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Latest notes & summaries Cambridge College
On October 1, 2014, Kevin Bosley established Sunrise Realty. Kevin completed the following transactions during the month of October: 
a. Opened a business bank account with a deposit of $18,000 from personal funds. 
b. Purchased office supplies on account, $3,200. 
c. Paid creditor on account, $1,800. 
d. Earned sales commissions, receiving cash, $36,750. 
e. Paid rent on office and equipment for the month, $4,000. 
f. Withdrew cash for personal use, $3,000. 
g. Paid automobile expenses (includi...
- Summary
- • 5 pages's •
-
Cambridge College•Introduction to Economics
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On October 1, 2014, Kevin Bosley established Sunrise Realty. Kevin completed the following transactions during the month of October: 
a. Opened a business bank account with a deposit of $18,000 from personal funds. 
b. Purchased office supplies on account, $3,200. 
c. Paid creditor on account, $1,800. 
d. Earned sales commissions, receiving cash, $36,750. 
e. Paid rent on office and equipment for the month, $4,000. 
f. Withdrew cash for personal use, $3,000. 
g. Paid automobile expenses (includi...
The following is a list of well-known companies. 
1. Alcoa Inc. 
2. Boeing 
3. Caterpillar 
4. Citigroup Inc. 
5. CVS 
6. Dow Chemical Company 
7. eBay Inc. 
8. FedEx 
9. Ford Motor Company 
10. Gap Inc. 
11. H&R Block 
12. Hilton Hospitality, Inc. 
13. Procter & Gamble 
14. SunTrust 
15. Walmart Stores, Inc. 
a. Indicate whether each of these companies is primarily a service, merchandise, or 
manufacturing business. If you are unfamiliar with the company, use the Internet to 
locate the company...
- Summary
- • 3 pages's •
-
Cambridge College•Introduction to Economics
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The following is a list of well-known companies. 
1. Alcoa Inc. 
2. Boeing 
3. Caterpillar 
4. Citigroup Inc. 
5. CVS 
6. Dow Chemical Company 
7. eBay Inc. 
8. FedEx 
9. Ford Motor Company 
10. Gap Inc. 
11. H&R Block 
12. Hilton Hospitality, Inc. 
13. Procter & Gamble 
14. SunTrust 
15. Walmart Stores, Inc. 
a. Indicate whether each of these companies is primarily a service, merchandise, or 
manufacturing business. If you are unfamiliar with the company, use the Internet to 
locate the company...
The following selected transactions were completed by Reuben’s Delivery Service during 
October: 
1. Received cash from owner as additional investment, $20,000. 
2. Purchased supplies for cash, $900. 
3. Paid rent for October, $3,000. 
4. Paid advertising expense, $2,500. 
5. Received cash for providing delivery services, $23,100. 
6. Billed customers for delivery services on account, $41,750. 
7. Paid creditors on account, $4,500. 
8. Received cash from customers on account, $36,200. 
9. Dete...
- Summary
- • 3 pages's •
-
Cambridge College•Introduction to Economics
Preview 1 out of 3 pages
The following selected transactions were completed by Reuben’s Delivery Service during 
October: 
1. Received cash from owner as additional investment, $20,000. 
2. Purchased supplies for cash, $900. 
3. Paid rent for October, $3,000. 
4. Paid advertising expense, $2,500. 
5. Received cash for providing delivery services, $23,100. 
6. Billed customers for delivery services on account, $41,750. 
7. Paid creditors on account, $4,500. 
8. Received cash from customers on account, $36,200. 
9. Dete...
From the following list of selected items taken from the records of Hoosier Appliance Service as of a specific date, identify those that would appear on the balance sheet: 
1. Accounts Receivable 
2. Cash 
3. Fees Earned 
4. Land 
5. Ming Hu, Capital 
6. Supplies 
7. Supplies Expense 
8. Utilities Expense 
9. Wages Expense 
10. Wages Payable
- Summary
- • 2 pages's •
-
Cambridge College•Introduction to Economics
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From the following list of selected items taken from the records of Hoosier Appliance Service as of a specific date, identify those that would appear on the balance sheet: 
1. Accounts Receivable 
2. Cash 
3. Fees Earned 
4. Land 
5. Ming Hu, Capital 
6. Supplies 
7. Supplies Expense 
8. Utilities Expense 
9. Wages Expense 
10. Wages Payable
A summary of cash flows for Ethos Consulting Group for the year ended May 31, 2014, is shown below. 
