Homework Answers
Cash flow statement(direct method):
| SMART TOUCH LEARNING | ||
| Statement of Cash Flows | ||
| Month Ended December 31,2016 | ||
| Cash flows from operating activities: | ||
| Receipts: | ||
| Collections from customers | $4,900 | |
| Payments: | ||
| For office rent | ($1,500) | |
| For salaries | ($1,300) | |
| For utilities | ($200) | ($3,000) |
| Net cash provided by operating activities (i) | $1,900 | |
| Cash flows from investing activities: | ||
| Acquistion of land | ($19,800) | |
| Net cash provided by investing activities (ii) | ($19,800) | |
| Cash flows from operating activities: | ||
| Issuance of common stock | $8,100 | |
| Payment of cash dividends | ($2,400) | |
| Net cash provided by financing activities (iii) | $5,700 | |
| Increase/(Decrease) in cash (i)+(ii)+(iii) | ($12,200) | |
| Cash balance December 1,2016 | $18,400 | |
| Cash balance December 31,2016 | $6,200 | |
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how to find cash balance, December 31, 2016
23 Padded 200 26 Ered for the month...
Prepare the Statement of Cash Flows for Smart Touch Learning for the month ended December 31,...
Prepare the Statement of Cash Flows for Smart Touch Learning for the month ended December 31, 2016 from the provided information, within each section of the statement, use the drop-down menus to enter the accounts. Then enter the account balances and calculate ending balantes. Enter decreases in cash with a minus sign or parentheses. Cash balance, December 1, 2016 is $18,500 Transactions Dec The owner contributed an additional $8,100 cash to the business in exchange for capital 7 Purchased equipment...
Cash balance, December 1, 2016 is $18,000 Transactions Dec. 1 Common stock was issued to stockholders...
Cash balance, December 1, 2016 is $18,000 Transactions Dec. 1 Common stock was issued to stockholders for 1000 cash 7 Purchased equipment for $2.000 on account 14 Paid $19.900 cash for land. 17 Paid cash expenses: office rent, 51,500 employees' salaries, $1,500, utilities, $300 23 Paid cash dividends of $2,600 26 Earned service revenue for the month, H. , receiving cash. SMART TOUCH LEARNING Statement of Cash Flowes Month Ended December 31, 2016 Cash flows from Receipts Payments: porations /8/4/2...
Pad cash dividends of $2400 23 Eamed service revenue for the manch, $4900 receving cash 26...
Pad cash dividends of $2400 23 Eamed service revenue for the manch, $4900 receving cash 26 SMART TOUCHLEARNING Statement of Cash Rows Month Ended December 31, 201 Cesh fows fr opering acve Recepts Cleco o 4900 Pyment or ren 500 200 es 1300 3000 Net cash prded lued by operng ac s 1900 Cash flows fro ac of 19800 Net cah grided se by ng ace -19800 Cesh fown frm fancng s m de 2400 f om 8100 Net cash...
Cash and cash equivalents balance, December 31, 2016 Cash and cash equivalents balance, December 31, 2017...
Cash and cash equivalents balance, December 31, 2016 Cash and cash equivalents balance, December 31, 2017 Cash received as interest Cash paid for salaries Bonds payable retired by issuing common stock (no gain or loss on retirement) Cash paid to retire long-term notes payable Cash received from sale of equipment Cash received in exchange for six-month note payable Land purchased by issuing long-term note payable Cash paid for store equipment Cash dividends paid Cash paid for other expenses Cash received...
Statement of Cash Flows Month Ended December 31, 2015 Cash flows from Operating activities Receipts: Collections...
Statement of Cash Flows Month Ended December 31, 2015 Cash flows from Operating activities Receipts: Collections from customers 5100 Payments. For rent -1500 For salanes -1500 For utilities -300 -330D Net cash provided (used) by operating activities 1800 Cash flows from investing activities Acquisition of Land -20000 Net cash provided (used) by investing activities Cash flows from financing activities Owner contribution 81000 Owner withdrawal Net cash provided (used) by financing activities Net increase (decrease in cash Cash balance, December 1,...
