Homework Answers
Requirement a:
| Event | Classification |
| 1 | OA |
| 2 | IA |
| 3 | NA |
| 4 | FA |
| 5 | FA |
| 6 | OA |
| 7 | IA |
| 8 | FA |
| 9 | OA |
| 10 | FA |
Requirement b:
| ALL-STAR AUTOMOTIVE COMPANY | ||
| Statement of Cash flows | ||
| For the Year Ended December 31, Year 1 | ||
| Cash flows from operating activities: | ||
| Cash received for services | $15,100 | |
| Cash paid for salaries | ($5,100) | |
| Cash paid for utilities | ($5,300) | |
| Net cash flow from operating activities (i) | $4,700 | |
| Cash flows from investing activities: | ||
| Cash paid for land | ($8,100) | |
| Sale of land | $10,200 | |
| Net cash flow from investing activities (ii) | $2,100 | |
| Cash flow from financing activities: | ||
| Issuance of common stock | $41,000 | |
| Borrowed cash from bank | $10,200 | |
| Cash paid for loan from bank | ($4,100) | |
| Payment of cash dividends | ($2,100) | |
| Net cash flow from financing activities (iii) | $45,000 | |
| Increase(Decrease) in cash (i+ii+iii) | $51,800 | |
| Beginning cash balance | $0 | |
| Ending cash balance | $51,800 | |
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help me with this please.
All-Star Automotive Company experienced the following accounting events during Year...
All-Star Automotive Company experienced the following accounting events during Year 1: 1. Performed services for $14,600...
All-Star Automotive Company experienced the following accounting events during Year 1: 1. Performed services for $14,600 cash 2. Purchased land for $7,600 cash. 3. Hired an accountant to keep the books. 4. Received $36.000 cash from the issue of common stock. 5. Borrowed $9,200 cash from State Bank. 6. Paid $4,600 cash for salary expense. 7. Sold land for $9,200 cash. 8. Pald $3,600 cash on the loan from State Bank. 9. Paid $4,800 cash for utilities expense. 10. Pald...
All-Star Automotive Company experienced the following accounting events during Year 2: 1. Performed services for $25,000...
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...
All-Star Automotive Company experienced the following accounting events during 2018: 1. Performed services for $14,700 cash....
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...
Saved All-Star Automotive Company experienced the following accounting events during Year 1: 1. Performed services for...
Saved All-Star Automotive Company experienced the following accounting events during Year 1: 1. Performed services for $14.400 cash. 2. Purchased land for $7,400 cash. 3. Hired an accountant to keep the books 4. Received $34,000 cash from the issue of common stock 5. Borrowed $8,800 cash from State Bank. 6. Paid $4,400 cash for salary expense. 7. Sold land for $8,800 cash. 8. Paid $3,400 cash on the loan from State Bank. 9. Paid $4,600 cash for utilities expense. 10....
Dakota Company experienced the following events during 2018: 1. Acquired $25,000 cash from the issue of...
Dakota Company experienced the following events during 2018: 1. Acquired $25,000 cash from the issue of common stock. 2. Paid $20,000 cash to purchase land. 3. Borrowed $20,000 cash. 4. Provided services for $60,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Paid $40,000 cash for other operating expenses. 7. Paid a $5,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $25,000. Remuired innts in b-4. b-3....
please help me to find the correct answer Dakota Company experienced the following events during Year...
please help me to find the correct answer
Dakota Company experienced the following events during Year
2.
Acquired $30,000 cash from the issue of common stock.
Paid $10,000 cash to purchase land.
Borrowed $10,000 cash.
Provided services for $50,000 cash.
Paid $1,500 cash for utilities expense.
Paid $35,000 cash for other operating expenses.
Paid a $10,000 cash dividend to the stockholders.
Determined that the market value of the land purchased in Event
2 is now $12,500.
Required
a. The January...
Help please Cordell Inc, experienced the following events in Year 1, its first year of operation:...
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....
