On April 28, Joseph Carpenter formed a corporation, Carpenter Printing, to be operated as a...
60.1K
Verified Solution
Link Copied!
Question
Accounting
On April 28, Joseph Carpenter formed a corporation, Carpenter Printing, to be operated as a printing business.
On April 29, Carpenter Printing issued 2,500 shares of common stock, at $20 per share, to Joseph Carpenter in exchange for cash.
On April 30, Carpenter Printing rented furnished office space, paying the rent in advance for May and June, issuing a check for $10,000.
On May 1, Carpenter Printing issued an additional 3,500 shares of common stock, at $20 per share to Joseph Carpenter in exchange for printing equipment. The Equipment had an estimated residual value of $7,000, and an estimated useful life of 7 years.
On May 2, Carpenter Printing purchased a 12 month umbrella insurance policy, issuing a check for $1,200.
On May 5, Carpenter Printing purchased supplies on account for $15,000.
On May 9, Carpenter Printing printed $18,000 in magazines for the Pierre Company. The magazines were delivered on May 10, along with an invoice for $8,000 due June 10. $6,000 will be invoiced in June and will be due July 10. $4,000 will be invoiced in July and will be due August 10.
On May 20, Cecil Advertising Agency paid Carpenter Printing $16,000 ($9,000 to print advertisements in May and $7,000 to print advertisements in June). On May 30, $9,000 of advertisements were printed and delivered.
On May 31, $1,500 of the supplies purchased on May 5 have not been used.
On May 31, dividends of $1,000 were paid.
Assuming no further transactions, the Depreciation Expense on the Income Statement of Carpenter Printing For the Month Ended May 31 = ?
| a. | 1167 | |
| b. | 1050 | |
| c. | 750 | |
| d. | 833 |
5 points
Question 48
The following text is used in Questions 47-56.
On April 28, Joseph Carpenter formed a corporation, Carpenter Printing, to be operated as a printing business.
On April 29, Carpenter Printing issued 2,500 shares of common stock, at $20 per share, to Joseph Carpenter in exchange for cash.
On April 30, Carpenter Printing rented furnished office space, paying the rent in advance for May and June, and issuing a check for $10,000.
On May 1, Carpenter Printing issued an additional 3,500 shares of common stock, at $20 per share to Joseph Carpenter in exchange for printing equipment. The Equipment had an estimated residual value of $7,000, and an estimated useful life of 7 years.
On May 2, Carpenter Printing purchased a 12 month umbrella insurance policy, issuing a check for $1,200.
On May 5, Carpenter Printing purchased supplies on account for $15,000.
On May 9, Carpenter Printing printed $18,000 in magazines for the Pierre Company. The magazines were delivered on May 10, along with an invoice for $8,000 due June 10. $6,000 will be invoiced in June and will be due July 10. $4,000 will be invoiced in July and will be due August 10.
On May 20, Cecil Advertising Agency paid Carpenter Printing $16,000 ($9,000 to print advertisements in May and $7,000 to print advertisements in June). On May 30, $9,000 of advertisements were printed and delivered.
On May 31, $1,500 of the supplies purchased on May 5 have not been used.
On May 31, dividends of $1,000 were paid.
Assuming no further transactions, the Supplies Expense on the Income Statement of Carpenter Printing For the Month Ended May 31 = ?
| a. | 1,350 | |
| b. | 15,000 | |
| c. | 1,500 | |
| d. | 13,500 |
5 points
Question 49
The following text is used in Questions 47-56.
On April 28, Joseph Carpenter formed a corporation, Carpenter Printing, to be operated as a printing business.
On April 29, Carpenter Printing issued 2,500 shares of common stock, at $20 per share, to Joseph Carpenter in exchange for cash.
On April 30, Carpenter Printing rented furnished office space, paying the rent in advance for May and June, and issuing a check for $10,000.
On May 1, Carpenter Printing issued an additional 3,500 shares of common stock, at $20 per share to Joseph Carpenter in exchange for printing equipment. The Equipment had an estimated residual value of $7,000, and an estimated useful life of 7 years.
On May 2, Carpenter Printing purchased a 12 month umbrella insurance policy, issuing a check for $1,200.