Check your knowledge! If you complete all parts with a 95% score, you will unlock access...
Check your knowledge! If you complete all parts with a 95% score, you will unlock access to all activities and can proceed to prove your mastery. You can attempt this as many times as you want. Your work will be saved as you work through each part. Using the Adjusted Trial Balance, complete the Income Statement, Statement of Retained Earnings, and Balance Sheet. Enter any decreases with a minus sign or parentheses. SMART TOUCH LEARNING Adjusted Trial Balance December 31,...
Prepare the Statement of Retained Earnings from the Adjusted Trial Balance and Income Statement. Within each...
Prepare the Statement of Retained Earnings from the Adjusted
Trial Balance and Income Statement. Within each section of the
statement, use the drop-down menus to enter the accounts in Chart
of Accounts order and select the account balances.
Prepare the Statement of Retained Earnings from the Adjusted Trial Balance and Income Statement. Within each section of the statement, use the drop-down menus to enter the accounts in Chart of Accounts order and select the account balances. SMART TOUCH LEARNING SMART...
Kay Wing, Inc., prepared the following balance sheet at December 31, 2016. Balance Sheet as of...
Kay Wing, Inc., prepared the following balance sheet at December 31, 2016. Balance Sheet as of December 31, 2016 Cash Accounts receivable Inventory Long-term investments Land Plant and equipment (net) Total assets Accounts payable Taxes payable Bonds payable Capital stock Retained earnings Total liabilities and stockholders' equity $ 65,000 37,000 70,000 20,000 39,000 109,000 $340,000 $ 33,000 4,000 80,000 90,000 133,000 $340,000 The following occurred during 2017 1. $15,000 in cash and a $35,000 note payable were exchanged for land...
Bramble Inc. had the following balance sheet at December 31, 2016. BRAMBLE INC. BALANCE SHEET DECEMBER...
Bramble Inc. had the following balance sheet at December 31, 2016. BRAMBLE INC. BALANCE SHEET DECEMBER 31, 2016 Cash $22,220 Accounts payable $32,220 Accounts receivable 23,420 Notes payable (long-term) 43,220 Investments 34,220 Common stock 102,220 Plant assets (net) Retained earnings 81,000 25,420 42,220 $203,080 Land $203,080 During 2017, the following occurred. gain of $3,686 for the firm. The company classifies its investments as 1. Bramble Inc. sold part of its investment portfolio for $15,286. This transaction resulted in available-for-sale. A...
Sunny Technologies Inc. began operations on January 1, 2016. Its post-closing trial balance at December 31, 2016 and 20...
Sunny Technologies Inc. began operations on January 1, 2016. Its post-closing trial balance at December 31, 2016 and 2017, is shown below along with some other information. Sunny Technologies Inc. Income Statement For Year Ended December 31, 2017 Revenues: Sales Cost of goods sold Gross Profit Expenses and other Other expenses Depreciation expense Total operating expenses $627,400 483,400 144,000 $155,400 25,800 181,200 (37,200) 21,000 Operating Profit (Loss) Loss on sales of plant assets Profit (Loss) $(58,200) Sunny Technologies Inc. Post-Closing...
Prepare the Statement of Cash Flows for Smart Touch Learning for the month ended December 31, 2016 from the provided information, within each section of the statement, use the drop-down menus to enter the accounts. Then enter the account balances and calculate ending balantes. Enter decreases in cash with a minus sign or parentheses. Cash balance, December 1, 2016 is $18,500 Transactions Dec The owner contributed an additional $8,100 cash to the business in exchange for capital 7 Purchased equipment...
Cash balance, December 1, 2016 is $18,000 Transactions Dec. 1 Common stock was issued to stockholders for 1000 cash 7 Purchased equipment for $2.000 on account 14 Paid $19.900 cash for land. 17 Paid cash expenses: office rent, 51,500 employees' salaries, $1,500, utilities, $300 23 Paid cash dividends of $2,600 26 Earned service revenue for the month, H. , receiving cash. SMART TOUCH LEARNING Statement of Cash Flowes Month Ended December 31, 2016 Cash flows from Receipts Payments: porations /8/4/2...
