Homework Answers
| CASH FLOW STATEMENT | $ | $ |
| CAsh flow from Operating Activities | ||
| Collection from accounts receivable | 82,000 | |
| Payment of salaries | -40,000 | |
| Net cash flow from Operating Activities | 42,000 | |
| Cash flow from investing activities | ||
| Loaned to Mosby Co. | -13,000 | |
| Net cash flow from investing activities | -13,000 | |
| Cash flow from financing activities | ||
| Issue of Common stock | 180,000 | |
| Dividend paid | -4,000 | |
| Net cash flow from financing activities | 176,000 | |
| Net Change in cash | 205,000 | |
| Plus : Beginning cash balance | 0 | |
| Ending Cash Balance | $205,000 |
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Required information (The following information applies to the questions displayed below.) The following transactions apply to...
Required information [The following information applies to the questions displayed below.) The following transactions apply to...
Required information [The following information applies to the questions displayed below.) The following transactions apply to Hooper Co. for Year 1, Its first year of operations: 1. Issued $60,000 of common stock for cash. 2. Provided $90,000 of services on account. 3. Collected $78,000 cash from accounts receivable. 4. Loaned $20,000 to Mosby Co. on November 30, Year 1. The note had a one-year term to maturity and a 6 percent interest rate. 5. Paid $26,000 of salaries expense for...
Required information [The following information applies to the questions displayed below.] The following transactions apply to...
Required information [The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for 2018: 1. The business was started when the company received $49,500 from the issue of common stock. 2 Purchased equipment Inventory of $174.500 on account. 3. Sold equipment for $199,500 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $124.500. 4. Provided a six-month warranty on the...
ng information applies to the questions displayed below.] The following transactions apply to Park Co. for...
ng information applies to the questions displayed below.] The following transactions apply to Park Co. for 2016: 1. Received $30,500 cash from the issue of common stock. 2. Purchased inventory on account for $142,000. 3. Sold inventory for $173,500 cash. Sales tax was collected at the rate of 6 percent on the inventory sold. 4. Borrowed $18,000 from First State Bank on March 1, 2016. The note had a 6 percent interest rate and a one-year term to maturity. 5....
Required information [The following information applies to the questions displayed below.) The following post-closing trial balance...
Required information [The following information applies to the questions displayed below.) The following post-closing trial balance was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31 2017 $ $ Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings 5,710 17,410 1,640 24,760 7,695 21,200 17,345 Transactions for 2018 1. Acquired an additional $10,400 cash from the issue of common stock 2 Purchased $61,400 of inventory on account. 3. Sold Inventory that...
Required Information [The following information applies to the questions displayed below.] The following transactions apply to...
Required Information [The following information applies to the questions displayed below.] The following transactions apply to Jova Company for 2018, the first year of operation: 1. Issued $10,000 of common stock for cash. 2. Recognized $210.000 of service revenue earned on account. 3. Collected $162,000 from accounts receivable. 4. Paid operating expenses of $125,000. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be...
Required information (The following information applies to the questions displayed below.] On January 1, 2018, Brown...
Required information (The following information applies to the questions displayed below.] On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $80,000 face value, four-year term note that had an 6 percent annual interest rate. The note is to be repaid by making annual cash payments of $23,087 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $42.400...
The following transactions apply to Hooper Co. for Year 1, its first year of operations: Issued...
The following transactions apply to Hooper Co. for Year 1, its first year of operations: Issued $110,000 of common stock for cash. Provided $90,000 of services on account. Collected $76,000 cash from accounts receivable. Loaned $13,000 to Mosby Co. on November 30, Year 1. The note had a one-year term to maturity and a 8 percent interest rate. Paid $44,000 of salaries expense for the year. Paid a $2,500 dividend to the stockholders. Recorded the accrued interest on December 31,...
Required information [The following information applies to the questions displayed below.] Leach Inc. experienced the following...
Required information
[The following information applies to the questions
displayed below.]
Leach Inc. experienced the following events for the first two
years of its operations:
2018:
Issued $10,000 of common stock for cash.
Provided $100,000 of services on account.
