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(1) July 1, 2008: Receives $25,000 from Quinn Zealick for 25,000 shares of the stock common face value $1 from the bookstore. (2) July 1, 2008: Obtains $30,000 loan from local bank for needs of working capital. The loan earns 6% interest per year. The loan is payable with interest on June 30, 2009. (3) July 1, 2008: Sign a three-year rental agreement at an annual rent of $20,000 Pay the first year's rent in advance. (4) July 1, 2008: Purchases shelves for $4,000 in cash. The shelves have an estimated useful life of five years and zero residual value. (5) July 1, 2008: Purchase computers for $10,000 in cash. The computers They have an estimated useful life of three years and $1,000 in residual value. (6) July 1, 2008: Makes guarantee deposits with various book distributors for a total of $8,000. Deposits are refundable on June 30, 2009 if the bookstore pays on time all amounts payable for books purchased from distributors between July 2008 and June 30, 2009. (7) During 2008: Purchases books on account from various distributors for a cost of $160,000. (8)During 2008: Sells books costing $140,000 to $172,800. Of the total sales, $24,600 corresponds to cash and $148,200 is on account. (9) During 2008: Returns unsold books and books ordered in error for a cost of $14,600. The company had not yet paid for these books. (10) During 2008: Collected $142,400 from sales on account. (11) During 2008: Pays employees salaries of $16,700. (12) During 2008: Pays $139,800 to book distributors of the amounts payable for purchases on account. (13) December 28, 2008: Receives customer advances of $850 due to order books special that the bookstore will order and expects to receive during 2009. (14) December 31, 2008: Record the corresponding amount of interest expense on the loan in (2) for 2008. (15) December 31, 2008: Record the corresponding amount of rental expense for 2008. (16) December 31, 2008: Record the corresponding amount of depreciation expense on the shelves in (4). (17) December 31, 2008: Record the corresponding amount of depreciation expense about computers in (5). (18) December 31, 2008: Record the corresponding amount of income tax expense. profits for 2008. The income tax rate is 40%. The taxes are paid on March 15, 2009. (1) March 15, 2009: Pays 2008 income tax. (2) June 30, 2009: Pay off the bank loan with interest. (3) July 1, 2009: Obtains a new bank loan for $75,000. He loan is payable on June 30, 2010, with 8% interest payable to the expiration. (4) July 1, 2009: Receives security deposits from book distributors. (5) July 1, 2009: Pay the rent corresponding to the period from July 1 2009 to June 30, 2010. (6) During 2009: Purchase books on account for a cost of $310,000. (7)During 2009: Sold books for a cost of $286,400 for $353,700. Of the total sales, $24,900 corresponds to cash, $850 corresponds to special orders received during December of 2008 and $327,950 are on account. (8) During 2009: Returns unsold books at a cost of $22,700. The company has not yet I had paid for these books. (9) During 2009: Collects $320,600 from sales to accounts. (10) During 2009: Pays employees compensation of $29,400. (11) During 2009: pays $281,100 to book distributors for book purchases from account. (12) December 31, 2009: Declares and pays a dividend of $4,000.

