Homework Answers
Requirement a:
| LEWIS AND HARPER | ||||||||||||||||
| Horizontal Financial Statement Model | ||||||||||||||||
| For Accounting Year 1 | ||||||||||||||||
| Event | Assets | = | Liabilities | + |
Stockholders' Equity |
Income Statement | ||||||||||
| Cash | + |
Accounts Receivable |
= |
Accounts Payable |
+ |
Salaries Payable |
+ |
Retained Earnings |
Revenues | - | Expenses | = | Net income |
Statement of Cash Flow |
||
| 1 | + | $102,000 | = | + | + | $102,000 | $102,000 | - | = | $102,000 | ||||||
| 2 | $56,000 | + | = | + | + | $56,000 | $56,000 | - | = | $56,000 | $56,000 | OA | ||||
| 3 | + | = | $60,000 | + | + | ($60,000) | - | $60,000 | = | ($60,000) | ||||||
| 4 | ($23,000) | + | = | + | + | ($23,000) | - | $23,000 | = | ($23,000) | ($23,000) | OA | ||||
| 5 | $70,000 | + | ($70,000) | = | + | + | - | = | $70,000 | OA | ||||||
| 6 | ($20,000) | + | = | ($20,000) | + | + | - | = | ($20,000) | OA | ||||||
| 7 | ($7,000) | + | = | + | + | ($7,000) | - | = | ($7,000) | FA | ||||||
| 8 | + | = | + | $5,200 | + | ($5,200) | - | $5,200 | = | ($5,200) | ||||||
| Totals | $76,000 | + | $32,000 | = | $40,000 | + | $5,200 | + | $62,800 | $158,000 | - | $88,200 | = | $69,800 | $76,000 | |
Requirement b:
| Cash | $76,000 |
| Accounts receivable | $32,000 |
| Total assets | $108,000 |
Requirement c:
| Accounts receivable | $32,000 |
Requirement d:
| Accounts payable | $40,000 |
Requirement f:
| Net income | $69,800 |
Requirement g:
| Cash Sales | $56,000 |
| Cash paid for salaries | ($23,000) |
| Collections from customers | $70,000 |
| Cash paid for accounts payable | ($20,000) |
| Cash flows from operating Activities | $83,000 |
Add Answer to:
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1...
help please The following events apply to Lewis and Harper, a public accounting firm, for the...
help please
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period: 1. Performed $82,000 of services for clients on account. 2. Performed $48,000 of services for cash. 3. Incurred $44,000 of other operating expenses on account. 4. Paid $19.000 cash to an employee for salary. 5. Collected $62,000 cash from accounts receivable. 6. Paid $36,000 cash on accounts payable. 7. Paid an $6.000 cash dividend to the stockholders. 8. Accrued salaries...
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1...
The following events apply to Lewis and Harper, a public
accounting firm, for the Year 1 accounting period:
Performed $74,500 of services for clients on account.
Performed $45,000 of services for cash.
Incurred $38,000 of other operating expenses on account.
Paid $17,500 cash to an employee for salary.
Collected $60,000 cash from accounts receivable.
Paid $16,000 cash on accounts payable.
Paid an $6,000 cash dividend to the stockholders.
Accrued salaries were $3,000 at the end of Year 1.
Required
a....
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1...
The following events apply to Lewis and Harper, a public
accounting firm, for the Year 1 accounting period:
Performed $82,000 of services for clients on account.
Performed $48,000 of services for cash.
Incurred $44,000 of other operating expenses on account.
Paid $19,000 cash to an employee for salary.
Collected $62,000 cash from accounts receivable.
Paid $36,000 cash on accounts payable.
Paid a $6,000 cash dividend to the stockholders.
Accrued salaries were $3,600 at the end of Year 1.
Required
a....
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1...
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting perlod: 1. Performed $97,000 of services for clients on account. 2. Performed $54,000 of services for cash 3. Incurred $56,000 of other operating expenses on account. 4. Paid $22,000 cash to an employee for salary. 5. Collected $68,000 cash from accounts recelvable. 6. Pald $21,000 cash on accounts payable 7. Paid a $7,000 cash dividend to the stockholders 8. Accrued salaries were $4,800...
on financial statements The following events apply to Lewis and Harper, a public accounting firm, for...
on financial statements The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period: 1. Performed $70,000 of services for clients on account. 2. Performed $40,000 of services for cash. 3. Incurred $36,000 of other operating expenses on account. Page 103 4. Paid $10,000 cash to an employee for salary. 5. Collected $47,000 cash from accounts receivable. 6. Paid $16,000 cash on accounts payable. 7. Paid an $8,000 cash dividend to the stockholders....
CH 2 - HW Part 1 Seved 1 The following events apply to Lewis and Harper,...
CH 2 - HW Part 1 Seved 1 The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting 10 points 1. Performed $89,500 of services for clients on account 2. Performed $51,000 of services for cash. 3. Incurred $50,000 of other operating expenses on account. 4. Paid $20,500 cash to an employee for salary. 5. Collected $65,000 cash from accounts receivable. 6. Paid $19,000 cash on accounts payable. 7. Paid a $8,000 cash...
please answer everything for a upvote thank you The following events apply to Lewis and Harper,...
please answer everything for a upvote thank you
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period: 1. Performed $69,500 of services for clients on account. 2. Performed $43,000 of services for cash. 3. Incurred $34,000 of other operating expenses on account. 4. Paid $16,500 cash to an employee for salary. 5. Collected $50,000 cash from accounts receivable. 6. Paid $18,000 cash on accounts payable. 7. Paid a $5,000 cash dividend...
