Clark Bell started a personal financial planning business when
he accepted $58,000 cash as advance payment for managing the
financial assets of a large estate. Bell agreed to manage the
estate for a one-year period beginning June 1, Year 1.
Required
a. Show the effects of the advance payment and
revenue recognition on the Year 1 financial statements using a
horizontal statements model given below. In the Statement of Cash
Flows column, use OA to designate operating activity, IA for
investing activity, FA for financing activity, and NC for net
change in cash. (Do not round intermediate calculations.
Enter any decreases to account balances and cash outflows with a
minus sign. Not all cells in the "Statement of Cash Flows" column
may require an input - leave cells blank if there is no
corresponding input needed.)
Homework Answers
| Revenue earned | 33833 | =58000*7/12 | ||||||
| a | ||||||||
| Balance Sheet | Income Statement | Statement of cash flows | ||||||
| Assets | Liabilities | Stockholders' Equity | Revenue | Expense | Net income | |||
| Cash | Unearned Revenue | Retained Earnings | ||||||
| Advance payment | 58000 | 58000 | 58000 | OA | ||||
| Revenue earned | -33833 | 33833 | 33833 | 33833 | ||||
| Totals | 58000 | 24167 | 33833 | 33833 | 0 | 33833 | 58000 | NC |
| b | |
| Revenue to be recognized in Year 2 | 24167 |
| c | |
| Amount of cash flow from operating activities | 0 |
Add Answer to:
Clark Bell started a personal financial planning business when
he accepted $58,000 cash as advance payment...
Clark Bell started a personal financial planning business when he accepted $67.000 cash as advance payment...
Clark Bell started a personal financial planning business when he accepted $67.000 cash as advance payment for managing the financial assets of a large estate. Bell agreed to manage the estate for a one-year period beginning June 1, Year 1. Required a. Show the effects of the advance payment and revenue recognition on the Year 1 financial statements using a horizontal statements model given below. In the Statement of Cash Flows column, use OA to designate operating activity, IA for...
Clark Bell started a personal financial planning business when he accepted $59.000 cash as advance payment...
Clark Bell started a personal financial planning business when he accepted $59.000 cash as advance payment for managing the financial assets of a large estate Bell agreed to manage the estate for a one-year period beginning June 1. Year 1 Required o Show the effects of the advance payment and revenue recognition on the Year financial statements una horizontal statements model given below. In the Cash Flows column use to designate operating activity. IA for investing activity, FA for financing...
Clark Bell started financial planning business when he accepted $67,000 cash as advance payment for managing...
Clark Bell started financial planning business when he accepted
$67,000 cash as advance payment for managing the financial assets
of a large estate. Bell agreed to manage the estate for a one-year
period beginning june 1, year 1.
CLARK BELL PERSONAL FINANCIAL PLANNING Horizontal Statements Model for Year 1 Balance Sheet Income Statement Llabilities Stockholders' Equity & Revenue - Expense - Net Income Unearned Retained Revenue Earnings Event Assets - Statement of Cash Flows Cash 1. Advance payment 2. Revenue...
Pizza Express Inc, began the Year 2 accounting period with $10,000 cash. $7,500 of common stock,...
Pizza Express Inc, began the Year 2 accounting period with $10,000 cash. $7,500 of common stock, and $2,500 of retained earnings. Pizza Express was affected by the following accounting events during Year 2: 1. Purchased $12,000 of supplies on account. 2. Earned and collected $21,000 of cash revenue. 3. Paid $10,500 cash on accounts payable. 4. Adjusted the records to reflect the use of supplies. A physical count indicated that $2,300 of supplies was still on hand on December 31,...
At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $225,00...
At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $225,000. It is expected to have a five-year life and a $35,000 salvage value. Exercise 8-9A Part b b. Record the purchase of the computer system and the depreciation expense for the first year under straight-line and double- declining-balance methods in a financial statements model. (In the Cash Flow column, indicate whether the item is an operating activity (OA), an investing activity (IA), a financing activity...
Exercise 9-2A Effects of recognizing accrued interest on financial statements LO 9-1 Bill Darby started Darby Co...
Exercise 9-2A Effects of recognizing accrued interest on financial statements LO 9-1 Bill Darby started Darby Company on January 1, Year 1. The company experienced the following events during its first year of operation 1. Earned $1,100 of cash revenue. 2. Borrowed $2.200 cash from the bank 3. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, issued on September 1 Year 1 had a one-year term and an 7 percent annual interest rate....
Please use the accounting equation for this (Horizontal Financial Statement Model) Waddell Company had the following...
Please use the accounting equation for this (Horizontal
Financial Statement Model)
Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Cash Accounts receivable Land Total $35,000 9,000 51,000 $95,000 Liabilities and Stk. Equity Accounts payable Common stock Retained earnings Total $ 7,500 40,000 47,500 $95,000 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...
On May 1 Year 1. Love Corporation declared a $48,500 cash dividend to be paid on...
On May 1 Year 1. Love Corporation declared a $48,500 cash dividend to be paid on May 31 to shareholders of record on May 15. Required Record the events occurring on May 1, May 15, and May 31 in a horizontal statements model. (In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Not all cells in the "Statement of Cash Flows" column may require an input...
Pitney Co. purchased an office building, land, and furniture for $699,700 cash. The appraised value of...
Pitney Co. purchased an office building, land, and furniture for $699,700 cash. The appraised value of the assets was as follows: Land Building Furniture Total $ 86,203 297,792 399,669 $783,664 Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model. Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model. Complete this question by...
Help Save & Exit Su Check my wo Required a. Show the effects of the events...
