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![Emma, Inc. Balance Sheet December 31, Year 1 & Year 2 Year 1 Year 2 Assets $260 [S600 $560 - $900] [Refer Notc bclow] Cash $600 lotal Asscts S600 $260 Total Liabilitics $400 $400 Stockholders Equity $200 -$340 [Net Loss for ycar 2] $140 Common Stock $200 Retained Earnings Total Stockholders Equity Total Liabilities and Owners Equity [Total liabilities + Total Stockholders Equity] S200 S600 S260 Note: Ending cash balance for the year 2 = Ending cash balance for the year l + Cash revenue during year 2-Cash Expenses during Year 2 -$600 + $560 - $900 - $260](http://img.homeworklib.com/questions/d8033910-722d-11ea-be33-ab7ab89ee84d.png?x-oss-process=image/resize,w_560)
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5 At the end of Year 1, Emma, Inc. had $600 of cash, $400 of liabilities,...
Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1....
Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $29,500 cash. 2. Purchased $7,600 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,530 of supplies on hand. Required Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting pe c. What...
Life, Inc. experienced the following events in Year 1, its first year of operation: Performed counseling...
Life, Inc. experienced the following events in Year 1, its first
year of operation:
Performed counseling services for $18,800 cash.
On February 1, Year 1, paid $12,600 cash to rent office space
for the coming year.
Adjusted the accounts to reflect the amount of rent used during
the year.
Required
Based on this information alone:
a. Record the events in general ledger accounts
under an accounting equation. (Do not round intermediate
calculations. Enter any decreases to account balances with a...
Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1....
Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $35,000 cash. 2. Purchased $6,000 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,800 of supplies on hand. Required Based on this information alone: a. Record the events in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign.) YARD PROFESSIONALS INC. Effect of Events on the...
Following are a statement of cash flows (indirect method) for Harris, Inc., for the year ended...
Following are a statement of cash flows (indirect method) for
Harris, Inc., for the year ended December 31, 2017, and the firm’s
balance sheet at December 31, 2016:
HARRIS, INC.
Statement of Cash Flows
For the year Ended December 31, 2017
Cash Flows from Operating Activities:
Net income
$
13,600
Add (deduct) items not affecting cash:
Depreciation expense
32,000
Increase in accounts receivable
(7,000
)
Decrease in merchandise inventory
32,800
Increase in accounts payable
4,900
Net cash provided by operating...
Yard Professionals Inc. experienced the following events in year 1, its first year of operation: 1....
Yard Professionals Inc. experienced the following events in year 1,
its first year of operation:
1. Performed services for $26,500 cash.
2. Purchased $7,200 of supplies on account.
3. A pyshical count on December 31, year 1, found that there
was $1,510 of supplies on hand.
a. Record the events in general ledger accounts under an accounting equation. (Enter any decreases to account balances with a minus sign.) YARD PROFESSIONALS INC. Effect of Events on the Accounting Equation for Year...
The comparative balance sheets of Stellar Inc. at the beginning and the end of the year...
The comparative balance sheets of Stellar Inc. at the beginning and the end of the year 2020 are as follows. STELLAR INC. BALANCE SHEETS Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Assets Cash $ 47,620 $ 15,620 $32,000 Inc. Accounts receivable 94,790 89,170 5,620 Inc. Equipment 42,790 23,170 19,620 Inc. Less: Accumulated Depreciation-Equipment 20,790 11,000 9,790 Inc. Total $164,410 $116,960 Liabilities and Stockholders’ Equity Accounts payable $ 23,790 $ 16,170 7,620 Inc. Common stock 102,620 81,170 21,450 Inc. Retained earnings...
The comparative balance sheets of Pharoah Inc. at the beginning and the end of the year...
The comparative balance sheets of Pharoah Inc. at the beginning and the end of the year 2017 are as follows. PHAROAH INC. BALANCE SHEETS Dec. 31, 2017 Jan. 1, 2017 Inc./Dec. Assets Cash $ 48,220 $ 16,220 $32,000 Inc. Accounts receivable 95,670 89,450 6,220 Inc. Equipment 43,670 23,450 20,220 Inc. Less: Accumulated Depreciation-Equipment 21,670 11,000 10,670 Inc. Total $165,890 $118,120 Liabilities and Stockholders’ Equity Accounts payable $ 24,670 $ 16,450 8,220 Inc. Common stock 103,220 81,450 21,770 Inc. Retained earnings...
Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: Performed...
Yard Professionals Inc. experienced the following events in Year
1, its first year of operation:
Performed services for $21,500 cash.
Purchased $4,200 of supplies on account.