Exercise 2-9A Effect of accounts receivable and accounts payable transactions on financial statements LO 2-1, 2-2,...
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...
1. Performed $69.500 of services for clients on account 2. Performed $43,000 of services for cash....
1. Performed $69.500 of services for clients on account 2. Performed $43,000 of services for cash. 3. Incurred $34,000 of other operating expenses on account 4. Paid $16,500 cash to an employee for salary 5. Collected $50.000 cash from accounts receivable. 6. Paid $18,000 cash on accounts payable. 7. Paid a $5,000 cash dividend to the stockholders. 8. Accrued salaries were $2,600 at the end of Year 1. wipped Box Him Terences Required a. Show the effects on the financial...
1. Performed $104,500 of services for clients on account. 2. Performed $57,000 of services for cash....
1. Performed $104,500 of services for clients on account. 2. Performed $57,000 of services for cash. 3. Incurred $62,000 of other operating expenses on account 4. Paid $23,500 cash to an employee for salary. 5. Collected $71,000 cash from accounts receivable. 6. Paid $26,000 cash on accounts payable. 7. Paid a $7,000 cash dividend to the stockholders. 8. Accrued salaries were $5,400 at the end of Year 1. Required a. Show the effects of the events on the financial statements...
help please
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period: 1. Performed $82,000 of services for clients on account. 2. Performed $48,000 of services for cash. 3. Incurred $44,000 of other operating expenses on account. 4. Paid $19.000 cash to an employee for salary. 5. Collected $62,000 cash from accounts receivable. 6. Paid $36,000 cash on accounts payable. 7. Paid an $6.000 cash dividend to the stockholders. 8. Accrued salaries...
The following events apply to Lewis and Harper, a public
accounting firm, for the Year 1 accounting period:
Performed $74,500 of services for clients on account.
Performed $45,000 of services for cash.
Incurred $38,000 of other operating expenses on account.
Paid $17,500 cash to an employee for salary.
Collected $60,000 cash from accounts receivable.
Paid $16,000 cash on accounts payable.
Paid an $6,000 cash dividend to the stockholders.
Accrued salaries were $3,000 at the end of Year 1.
Required
a....
The following events apply to Lewis and Harper, a public
accounting firm, for the Year 1 accounting period:
Performed $82,000 of services for clients on account.
Performed $48,000 of services for cash.
Incurred $44,000 of other operating expenses on account.
Paid $19,000 cash to an employee for salary.
Collected $62,000 cash from accounts receivable.
Paid $36,000 cash on accounts payable.
Paid a $6,000 cash dividend to the stockholders.
Accrued salaries were $3,600 at the end of Year 1.
Required
a....
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting perlod: 1. Performed $97,000 of services for clients on account. 2. Performed $54,000 of services for cash 3. Incurred $56,000 of other operating expenses on account. 4. Paid $22,000 cash to an employee for salary. 5. Collected $68,000 cash from accounts recelvable. 6. Pald $21,000 cash on accounts payable 7. Paid a $7,000 cash dividend to the stockholders 8. Accrued salaries were $4,800...
on financial statements The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period: 1. Performed $70,000 of services for clients on account. 2. Performed $40,000 of services for cash. 3. Incurred $36,000 of other operating expenses on account. Page 103 4. Paid $10,000 cash to an employee for salary. 5. Collected $47,000 cash from accounts receivable. 6. Paid $16,000 cash on accounts payable. 7. Paid an $8,000 cash dividend to the stockholders....
CH 2 - HW Part 1 Seved 1 The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting 10 points 1. Performed $89,500 of services for clients on account 2. Performed $51,000 of services for cash. 3. Incurred $50,000 of other operating expenses on account. 4. Paid $20,500 cash to an employee for salary. 5. Collected $65,000 cash from accounts receivable. 6. Paid $19,000 cash on accounts payable. 7. Paid a $8,000 cash...
please answer everything for a upvote thank you
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period: 1. Performed $69,500 of services for clients on account. 2. Performed $43,000 of services for cash. 3. Incurred $34,000 of other operating expenses on account. 4. Paid $16,500 cash to an employee for salary. 5. Collected $50,000 cash from accounts receivable. 6. Paid $18,000 cash on accounts payable. 7. Paid a $5,000 cash dividend...
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...
1. Performed $69.500 of services for clients on account 2. Performed $43,000 of services for cash. 3. Incurred $34,000 of other operating expenses on account 4. Paid $16,500 cash to an employee for salary 5. Collected $50.000 cash from accounts receivable. 6. Paid $18,000 cash on accounts payable. 7. Paid a $5,000 cash dividend to the stockholders. 8. Accrued salaries were $2,600 at the end of Year 1. wipped Box Him Terences Required a. Show the effects on the financial...
1. Performed $104,500 of services for clients on account. 2. Performed $57,000 of services for cash. 3. Incurred $62,000 of other operating expenses on account 4. Paid $23,500 cash to an employee for salary. 5. Collected $71,000 cash from accounts receivable. 6. Paid $26,000 cash on accounts payable. 7. Paid a $7,000 cash dividend to the stockholders. 8. Accrued salaries were $5,400 at the end of Year 1. Required a. Show the effects of the events on the financial statements...
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