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    Truro Excavating Co Owned by Raul Truro Began Operations In: Unlock Answers Here Solutiondone - Online

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    trilocksp Singh
    Raul Truro invested $68,600 in cash in exchange for common stock in Truro Excavating Co. which he owns. In July, the company's first month of operations, it rented office space for $1,300 and purchased excavating equipment for $14,600 by paying $6,400 in cash and agreeing to pay $8,200 within 30 days. The company also purchased office supplies, completed work for customers, purchased additional office equipment on credit, and completed more work on credit. By the end of the month the company had paid expenses like salaries, utilities, and dividends.

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    Truro Excavating Co Owned by Raul Truro Began Operations In: Unlock Answers Here Solutiondone - Online

    Uploaded by

    trilocksp Singh
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    Raul Truro invested $68,600 in cash in exchange for common stock in Truro Excavating Co. which he owns. In July, the company's first month of operations, it rented office space for $1,300 and purchased excavating equipment for $14,600 by paying $6,400 in cash and agreeing to pay $8,200 within 30 days. The company also purchased office supplies, completed work for customers, purchased additional office equipment on credit, and completed more work on credit. By the end of the month the company had paid expenses like salaries, utilities, and dividends.

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    Raul Truro invested $68,600 in cash in exchange for common stock in Truro Excavating Co. which he owns. In July, the company's first month of operations, it rented office space for $1,300 and purchased excavating equipment for $14,600 by paying $6,400 in cash and agreeing to pay $8,200 within 30 days. The company also purchased office supplies, completed work for customers, purchased additional office equipment on credit, and completed more work on credit. By the end of the month the company had paid expenses like salaries, utilities, and dividends.

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    © All Rights Reserved
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    28 views1 page

    Truro Excavating Co Owned by Raul Truro Began Operations In: Unlock Answers Here Solutiondone - Online

    Uploaded by

    trilocksp Singh
    Raul Truro invested $68,600 in cash in exchange for common stock in Truro Excavating Co. which he owns. In July, the company's first month of operations, it rented office space for $1,300 and purchased excavating equipment for $14,600 by paying $6,400 in cash and agreeing to pay $8,200 within 30 days. The company also purchased office supplies, completed work for customers, purchased additional office equipment on credit, and completed more work on credit. By the end of the month the company had paid expenses like salaries, utilities, and dividends.

    Copyright:

    © All Rights Reserved
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    Truro excavating co owned by raul truro began operations

    in
    Truro Excavating Co., owned by Raul Truro, began operations in July and completed these
    transactions during that first month of operations.July 1 R. Truro invested $68,600 cash in the
    company in exchange for common stock.2 The company rented office space and paid $1,300
    cash for the July rent.3 The company purchased excavating equipment for $14,600 by paying
    $6,400 cash and agreeing to pay the $8,200 balance in 30 days.6 The company purchased
    office supplies for $900 cash.8 The company completed work for a customer and immediately
    collected $2,000 cash for the work.10 The company purchased $2,720 of office equipment on
    credit.15 The company completed work for a customer on credit in the amount of $4,300.17 The
    company purchased $350 of office supplies on credit.23 The company paid $2,720 cash for the
    office equipment purchased on July 10.25 The company billed a customer $1,000 for work
    completed; the balance is due in 30 days.28 The company received $4,300 cash for the work
    completed on July 15.30 The company paid an assistant’s salary of $1,900 cash for this
    month.31 The company paid $590 cash for this month’s utility bill.31 The company paid $900
    cash for dividends.Required1. Arrange the following asset, liability, and equity titles in a table
    like Exhibit 1.9: Cash; Accounts Receivable; Office Supplies; Office Equipment; Excavating
    Equipment; Accounts Payable; Common Stock; Dividends; Revenues; and Expenses.2. Use
    additions and subtractions to show the effects of each transaction on the accounts in the
    accounting equation. Show new balances after each transaction.3. Use the increases and
    decreases in the columns of the table from part 2 to prepare an income statement, a statement
    of retained earnings, and a statement of cash flows—each of these for the current month. Also
    prepare a balance sheet as of the end of the month.Analysis Component4. Assume that the
    $14,600 purchase of excavating equipment on July 3 was financed from an owner investment of
    another $14,600 cash in the business in exchange for more common stock (instead of the
    purchase conditions described in the transaction). Explain the effect of this change on total
    assets, total liabilities, and total equity.View Solution: Truro excavating co owned by raul truro
    began operations in
    SOLUTION-- http://solutiondone.online/downloads/truro-excavating-co-owned-by-raul-truro-
    began-operations-in/

    Unlock answers here solutiondone.online

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