Homework Answers
Solution
| MOORE COMOANY | ||
| Cash Flow Statement | ||
| For year ended 31st December, 2018 | ||
| Cash Flows from Operating Activity | ||
| Net cash inflow from Operating activities | $ 29,600.00 | |
| Cash Flows from Investing Activity | ||
| Net cash outflow from investing activities | $ (37,000.00) | |
| Cash Flows from Financing activities | ||
| Net cash outflow from investing activities | $ (18,500.00) | |
| Net Decrease in Cash | $ (25,900.00) | |
| Plus: Beginning cash balance | $ 47,400.00 | |
| Ending cash balance | $ 21,500.00 | |
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On January 1, 2018, Moore, a fast-food company, had a balance in its Cash account of...
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The following transactions apply to Bobs Scuba Sales for
2018:
The business was started when the company received $48,500 from
the issue of common stock.
Purchased equipment inventory of $176,000 on the account.
Sold equipment for $202,500 cash (not including sales tax). A
sales tax of 7 percent is collected when the merchandise is sold.
The merchandise had a cost of $127,500.
Provided a six-month warranty on the equipment sold. Based on
industry estimates, the warranty claims would amount to...
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A sole proprietorship was started on January 1, 2018, when it
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On January 1, 2016, Shelton Company had a balance of $260,500 in its Land account. During 2016 Shelton sold land that had cost $75,500 for $150,500 cash. The balance in the Land account on December 31, 2016, was $291,500. Required a. Determine the cash outflow for the purchase of land during 2016. Cash outflow for the purchase of land b. Prepare the investing activities section of the 2016 statement of cash flows. (Amounts to be deducted should be indicated with...
All-Star Automotive Company experienced the following accounting events during 2018: 1. Performed services for $14,700 cash. 2. Purchased land for $7,700 cash. 3. Hired an accountant to keep the books. 4. Received $37,000 cash from the issue of common stock. 5. Borrowed $9,400 cash from State Bank. 6. Paid $4,700 cash for salary expense. 7. Sold land for $9,400 cash. 8. Paid $3,700 cash on the loan from State Bank. 9. Paid $4.900 cash for utilities expense. 10. Paid a...
The following transactions apply to Bobs Scuba Sales for
2018:
The business was started when the company received $48,500 from
the issue of common stock.
Purchased equipment inventory of $176,000 on the account.
Sold equipment for $202,500 cash (not including sales tax). A
sales tax of 7 percent is collected when the merchandise is sold.
The merchandise had a cost of $127,500.
Provided a six-month warranty on the equipment sold. Based on
industry estimates, the warranty claims would amount to...
On the Statement of Cash Flows, cash receipts from the sale of common stock of your company to investors are reported in the operating activities section. O investing activities section. financing activities section. O schedule of noncash investing and financing activities. Question 29 (2 points) On the statement of cash flows using the indirect method, patent amortization expense will O be added to net income in the operating section. be deducted from net income in the operating section. appear as...
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received $66,000 cash from Marlin Jones, the owner. During 2018,
the company earned $36,000 in cash revenues and paid $18,570 in
cash expenses. Jones withdrew $6,400 cash from the business during
2018. Required: Prepare the income statement, capital statement
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