A physical count on December 31, Year 1, found that there was
$1,010 of supplies on hand.
Required
Based on this information alone
a. Record the events in general ledger accounts
under an accounting equation. (Enter any decreases to
account balances with a minus sign.)
b. Prepare an income statement, balance sheet,
and statement...
Leach Inc. experienced the following events for the first two years of its operations: Year 1:...
Leach Inc. experienced the following events for the first two years of its operations: Year 1: 1. Issued $16,000 of common stock for cash. 2. Provided $84,600 of services on account. 3. Provided $42,000 of services and received cash. 4. Collected $75,000 cash from accounts receivable. 5. Paid $44,000 of salaries expense for the year 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will...
The comparative balance sheets of Wildhorse Inc. at the beginning and the end of the year...
The comparative balance sheets of Wildhorse Inc. at the beginning and the end of the year 2020 are as follows. Jan. 1, 2020 Inc./Dec. WILDHORSE INC. BALANCE SHEETS Dec. 31, 2020 Assets Cash $ 46,620 Accounts receivable 95,230 Equipment 43,230 Less: Accumulated Depreciation-Equipment 21,230 Total $ 163,850 Liabilities and Stockholders' Equity Accounts payable $ 24,230 Common stock 101,620 Retained earnings 38,000 Total $163,850 $ 14,620 90,610 24,610 11,000 $118,840 $32,000 Inc. 4,620 Inc. 18,620 Inc. 10,230 Inc. $ 17,610 82,610...
Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $29,500 cash. 2. Purchased $7,600 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,530 of supplies on hand. Required Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting pe c. What...
Life, Inc. experienced the following events in Year 1, its first
year of operation:
Performed counseling services for $18,800 cash.
On February 1, Year 1, paid $12,600 cash to rent office space
for the coming year.
Adjusted the accounts to reflect the amount of rent used during
the year.
Required
Based on this information alone:
a. Record the events in general ledger accounts
under an accounting equation. (Do not round intermediate
calculations. Enter any decreases to account balances with a...
Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $35,000 cash. 2. Purchased $6,000 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,800 of supplies on hand. Required Based on this information alone: a. Record the events in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign.) YARD PROFESSIONALS INC. Effect of Events on the...
Following are a statement of cash flows (indirect method) for
Harris, Inc., for the year ended December 31, 2017, and the firm’s
balance sheet at December 31, 2016:
HARRIS, INC.
Statement of Cash Flows
For the year Ended December 31, 2017
Cash Flows from Operating Activities:
Net income
$
13,600
Add (deduct) items not affecting cash:
Depreciation expense
32,000
Increase in accounts receivable
(7,000
)
Decrease in merchandise inventory
32,800
Increase in accounts payable
4,900
Net cash provided by operating...
Yard Professionals Inc. experienced the following events in year 1,
its first year of operation:
1. Performed services for $26,500 cash.
2. Purchased $7,200 of supplies on account.
3. A pyshical count on December 31, year 1, found that there
was $1,510 of supplies on hand.
a. Record the events in general ledger accounts under an accounting equation. (Enter any decreases to account balances with a minus sign.) YARD PROFESSIONALS INC. Effect of Events on the Accounting Equation for Year...
Yard Professionals Inc. experienced the following events in Year
1, its first year of operation:
Performed services for $21,500 cash.
Purchased $4,200 of supplies on account.
A physical count on December 31, Year 1, found that there was
$1,010 of supplies on hand.
Required
Based on this information alone
a. Record the events in general ledger accounts
under an accounting equation. (Enter any decreases to
account balances with a minus sign.)
b. Prepare an income statement, balance sheet,
and statement...
Leach Inc. experienced the following events for the first two years of its operations: Year 1: 1. Issued $16,000 of common stock for cash. 2. Provided $84,600 of services on account. 3. Provided $42,000 of services and received cash. 4. Collected $75,000 cash from accounts receivable. 5. Paid $44,000 of salaries expense for the year 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will...
The comparative balance sheets of Wildhorse Inc. at the beginning and the end of the year 2020 are as follows. Jan. 1, 2020 Inc./Dec. WILDHORSE INC. BALANCE SHEETS Dec. 31, 2020 Assets Cash $ 46,620 Accounts receivable 95,230 Equipment 43,230 Less: Accumulated Depreciation-Equipment 21,230 Total $ 163,850 Liabilities and Stockholders' Equity Accounts payable $ 24,230 Common stock 101,620 Retained earnings 38,000 Total $163,850 $ 14,620 90,610 24,610 11,000 $118,840 $32,000 Inc. 4,620 Inc. 18,620 Inc. 10,230 Inc. $ 17,610 82,610...
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