Homework Answers
| HOLLOWAY COMPANY | |||||||||
| Effect of Events on the Year 1 Horizontal Financial Statements | |||||||||
| Assets | = | Liabilities | + | Shareholders Equity | |||||
| Event | Cash | + | Accounts Receivable | = | Accounts Payable | + | Common Stock | + | Retained Earnings |
| Earned revenue | + | 8,000 | = | + | + | 8,000 | |||
| Collected accounts receivable | 6,800 | + | -6,800 | = | + | + | |||
| Ending balance | 6,800 | + | 1,200 | = | + | + | |||
a.
Accounts receivable = $1,200
b.
Net income = $8,000
c.
Net cash flow from operating activities = $6,800
d.
Retained earnings = $8,000
Kindly comment if you need further assistance.
Thanks‼!
Add Answer to:
Holloway Company started operations on January 1, Year 1. During Year 1. Holloway earned $8,000 of...
Holloway Company started operations on January 1, Year 1. During Year 1, Holloway earned $5,400 of...
Holloway Company started operations on January 1, Year 1. During Year 1, Holloway earned $5,400 of service revenue and collected $4,590 cash from accounts receivable. Required Based on this information alone, determine the following for Holloway Company. (Hint Record the events in a horizontal financial statements model before satisfying the requirements.) (Enter any decreases to account balances with a minus sign.) Cash - HOLLOWAY COMPANY Effect of Events on the Year 1 Horizontal Financial Statements Assets - Liabilities + Stockholders'...
Holloway Company earned $7,600 of service revenue on account during Year 1. The company collected $6,460...
Holloway Company earned $7,600 of service revenue on account
during Year 1. The company collected $6,460 cash from accounts
receivable during Year 1.
Required
Based on this information alone, determine the following for
Holloway Company. (Hint: Record the events in general ledger
accounts under an accounting equation before satisfying the
requirements.) (Enter any decreases to account balances
with a minus sign.)
a. The balance of the accounts receivable that
would be reported on the December 31, Year 1, balance sheet....
Holloway Company earned $4,400 of service revenue on account during Year 1. The company collected $3,740...
Holloway Company earned $4,400 of service revenue on account
during Year 1. The company collected $3,740 cash from accounts
receivable during Year 1.
Required
Based on this information alone, determine the following for
Holloway Company. (Hint: Record the events in general ledger
accounts under an accounting equation before satisfying the
requirements.) (Enter any decreases to account balances
with a minus sign.)
a. The balance of the accounts receivable that
would be reported on the December 31, Year 1, balance sheet....
Holloway Company earned $18,000 of service revenue on account during Year 1. The company collected $14.000...
Holloway Company earned $18,000 of service revenue on account during Year 1. The company collected $14.000 cash from accounts receivable during Year 1 Required Based on this information alone, determine the following for Holloway Company. o. The balance of the accounts receivable that would be reported on the December 31, Year 1. balance sheet b. The amount of net income that would be reported on the Year 1 income statement. c. The amount of net cash flow from operating activities...
Holloway Company earned $8,000 of service revenue on account during 2018. The company collected $6,800 cash...
Holloway Company earned $8,000 of service revenue on account during 2018. The company collected $6,800 cash from accounts receivable during 2018. Required Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) The balance of the accounts receivable that would be reported on the December 31, 2018, balance sheet. The amount of net income that would be reported on the 2018 income statement....
Holloway Company earned $18,000 of service revenue on account during 2018. The company collected $14,000 cash...
Holloway Company earned $18,000 of service revenue on account during 2018. The company collected $14,000 cash from accounts receivable during 2018. Required Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) a. The balance of the accounts receivable that would be reported on the December 31, 2018, balance sheet. b. The amount of net income that would be reported on the 2018...
Holloway Company earned $18,000 of service revenue on account during Year 1. The company collected $14.000...
Holloway Company earned $18,000 of service revenue on account during Year 1. The company collected $14.000 cash from accounts receivable during Year 1. Required Based on this information alone, determine the following for Holloway Company. a. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. b. The amount of net income that would be reported on the Year 1 income statement. c. The amount of net cash flow from operating activities...
Exercise 2-1A Effect of collecting accounts receivable on the accounting equation and financial statements LO 2-1,...
Exercise 2-1A Effect of collecting accounts receivable on the accounting equation and financial statements LO 2-1, 2-3 Holloway Company earned $7,600 of service revenue on account during Year 1. The company collected $6,460 cash from accounts receivable during Year 1. Required Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) (Enter any decreases to account balances with a minus sign.) a. The...
Troy Company earned $15,000 of cash revenue. Troy incurred $12,000 of utility expense on account during...
Troy Company earned $15,000 of cash revenue. Troy incurred
$12,000 of utility expense on account during Year 1. The company
made cash payments of $8,000 to reduce its accounts payable during
Year 1.
Required
Show the effects of the events on the financial statements
using a horizontal financial statements model like the following
one. In the Cash Flow column, use OA to designate operating
activity, IA for investment activity, FA for financing activity, NC
for net change in cash and...