Pad cash dividends of $2400 23 Eamed service revenue for the manch, $4900 receving cash 26 SMART TOUCHLEARNING Statement of Cash Rows Month Ended December 31, 201 Cesh fows fr opering acve Recepts Cleco o 4900 Pyment or ren 500 200 es 1300 3000 Net cash prded lued by operng ac s 1900 Cash flows fro ac of 19800 Net cah grided se by ng ace -19800 Cesh fown frm fancng s m de 2400 f om 8100 Net cash...
Cash and cash equivalents balance, December 31, 2016 Cash and cash equivalents balance, December 31, 2017 Cash received as interest Cash paid for salaries Bonds payable retired by issuing common stock (no gain or loss on retirement) Cash paid to retire long-term notes payable Cash received from sale of equipment Cash received in exchange for six-month note payable Land purchased by issuing long-term note payable Cash paid for store equipment Cash dividends paid Cash paid for other expenses Cash received...
Statement of Cash Flows Month Ended December 31, 2015 Cash flows from Operating activities Receipts: Collections from customers 5100 Payments. For rent -1500 For salanes -1500 For utilities -300 -330D Net cash provided (used) by operating activities 1800 Cash flows from investing activities Acquisition of Land -20000 Net cash provided (used) by investing activities Cash flows from financing activities Owner contribution 81000 Owner withdrawal Net cash provided (used) by financing activities Net increase (decrease in cash Cash balance, December 1,...
Check your knowledge! If you complete all parts with a 95% score, you will unlock access to all activities and can proceed to prove your mastery. You can attempt this as many times as you want. Your work will be saved as you work through each part. Using the Adjusted Trial Balance, complete the Income Statement, Statement of Retained Earnings, and Balance Sheet. Enter any decreases with a minus sign or parentheses. SMART TOUCH LEARNING Adjusted Trial Balance December 31,...
Prepare the Statement of Retained Earnings from the Adjusted
Trial Balance and Income Statement. Within each section of the
statement, use the drop-down menus to enter the accounts in Chart
of Accounts order and select the account balances.
Prepare the Statement of Retained Earnings from the Adjusted Trial Balance and Income Statement. Within each section of the statement, use the drop-down menus to enter the accounts in Chart of Accounts order and select the account balances. SMART TOUCH LEARNING SMART...
Kay Wing, Inc., prepared the following balance sheet at December 31, 2016. Balance Sheet as of December 31, 2016 Cash Accounts receivable Inventory Long-term investments Land Plant and equipment (net) Total assets Accounts payable Taxes payable Bonds payable Capital stock Retained earnings Total liabilities and stockholders' equity $ 65,000 37,000 70,000 20,000 39,000 109,000 $340,000 $ 33,000 4,000 80,000 90,000 133,000 $340,000 The following occurred during 2017 1. $15,000 in cash and a $35,000 note payable were exchanged for land...
Bramble Inc. had the following balance sheet at December 31, 2016. BRAMBLE INC. BALANCE SHEET DECEMBER 31, 2016 Cash $22,220 Accounts payable $32,220 Accounts receivable 23,420 Notes payable (long-term) 43,220 Investments 34,220 Common stock 102,220 Plant assets (net) Retained earnings 81,000 25,420 42,220 $203,080 Land $203,080 During 2017, the following occurred. gain of $3,686 for the firm. The company classifies its investments as 1. Bramble Inc. sold part of its investment portfolio for $15,286. This transaction resulted in available-for-sale. A...
Sunny Technologies Inc. began operations on January 1, 2016. Its post-closing trial balance at December 31, 2016 and 2017, is shown below along with some other information. Sunny Technologies Inc. Income Statement For Year Ended December 31, 2017 Revenues: Sales Cost of goods sold Gross Profit Expenses and other Other expenses Depreciation expense Total operating expenses $627,400 483,400 144,000 $155,400 25,800 181,200 (37,200) 21,000 Operating Profit (Loss) Loss on sales of plant assets Profit (Loss) $(58,200) Sunny Technologies Inc. Post-Closing...
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