On July 1, 2016, Lula Plume created a new self-storage business, Safe Storage Co. The following transactions occurred during

On July 1, 2016, Lula Plume created a new self-storage business, Safe Storage Co. The following transactions occurred during the company's first month. July 1 Plume invested $30,000 cash and buildings worth $150,000 in the company in exchange for common stock. 2 The company rented equipment by paying $2,000 cash for the first month's (July) rent. 5 The company purchased $2,400 of office supplies for cash. 10 The company paid $7,200 cash for the premium on a 12-month insurance policy. Coverage begins on July 11. 14 The company paid an employee $1,000 cash for two weeks' salary earned. 24 The company collected $9,800 cash for storage fees from customers. 28 The company paid $1,000 cash for two weeks' salary earned by an employee. 29 The company paid $950 cash for minor repairs to a leaking roof. 30 The company paid $400 cash for this month's telephone bill. 31 The company paid $2,000 cash in dividends. Required Use the balance column format to set up each ledger account listed in its chart of accounts. Prepare journal entries to record the transactions for July and post them to the ledger accounts. Record prepaid and unearned items in balance sheet accounts. Prepare an unadjusted trial balance as of July 31. Use the following information to journalize and post adjusting entries for the month: Two-thirds of one month's insurance coverage has expired. At the end of the month, $1,525 of office supplies are still available. This month's depreciation on the buildings is $1,500. An employee earned $100 of unpaid and unrecorded salary as of month-end. The company earned $1,150 of storage fees that are not yet billed at month-end. Prepare the adjusted trial balance as of July 31. Prepare the income statement and the statement of retained earnings for the month of July and the balance sheet at July 31, 2016. Prepare journal entries to close the temporary accounts and post these entries to the ledger. Prepare a post-closing trial balance.

The following three separate situations require adjusting journal entries to prepare financial

The following three separate situations require adjusting journal entries to prepare financial statements as of April 30. For each situation, present both the April 30 adjusting entry and the subsequent entry during May to record the payment of the accrued expenses. On April 1, the company retained an attorney for a flat monthly fee of $3,500. Payment for April legal services was made by the company on May 12.
A $900,000 note payable requires 12% annual interest, or $9,000, to be paid at the 20th day of each month. The interest was last paid on April 20 and the next payment is due on May 20. As of April 30, $3,000 of interest expense has accrued. Total weekly salaries expense for all employees is $10,000. This amount is paid at the end of the day on Friday of each five-day workweek. April 30 falls on a Tuesday, which means that the employees had worked two days since the last payday. The next payday is May 3.

Listed are the equity sections of balance sheets for years 2014 and 2015 as reported by Mountain Air

Listed are the equity sections of balance sheets for years 2014 and 2015 as reported by Mountain Air Ski​ Resorts, Inc. The overall value of​ stockholders' equity has risen from $1,910,000 to $6,600,000.  Use the statements  to discover how and why this happened. The company paid total dividends of $210,000 during fiscal 2015.

a. What was Mountain​ Air's net income for fiscal​ 2015?

b. How many new shares did the corporation issue and sell during the​ year?

c. At what average price per share did the new stock sold during 2015​ sell?

d. At what price per share did Mountain​ Air's original 580,000 shares​ sell?

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