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. Show the effects of the events on the financial
statements using a horizontal financial statements model like the
following one. 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. The first event is
recorded as an example. (Enter any decreases to account
balances with a minus sign. Not all cells in the "Statement of Cash
Flows" column may require an input - leave cells blank if there is
no corresponding input needed.)
b. What is the amount of total assets at the
end of Year 1?
c. What is the balance of accounts receivable
at the end of Year 1?
d. What is the balance of accounts payable at
the end of Year 1?
f. What is net income for Year 1?
g. What is the amount of net cash flow from
operating activities for Year 1?
Homework Answers
b.
Amount of Total Assets = 65,500 + 14,500 = 80,000
c.
Balance of accounts receivable = 74,500 - 60,000 = 14,500
d.
Balance of accounts payable = 38,000 - 16,000 = 22,000
f.
Net Income = 74,500 + 45,000 - 38,000 - 17,500 - 3,000 = 61,000
g.
Net cash flow from operating activities = 45,000 - 17,500 + 60,000 -16,000 = 71,500
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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...
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period: 1. Performed $102,000 of services for clients on account. 2. Performed $56,000 of services for cash. 3. Incurred $60,000 of other operating expenses on account. 4. Paid $23,000 cash to an employee for salary. 5. Collected $70,000 cash from accounts receivable. 6. Paid $20,000 cash on accounts payable. 7. Paid an $7,000 cash dividend to the stockholders. 8. Accrued salaries were $5.200...
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....
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...
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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...
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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....
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...
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...
The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $60,000...
The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $60,000 cash from the issue of common stock. 2. Purchased $65,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point; freight cost of $900 paid in cash. 4. Sold inventory on account that cost $38,000 for $71,000. 5. Freight cost on the goods sold in Event 4 was $620. The goods were shipped FOB destination. Cash was paid for the...
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The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $60,000 cash from the issue of common stock. 2. Purchased $65,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point; freight cost of $900 paid in cash. 4. Sold Inventory on account that cost $38,000 for $71,000. 5. Freight cost on the goods sold in Event 4 was $620. The goods were shipped FOB destination. Cash was paid for the...
Exercise 2-1A Effect of collecting accounts receivable on the accounting equation and financial statements LO 2-1,...
Exercise 2-1A Effect of collecting accounts receivable on the accounting equation and financial statements LO 2-1, 2-3 Holloway Company eamed $4,900 of service revenue on account during Year 1. The company collected $4,165 cash from accounts receivable during Year 1. Required Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) (Enter any decreases to account balances with a minus sign.) a. The...
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period: 1. Performed $102,000 of services for clients on account. 2. Performed $56,000 of services for cash. 3. Incurred $60,000 of other operating expenses on account. 4. Paid $23,000 cash to an employee for salary. 5. Collected $70,000 cash from accounts receivable. 6. Paid $20,000 cash on accounts payable. 7. Paid an $7,000 cash dividend to the stockholders. 8. Accrued salaries were $5.200...
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....
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 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....
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...
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...
The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $60,000 cash from the issue of common stock. 2. Purchased $65,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point; freight cost of $900 paid in cash. 4. Sold inventory on account that cost $38,000 for $71,000. 5. Freight cost on the goods sold in Event 4 was $620. The goods were shipped FOB destination. Cash was paid for the...
The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $60,000 cash from the issue of common stock. 2. Purchased $65,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point; freight cost of $900 paid in cash. 4. Sold Inventory on account that cost $38,000 for $71,000. 5. Freight cost on the goods sold in Event 4 was $620. The goods were shipped FOB destination. Cash was paid for the...
Exercise 2-1A Effect of collecting accounts receivable on the accounting equation and financial statements LO 2-1, 2-3 Holloway Company eamed $4,900 of service revenue on account during Year 1. The company collected $4,165 cash from accounts receivable during Year 1. Required Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) (Enter any decreases to account balances with a minus sign.) a. The...
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