Business, 19.11.2020 16:00 gabbym39077
. Samson Zeleke recently opened his own accounting firm on April 1, which he operates as a
corporation. The name of the new entity is Samson Zeleke , CPA. Samson experienced the
following events during the organizing phase of the new business and its first month of
operations in 2019:
Apr. 5 Shonton deposited Birr 75,000 in a new business bank account titled Samson Zeleke ,
CPA. The business issued common stock toSamson .
6 Paid Birr300 cash for letterhead stationery for new office.
7 Purchased office furniture for the office on account, Birr9,500.
10 Consulted with tax client and received Birr4,000 for services rendered.
11 Paid utilities, Birr190.
12 Finished tax hearings on behalf of a client and submitted a bill for accounting services,
Birr 20,000.
18 Paid office rent, Birr750.
25 Received amount due from client that was billed on April 12.
27 Paid full amount of accounts payable created on April 7.
30 Cash dividends of Birr 3,500 were paid to stockholders.
Requirements
1. Analyze the effects of the events on the accounting equation of Samson Zeleke, CPA. Use a
format similar to your chapter one handout format (5.5 marks)
2. Prepare the following financial statements: (11 marks )
a. Income statement.
b. Statement of retained earnings.
c. Balance sheet.
Answers: 2
Business, 21.06.2019 16:00, Virnalis1112
Which type of investment offers both capital gains and interest income? a. property b. cds c. stocks d. bonds
Answers: 2
Business, 22.06.2019 01:50, mattstudy305
Which statement below best describes george waring's approach to solving the problems of water-borne illness? a. waring is going with his "gut," because he believes that instincts and emotions are the best guides for action. b. waring efficiently and thoroughly lays out the case for why the problems are too large and overwhelming to be solved: people should just move out of cities back to their farms. c. waring has gathered the testimonies of people who live in densely populated areas in order to learn how they themselves have solved their problems. d. waring exhibits the industrial age's increased respect for and reliance on science and the scientific method.
Answers: 1
Business, 22.06.2019 06:30, hannahroswall1
Ummit record company is negotiating with two banks for a $157,000 loan. fidelity bank requires a compensating balance of 24 percent, discounts the loan, and wants to be paid back in four quarterly payments. southwest bank requires a compensating balance of 12 percent, does not discount the loan, but wants to be paid back in 12 monthly installments. the stated rate for both banks is 9 percent. compensating balances will be subtracted from the $157,000 in determining the available funds in part a. a-1. calculate the effective interest rate for fidelity bank and southwest bank. (do not round intermediate calculations. input your answers as a percent rounded to 2 decimal places.) a-2. which loan should summit accept? southwest bank fidelity bank b. recompute the effective cost of interest, assuming that summit ordinarily maintains $37,680 at each bank in deposits that will serve as compensating balances
Answers: 1
. Samson Zeleke recently opened his own accounting firm on April 1, which he operates as a
corporat...
Health, 05.10.2019 14:30
Physics, 05.10.2019 14:30
Mathematics, 05.10.2019 14:30
History, 05.10.2019 14:30
History, 05.10.2019 14:30
Mathematics, 05.10.2019 14:30
History, 05.10.2019 14:30
Biology, 05.10.2019 14:30