Provided $27,000 of services and received cash.
Collected $73,000 cash from accounts receivable.
Paid $18,000 of salaries expense for the year.
Adjusted the accounting records to reflect uncollectible
accounts expense for the year. Leach estimates that 9 percent of
the ending...
Required information [The following information applies to the questions displayed below.] The following transactions pertain to...
Required information [The following information applies to the questions displayed below.] The following transactions pertain to Accounting Solutions Inc. Assume the transactions for the purchase of the computer and any capital improvements occur on January 1 each year. 2018 1. Acquired $60,000 cash from the issue of common stock 2. Purchased a computer system for $24,000. It has an estimated useful life of five years and a $3,230 salvage value. 3. Paid $1,300 sales tax on the computer system. 4....
stuck Required information [The following information applies to the questions displayed below.] The following transactions pertain...
stuck
Required information [The following information applies to the questions displayed below.] The following transactions pertain to Accounting Solutions Inc. Assume the transactions for the purchase of the computer and any capital improvements occur on January 1 each year. 2018 1. Acquired $60,000 cash from the issue of common stock. 2. Purchased a computer system for $22,700. It has an estimated useful life of five years and a $3.950 salvage value. 3. Paid $1,400 sales tax on the computer system...
Required information [The following information applies to the questions displayed below.) The following transactions apply to Hooper Co. for Year 1, Its first year of operations: 1. Issued $60,000 of common stock for cash. 2. Provided $90,000 of services on account. 3. Collected $78,000 cash from accounts receivable. 4. Loaned $20,000 to Mosby Co. on November 30, Year 1. The note had a one-year term to maturity and a 6 percent interest rate. 5. Paid $26,000 of salaries expense for...
Required information [The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for 2018: 1. The business was started when the company received $49,500 from the issue of common stock. 2 Purchased equipment Inventory of $174.500 on account. 3. Sold equipment for $199,500 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $124.500. 4. Provided a six-month warranty on the...
Required information [The following information applies to the questions displayed below.) The following post-closing trial balance was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31 2017 $ $ Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings 5,710 17,410 1,640 24,760 7,695 21,200 17,345 Transactions for 2018 1. Acquired an additional $10,400 cash from the issue of common stock 2 Purchased $61,400 of inventory on account. 3. Sold Inventory that...
Required Information [The following information applies to the questions displayed below.] The following transactions apply to Jova Company for 2018, the first year of operation: 1. Issued $10,000 of common stock for cash. 2. Recognized $210.000 of service revenue earned on account. 3. Collected $162,000 from accounts receivable. 4. Paid operating expenses of $125,000. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be...
Required information (The following information applies to the questions displayed below.] On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $80,000 face value, four-year term note that had an 6 percent annual interest rate. The note is to be repaid by making annual cash payments of $23,087 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $42.400...
Required information
[The following information applies to the questions
displayed below.]
Leach Inc. experienced the following events for the first two
years of its operations:
2018:
Issued $10,000 of common stock for cash.
Provided $100,000 of services on account.
Provided $27,000 of services and received cash.
Collected $73,000 cash from accounts receivable.
Paid $18,000 of salaries expense for the year.
Adjusted the accounting records to reflect uncollectible
accounts expense for the year. Leach estimates that 9 percent of
the ending...
Required information [The following information applies to the questions displayed below.] The following transactions pertain to Accounting Solutions Inc. Assume the transactions for the purchase of the computer and any capital improvements occur on January 1 each year. 2018 1. Acquired $60,000 cash from the issue of common stock 2. Purchased a computer system for $24,000. It has an estimated useful life of five years and a $3,230 salvage value. 3. Paid $1,300 sales tax on the computer system. 4....
stuck
Required information [The following information applies to the questions displayed below.] The following transactions pertain to Accounting Solutions Inc. Assume the transactions for the purchase of the computer and any capital improvements occur on January 1 each year. 2018 1. Acquired $60,000 cash from the issue of common stock. 2. Purchased a computer system for $22,700. It has an estimated useful life of five years and a $3.950 salvage value. 3. Paid $1,400 sales tax on the computer system...
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