Waddell Company had the following balances in its accounting records as of December 31, Year 1:...
Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Cash Accounts receivable Liabilities and Stk. Equity Accounts payable Common stock Retained earnings Total $35,000 9,000 51,000 $95,000 Land $ 7,500 40,000 47,500 $95,000 Total The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. 1 Acquired $20,000 cash from the issue of common stock. Mar. 1 Paid a $2,000 cash dividend to the stockholders. April 1 Purchased additional land...
Holloway Company started operations on January 1, Year 1. During Year 1, Holloway earned $5,400 of service revenue and collected $4,590 cash from accounts receivable. Required Based on this information alone, determine the following for Holloway Company. (Hint Record the events in a horizontal financial statements model before satisfying the requirements.) (Enter any decreases to account balances with a minus sign.) Cash - HOLLOWAY COMPANY Effect of Events on the Year 1 Horizontal Financial Statements Assets - Liabilities + Stockholders'...
Holloway Company earned $7,600 of service revenue on account
during Year 1. The company collected $6,460 cash from accounts
receivable during Year 1.
Required
Based on this information alone, determine the following for
Holloway Company. (Hint: Record the events in general ledger
accounts under an accounting equation before satisfying the
requirements.) (Enter any decreases to account balances
with a minus sign.)
a. The balance of the accounts receivable that
would be reported on the December 31, Year 1, balance sheet....
Holloway Company earned $4,400 of service revenue on account
during Year 1. The company collected $3,740 cash from accounts
receivable during Year 1.
Required
Based on this information alone, determine the following for
Holloway Company. (Hint: Record the events in general ledger
accounts under an accounting equation before satisfying the
requirements.) (Enter any decreases to account balances
with a minus sign.)
a. The balance of the accounts receivable that
would be reported on the December 31, Year 1, balance sheet....
Holloway Company earned $18,000 of service revenue on account during Year 1. The company collected $14.000 cash from accounts receivable during Year 1 Required Based on this information alone, determine the following for Holloway Company. o. The balance of the accounts receivable that would be reported on the December 31, Year 1. balance sheet b. The amount of net income that would be reported on the Year 1 income statement. c. The amount of net cash flow from operating activities...
Holloway Company earned $18,000 of service revenue on account during 2018. The company collected $14,000 cash from accounts receivable during 2018. Required Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) a. The balance of the accounts receivable that would be reported on the December 31, 2018, balance sheet. b. The amount of net income that would be reported on the 2018...
Holloway Company earned $18,000 of service revenue on account during Year 1. The company collected $14.000 cash from accounts receivable during Year 1. Required Based on this information alone, determine the following for Holloway Company. a. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. b. The amount of net income that would be reported on the Year 1 income statement. c. The amount of net cash flow from operating activities...
Troy Company earned $15,000 of cash revenue. Troy incurred
$12,000 of utility expense on account during Year 1. The company
made cash payments of $8,000 to reduce its accounts payable during
Year 1.
Required
Show the effects of the events on the financial statements
using a horizontal financial statements model like the following
one. In the Cash Flow column, use OA to designate operating
activity, IA for investment activity, FA for financing activity, NC
for net change in cash and...
Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Cash Accounts receivable Liabilities and Stk. Equity Accounts payable Common stock Retained earnings Total $35,000 9,000 51,000 $95,000 Land $ 7,500 40,000 47,500 $95,000 Total The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. 1 Acquired $20,000 cash from the issue of common stock. Mar. 1 Paid a $2,000 cash dividend to the stockholders. April 1 Purchased additional land...
Most questions answered within 3 hours.
-
Two waves are traveling on a string, one with a wave function,
y1 = 0.05sin(4x -...
asked 4 minutes ago -
Develop an ideal customer profile for three Dell Customer
groups( a supplier, a global business, and...
asked 6 minutes ago -
Suppose, for any future year, the probability its October rain
is more than 3 inches is...
asked 11 minutes ago -
Solve the following systems of linear equations using
substitution 12p + 3q = 15 6q +...
asked 18 minutes ago -
Prof. D went grocery shopping and purchased one dozen eggs and
one pound of flour (all...
asked 25 minutes ago -
If
somehow loop of Henle were removed - that is if the proximal tubule
was connected...
asked 25 minutes ago -
Add 1ml of 0.18M of HCl (aq) to 1ml of 0.2M of [Ag(NH3)2]Br
(aq).
Write the...
asked 32 minutes ago -
1. Smoke detectors use Am-241, an alpha emitter, to detect smoke
particles. A parent is concerned...
asked 37 minutes ago -
Scenario: Web application developed to capture customers
demographic and financial information for filling their taxes. This...
asked 41 minutes ago -
Which of the following statements are true?
1. Glass is mostly silicon dioxide and so when...
asked 1 hour ago -
Korman Company has the following securities in its portfolio of
equity securities on December 31, 2018:...
asked 1 hour ago -
Using the 12th edition of Language Awareness,
complete the following assignment:
After reading Akiba Solomon's "Thugs....
asked 1 hour ago