Homework Answers
| Ex 2-1A) | ||||||||
| a) The accounts receivable reported on Dec 31, Yr1 B/S = 4900-4165 = 735 | ||||||||
| b) Net Income to be reported on the Year 1, Income statement = $4900 (expense being Nil) | ||||||||
| c) Operating activities, net cash flow in the Year 1 = $4165 | ||||||||
| d) Retained earnings to be reported on the Year 1 B/S = 0 | ||||||||
| Ex 2-4A) | ||||||||
| a)Accounting Equation: | ||||||||
| Assets | = | Liab. + | Stockholders' Eq. | Cash Flow | ||||
| Cash+ | AR+ | = | AP+ | Sal. Pay+ | Capital+ | RE | ||
| 1 | 79500 | = | 79500 | OA | ||||
| 2 | 47000 | = | 47000 | OA | ||||
| 3 | = | 42000 | -42000 | OA | ||||
| 4 | -18500 | = | -18500 | OA | ||||
| 5 | 60000 | -60000 | = | OA | ||||
| 6 | -24000 | = | -24000 | OA | ||||
| 7 | -6000 | = | -6000 | FA | ||||
| 8 | = | 3400 | -3400 | OA | ||||
| Balance | 58500 | 19500 | = | 18000 | 3400 | 0 | 56600 | |
| b) Total Assets: 58500+19500 = 78000 | ||||||||
| c) Accounts receivable = 19500 | ||||||||
| d) Accounts payable = 18000 | ||||||||
| f) Net Income = RE balance + Dividend = 56600 + 6000 = 62600 | ||||||||
| g) Net cash flow from OA = NI + Net change in WC = | ||||||||
| 62500 -79500 + 42000 + 60000 - 24000 +3400 =64400 | ||||||||
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*There are 2 pictures A-G*
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