Negativeamountsand              
amountstobedeductedshouldbeindicatedwithaminussign.Leavenocellsblank­                
becertaintoenter"0"whereverrequired.Besuretolisttheassetsandliabilitiesin                
order of their liquidity.) 
c.Prepareanincomestatement,statementofchangesinstockholders'equity,year­end            
balancesheet,andstatementofcashflowsfortheyear2014.(Negativeamountsand              
amountstobedeductedshouldbeindicatedwithaminussign.Leavenocellsblank­                
becertaintoenter"0"whereverrequired.Besuretolisttheassetsandliabilitiesin                
order of their liquidity.) 
d.Determinetheamountofcashthatisintheretainedearningsaccountattheendof                 
2013 and 2014. 
e.Examinethebalancesheetsforthetwoyears.Howdidassetschangefrom2013to                
2014? 

f.DeterminethebalanceintheRetainedEarningsaccountimmediatelyafterEvent2in              
2013 and in 2014 are recorded. 
 
Question 3 
American General Company experienced the following accounting events during 2013:  
1. Paid $4,200 cash for salary expense. 
2. Borrowed $8,400 cash from State Bank. 
3. Received $32,000 cash from the issue of common stock. 
4. Purchased land for $8,400 cash. 
5. Performed services for $14,200 cash. 
6. Paid $4,400 cash for utilities expense. 
7. Sold land for $7,200 cash. 
8. Paid a cash dividend of $1,200 to the stockholders. 
9. Hired an accountant to keep the books. 
10. Paid $3,200 cash on the loan from State Bank. 
  
Required: 
a.Indicatehoweachoftheeventswouldbeclassifiedonthestatementofcash              
flowsasoperatingactivities(OA),investingactivities(IA),financingactivities(FA),or            
not applicable (NA). 
b.Prepareastatementofcashflowsfor2013.AssumeAmericanGeneralhada              
beginningcashbalanceof$9,200onJanuary12013.(Negativeamountsandamounts             
to be deducted should be indicated with a minus sign.) 

 
 
Question 4 
LangEnterpriseswasstartedwhenitacquired$5,700cashfromcreditorsand$13,300             
from owners. The company immediately purchased land that cost $18,000. 
 
Required: 
a.Recordtheeventsunderanaccountingequation.(Leavenocellsblank­be             
certaintoenter"0"whereverrequired.Amountstobedeductedshouldbeindicatedwith              
minus sign.) 
b.Afteralleventshavebeenrecorded,Lang’sobligationstocreditorsrepresentswhat             
percent of total assets? 
c.Afteralleventshavebeenrecorded,Lang’sstockholder’sequityrepresentswhat            
percent of total assets? 
d.Assumethedebtisdue.GiventhatLanghas$13,300instockholders’equity,canthe                
company repay the creditors at this point? 
 
Question 5 
TopezCompanywasstartedonJanuary1,2013.During2013,thecompanyissued             
17,000shares($10pershare)andexperiencedthefollowingthreeaccountingevents:            
(1)earnedcashrevenuesof$18,100,(2)paidcashexpensesof$10,400,and(3)paid               
a$1,700cashdividendtoitsstockholders.Theseweretheonlyeventsthataffectedthe               
company during 2013. 
 

  
Required: 
a.Recordtheeffectsofeachaccountingeventundertheappropriategeneral           
ledgeraccountheadings.(Leavenocellsblank­becertaintoenter"0"andselect"NA"                
wherever required.) 
b.PrepareanincomestatementandabalancesheetdatedDecember31,2013,for              
TopezCompany.(Besuretolisttheassetsandliabilitiesinorderoftheirliquidity.               
Leavenocellsblank­becertaintoenter"0"whereverrequired.Amountstobe               
deducted should be indicated with a minus sign.) 
 
 
Question 6 
AssumethatClintonCompanyacquires$1,700cashfromcreditorsand$2,600cash            
from investors. (Leave no cells blank ­ be certain to enter "0" wherever required.) 
 
Required: 
a.IfClintonhasnetincomeof$1,700andthenliquidates,whatamountofcashwill               
the creditors receive? What amount of cash will the investors receive? 
b.IfClintonhasanetlossof$1,700cashandthenliquidates,whatamountofcash                
will the creditors receive? What amount of cash will the investors receive 
c.IfClintonhasanetlossof$2,800cashandthenliquidates,whatamountofcash                
will the creditors receive? What amount of cash will the investors receive?  ...Read Less

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