The following events occurred for A company during January, its first month of business: The following events
The following events occurred for D company during April, its first month of business:
Jan. 3. Owners contributed $60,000 to the business.
5. The company received $35,000 from a bank in exchange for a note payable.
8. The company paid $15,000 for equipment.
10. The company paid $23,000 for merchandise.
11. The company paid $3,000 for supplies used in January.
15. The company received $16,000 from customers for the sale of merchandise. The merchandise cost
A company $13,000.
22. The company received $12,000 from customers for the sale of merchandise. The merchandise cost
A company $10,000.
31. The company paid $4,000 to employees for wages earned in January.
31. The company paid $600 for utilities used in January.
Required
Record the transactions for January. The beginning account balances will all be zero.
Prepare an income statement.
Calculate Return on Assets.
The following events occurred for B company during February, its first month of business:
Feb. 3. Owners contributed $50,000 to the business.
5. The company received $33,000 from a bank in exchange for a note payable.
8. The company paid $18,000 for equipment.
10. The company paid $20,000 for merchandise.
11. The company paid $2,000 for supplies used in Feb.
15. The company received $15,000 from customers for the sale of merchandise. The merchandise cost
B company $9,000.
22. The company received $14,000 from customers for the sale of merchandise. The merchandise cost
B company $11,000.
31. The company paid $3,000 to employees for wages earned in February.
31. The company paid $800 for utilities used in February.
Required
Record the transactions for February. The beginning account balances will all be zero.
Prepare an income statement.
Calculate Return on Assets.
The following events occurred for C company during March, its first month of business:
Mar. 3. Owners contributed $40,000 to the business.
5. The company received $35,000 from a bank in exchange for a note payable.
8. The company paid $16,000 for equipment.
10. The company paid $18,000 for merchandise.
11. The company paid $4,000 for supplies used in March.
15. The company received $14,000 from customers for the sale of merchandise. The merchandise cost
C company $10,000.
22. The company received $10,000 from customers for the sale of merchandise. The merchandise cost
C company $8,000.
31. The company paid $3,000 to employees for wages earned in March.
31. The company paid $900 for utilities used in March.
Required
Record the transactions for March. The beginning account balances will all be zero.
Prepare an income statement.
Calculate Return on Assets.
Apr. 3. Owners contributed $70,000 to the business.
5. The company received $25,000 from a bank in exchange for a note payable.
8. The company paid $35,000 for equipment.
10. The company paid $33,000 for merchandise.
11. The company paid $4,000 for supplies used in April.
15. The company received $17,000 from customers for the sale of merchandise. The merchandise cost
D company $13,000.
22. The company received $23,000 from customers for the sale of merchandise. The merchandise cost
D company $20,000.
31. The company paid $3,000 to employees for wages earned in April.
31. The company paid $800 for utilities used in April.
Required
Record the transactions for April. The beginning account balances will all be zero.
Prepare an income statement.
Calculate Return on Assets.
The following events occurred for E company during May, its first month of business:
May. 3. Owners contributed $45,000 to the business.
5. The company received $15,000 from a bank in exchange for a note payable.
8. The company paid $15,000 for equipment.
10. The company paid $22,000 for merchandise.
11. The company paid $2,000 for supplies used in May.
15. The company received $15,000 from customers for the sale of merchandise. The merchandise cost
E company $11,000.
22. The company received $14,000 from customers for the sale of merchandise. The merchandise cost
E company $11,000.
31. The company paid $4,000 to employees for wages earned in May.
31. The company paid $900 for utilities used in May.
Required
Record the transactions for May. The beginning account balances will all be zero.
Prepare an income statement.
Calculate Return on Assets.
The following events occurred for F company during June, its first month of business:
Jun. 3. Owners contributed $50,000 to the business.
5. The company received $15,000 from a bank in exchange for a note payable.
8. The company paid $12,000 for equipment.
10. The company paid $21,000 for merchandise.
11. The company paid $3,000 for supplies used in June.
15. The company received $14,000 from customers for the sale of merchandise. The merchandise cost
F company $10,000.
22. The company received $13,000 from customers for the sale of merchandise. The merchandise cost
F company $11,000.
31. The company paid $4,000 to employees for wages earned in June.
31. The company paid $800 for utilities used in June.
Required
Record the transactions for June. The beginning account balances will all be zero.
Prepare an income statement.
Calculate Return on Assets.
