Homework Answers
Exercise 2-13B
a. Interest payable = $10000 x 9% x 4/12 = $300
b. Interest expense = $300
c. Interest paid = $0
d.
| Connelly Company | ||||||||||||||||
| Statements Model for Year 1 | ||||||||||||||||
| Balance Sheet | Income Statement | Statement of | ||||||||||||||
| Assets | = | Liabilities | + | Stk. Equity | Rev. | - | Exp. | = | Net Inc. | Cash Flows | ||||||
| Event | Cash | = | Notes Payable | + | Int. Payable | + | Common Stock | + | Retained Earnings | |||||||
| 1 | 6200 | = | NA | + | NA | + | NA | + | 6200 | 6200 | - | NA | = | 6200 | 6200 | OA |
| 2 | 10000 | = | 10000 | + | NA | + | NA | + | NA | NA | - | NA | = | NA | 10000 | OA |
| 3 | NA | = | NA | + | 300 | + | NA | + | -300 | NA | - | 300 | = | -300 | NA | |
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Excersise 2.26
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Excersise 2.26
a sla D. Prepare Exercise 2-26 Required Relationship of accounts to financial statements Identify whether each of the following items would appear on the income statement (IS), statement of changes in stockholders' equity (SE), balance sheet (BS), or statement of cash flows (CF). Some items may appear on more than one statement, if so, identify all applicable statements. If an item would not appear on any financial statement, label it NA. a. Supplies b. Cash Flow from Financing...
Use the information in each of the following separate cases to calculate the unknown amount. e. Corentine Co. had $161,000 of accounts payable on September 30 and $137,000 on October 31. Total purchases on account during October were $290,000. Determine how much cash was paid on accounts payable during October. b. On September 30. Valerian Co. had a $107,000 balance in Accounts Receivable. During October, the company collected $107,390 from its credit customers. The October 31 balance in Accounts Receivable...
1 Habbt AaBbcc AaBbcc AaBbcc AaBbcc Emphasis T Heading 1 Heading 2 T Heading 3 T Heading 4 T Heading 5 e Find She Replace Styles Select- Editing LO 2-6 Exercise 2-188 Missing information related to accounts puble During Your & Sheby Esterprises carned $115.000 of shown. The company incurs penting expenses o n The Year 6 beginning balance in Sheby's accounts payable on was $25.000 and the ending balance SIR.000. The company made cash payments of $15.000 o doce...
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