Consider the following transactions for Thomas Company and their effect on the accounting equation. Place the cursor on each transaction for transaction details. Determine the new balance for each component of the accounting equation resulting from the transaction. (You will not need to enter the amount of each transaction, only the balance after the transaction.) If an amount box does not require an entry, leave it blank.
Transactions Assets = Liablities + Stockholders Equity Beginning $0 $0 $0
1) Invest in the business
The owners invested $17,010 into the business in exchange For $17,010 $0 $
shares of the common stock in Thomas Company.
2) Borrow Cash
The company borrows $7,700 cash from the local bank. $ $7,700 $
3) Purchase Equipment
The company pays cash for a piece of equipment. The list price
was $8,700 but after negotiation, the final price was $8,300. $ $ $
4) Revenues earned
During the year, Thomas company earned revenues totaling
$298,400. The cash has been collected from its customers for $ $ $
all revenue earned this year.
5) Expenses incurred
Thomas company incurred expenses totaling $211,300 during $ $ $
that same year. All of the expenses incurred this year was paid in cash.
6) Dividends
At the end of each quarter, Thomas company distributed cash to its
stockholders. The sum of those quarterly distributions was $14,800. $ $ $