On November 20, Dipsy Doodle’s petty cash fund of $200 is replenished when the fund contains $109 in cash, postage receipts of $52, UPS receipts for shipping doodles of $26, and coffee fund expenses of $10. Record the journal entry to replenish the Petty Cash Fund.
For each of the following questions, write the name of one financial statement that will supply the answer.
1. How much cash does a company have?
2. What are a company's total revenues?
3. What was the amount of dividends declared?
4. How many shares of common stock has a corporation issued?
5. What is a company's net income?
6. How much does a company owe to its creditors?
7. What kind of expenses does the company have?
8. Does the company have preferred stock?
9. What is the current ratio?
10. What inventory method does the company use?
The adjusted trial balance columns for William Company are as follows on Dec 31, 2014.
(A) Prepare an income statement, and a classified balance sheet, Dec 31, 2014.
(B) Prepare the closing entries.
(C) Calculate Gross Profit Rate and Profit Margin.
101 Cash 17,800
112 Accounts Receivable 14,400
126 Supplies 2,300
130 Prepaid Insurance 4,400
151 Equipment 46,000
152 Accumulated Depreciation-Equip 18,000
200 Notes Payable 20,000
(Note: $5,000 of the notes payable become due in 2015.)
201 Accounts Payable 8,000
212 Salaries and Wages Payable 2,600
230 Interest Payable 1,000
311 Common Stock 15,000
320 Retained Earnings 9,800
332 Dividends 12,000
400 Service Revenue 86,200
610 Advertising Expense 10,000
631 Supplies Expense 3,700
711 Depreciation Expense 6,000
722 Insurance Expense 4,000
726 Salaries and Wages Expense 39,000
905 Interest Expense 1,000
Totals 160,600 160,600
On January 1, 2014, Magnus Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred:
Mar. 1 Issued 25,000 shares of common stock for $550,000.
June 1 Declared a cash dividend of $2.00 per share to stockholders of record on June 5.
June 30 Paid the $2.00 cash dividend.
Dec. 1 Purchased 5,000 shares of common stock for the treasury for $22 per share.
Dec. 15 Declared a cash dividend on outstanding shares of $2.25 per share to stockholders of record on December 31.
Prepare the appropriate journal entries for the transactions of Magnus Corporation detailed above. Omit Explanations. Please skip a line between each entry.
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