Homework Answers
Accounting equation
| CHUNG Incorporation | |||||||
| Accounting equation-year 1 | |||||||
| Event | Assets | = | Liabilities | + | Stockholder's equity | ||
| Cash | = | Salaries payable | + | Common Stock | + | Retained earnings | |
| Earned revenue | 5000 | 5000 | |||||
| Accrued salaries | 3100 | -3100 | |||||
| Ending balance | 5000 | 3100 | 1900 | ||||
a) CHUNG Corporation
Balance Sheet
December 31
| Assets | |
| Cash | 5000 |
| Total assets | 5000 |
| Liabilities | |
| Salaries payable | 3100 |
| Total liabilities | 3100 |
| Stockholder's equity | |
| Retained earnings | 1900 |
| Total Stockholder's equity | 1900 |
| Total liabilities and stockholder's equity | 5000 |
b) Net income in year 1 = 1900
c) Cash flow from operating activities = 5000
Add Answer to:
During Year 1, Chung Corporation earned $5,000 of cash revenue and accrued $3,100 of salaries expense....
During Year 1, Chung Corporation earned $8,000 of cash revenue and accrued $5,000 of salaries expense....
During Year 1, Chung Corporation earned $8,000 of cash revenue and accrued $5,000 of salaries expense. Required Based on this information alone: (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.) CHUNG CORPORATION Accounting Equation - Year 1 Assets Liabilities Stockholders' Equity Salaries Common Retained Payable Stock Earnings Event Cash Eamed revenue Accrued salaries Ending balance a. Prepare the December 31, Year 1,...
During Year 1. Chung Corporation earned $4,800 of cash revenue and accrued $2.500 of salaries expense....
During Year 1. Chung Corporation earned $4,800 of cash revenue and accrued $2.500 of salaries expense. Required Based on this information alone: (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.) CHUNG CORPORATION Accounting Equation - Year 1 Assets Liabilities - Stockholders' Equity Cash Salaries Common Retained Payable Stock Event Earned revenue Accruedas Ending balance a. Prepare the December 31, Year 1, balance...
LO 2-3, 2-4 Exercise 2-7B Effect of accrued expenses on the accounting equatiow and financial statements...
LO 2-3, 2-4 Exercise 2-7B Effect of accrued expenses on the accounting equatiow and financial statements During Year I, Sur Corporation carned $5,000 of cash revenue and accrued $3,000 of salaries axpense. Required (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements) Based on this information alone: 1. Prepare the December 31, Year 1, balance sheet. Star Corporation Accounting Equation - Year 1 Event Assets - Liabilities Stockholders' Equity Salaries Common Retained Cash...
Cash Accounts receivable Maintenance expense Advertising expense Fees earned Ping Chung, Capital, April 1 Salaries expense...
Cash Accounts receivable Maintenance expense Advertising expense Fees earned Ping Chung, Capital, April 1 Salaries expense Machinery Accounts payable Ping Chung, withdrawals for April $120,000 48,000 21,400 17,060 125,200 ? 59,500 91,500 52,800 31,700 Required: Determine the balance for Ping Chung, Capital, April 1, 20X1. Prepare an income statement and a statement of owner's equity for the month ended April 30, 20X1, and a balance sheet for April 30, 20X1. Complete this question by entering your answers in the tabs...
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 $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 $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...
Required information GULF SEAFOOD Statement of Cash Flows For the Year Ended December 31, Year 1...
Required information GULF SEAFOOD Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities: Net cash flow from investing activities Cash flows from financing activities: Net cash flow from financing activities Net change in ce Ending cash balance b. Prepare a balance sheet and a statement of cash flows for the Year 1 accounting period. (Ar indicated by a minus sign.) GULF...
Cash Accounts receivable Maintenance expense Advertising expense Fees earned Ping Chung, Capital, April 1 Salaries expense...
Cash Accounts receivable Maintenance expense Advertising expense Fees earned Ping Chung, Capital, April 1 Salaries expense Machinery Accounts payable Ping Chung, withdrawals for April $120,000 48,000 21,400 17,060 125,200 ? 59,500 91,500 52,800 31,700 Required: Determine the balance for Ping Chung, Capital, April 1, 20X1. Prepare an income statement and a statement of owner's equity for the month ended April 30, 20X1, and a balance sheet for April 30, 20X1. Complete this question by entering your answers in the tabs...