On May 5, Carpenter Printing purchased supplies on account for $15,000.
On May 9, Carpenter Printing printed $18,000 in magazines for the Pierre Company. The magazines were delivered on May 10, along with an invoice for $8,000 due June 10. $6,000 will be invoiced in June and will be due July 10. $4,000 will be invoiced in July and will be due August 10.
On May 20, Cecil Advertising Agency paid Carpenter Printing $16,000 ($9,000 to print advertisements in May and $7,000 to print advertisements in June). On May 30, $9,000 of advertisements were printed and delivered.
On May 31, $1,500 of the supplies purchased on May 5 have not been used.
On May 31, dividends of $1,000 were paid.
Assuming no further transactions, the Total Expenses on the Income Statement of Carpenter Printing For the Month Ended May 31 = ?
| a. | 7,350 | |
| b. | 7,650 | |
| c. | 19,650 | |
| d. | 19,350 |
10 points
Question 50
The following text is used in Questions 47-56.
On April 28, Joseph Carpenter formed a corporation, Carpenter Printing, to be operated as a printing business.
On April 29, Carpenter Printing issued 2,500 shares of common stock, at $20 per share, to Joseph Carpenter in exchange for cash.
On April 30, Carpenter Printing rented furnished office space, paying the rent in advance for May and June, and issuing a check for $10,000.
On May 1, Carpenter Printing issued an additional 3,500 shares of common stock, at $20 per share to Joseph Carpenter in exchange for printing equipment. The Equipment had an estimated residual value of $7,000, and an estimated useful life of 7 years.
On May 2, Carpenter Printing purchased a 12 month umbrella insurance policy, issuing a check for $1,200.
On May 5, Carpenter Printing purchased supplies on account for $15,000.
On May 9, Carpenter Printing printed $18,000 in magazines for the Pierre Company. The magazines were delivered on May 10, along with an invoice for $8,000 due June 10. $6,000 will be invoiced in June and will be due July 10. $4,000 will be invoiced in July and will be due August 10.
On May 20, Cecil Advertising Agency paid Carpenter Printing $16,000 ($9,000 to print advertisements in May and $7,000 to print advertisements in June). On May 30, $9,000 of advertisements were printed and delivered.
On May 31, $1,500 of the supplies purchased on May 5 have not been used.
On May 31, dividends of $1,000 were paid.
Assuming no further transactions, the Total Revenue on the Income Statement of Carpenter Printing For the Month Ended May 31 = ?
| a. | 18,000 | |
| b. | 27,000 | |
| c. | 34,000 | |
| d. | 17,000 |
10 points
Question 51
The following text is used in Questions 47-56.
On April 28, Joseph Carpenter formed a corporation, Carpenter Printing, to be operated as a printing business.
On April 29, Carpenter Printing issued 2,500 shares of common stock, at $20 per share, to Joseph Carpenter in exchange for cash.
On April 30, Carpenter Printing rented furnished office space, paying the rent in advance for May and June, and issuing a check for $10,000.
On May 1, Carpenter Printing issued an additional 3,500 shares of common stock, at $20 per share to Joseph Carpenter in exchange for printing equipment. The Equipment had an estimated residual value of $7,000, and an estimated useful life of 7 years.
On May 2, Carpenter Printing purchased a 12 month umbrella insurance policy, issuing a check for $1,200.
On May 5, Carpenter Printing purchased supplies on account for $15,000.
On May 9, Carpenter Printing printed $18,000 in magazines for the Pierre Company. The magazines were delivered on May 10, along with an invoice for $8,000 due June 10. $6,000 will be invoiced in June and will be due July 10. $4,000 will be invoiced in July and will be due August 10.
On May 20, Cecil Advertising Agency paid Carpenter Printing $16,000 ($9,000 to print advertisements in May and $7,000 to print advertisements in June). On May 30, $9,000 of advertisements were printed and delivered.
On May 31, $1,500 of the supplies purchased on May 5 have not been used.
On May 31, dividends of $1,000 were paid.
Assuming no further transactions, the Net Income on the Income Statement of Carpenter Printing For the Month Ended May 31 = ?
| a. | 14,350 | |
| b. | 7,650 | |
| c. | 10,350 | |
| d. | 9,650 |
5 points (Extra Credit)
Question 52
The following text is used in Questions 47-56.
