On April 28, Joseph Carpenter formed a corporation, Carpenter Printing, to be operated as a...
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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
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