 
The cash balance as of June 1, 2013, was $58,000. Prepare a statement of cash flows for Ethos Consulting Group for the year ended May 31, 2014.
- Summary
- • 3 pages's •
-
Cambridge College•Introduction to Economics
Preview 1 out of 3 pages
A summary of cash flows for Ethos Consulting Group for the year ended May 31, 2014, is shown below. 
 
The cash balance as of June 1, 2013, was $58,000. Prepare a statement of cash flows for Ethos Consulting Group for the year ended May 31, 2014.
D’Lite Dry Cleaners is owned and operated by Joel Palk. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets and the liabilities of the business on July 1, 2014, are as follows: Cash, $45,000; Accounts Receivable, $93,000; Supplies, $7,000; Land, $75,000; Accounts Payable, $40,000. Business transactions during July are summarized as follows: 
a. Joel Palk invested addi...
- Summary
- • 3 pages's •
-
Cambridge College•Introduction to Economics
Preview 1 out of 3 pages
D’Lite Dry Cleaners is owned and operated by Joel Palk. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets and the liabilities of the business on July 1, 2014, are as follows: Cash, $45,000; Accounts Receivable, $93,000; Supplies, $7,000; Land, $75,000; Accounts Payable, $40,000. Business transactions during July are summarized as follows: 
a. Joel Palk invested addi...
Kendra Gorman is the owner and operator of Mega Concepts, a motivational consulting business. At the end of its accounting period, December 31, 2013, Mega Concepts has assets of $1,250,000 and liabilities of $475,000. Using the accounting equation and considering each case independently, determine the following amounts: 
a. Kendra Gorman, capital, as of December 31, 2013. 
b. Kendra Gorman, capital, as of December 31, 2014, assuming that assets increased by $225,000 and liabilities increased by...
- Summary
- • 2 pages's •
-
Cambridge College•Introduction to Economics
Preview 1 out of 2 pages
Kendra Gorman is the owner and operator of Mega Concepts, a motivational consulting business. At the end of its accounting period, December 31, 2013, Mega Concepts has assets of $1,250,000 and liabilities of $475,000. Using the accounting equation and considering each case independently, determine the following amounts: 
a. Kendra Gorman, capital, as of December 31, 2013. 
b. Kendra Gorman, capital, as of December 31, 2014, assuming that assets increased by $225,000 and liabilities increased by...
a. Arrowhead Delivery Service is owned and operated by Gates Deeter. The following selected 
transactions were completed by Arrowhead Delivery Service during August: 
1. Received cash from owner as additional investment, $25,000. 
2. Paid creditors on account, $3,750. 
3. Billed customers for delivery services on account, $22,400. 
4. Received cash from customers on account, $11,300. 
5. Paid cash to owner for personal use, $6,000. Indicate the effect of each transaction on the accounting equat...
- Summary
- • 3 pages's •
-
Cambridge College•Introduction to Economics
Preview 1 out of 3 pages
a. Arrowhead Delivery Service is owned and operated by Gates Deeter. The following selected 
transactions were completed by Arrowhead Delivery Service during August: 
1. Received cash from owner as additional investment, $25,000. 
2. Paid creditors on account, $3,750. 
3. Billed customers for delivery services on account, $22,400. 
4. Received cash from customers on account, $11,300. 
5. Paid cash to owner for personal use, $6,000. Indicate the effect of each transaction on the accounting equat...
Josh Reilly is the owner of Dispatch Delivery Service. Recently Josh paid interest of $4,500 on a personal loan of $75,000 that he used to begin the business. Should Dispatch Delivery Service record the interest payment? Explain.
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Cambridge College•Introduction to Economics
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Josh Reilly is the owner of Dispatch Delivery Service. Recently Josh paid interest of $4,500 on a personal loan of $75,000 that he used to begin the business. Should Dispatch Delivery Service record the interest payment? Explain.
A business had revenues of $640,000 and operating expenses of $715,000. Did the business (a) incur a net loss or (b) realize net income?
- Summary
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Cambridge College•Introduction to Economics
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A business had revenues of $640,000 and operating expenses of $715,000. Did the business (a) incur a net loss or (b) realize net income?