Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. zachary company began operations on janury 1, year

Zachary company began operations on janury 1, year 1, by issuing common stock for 34000...

90.2K

Verified Solution

Question

Accounting

Zachary company began operations on janury 1, year 1, by issuing common stock for 34000 cash. During year 1, zachary received 48000 cash from revenue and incurred costs that required 36,000 of cash payments.

Prepare GAAP-based statement and balanced sheet for zachary company for year 1 under each of the following independent scenarios.

b: Zachary is in the car rental business. The 36,000 was paid to purchase automobiles. The automobiles were purchased on January 1, year 1, and have three year useful liuves, with no expected salvage value. Zachary uses strait line depreciation. The review was generated by leasing the automobiles.

Complete this question by entering your answer in the tabs below.

  • Income Statement
  • Balance Sheet

Prepare a balance sheet. (Amounts to be deducted should be indicated with a minus sign.)
ZACHARY COMPANY
Balance Sheet as of 12/31/Year 1
Assets
0
0
0
Total assets $
Equity
0
0
Total equity

Complete this question by entering your answer in the tabs below.

  • Income Statement
  • Balance Sheet

Prepare an Income Statement.

ZACHARY COMPANY

Answer & Explanation Solved by verified expert
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!
Become a Member

Other questions asked by students

Medical Sciences
1.2K views

synthesizes carbohydrates and lipids       [ Choose ]            Lysosomes            Nucleous        ...

Biology
1.2K views

Translation ends when ribosomes "read" any of the three nonsense codons on the sequence of...

Biology
1.2K views

Oseed Opollen grain Ob bud ovary anther estion 3 1 point Listen

Biology
1.2K views

ne Left 0 20 35 2 5 Shafiqa Hamzi Attempt 1 W Nucleus Golgi body...

Physics
1.2K views

Convex lens made up of glass g 1 5 and radius of curvature R is...

Basic Math
1.2K views

A store ordered 650 candles at a total wholesale cost of $7,349.02. The soy candles...

Basic Math
1.2K views

A physics class has 50 students. Of these, 17 students are physics majors and 16...

Basic Math
1.2K views

Martin is shopping for a new MP3 player. The one he wants is on sale...

Accounting
1.2K views

Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a...

Accounting
1.2K views

Which of the following best describes the purpose of an Income Statement? A....

Accounting
1.2K views

Puget Sound Divers is a company that provides diving services such as underwater ship repairs...

Accounting
1.2K views

The Goldfarb Company manufactures and sells toasters. Each toaster sells for $24.05 and the variable...