On April 28, Joseph Carpenter formed a corporation, Carpenter Printing, to be op
ID: 2500653 • Letter: O
Question
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 = ?
1167
1050
750
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 = ?
1,350
15,000
1,500
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 = ?
7,350
7,650
19,650
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 = ?
18,000
27,000
34,000
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 = ?
14,350
7,650
10,350
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 = ?
149,400
153,750
154,500
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 = ?
15,000
24,000
22,000
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 = ?
122,750
126,650
130,500
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 = ?
14,350
6,650
8,650
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 = ?
162,850
209,550
169,750
208,050
a.1167
b.1050
c.750
d.833
Explanation / Answer
c) $750
Explanation:
3,500 shares of common stock, at $20 =$70,000 - $7,000( residual value) / 7 years
=$9,000 *1 /12 months=$750
___________________________________________________________________________________
48) d $13,500
Explanation:
$15,000 purchases - $1500 not used = $13,500
___________________________________________________________________________________
49) 19,350
Explanation:
Rent = $10,000 / 2 months=$5,000
Depreciation =$750
umbrella insurance =$1,200 / 12 months = $100
Supplies =413,500
____________________________________
total = $19,350
_________________________________________________________________________________
50) d)) $17,000
Explanation:
May 10, along with an invoice for $8,000
ADD:
On May 30, $9,000 of advertisements were printed and delivered
________________________________________________________
Total = $17,000
______________________________________________________________________________
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