The following events occurred for G company during July, its first month of business:
Jul. 3. Owners contributed $30,000 to the business.
5. The company received $35,000 from a bank in exchange for a note payable.
8. The company paid $13,000 for equipment.
10. The company paid $25,000 for merchandise.
11. The company paid $3,000 for supplies used in July.
15. The company received $13,000 from customers for the sale of merchandise. The merchandise cost
G company $10,000.
22. The company received $17,000 from customers for the sale of merchandise. The merchandise cost
G company $15,000.
31. The company paid $3,000 to employees for wages earned in July.
31. The company paid $700 for utilities used in July.
Required
Record the transactions for July. The beginning account balances will all be zero.
Prepare an income statement.
Calculate Return on Assets.
The following events occurred for H company during August, its first month of business:
Aug. 3. Owners contributed $40,000 to the business.
5. The company received $30,000 from a bank in exchange for a note payable.
8. The company paid $20,000 for equipment.
10. The company paid $18,000 for merchandise.
11. The company paid $2,000 for supplies used in Aug ust.
15. The company received $13,000 from customers for the sale of merchandise. The merchandise cost
H company $9,000.
22. The company received $12,000 from customers for the sale of merchandise. The merchandise cost
H company $9,000.
31. The company paid $4,000 to employees for wages earned in August.
31. The company paid $700 for utilities used in August.
Required
Record the transactions for August. The beginning account balances will all be zero.
Prepare an income statement.
Calculate Return on Assets.
The following events occurred for I company during September, its first month of business:
Sep. 3. Owners contributed $30,000 to the business.
5. The company received $35,000 from a bank in exchange for a note payable.
8. The company paid $15,000 for equipment.
10. The company paid $20,000 for merchandise.
11. The company paid $3,000 for supplies used in September.
15. The company received $13,000 from customers for the sale of merchandise. The merchandise cost
I company $10,000.
22. The company received $14,000 from customers for the sale of merchandise. The merchandise cost
I company $10,000.
31. The company paid $3,000 to employees for wages earned in September.
31. The company paid $700 for utilities used in September.
Required
Record the transactions for September. The beginning account balances will all be zero.
Prepare an income statement.
Calculate Return on Assets.
The following events occurred for J company during October, its first month of business:
Oct. 3. Owners contributed $50,000 to the business.
5. The company received $25,000 from a bank in exchange for a note payable.
8. The company paid $18,000 for equipment.
10. The company paid $25,000 for merchandise.
11. The company paid $4,000 for supplies used in October.
15. The company received $18,000 from customers for the sale of merchandise. The merchandise cost
J company $15,000.
22. The company received $12,000 from customers for the sale of merchandise. The merchandise cost
J company $10,000.
31. The company paid $3,000 to employees for wages earned in October.
31. The company paid $800 for utilities used in October.
Required
Record the transactions for October. The beginning account balances will all be zero.
Prepare an income statement.
Calculate Return on Assets.
The following events occurred for K company during November, its first month of business:
Nov. 3. Owners contributed $40,000 to the business.
5. The company received $35,000 from a bank in exchange for a note payable.
8. The company paid $25,000 for equipment.
10. The company paid $25,000 for merchandise.
11. The company paid $4,000 for supplies used in Nov.
15. The company received $15,000 from customers for the sale of merchandise. The merchandise cost
K company $12,000.
22. The company received $16,000 from customers for the sale of merchandise. The merchandise cost
K company $13,000.
31. The company paid $4,000 to employees for wages earned in November.
31. The company paid $900 for utilities used in November.
Required
Record the transactions for November. The beginning account balances will all be zero.
Prepare an income statement.
Calculate Return on Assets.
The following events occurred for L company during December, its first month of business:
Dec. 3. Owners contributed $30,000 to the business.
5. The company received $35,000 from a bank in exchange for a note payable.
8. The company paid $19,000 for equipment.
10. The company paid $28,000 for merchandise.
11. The company paid $2,000 for supplies used in December.
15. The company received $16,000 from customers for the sale of merchandise. The merchandise cost
L company $13,000.
22. The company received $18,000 from customers for the sale of merchandise. The merchandise cost
L company $15,000.
31. The company paid $3,000 to employees for wages earned in December.
31. The company paid $800 for utilities used in December.
Required
Record the transactions for December. The beginning account balances will all be zero.
Prepare an income statement.
Calculate Return on Assets.