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Financial Forensics, Quiz 1
D. Carson and F. Leggatt formed a partnership on June 1 to operate a shoe store. Carson contributed $50,000 cash and Leggatt contributed $50,000 worth of shoe inventory.
During the month of June, the following transactions took place:
a. Additional shoe inventory was purchased at a cost of $24,000 cash
b. Total cash sales for the month were $31,000. The inventory that was sold had a cost of $15,000 c. Carson withdrew $6,200 of cash drawings. Leggatt withdrew only $3,700 of cash drawings. d. The partnership borrowed $50,000 from the Third National Bank
e. Land and buildings were purchased at a cash cost of $25,000 and $50,000 respectively. Based on the above text answer the given sub questions:
What is the cash balance of the company as of June 1.
D. Carson and F. Leggatt formed a partnership on June 1 to operate a shoe store. Carson contributed \$50,000 cash and Leggatt contributed \$50,000 worth of shoe inventory.\ During the month of June, the following transactions took place:\ a. Additional shoe inventory was purchased at a cost of \$24,000 cash\ b. Total cash sales for the month were \$31,000. The inventory that was sold had a cost of \$15,000 c. Carson withdrew \$6,200 of cash drawings. Leggatt withdrew only \$3,700 of cash drawings. d. The partnership borrowed \$50,000 from the Third National Bank\ e. Land and buildings were purchased at a cash cost of \$25,000 and \$50,000 respectively. Based on the above text answer the given sub questions: What is the cash balance of the company as of June 1. D. Carson and F. Leggatt formed a partnership on June 1 to operate a shoe store. Carson contributed \$50,000 cash and Leggatt contributed \$50,000 worth of shoe inventory.\ During the month of June, the following transactions took place:\ a. Additional shoe inventory was purchased at a cost of \$24,000 cash\ b. Total cash sales for the month were \$31,000. The inventory that was sold had a cost of \$15,000 c. Carson withdrew \$6,200 of cash drawings. Leggatt withdrew only \$3,700 of cash drawings. d. The partnership borrowed \$50,000 from the Third National Bank\ e. Land and buildings were purchased at a cash cost of \$25,000 and \$50,000 respectively. Based on the above text answer the given sub questions: What is the Total Asset of the company as of June 30. The Hosmer Company had June sales of \$275,000. The cost of goods sold was \$164,000 and other cash expenses were:\ Rent: \$3,300\ Salaries: \$27,400\ Taxes: \$1,375\ Other: \$50,240\ Based on the above data, answer the given subquestions What were the company’s Revenues