During Year 1, Chung Corporation earned $8,000 of cash revenue and accrued $5,000 of salaries expense. Required Based on this information alone: (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.) CHUNG CORPORATION Accounting Equation - Year 1 Assets Liabilities Stockholders' Equity Salaries Common Retained Payable Stock Earnings Event Cash Eamed revenue Accrued salaries Ending balance a. Prepare the December 31, Year 1,...
During Year 1. Chung Corporation earned $4,800 of cash revenue and accrued $2.500 of salaries expense. Required Based on this information alone: (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.) CHUNG CORPORATION Accounting Equation - Year 1 Assets Liabilities - Stockholders' Equity Cash Salaries Common Retained Payable Stock Event Earned revenue Accruedas Ending balance a. Prepare the December 31, Year 1, balance...
LO 2-3, 2-4 Exercise 2-7B Effect of accrued expenses on the accounting equatiow and financial statements During Year I, Sur Corporation carned $5,000 of cash revenue and accrued $3,000 of salaries axpense. Required (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements) Based on this information alone: 1. Prepare the December 31, Year 1, balance sheet. Star Corporation Accounting Equation - Year 1 Event Assets - Liabilities Stockholders' Equity Salaries Common Retained Cash...
Cash Accounts receivable Maintenance expense Advertising expense Fees earned Ping Chung, Capital, April 1 Salaries expense Machinery Accounts payable Ping Chung, withdrawals for April $120,000 48,000 21,400 17,060 125,200 ? 59,500 91,500 52,800 31,700 Required: Determine the balance for Ping Chung, Capital, April 1, 20X1. Prepare an income statement and a statement of owner's equity for the month ended April 30, 20X1, and a balance sheet for April 30, 20X1. Complete this question by entering your answers in the tabs...
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 $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 $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...
Required information GULF SEAFOOD Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities: Net cash flow from investing activities Cash flows from financing activities: Net cash flow from financing activities Net change in ce Ending cash balance b. Prepare a balance sheet and a statement of cash flows for the Year 1 accounting period. (Ar indicated by a minus sign.) GULF...
Cash Accounts receivable Maintenance expense Advertising expense Fees earned Ping Chung, Capital, April 1 Salaries expense Machinery Accounts payable Ping Chung, withdrawals for April $120,000 48,000 21,400 17,060 125,200 ? 59,500 91,500 52,800 31,700 Required: Determine the balance for Ping Chung, Capital, April 1, 20X1. Prepare an income statement and a statement of owner's equity for the month ended April 30, 20X1, and a balance sheet for April 30, 20X1. Complete this question by entering your answers in the tabs...
Most questions answered within 3 hours.
-
Buying your in-laws a gift because it’s expected is
due to the ____________ motive of gift-giving....
asked 51 seconds from now -
Calculate the expected value, the variance, and the standard
deviation of the given random variable X....
asked 42 minutes ago -
A hospital performs 100 surgeries per week. The probability that
complications after surgery occur is 10%....
asked 58 minutes ago -
1 point) Given the significance level α=0.01 find the following:
(a) left-tailed z value z= (b)...
asked 40 minutes ago -
Assuming you are the head of the software development unit at
Cyber.Soft, explain and justify why...
asked 6 minutes ago -
Magnesium and nitrogen react in a combination reaction to
produce magnesium nitride. 3 Mg + N2...
asked 14 minutes ago -
Two electrons are initially at rest separated by a distance of
2nm. At time t=0, they...
asked 12 minutes ago -
A martial artist is practicing breaking 5 boards. He is able to
break aboard with probability...
asked 19 minutes ago -
The rate constant of a first-order reaction is 2.95 × 10−4 s−1
at 350.° C. If...
asked 22 minutes ago -
implement a class called PiggyBank that will be used to
represent a collection of coins. Functionality...
asked 13 minutes ago -
2. Use the following information in the table to answer the
following questions. (Numbers are in...
asked 19 minutes ago -
The fuel economy of a 2011 Lexus RX 350 2wd 6 cylinder 3.5 L
automatic 5...
asked 28 minutes ago