-
The following transactions pertain to the operations of Ewing Company for 2018: 1. Acquired $30,000 cash from the issue of common stock. 2. Provided $65,000 of services on account. 3. Paid $22.000 cash on accounts payable. 4. Performed services for $8,000 cash. 5. Collected $51,000 cash from accounts receivable. 6. Incurred $37,000 of operating expenses on account 7. Paid $6,500 cash for one year's rent in advance 8. Paid a $4.000 cash dividend to the stockholders 9. Paid $1,200 cash...
-
1. Acquired $22,800 cash from the issue of common stock. 2. Provided $19,400 of services on account. 3. Paid $14,800 cash on accounts payable. 4. Performed services for $43,500 cash. 5. Collected $5,600 cash from accounts receivable. 6. Incurred $7,700 of operating expenses on account. 7. Paid a $21,100 cash for one year's rent in advance. 8. Paid a $7,400 cash dividend to the stockholders. 9. Paid $2,900 cash for supplies to be used in the future. 10. Recognized $31,400...
-
Exercise 2-9A Effect of accounts receivable and accounts payable
transactions on financial statements LO 2-1, 2-2, 2-3, 2-4 The
following events apply to Lewis and Harper, a public accounting
firm, for the Year 1 accounting period: Performed $89,500 of
services for clients on account. Performed $51,000 of services for
cash. Incurred $50,000 of other operating expenses on account. Paid
$20,500 cash to an employee for salary. Collected $65,000 cash from
accounts receivable. Paid $19,000 cash on accounts payable. Paid an...
-
All-Star Automotive Company experienced the following accounting events during 2018: 1. Performed services for $14,700 cash. 2. Purchased land for $7,700 cash. 3. Hired an accountant to keep the books. 4. Received $37,000 cash from the issue of common stock. 5. Borrowed $9,400 cash from State Bank. 6. Paid $4,700 cash for salary expense. 7. Sold land for $9,400 cash. 8. Paid $3,700 cash on the loan from State Bank. 9. Paid $4.900 cash for utilities expense. 10. Paid a...
-
All-Star Automotive Company experienced the following accounting events during Year 2: 1. Performed services for $25,000 cash. 2. Purchased land for $6,000 cash. 3. Hired an accountant to keep the books. 4. Received $50,000 cash from the issue of common stock 5. Borrowed $5,000 cash from State Bank 6. Paid $14,000 cash for salary expense. 7. Sold land for $9.000 cash. 8. Paid $2,000 cash on the loan from State Bank 9. Paid $2,800 cash for utilities expense. 10. Paid...
-
PA12-4 Preparing and Interpreting a Statement of Cash Flows (Indirect Method) [LO 12-2, LO 12-3, LO 12- 4, LO 12-5) Heads Up Company was started several years ago by two hockey Instructors. The company's comparative balance sheets and income statement follow, along with additional Information Current Year Previous Year Balance Sheet at December 31 55,300 900 5.se (1,500) $11.200 S $4.ee 1.75e 5,000 1,250) $ 9.5 $ 1.ee 500 500 1,700 Accounts Receivable Equipment Accumulated Depreciation Equipment Total Assets Accounts...
-
Exercise 4-16 (Algo) Statement of cash flows; directly from transactions (L04-8] The following transactions occurred during March 20 21 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 1. Issued 39,000 shares of common stock in exchange for $390,000 in cash. 2 Purchased equipment at a cost of $58,000 $19.000 cash was paid and a note payable to the seller was signed for the balance owed 3. Purchased Inventory on account at a cost of $108,000. The...
-
The following events pertain to Super Cleaning Company 1. Acquired $15.700 cash from the issue of common stock 2. Provided $13,700 of services on account 3. Provided services for $4700 cash 4. Received $3,100 cash in advance for services to be performed in the future 5. Collected $9700 cash from the account receivable created in Event 2 6. Paid $5,700 for cash expenses. 7. Performed $1.550 of the services agreed to in Event 4 8. Incurred $2.200 of expenses on...
-
Cordell Inc. experienced the following events in 2018, its first
year of operation:
Received $46,000 cash from the issue of common stock.
Performed services on account for $74,000.
Paid a $4,600 cash dividend to the stockholders.
Collected $52,000 of the accounts receivable.
Paid $46,000 cash for other operating expenses.
Performed services for $15,000 cash.
Recognized $1,600 of accrued utilities expense at the end of the
year.
Required
a. & c. Identify the events that result in
revenue or expense recognition...
-
Reporting Land Transactions on Statement of Cash Flows On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Debit Credit Date Item Debit Credit Jan Balance 949,000 1 Mar. 12 Purchased for cash 304,000 1,253,000 Sold for $167,000 Oct. 4 143,000 1,110,000 Section of Statement of Cash Flows Added or Deducted Item Amount Investing activities section 304,000 Deducted Mar. 12: Purchase...
