3) Road Kill Restaurant had the following account balances. The change in these accounts represents a...
3) Road Kill Restaurant had the following account balances. The change in these accounts represents a net ________ of cash for the year in the amount of ________. Beginning Balance Ending Balance Accounts receivable $ 28,400 $ 26,120 Accounts payable 41,060 42,380 Inventory 20,540 24,360 Source; $220 Source; $4780 Use; -$4780 Use; $220 Source; $2860
Homework Answers
A decrease in current assets such as accounts receivable,inventory is a source of cash and vice-versa.On the other hand a decrease in current liabilities such as accounts payable,creditors is a use of cash and vice-versa.
| Decrease in Accounts Receivable(28400-26120) | $2280 |
| Increase in Accounts Payable(42380-41060) | $1320 |
| Increase in Inventory(24360-20540) | ($3820) |
| Net Use of Cash | $220. |
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3) Road Kill Restaurant had the following account balances. The
change in these accounts represents a...
following accounts belong to Jedi's Restaurant. Inc. as of December account balances: s of December 31,...
following accounts belong to Jedi's Restaurant. Inc. as of December account balances: s of December 31, 2019. Using these 1. Prepare the income statement of Jedi's Restaurant, Inc. for 4 2. Prepare the balance sheet of Jedi's Restaurant, Inc. for 201 of Jedi's Restaurant, Inc. for 2019 in account form 2019 Accounts Sales Revenue Depreciation expense Cost of sales Operating expenses Interest expense Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Tax rate of...
At the beginning of 2016, Oak Consulting had the following normal balances in its accounts: Account...
At the beginning of 2016, Oak Consulting had the following
normal balances in its accounts:
Account
Balance
Cash
$42,000
Accounts receivable
25,000
Accounts payable
8,400
Common stock
24,000
Retained earnings
34,600
The following events apply to Oak's Consulting for 2016:
1.
Provided $185,000 of services on account.
2.
Incurred $45,800 of operating expenses on account.
3.
Collected $140,000 of accounts receivable.
4.
Paid $120,000 cash for salaries expense.
5.
Paid $31,400 cash as a partial payment on accounts
payable.
6....
8. Harrington Carpentry had the following accounts and account balances after adjusting entries. Assume all accounts...
8. Harrington Carpentry had the following accounts and account balances after adjusting entries. Assume all accounts have normal balances. Prepare the adjusted trial balance for Harrington Carpentry as of December 31, 2018 (Click the icon to view the account balances.) Adjusted Trial Balance December 31, 2018 Balance Debit Credit ict: 0 Account Title Cash Accounts Receivable Office Supplies Land Equipment Accumulated Depreciation Equipment Accounts Payable Utilities Payable Uneamed Revenue Common Stock Dividends Service Revenue Data Table Cash $ $? Land...
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts:...
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 32,900 Accounts receivable 15,900 Accounts payable 10,800 Common stock 24,200 Retained earnings 13,800 The following events apply to Oak Consulting for Year 1: Provided $68,000 of services on account. Incurred $3,000 of operating expenses on account. Collected $49,100 of accounts receivable. Paid $35,300 cash for salaries expense. Paid $12,420 cash as a partial payment on accounts payable. Paid a $8,300...
Shown below in T-account format are the beginning and ending balances ($ in millions) of both...
Shown below in T-account format are the beginning and ending balances ($ in millions) of both inventory and accounts payable Beginning balance Ending balance Inventory 75.0 76.51 Accounts Payabl e 18. Beginning balance 20.4 Ending balance Required: 1. Use a T-account analysis to determine the amount of cash paid to suppliers of merchandise during the reporting period if cost of goods sold was $210 million. 2. Prepare a summary entry that represents the net effect of merchandise purchases during the...
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts:...
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 32,900 Accounts receivable 15,900 Accounts payable 10,800 Common stock 24,200 Retained earnings 13,800 The following events apply to Oak Consulting for Year 1: Provided $68,000 of services on account. Incurred $3,000 of operating expenses on account. Collected $49,100 of accounts receivable. Paid $35,300 cash for salaries expense. Paid $12,420 cash as a partial payment on accounts payable. Paid a $8,300...
