Homework Answers
a) Equation
| Event | Revenue | Expense | Statement of Cash flow | |
| 1 | 56000 | FA | ||
| 2 | 78000 | |||
| 3 | -5600 | FA | ||
| 4 | 62000 | OA | ||
| 5 | -56000 | -56000 | OA | |
| 6 | 18500 | 18500 | OA | |
| 7 | -2600 | |||
b) Net income = 96500-58600 = 37900
c) Net cash flow from operating activities = 62000+18500-56000 = 24500
e) Balance of retained earnings = 37900-5600 = 32300
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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: 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...
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....
Cordell Inc. experienced the following events in 2018, its first year of operation: 1. Received $56,000...
Cordell Inc. experienced the following events in 2018, 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 events...
Cordell Inc experienced the following events in 2018, its first year of operation 1. Received $58.000...
Cordell Inc experienced the following events in 2018, its first year of operation 1. Received $58.000 cash from the issue of common stock 2. Performed services on account for $80,000 3. Paid a $5,800 cash dividend to the stockholders. 4. Collected $64,000 of the accounts receivable 5. Paid $58.000 cash for other operating expenses 6. Performed services for $17.000 cash 7. Recognized $2,800 of accrued utilities expense at the end of the year. Required a. & c. Identify the events...
Cordell Inc. experienced the following events in 2018, its first year of operation: Received $46,000 cash...
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...
Cordell Inc, experienced the following events in 2018, its first year of operation: 1. Received $43,000...
Cordell Inc, experienced the following events in 2018, its first year of operation: 1. Received $43,000 cash from the issue of common stock. 2. Performed services on account for $71,000. 3. Paid a $4,300 cash dividend to the stockholders. 4. Collected $49,000 of the accounts receivable. 5. Pald $43,000 cash for other operating expenses. 6. Performed services for $14,500 cash. 7. Recognized $1,300 of accrued utilities expense at the end of the year. Required a. & c. Identify the events...
the first photo is diresctions Saved Help Cordell Inc, experienced the following events in 2018, its...
the first photo is diresctions
Saved Help Cordell Inc, experienced the following events in 2018, its first year of operation: 1. Received $54,000 cash from the issue of common stock. 2. Performed services on account for $76,000. 3. Paid a $5,400 cash dividend to the stockholders. 4. Collected $60,000 of the accounts receivable. 5. Paid $54,000 cash for other operating expenses. 6. Performed services for $12,500 cash. 7. Recognized $2,400 of accrued utilities expense at the end of the year....
Cordell Inc. experienced the following events in Year 1, its first year of operation: Received $45,000...
Cordell Inc. experienced the following events in Year 1, its
first year of operation:
Received $45,000 cash from the issue of common stock.
Performed services on account for $73,000.
Paid a $4,500 cash dividend to the stockholders.
Collected $51,000 of the accounts receivable.
Paid $45,000 cash for other operating expenses.
Performed services for $11,000 cash.
Recognized $1,500 of accrued utilities expense at the end of
the year.
Required
a. & c. Identify the events that result in
revenue or expense...
2,000 cash from the issue of common stock Cordell Inc, experienced the following events in 2018,...
2,000 cash from the issue of common stock Cordell Inc, experienced the following events in 2018, its first year of operation: 1. Received $52,000 cash from the issue of common stock. 2. Performed services on account for $80,000 3. Pald a $5,200 cash dividend to the stockholders. 4. Collected $58,000 of the accounts receivable. 5. Paid $52,000 cash for other operating expenses. 6. Performed services for $16,000 cash. 7. Recognized $2,200 of accrued utilities expense at the end of the...
Milo Clothing experienced the following events during Year 1, its first year of operation: 1. Acquired...
Milo Clothing experienced the following events during Year 1, its first year of operation: 1. Acquired $17,500 cash from the issue of common stock. 2. Purchased inventory for $5,200 cash. 3. Sold inventory costing $3,120 for $5,304 cash. 4. Paid $800 for advertising expense. Required Record the events in a horizontal financial statements model. (In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash....
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...
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....
Cordell Inc. experienced the following events in 2018, 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 events...
Cordell Inc experienced the following events in 2018, its first year of operation 1. Received $58.000 cash from the issue of common stock 2. Performed services on account for $80,000 3. Paid a $5,800 cash dividend to the stockholders. 4. Collected $64,000 of the accounts receivable 5. Paid $58.000 cash for other operating expenses 6. Performed services for $17.000 cash 7. Recognized $2,800 of accrued utilities expense at the end of the year. Required a. & c. Identify the events...
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...
Cordell Inc, experienced the following events in 2018, its first year of operation: 1. Received $43,000 cash from the issue of common stock. 2. Performed services on account for $71,000. 3. Paid a $4,300 cash dividend to the stockholders. 4. Collected $49,000 of the accounts receivable. 5. Pald $43,000 cash for other operating expenses. 6. Performed services for $14,500 cash. 7. Recognized $1,300 of accrued utilities expense at the end of the year. Required a. & c. Identify the events...
the first photo is diresctions
Saved Help Cordell Inc, experienced the following events in 2018, its first year of operation: 1. Received $54,000 cash from the issue of common stock. 2. Performed services on account for $76,000. 3. Paid a $5,400 cash dividend to the stockholders. 4. Collected $60,000 of the accounts receivable. 5. Paid $54,000 cash for other operating expenses. 6. Performed services for $12,500 cash. 7. Recognized $2,400 of accrued utilities expense at the end of the year....
Cordell Inc. experienced the following events in Year 1, its
first year of operation:
Received $45,000 cash from the issue of common stock.
Performed services on account for $73,000.
Paid a $4,500 cash dividend to the stockholders.
Collected $51,000 of the accounts receivable.
Paid $45,000 cash for other operating expenses.
Performed services for $11,000 cash.
Recognized $1,500 of accrued utilities expense at the end of
the year.
Required
a. & c. Identify the events that result in
revenue or expense...
2,000 cash from the issue of common stock Cordell Inc, experienced the following events in 2018, its first year of operation: 1. Received $52,000 cash from the issue of common stock. 2. Performed services on account for $80,000 3. Pald a $5,200 cash dividend to the stockholders. 4. Collected $58,000 of the accounts receivable. 5. Paid $52,000 cash for other operating expenses. 6. Performed services for $16,000 cash. 7. Recognized $2,200 of accrued utilities expense at the end of the...
Milo Clothing experienced the following events during Year 1, its first year of operation: 1. Acquired $17,500 cash from the issue of common stock. 2. Purchased inventory for $5,200 cash. 3. Sold inventory costing $3,120 for $5,304 cash. 4. Paid $800 for advertising expense. Required Record the events in a horizontal financial statements model. (In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash....
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