The following transactions pertain to the operations of Ewing Company for 2018: 1. Acquired $30,000 cash from the issue of common stock. 2. Provided $65,000 of services on account. 3. Paid $22.000 cash on accounts payable. 4. Performed services for $8,000 cash. 5. Collected $51,000 cash from accounts receivable. 6. Incurred $37,000 of operating expenses on account 7. Paid $6,500 cash for one year's rent in advance 8. Paid a $4.000 cash dividend to the stockholders 9. Paid $1,200 cash...
1. Acquired $22,800 cash from the issue of common stock. 2. Provided $19,400 of services on account. 3. Paid $14,800 cash on accounts payable. 4. Performed services for $43,500 cash. 5. Collected $5,600 cash from accounts receivable. 6. Incurred $7,700 of operating expenses on account. 7. Paid a $21,100 cash for one year's rent in advance. 8. Paid a $7,400 cash dividend to the stockholders. 9. Paid $2,900 cash for supplies to be used in the future. 10. Recognized $31,400...
Exercise 2-9A Effect of accounts receivable and accounts payable
transactions on financial statements LO 2-1, 2-2, 2-3, 2-4 The
following events apply to Lewis and Harper, a public accounting
firm, for the Year 1 accounting period: Performed $89,500 of
services for clients on account. Performed $51,000 of services for
cash. Incurred $50,000 of other operating expenses on account. Paid
$20,500 cash to an employee for salary. Collected $65,000 cash from
accounts receivable. Paid $19,000 cash on accounts payable. Paid an...
All-Star Automotive Company experienced the following accounting events during 2018: 1. Performed services for $14,700 cash. 2. Purchased land for $7,700 cash. 3. Hired an accountant to keep the books. 4. Received $37,000 cash from the issue of common stock. 5. Borrowed $9,400 cash from State Bank. 6. Paid $4,700 cash for salary expense. 7. Sold land for $9,400 cash. 8. Paid $3,700 cash on the loan from State Bank. 9. Paid $4.900 cash for utilities expense. 10. Paid a...
All-Star Automotive Company experienced the following accounting events during Year 2: 1. Performed services for $25,000 cash. 2. Purchased land for $6,000 cash. 3. Hired an accountant to keep the books. 4. Received $50,000 cash from the issue of common stock 5. Borrowed $5,000 cash from State Bank 6. Paid $14,000 cash for salary expense. 7. Sold land for $9.000 cash. 8. Paid $2,000 cash on the loan from State Bank 9. Paid $2,800 cash for utilities expense. 10. Paid...
PA12-4 Preparing and Interpreting a Statement of Cash Flows (Indirect Method) [LO 12-2, LO 12-3, LO 12- 4, LO 12-5) Heads Up Company was started several years ago by two hockey Instructors. The company's comparative balance sheets and income statement follow, along with additional Information Current Year Previous Year Balance Sheet at December 31 55,300 900 5.se (1,500) $11.200 S $4.ee 1.75e 5,000 1,250) $ 9.5 $ 1.ee 500 500 1,700 Accounts Receivable Equipment Accumulated Depreciation Equipment Total Assets Accounts...
Exercise 4-16 (Algo) Statement of cash flows; directly from transactions (L04-8] The following transactions occurred during March 20 21 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 1. Issued 39,000 shares of common stock in exchange for $390,000 in cash. 2 Purchased equipment at a cost of $58,000 $19.000 cash was paid and a note payable to the seller was signed for the balance owed 3. Purchased Inventory on account at a cost of $108,000. The...
The following events pertain to Super Cleaning Company 1. Acquired $15.700 cash from the issue of common stock 2. Provided $13,700 of services on account 3. Provided services for $4700 cash 4. Received $3,100 cash in advance for services to be performed in the future 5. Collected $9700 cash from the account receivable created in Event 2 6. Paid $5,700 for cash expenses. 7. Performed $1.550 of the services agreed to in Event 4 8. Incurred $2.200 of expenses on...
Cordell Inc. experienced the following events in 2018, its first
year of operation:
Received $46,000 cash from the issue of common stock.
Performed services on account for $74,000.
Paid a $4,600 cash dividend to the stockholders.
Collected $52,000 of the accounts receivable.
Paid $46,000 cash for other operating expenses.
Performed services for $15,000 cash.
Recognized $1,600 of accrued utilities expense at the end of the
year.
Required
a. & c. Identify the events that result in
revenue or expense recognition...
Reporting Land Transactions on Statement of Cash Flows On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Debit Credit Date Item Debit Credit Jan Balance 949,000 1 Mar. 12 Purchased for cash 304,000 1,253,000 Sold for $167,000 Oct. 4 143,000 1,110,000 Section of Statement of Cash Flows Added or Deducted Item Amount Investing activities section 304,000 Deducted Mar. 12: Purchase...