The balance sheet of Binger, Inc. has the following balances: Cash Accounts receivable Inventory Net fixed...
The balance sheet of Binger, Inc. has the following balances: Cash Accounts receivable Inventory Net fixed assets Accounts payable Long-term debt Beginning balance $30,300 48,200 126,500 611,900 43,200 415,000 Ending balance $32,800 51,600 129,200 574,300 53,600 304,200 What is the amount of the change in net working capital? 8100 -1800 1800 -7400
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts:...
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 29,200 Accounts receivable 16,400 Accounts payable 12,200 Common stock 20,200 Retained earnings 13,200 The following events apply to Oak Consulting for Year 1: Provided $74,500 of services on account. Incurred $3,000 of operating expenses on account. Collected $50,000 of accounts receivable. Paid $36,000 cash for salaries expense. Paid $13,680 cash as a partial payment on accounts payable. Paid a $8,600...
Eilish Company had the following account balances. Accounts Payable $ 948 Accounts Receivable $ 1,694 Cash...
Eilish Company had the following account balances. Accounts Payable $ 948 Accounts Receivable $ 1,694 Cash $ 4,736 Common Stock $ 1,374 Deferred Revenue $ 1,007 Eilish was missing the account balance for retained earnings. What is Eilish's balance in retained earnings?
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts:...
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 32,900 Accounts receivable 15,900 Accounts payable 10,800 Common stock 24,200 Retained earnings 13,800 The following events apply to Oak Consulting for Year 1: Provided $68,000 of services on account. Incurred $3,000 of operating expenses on account. Collected $49,100 of accounts receivable. Paid $35,300 cash for salaries expense. Paid $12,420 cash as a partial payment on accounts payable. Paid a $8,300...
following accounts belong to Jedi's Restaurant. Inc. as of December account balances: s of December 31, 2019. Using these 1. Prepare the income statement of Jedi's Restaurant, Inc. for 4 2. Prepare the balance sheet of Jedi's Restaurant, Inc. for 201 of Jedi's Restaurant, Inc. for 2019 in account form 2019 Accounts Sales Revenue Depreciation expense Cost of sales Operating expenses Interest expense Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Tax rate of...
At the beginning of 2016, Oak Consulting had the following
normal balances in its accounts:
Account
Balance
Cash
$42,000
Accounts receivable
25,000
Accounts payable
8,400
Common stock
24,000
Retained earnings
34,600
The following events apply to Oak's Consulting for 2016:
1.
Provided $185,000 of services on account.
2.
Incurred $45,800 of operating expenses on account.
3.
Collected $140,000 of accounts receivable.
4.
Paid $120,000 cash for salaries expense.
5.
Paid $31,400 cash as a partial payment on accounts
payable.
6....
8. Harrington Carpentry had the following accounts and account balances after adjusting entries. Assume all accounts have normal balances. Prepare the adjusted trial balance for Harrington Carpentry as of December 31, 2018 (Click the icon to view the account balances.) Adjusted Trial Balance December 31, 2018 Balance Debit Credit ict: 0 Account Title Cash Accounts Receivable Office Supplies Land Equipment Accumulated Depreciation Equipment Accounts Payable Utilities Payable Uneamed Revenue Common Stock Dividends Service Revenue Data Table Cash $ $? Land...
Shown below in T-account format are the beginning and ending balances ($ in millions) of both inventory and accounts payable Beginning balance Ending balance Inventory 75.0 76.51 Accounts Payabl e 18. Beginning balance 20.4 Ending balance Required: 1. Use a T-account analysis to determine the amount of cash paid to suppliers of merchandise during the reporting period if cost of goods sold was $210 million. 2. Prepare a summary entry that represents the net effect of merchandise purchases during the...
The balance sheet of Binger, Inc. has the following balances: Cash Accounts receivable Inventory Net fixed assets Accounts payable Long-term debt Beginning balance $30,300 48,200 126,500 611,900 43,200 415,000 Ending balance $32,800 51,600 129,200 574,300 53,600 304,200 What is the amount of the change in net working capital? 8100 -1800 1800 -7400
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