Homework Answers
| SUPER CLEANING COMPANY | ||||||||||||||||||||
| Effect of events on the Financial Statement | ||||||||||||||||||||
|
Event No |
Balance Sheet | Income Statement | ||||||||||||||||||
| Assets | Liabilities | + | Stockholders' Equity | Revenue | - | Expenses | = | Net income | ||||||||||||
| Cash | + |
Accounts Receivable |
+ |
Prepaid Rent |
= |
Accounts Payable |
+ |
Unearned Revenue |
+ |
Common Stock |
+ |
Retained Earnings |
Statement fo Cash Flows |
|||||||
| 1 | $16,100 | + | + | = | + | + | $16,100 | + | - | = | $16,100 | FA | ||||||||
| 2 | + | $14,100 | + | = | + | + | + | $14,100 | $14,100 | - | = | $14,100 | ||||||||
| 3 | $5,100 | + | + | = | + | + | + | $5,100 | $5,100 | - | = | $5,100 | OA | |||||||
| 4 | $3,500 | + | + | = | + | $3,500 | + | + | - | = | $3,500 | OA | ||||||||
| 5 | $10,100 | + | ($10,100) | + | = | + | + | + | - | = | $10,100 | OA | ||||||||
| 6 | ($6,100) | + | + | = | + | + | + | ($6,100) | - | $6,100 | = | ($6,100) | ($6,100) | OA | ||||||
| 7 | + | + | = | + | ($1,750) | + | + | $1,750 | $1,750 | - | = | $1,750 | ||||||||
| 8 | + | + | = | $2,600 | + | + | + | ($2,600) | - | $2,600 | = | ($2,600) | ($1,650) | OA | ||||||
| 9 | ($1,650) | + | + | $1,650 | = | + | + | + | - | = | ($2,250) | OA | ||||||||
| 10 | ($2,250) | + | + | = | ($2,250) | + | + | + | - | = | ($2,600) | FA | ||||||||
| 11 | ($2,600) | + | + | = | + | + | + | ($2,600) | - | = | ||||||||||
| 12 | + | + | ($1,237.50) | = | + | + | + | ($1,237.50) | - | $1,237.50 | = | |||||||||
| Bal. | $22,200 | + | $4,000 | + | $413 | = | $350 | + | $1,750 | + | $16,100 | + | $8,413 | $20,950 | - | $9,938 | = | $7,150 | ||
For Event 12,
Rent expense = 1,650 x (9/12 ) = $1,237.50
Add Answer to:
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Acquired $60,000 cash from the issue of common stock.
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Sold inventory on account that cost $38,000 for $71,000.
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Cordell Inc. experienced the following events in Year 1, its first year of operation: 1. Received $56,000 cash from the issue of common stock. 2. Performed services on account for $78,000. 3. Paid a $5,600 cash dividend to the stockholders. 4. Collected $62,000 of the accounts receivable. 5. Paid $56,000 cash for other operating expenses. 6. Performed services for $18,500 cash. 7. Recognized $2,600 of accrued utilities expense at the end of the year. Required a. & c. Identify the...
Help please
Cordell Inc, experienced the following events in Year 1, its first year of operation: 1. Received $56,000 cash from the issue of common stock 2. Performed services on account for $78,000. 3. Pald a $5,600 cash dividend to the stockholders. 4. Collected $62,000 of the accounts receivable. 5. Paid $56.000 cash for other operating expenses. 6. Performed services for $18,500 cash. 7. Recognized $2,600 of accrued utilities expense at the end of the year. Required a. & c....
The Pet Store experienced the following events for the 2018
accounting period:
Acquired $60,000 cash from the issue of common stock.
Purchased $65,000 of inventory on account.
Received goods purchased in Event 2 FOB shipping point; freight
cost of $900 paid in cash.
Sold inventory on account that cost $38,000 for $71,000.
Freight cost on the goods sold in Event 4 was $620. The goods were
shipped FOB destination. Cash was paid for the freight
cost.
Customer in Event 4...
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