Help Save & Exit Su Check my wo Required a. Show the effects of the events on the financial statements using a horizontal statements model given below. In the Statement of Cash Flows column, use OA to designate operating activity, IA for investing activity. FA for financing activity, and NC for net change in cash. The beginning balances have been recorded as an example. (Enter any decreases to account balances with a minus sign. Not all cells in the "Statement...
Clark Bell started a personal financial planning business when he accepted $67.000 cash as advance payment for managing the financial assets of a large estate. Bell agreed to manage the estate for a one-year period beginning June 1, Year 1. Required a. Show the effects of the advance payment and revenue recognition on the Year 1 financial statements using a horizontal statements model given below. In the Statement of Cash Flows column, use OA to designate operating activity, IA for...
Clark Bell started a personal financial planning business when he accepted $59.000 cash as advance payment for managing the financial assets of a large estate Bell agreed to manage the estate for a one-year period beginning June 1. Year 1 Required o Show the effects of the advance payment and revenue recognition on the Year financial statements una horizontal statements model given below. In the Cash Flows column use to designate operating activity. IA for investing activity, FA for financing...
Clark Bell started financial planning business when he accepted
$67,000 cash as advance payment for managing the financial assets
of a large estate. Bell agreed to manage the estate for a one-year
period beginning june 1, year 1.
CLARK BELL PERSONAL FINANCIAL PLANNING Horizontal Statements Model for Year 1 Balance Sheet Income Statement Llabilities Stockholders' Equity & Revenue - Expense - Net Income Unearned Retained Revenue Earnings Event Assets - Statement of Cash Flows Cash 1. Advance payment 2. Revenue...
Pizza Express Inc, began the Year 2 accounting period with $10,000 cash. $7,500 of common stock, and $2,500 of retained earnings. Pizza Express was affected by the following accounting events during Year 2: 1. Purchased $12,000 of supplies on account. 2. Earned and collected $21,000 of cash revenue. 3. Paid $10,500 cash on accounts payable. 4. Adjusted the records to reflect the use of supplies. A physical count indicated that $2,300 of supplies was still on hand on December 31,...
At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $225,000. It is expected to have a five-year life and a $35,000 salvage value. Exercise 8-9A Part b b. Record the purchase of the computer system and the depreciation expense for the first year under straight-line and double- declining-balance methods in a financial statements model. (In the Cash Flow column, indicate whether the item is an operating activity (OA), an investing activity (IA), a financing activity...
Exercise 9-2A Effects of recognizing accrued interest on financial statements LO 9-1 Bill Darby started Darby Company on January 1, Year 1. The company experienced the following events during its first year of operation 1. Earned $1,100 of cash revenue. 2. Borrowed $2.200 cash from the bank 3. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, issued on September 1 Year 1 had a one-year term and an 7 percent annual interest rate....
Please use the accounting equation for this (Horizontal
Financial Statement Model)
Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Cash Accounts receivable Land Total $35,000 9,000 51,000 $95,000 Liabilities and Stk. Equity Accounts payable Common stock Retained earnings Total $ 7,500 40,000 47,500 $95,000 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...
On May 1 Year 1. Love Corporation declared a $48,500 cash dividend to be paid on May 31 to shareholders of record on May 15. Required Record the events occurring on May 1, May 15, and May 31 in a horizontal statements model. (In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Not all cells in the "Statement of Cash Flows" column may require an input...
Pitney Co. purchased an office building, land, and furniture for $699,700 cash. The appraised value of the assets was as follows: Land Building Furniture Total $ 86,203 297,792 399,669 $783,664 Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model. Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model. Complete this question by...
Help Save & Exit Su Check my wo Required a. Show the effects of the events on the financial statements using a horizontal statements model given below. In the Statement of Cash Flows column, use OA to designate operating activity, IA for investing activity. FA for financing activity, and NC for net change in cash. The beginning balances have been recorded as an example. (Enter any decreases to account balances with a minus sign. Not all cells in the "Statement...
Most questions answered within 3 hours.
-
Industry: Telecommunications in India
Here, you need to discuss the sources of the growth pattern
and...
asked 1 hour ago -
Hydrobromic acid
dissolves solid iron according to the followiaung reaction:
Fe(s)+2HBr(aq)→
FeBr2(aq)+ H2(g)
Part A. What...
asked 2 hours ago -
Verify the following vector identity in SPHERICAL
COORDINATES.
div(curl(A)) = 0
asked 4 hours ago -
The work function (Φ) for a metal is 7.50×10-19 J.
What is the longest wavelength (nm)...
asked 5 hours ago -
1. Would the following procedural changes cause the
calculated mass percent Ni2+ ion in Ni(NH3)nCl2 to...
asked 6 hours ago -
1. Why does the voltage of the capacitor vary with frequency?
where does this missing voltage...
asked 7 hours ago -
p p please write each step out clearly
3. A manager of a company is considering...
asked 6 hours ago -
On October 1, Ebony Ernst organized Ernst Consulting; on October
3, the owner contributed $83,540 in...
asked 8 hours ago -
A.)As an electron moves through a region of space, its speed
decreases from 9.60 × 106...
asked 8 hours ago -
In java with the netbeans program do:
Through object programming
Create a class "ContadorP", which is...
asked 8 hours ago -
Pattern Corporation acquired all of Science
Company's outstanding stock on January 1, 2016 for $600,000 cash....
asked 8 hours ago -
Here are all accounts Tyler Co. maintains.
Tax expenses $4,750
Common stocks $48,840
SG&A expenses $2,500...
asked 8 hours ago