Maben Company was started on January 1, Year 1, and experienced the following events during its...
Maben Company was started on January 1, Year 1, and experienced
the following events during its first year of operation:
Acquired $31,000 cash from the issue of common stock.
Borrowed $39,000 cash from National Bank.
Earned cash revenues of $49,000 for performing services.
Paid cash expenses of $45,500.
Paid a $1,100 cash dividend to the stockholders.
Acquired an additional $21,000 cash from the issue of common
stock.
Paid $10,000 cash to reduce the principal balance of the bank
note.
Paid...
Cordell Inc. experienced the following events in Year 1, its first year of operation: Received $49,000...
Cordell Inc. experienced the following events in Year 1, its
first year of operation:
Received $49,000 cash from the issue of common stock.
Performed services on account for $77,000.
Paid a $4,900 cash dividend to the stockholders.
Collected $55,000 of the accounts receivable.
Paid $49,000 cash for other operating expenses.
Performed services for $15,500 cash.
Recognized $1,900 of accrued utilities expense at the end of
the year.
Required
a. & c. Identify the events that result in
revenue or expense...
Cordell Inc. experienced the following events in Year 1, its first year of operation: 1. Received...
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...
All-Star Automotive Company experienced the following accounting events during Year 1: 1. Performed services for $14,600 cash 2. Purchased land for $7,600 cash. 3. Hired an accountant to keep the books. 4. Received $36.000 cash from the issue of common stock. 5. Borrowed $9,200 cash from State Bank. 6. Paid $4,600 cash for salary expense. 7. Sold land for $9,200 cash. 8. Pald $3,600 cash on the loan from State Bank. 9. Paid $4,800 cash for utilities expense. 10. Pald...
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...
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...
Saved All-Star Automotive Company experienced the following accounting events during Year 1: 1. Performed services for $14.400 cash. 2. Purchased land for $7,400 cash. 3. Hired an accountant to keep the books 4. Received $34,000 cash from the issue of common stock 5. Borrowed $8,800 cash from State Bank. 6. Paid $4,400 cash for salary expense. 7. Sold land for $8,800 cash. 8. Paid $3,400 cash on the loan from State Bank. 9. Paid $4,600 cash for utilities expense. 10....
Dakota Company experienced the following events during 2018: 1. Acquired $25,000 cash from the issue of common stock. 2. Paid $20,000 cash to purchase land. 3. Borrowed $20,000 cash. 4. Provided services for $60,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Paid $40,000 cash for other operating expenses. 7. Paid a $5,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $25,000. Remuired innts in b-4. b-3....
please help me to find the correct answer
Dakota Company experienced the following events during Year
2.
Acquired $30,000 cash from the issue of common stock.
Paid $10,000 cash to purchase land.
Borrowed $10,000 cash.
Provided services for $50,000 cash.
Paid $1,500 cash for utilities expense.
Paid $35,000 cash for other operating expenses.
Paid a $10,000 cash dividend to the stockholders.
Determined that the market value of the land purchased in Event
2 is now $12,500.
Required
a. The January...
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....
Maben Company was started on January 1, Year 1, and experienced
the following events during its first year of operation:
Acquired $31,000 cash from the issue of common stock.
Borrowed $39,000 cash from National Bank.
Earned cash revenues of $49,000 for performing services.
Paid cash expenses of $45,500.
Paid a $1,100 cash dividend to the stockholders.
Acquired an additional $21,000 cash from the issue of common
stock.
Paid $10,000 cash to reduce the principal balance of the bank
note.
Paid...
Cordell Inc. experienced the following events in Year 1, its
first year of operation:
Received $49,000 cash from the issue of common stock.
Performed services on account for $77,000.
Paid a $4,900 cash dividend to the stockholders.
Collected $55,000 of the accounts receivable.
Paid $49,000 cash for other operating expenses.
Performed services for $15,500 cash.
Recognized $1,900 of accrued utilities expense at the end of
the year.
Required
a. & c. Identify the events that result in
revenue or expense...
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...
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