On April 28, Joseph Carpenter formed a corporation, Carpenter Printing, to be operated as a printing business.
On April 29, Carpenter Printing issued 2,500 shares of common stock, at $20 per share, to Joseph Carpenter in exchange for cash.
On April 30, Carpenter Printing rented furnished office space, paying the rent in advance for May and June, and issuing a check for $10,000.
On May 1, Carpenter Printing issued an additional 3,500 shares of common stock, at $20 per share to Joseph Carpenter in exchange for printing equipment. The Equipment had an estimated residual value of $7,000, and an estimated useful life of 7 years.
On May 2, Carpenter Printing purchased a 12 month umbrella insurance policy, issuing a check for $1,200.
On May 5, Carpenter Printing purchased supplies on account for $15,000.
On May 9, Carpenter Printing printed $18,000 in magazines for the Pierre Company. The magazines were delivered on May 10, along with an invoice for $8,000 due June 10. $6,000 will be invoiced in June and will be due July 10. $4,000 will be invoiced in July and will be due August 10.
On May 20, Cecil Advertising Agency paid Carpenter Printing $16,000 ($9,000 to print advertisements in May and $7,000 to print advertisements in June). On May 30, $9,000 of advertisements were printed and delivered.
On May 31, $1,500 of the supplies purchased on May 5 have not been used.
On May 31, dividends of $1,000 were paid.
Assuming no further transactions, the Total Assets on the Balance Sheet of Carpenter Printing As of May 31 = ?
| a. | 149,400 | |
| b. | 153,750 | |
| c. | 154,500 | |
| d. | 148,650 |
10 points
Question 53
The following text is used in Questions 47-56.
On April 28, Joseph Carpenter formed a corporation, Carpenter Printing, to be operated as a printing business.
On April 29, Carpenter Printing issued 2,500 shares of common stock, at $20 per share, to Joseph Carpenter in exchange for cash.
On April 30, Carpenter Printing rented furnished office space, paying the rent in advance for May and June, and issuing a check for $10,000.
On May 1, Carpenter Printing issued an additional 3,500 shares of common stock, at $20 per share to Joseph Carpenter in exchange for printing equipment. The Equipment had an estimated residual value of $7,000, and an estimated useful life of 7 years.
On May 2, Carpenter Printing purchased a 12 month umbrella insurance policy, issuing a check for $1,200.
On May 5, Carpenter Printing purchased supplies on account for $15,000.
On May 9, Carpenter Printing printed $18,000 in magazines for the Pierre Company. The magazines were delivered on May 10, along with an invoice for $8,000 due June 10. $6,000 will be invoiced in June and will be due July 10. $4,000 will be invoiced in July and will be due August 10.
On May 20, Cecil Advertising Agency paid Carpenter Printing $16,000 ($9,000 to print advertisements in May and $7,000 to print advertisements in June). On May 30, $9,000 of advertisements were printed and delivered.
On May 31, $1,500 of the supplies purchased on May 5 have not been used.
On May 31, dividends of $1,000 were paid.
Assuming no further transactions, the Total Liabilities on the Balance Sheet of Carpenter Printing As of May 31 = ?
| a. | 15,000 | |
| b. | 24,000 | |
| c. | 22,000 | |
| d. | 31,000 |
5 points
Question 54
The following text is used in Questions 47-56.
On April 28, Joseph Carpenter formed a corporation, Carpenter Printing, to be operated as a printing business.
On April 29, Carpenter Printing issued 2,500 shares of common stock, at $20 per share, to Joseph Carpenter in exchange for cash.
On April 30, Carpenter Printing rented furnished office space, paying the rent in advance for May and June, and issuing a check for $10,000.
On May 1, Carpenter Printing issued an additional 3,500 shares of common stock, at $20 per share to Joseph Carpenter in exchange for printing equipment. The Equipment had an estimated residual value of $7,000, and an estimated useful life of 7 years.
On May 2, Carpenter Printing purchased a 12 month umbrella insurance policy, issuing a check for $1,200.
On May 5, Carpenter Printing purchased supplies on account for $15,000.
