Marion Vessels

 Marion Ships Essay

Two siblings Fred and Bill Cunningham have decided to start a business in Mississippi known as Marion Ships. This summary provides an overview for the season 2005 – 2006. They will start the corporation with a total of 2300 shares having a money value of $72000. The subsequent financial transactions summarize the present financial position of Marion Motorboats: Journal Items

Transaction Evaluation

Balance Sheet

Cash flow Statement

Stockholder's Equity Statement

Cash Consideration Statement

Cash Flow – Immediate Statement

Earnings – Indirect Statement

Record Entries to get Marion Motorboats

Date Deal Debit Credit

1-Oct-05 James purchased one particular, 800 stocks and shares of the company's stock to get $72, 500 and Expenses purchased five-hundred shares pertaining to $20, 1000. Total invested $92, 500 Cash 80, 000 Owners' Equity 92000 1-Oct-05 Paid out legal solutions fee 800$ divided between your two. Giving initial investment to be $91, 200. Cash 800 Owners' Equity 800 1-Nov-05 Bank loan of $40, 000 Accounts Payable 40000 Cash 40000 1-Nov-05 $72, 000 used to purchase property. This sum includes the financial institution loan and $32, 000 of companies money) Money 72000 Property 72000 1-Nov-05 Mr. Mahoney demolished the old building pertaining to $9, 500. Payment collection deferred until 31 May 2006. House 9000 Accounts Payable 9000 31-Dec-05 Sport boats directed check of $40, 500 to Marion boats to begin construction. Cash 40000 Accounts Payable 40000 31-Dec-05 Construction company charges $140, 000. Conclusion by end of Drive 2006. Payments to be made as following: Jan end - $40, 000Feb end - $40, 000Mar end - $60, 000 Funds 140000 House 140000 one particular Jan 2006 - 40 Mar 06\ Fred sold 17 boats average funds cost of $9, 000. Absolutely nothing paid to Sport boats during this period. Sales of these 17 boats recognized $183, 600, where $58, 000 displayed trade-in allowances, $112, 500 in funds and the rest was excellent ($13, 600) on thirtieth Mar. Fred sold each of the trade-in vessels for $54, 800 funds before 31st Mar. Cash 153000 Inventory 153000 Money 112000 Accounts Receivable 13600 Inventory (from trade...

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