Homework Answers
Solution:
| Oak Consulting | ||||||||||||||||
| Effect of transactions on the financial statements for year 2 | ||||||||||||||||
| Event | Balance Sheet | Income Statement | Statement of Cash Flows | |||||||||||||
| Assets | = | Liabilities | + | Stockholder's Equity | Revenue | - | Expense | = | Net Income | |||||||
| Cash | + | Accounts receivables | = | Accounts payable | + | Common Stock | + | Retained Earnings | ||||||||
| Bal. | $25,600.00 | + | $21,800.00 | = | $13,700.00 | + | $20,800.00 | + | $12,900.00 | - | = | NA | ||||
| 1 | + | $65,400.00 | = | + | + | $65,400.00 | $65,400.00 | - | = | $65,400.00 | NA | |||||
| 2 | + | = | $2,900.00 | + | + | -$2,900.00 | - | $2,900.00 | = | -$2,900.00 | NA | |||||
| 3 | $50,400.00 | + | -$50,400.00 | = | + | + | - | = | $50,400.00 | OA | ||||||
| 4 | -$35,100.00 | + | = | + | + | -$35,100.00 | - | $35,100.00 | = | -$35,100.00 | -$35,100.00 | OA | ||||
| 5 | -$14,940.00 | + | = | -$14,940.00 | + | + | - | = | -$14,940.00 | OA | ||||||
| 6 | -$9,900.00 | -$9,900.00 | -$9,900.00 | FA | ||||||||||||
| Total | $16,060.00 | + | $36,800.00 | = | $1,660.00 | + | $20,800.00 | + | $30,400.00 | $65,400.00 | - | $38,000.00 | = | $27,400.00 | -$9,540.00 | NC |
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baved (The following information applies to the questions displayed below) At the beginning of Year 2,...
Required information [The following information applies to the questions displayed below.] At the beginning of Year...
Required information [The following information applies to the questions displayed below.] 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...
! 00 Required information (The following information applies to the questions displayed below.) Part 2 of...
! 00 Required information (The following information applies to the questions displayed below.) Part 2 of 3 2 At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: 1.17 points Account Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $ 29,000 19,300 14,000 20,200 14,100 The following events apply to Oak Consulting for Year 2: eBook Hint 1. Provided $67,700 of services on account. 2. Incurred $3,300 of operating expenses on account....
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...
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 $ 32,200 Accounts receivable 16,600 Accounts payable 10,500 Common stock 27,400 Retained earnings 10,900 The following events apply to Oak Consulting for Year 1: Provided $67,000 of services on account. Incurred $2,900 of operating expenses on account. Collected $48,400 of accounts receivable. Paid $37,500 cash for salaries expense. Paid $12,060 cash as a partial payment on accounts payable. Paid a $10,000...
Required information Exercise 3-22A Recording events in the general journal, posting to T-accounts, and preparing closing...
Required information Exercise 3-22A Recording events in the general journal, posting to T-accounts, and preparing closing entries LO 3-1, 3-2, 3-3, 3-4 (The following information applies to the questions displayed below.) At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $ 34,900 15,600 10,500 28,100 11,900 The following events apply to Oak Consulting for Year 2: 1. Provided $66,100 of services on...
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....
3 HW Help Save & Exit Check my Required information The following information applies to the...
3 HW Help Save & Exit Check my Required information The following information applies to the questions displayed below.) At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $ 31,400 20,400 14.100 25.600 12,100 The following events apply to Oak Consulting for Year 1. Provided $73,800 of services on account. 2. Incurred $3,400 of operating expenses on account. 3. Collected $45,300 of...
At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts:...
At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $ 29,900 21,400 11,400 26,300 13,600 The following events apply to Oak Consulting for Year 2: 1. Provided $74,700 of services on account. 2. Incurred $3,500 of operating expenses on account. 3. Collected $47,700 of accounts receivable. 4. Paid $39,000 cash for salaries expense. 5. Paid $13,410 cash as a partial payment on...
At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts:...
At the beginning of Year 2, 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 Consulting for Year 2:
Provided $185,000 of services on account.
Incurred $45,800 of operating expenses on account.
Collected $140,000 of accounts receivable.
Paid $120,000 cash for salaries expense.
Paid $31,400 cash as a partial payment on accounts
payable.
Paid a $10,000...
Required information [The following information applies to the questions displayed below.] At the beginning of Year...
Required information [The following information applies to the questions displayed below.] 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...
! 00 Required information (The following information applies to the questions displayed below.) Part 2 of 3 2 At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: 1.17 points Account Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $ 29,000 19,300 14,000 20,200 14,100 The following events apply to Oak Consulting for Year 2: eBook Hint 1. Provided $67,700 of services on account. 2. Incurred $3,300 of operating expenses on account....
Required information Exercise 3-22A Recording events in the general journal, posting to T-accounts, and preparing closing entries LO 3-1, 3-2, 3-3, 3-4 (The following information applies to the questions displayed below.) At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $ 34,900 15,600 10,500 28,100 11,900 The following events apply to Oak Consulting for Year 2: 1. Provided $66,100 of services on...
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....
3 HW Help Save & Exit Check my Required information The following information applies to the questions displayed below.) At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $ 31,400 20,400 14.100 25.600 12,100 The following events apply to Oak Consulting for Year 1. Provided $73,800 of services on account. 2. Incurred $3,400 of operating expenses on account. 3. Collected $45,300 of...
At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $ 29,900 21,400 11,400 26,300 13,600 The following events apply to Oak Consulting for Year 2: 1. Provided $74,700 of services on account. 2. Incurred $3,500 of operating expenses on account. 3. Collected $47,700 of accounts receivable. 4. Paid $39,000 cash for salaries expense. 5. Paid $13,410 cash as a partial payment on...
At the beginning of Year 2, 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 Consulting for Year 2:
Provided $185,000 of services on account.
Incurred $45,800 of operating expenses on account.
Collected $140,000 of accounts receivable.
Paid $120,000 cash for salaries expense.
Paid $31,400 cash as a partial payment on accounts
payable.
Paid a $10,000...
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