On May 9, Carpenter Printing printed $18,000 in magazines for the Pierre Company. The magazines were delivered on May 10, along with an invoice for $8,000 due June 10. $6,000 will be invoiced in June and will be due July 10. $4,000 will be invoiced in July and will be due August 10.
On May 20, Cecil Advertising Agency paid Carpenter Printing $16,000 ($9,000 to print advertisements in May and $7,000 to print advertisements in June). On May 30, $9,000 of advertisements were printed and delivered.
On May 31, $1,500 of the supplies purchased on May 5 have not been used.
On May 31, dividends of $1,000 were paid.
Assuming no further transactions, the Total Stockholders Equity on the Balance Sheet of Carpenter Printing As of May 31 = ?
| a. | 122,750 | |
| b. | 126,650 | |
| c. | 130,500 | |
| d. | 134,400 |
5 points (Extra Credit)
Question 55
The following text is used in Questions 47-56.
On April 28, Joseph Carpenter formed a corporation, Carpenter Printing, to be operated as a printing business.
On April 29, Carpenter Printing issued 2,500 shares of common stock, at $20 per share, to Joseph Carpenter in exchange for cash.
On April 30, Carpenter Printing rented furnished office space, paying the rent in advance for May and June, and issuing a check for $10,000.
On May 1, Carpenter Printing issued an additional 3,500 shares of common stock, at $20 per share to Joseph Carpenter in exchange for printing equipment. The Equipment had an estimated residual value of $7,000, and an estimated useful life of 7 years.
On May 2, Carpenter Printing purchased a 12 month umbrella insurance policy, issuing a check for $1,200.
On May 5, Carpenter Printing purchased supplies on account for $15,000.
On May 9, Carpenter Printing printed $18,000 in magazines for the Pierre Company. The magazines were delivered on May 10, along with an invoice for $8,000 due June 10. $6,000 will be invoiced in June and will be due July 10. $4,000 will be invoiced in July and will be due August 10.
On May 20, Cecil Advertising Agency paid Carpenter Printing $16,000 ($9,000 to print advertisements in May and $7,000 to print advertisements in June). On May 30, $9,000 of advertisements were printed and delivered.
On May 31, $1,500 of the supplies purchased on May 5 have not been used.
On May 31, dividends of $1,000 were paid.
Assuming no further transactions, the Increase (Decrease) in Retained Earnings on the Retained Earnings Statement of Carpenter Printing For the Month Ended May 31 = ?
| a. | 14,350 | |
| b. | 6,650 | |
| c. | 8,650 | |
| d. | 9,350 |
5 points (Extra Credit)
Question 56
The following text is used in Questions 47-56.
On April 28, Joseph Carpenter formed a corporation, Carpenter Printing, to be operated as a printing business.
On April 29, Carpenter Printing issued 2,500 shares of common stock, at $20 per share, to Joseph Carpenter in exchange for cash.
On April 30, Carpenter Printing rented furnished office space, paying the rent in advance for May and June, and issuing a check for $10,000.
On May 1, Carpenter Printing issued an additional 3,500 shares of common stock, at $20 per share to Joseph Carpenter in exchange for printing equipment. The Equipment had an estimated residual value of $7,000, and an estimated useful life of 7 years.
On May 2, Carpenter Printing purchased a 12 month umbrella insurance policy, issuing a check for $1,200.
On May 5, Carpenter Printing purchased supplies on account for $15,000.
On May 9, Carpenter Printing printed $18,000 in magazines for the Pierre Company. The magazines were delivered on May 10, along with an invoice for $8,000 due June 10. $6,000 will be invoiced in June and will be due July 10. $4,000 will be invoiced in July and will be due August 10.
On May 20, Cecil Advertising Agency paid Carpenter Printing $16,000 ($9,000 to print advertisements in May and $7,000 to print advertisements in June). On May 30, $9,000 of advertisements were printed and delivered.
On May 31, $1,500 of the supplies purchased on May 5 have not been used.
On May 31, dividends of $1,000 were paid.
Assuming no further transactions, the Total Debits on the Adjusted Trial Balance of Carpenter Printing at the close of business on May 31 = ?
| a. | 162,850 | |
| b. | 209,550 | |
| c. | 169,750 | |
| d. | 208,050 |
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.