*Do not use journal entries format*
Homework Answers
a) Effect of the events are shown as follows:- (Amounts in $)
| Event No. | Assets | = | Liabilities | + | Equity | ||||||||||
| Cash | + | Accts. Rec. | = | Accts. Pay. | + | Sal. Pay | + | Ret. Earn. | Rev. | - | Exp. | = | Net Inc. | Cash Flow | |
| 1) | NA | + | 70,000 | = | NA | + | NA | + | 70,000 | 70,000 | - | NA | = | 70,000 | NA |
| 2) | 40,000 | + | NA | = | NA | + | NA | + | 40,000 | 40,000 | - | NA | = | 40,000 | 40,000 OA |
| 3) | NA | + | NA | = | 36,000 | + | NA | + | -36,000 | NA | - | 36,000 | = | -36,000 | NA |
| 4) | -10,000 | + | NA | = | NA | + | NA | + | -10,000 | NA | - | 10,000 | = | -10,000 | -10,000 OA |
| 5) | 47,000 | + | -47,000 | = | NA | + | NA | + | NA | NA | - | NA | = | NA | 47,000 OA |
| 6) | -16,000 | + | NA | = | -16,000 | + | NA | + | NA | NA | - | NA | = | NA | -16,000 OA |
| 7) | -8,000 | + | NA | = | NA | + | NA | + | -8,000 | NA | - | NA | = | NA | -8,000 FA |
| 8) | NA | + | NA | = | NA | + | 2,000 | + | -2,000 | NA | - | 2,000 | = | -2,000 | NA |
| Total | 53,000 | + | 23,000 | = | 20,000 | + | 2,000 | + | 54,000 | 110,000 | - | 48,000 | = | 62,000 | 53,000 NC |
b) The amount of total assets at the end of 2018 = Cash + Accts. Rec.
= $53,000+$23,000 = $76,000
c) Accounts Receivable at the end of 2018 = $23,000
d) Accounts Payable at the end of 2018 = $20,000
e) Accounts Receivable - Accounts Payable = $23,000 - $20,000 = $3,000
f) Net Income for 2018 = $62,000
g) Net Cash flow from operating activities for 2018 = $40,000-$10,000+$47,000-$16,000
= $61,000
Add Answer to:
2.4
*Do not use journal entries format*
*There are 2 pictures A-G*
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Performed $48,000 of services for cash.
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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.
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