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Answer to a math question (1) July 1, 2008: Receives $25,000 from Quinn Zealick for 25,000 shares of the stock common face value $1 from the bookstore. (2) July 1, 2008: Obtains $30,000 loan from local bank for needs of working capital. The loan earns 6% interest per year. The loan is payable with interest on June 30, 2009. (3) July 1, 2008: Sign a three-year rental agreement at an annual rent of $20,000 Pay the first year's rent in advance. (4) July 1, 2008: Purchases shelves for $4,000 in cash. The shelves have an estimated useful life of five years and zero residual value. (5) July 1, 2008: Purchase computers for $10,000 in cash. The computers They have an estimated useful life of three years and $1,000 in residual value. (6) July 1, 2008: Makes guarantee deposits with various book distributors for a total of $8,000. Deposits are refundable on June 30, 2009 if the bookstore pays on time all amounts payable for books purchased from distributors between July 2008 and June 30, 2009. (7) During 2008: Purchases books on account from various distributors for a cost of $160,000. (8)During 2008: Sells books costing $140,000 to $172,800. Of the total sales, $24,600 corresponds to cash and $148,200 is on account. (9) During 2008: Returns unsold books and books ordered in error for a cost of $14,600. The company had not yet paid for these books. (10) During 2008: Collected $142,400 from sales on account. (11) During 2008: Pays employees salaries of $16,700. (12) During 2008: Pays $139,800 to book distributors of the amounts payable for purchases on account. (13) December 28, 2008: Receives customer advances of $850 due to order books special that the bookstore will order and expects to receive during 2009. (14) December 31, 2008: Record the corresponding amount of interest expense on the loan in (2) for 2008. (15) December 31, 2008: Record the corresponding amount of rental expense for 2008. (16) December 31, 2008: Record the corresponding amount of depreciation expense on the shelves in (4). (17) December 31, 2008: Record the corresponding amount of depreciation expense about computers in (5). (18) December 31, 2008: Record the corresponding amount of income tax expense. profits for 2008. The income tax rate is 40%. The taxes are paid on March 15, 2009. (1) March 15, 2009: Pays 2008 income tax. (2) June 30, 2009: Pay off the bank loan with interest. (3) July 1, 2009: Obtains a new bank loan for $75,000. He loan is payable on June 30, 2010, with 8% interest payable to the expiration. (4) July 1, 2009: Receives security deposits from book distributors. (5) July 1, 2009: Pay the rent corresponding to the period from July 1 2009 to June 30, 2010. (6) During 2009: Purchase books on account for a cost of $310,000. (7)During 2009: Sold books for a cost of $286,400 for $353,700. Of the total sales, $24,900 corresponds to cash, $850 corresponds to special orders received during December of 2008 and $327,950 are on account. (8) During 2009: Returns unsold books at a cost of $22,700. The company has not yet I had paid for these books. (9) During 2009: Collects $320,600 from sales to accounts. (10) During 2009: Pays employees compensation of $29,400. (11) During 2009: pays $281,100 to book distributors for book purchases from account. (12) December 31, 2009: Declares and pays a dividend of $4,000.

Expert avatar
Tiffany
4.5
97 Answers
Step 1: We need to summarize the given information and identify the relevant transactions for each year.

For the year 2008:
- Received $25,000 from Quinn Zealick in exchange for 25,000 shares of common stock.
- Obtained a loan of $30,000 from a local bank with an annual interest rate of 6%, payable on June 30, 2009.
- Signed a rental agreement for three years with an annual rent of $20,000 and paid the first year's rent in advance.
- Acquired shelves for $4,000 in cash with a useful life of five years and no residual value.
- Acquired computers for $10,000 in cash with a useful life of three years and a residual value of $1,000.
- Made deposits of $8,000 as security with various book distributors, refundable on June 30, 2009, if all amounts payable for books purchased between July 1, 2008, and June 30, 2009, are paid on time.
- Purchased books on account from various distributors for a cost of $160,000.
- Sold books with a cost of $140,000 for $172,800. $24,600 of the sales were for cash, and $148,200 were on account.
- Returned unsold and mistakenly ordered books with a cost of $14,600. The payment for these books had not been made.
- Collected $142,400 of sales on account.
- Paid employees' salaries of $16,700.
- Paid $139,800 to book distributors for amounts payable on account.
- Received advances from customers of $850 for special order books expected to be ordered and received in 2009.
- Recorded interest expense for the loan in (2) for 2008.
- Recorded rental expense for 2008.
- Recorded depreciation expense for shelves in (4).
- Recorded depreciation expense for computers in (5).
- Recorded income tax expense for 2008. The tax rate is 40%, and the taxes are paid on March 15, 2009.

For the year 2009:
- Paid income tax for 2008 on March 15, 2009.
- Paid the bank loan with interest on June 30, 2009.
- Obtained a new bank loan of $75,000, payable on June 30, 2010, with an 8% interest payable at maturity.
- Received the security deposits from book distributors.
- Paid rent for the period from July 1, 2009, to June 30, 2010.
- Purchased books on account for a cost of $310,000.
- Sold books with a cost of $286,400 for $353,700. $24,900 of the sales were for cash, $850 were for special orders received in December 2008, and $327,950 were on account.
- Returned unsold books for a cost of $22,700. The payment for these books had not been made.
- Collected $320,600 of sales on account.
- Paid employees' compensation of $29,400.
- Paid book distributors $281,100 for purchases on account.
- Declared and paid a dividend of $4,000 on December 31, 2009.

Answer: The given information provides a summary of various financial transactions and events for the years 2008 and 2009.

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