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Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations: Events Affecting Year 1: 1. Provided $190,000 of cleaning services on account. 2. Collected $142,500 cash from accounts receivable, 3. Paid salaries of $34,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,500. The expense was determined using the percent of revenue method. Required a. Organize the transaction data...
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one multi step problem! thank you
Holmes Cleaning Service began operation on January 1, 2018. The company experienced the following events for its first year of operations Events Affecting 2018 1. Provided $220,000 of cleaning services on account 2. Collected $165.000 cash from accounts receivable 3. Paid salaries of $34,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,400. The expense was determined using the percent of revenue method. Required a....
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Life, Inc., experienced the following events in 2018, its first year of operation: 1. Performed counseling services for $19,600 cash. 2. On February 1, 2018, paid $13,200 cash to rent office space for the coming year. 3. Adjusted the accounts to reflect the amount of rent used during the year. Required Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the 2018 accounting...
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Milea Inc, experienced the following events in 2018, Its first year of operations: 1. Received $15,000 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,100. 4. Collected $32,920 of the accounts receivable. 5. Recorded $9,500 of accrued salaries at the end of the year. 6. Paid a $950 cash dividend to the stockholders. b. Prepare the income statement, statement of changes in stockholders' equilty, balance sheet, and statement...
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Dakota Company experienced the following events during 2018: 1. Acquired $25,000 cash from the issue of common 2. Paid $10,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $35,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Pald $20,000 cash for other operating expenses. 7. Paid a $4,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $15,000. Required a. The January 1, 2018,...
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Yard Professionals Inc, experienced the following events in 2018, its first year of operation: 1. Performed counseling services for $22,500 cash. 2. Purchased $7,000 of supplies on account. 3. A physical count on December 31, 2018, found that there was $1,300 of supplies on hand. Required Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the 2018 accounting period. c. What is the...
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Yard Professionals Inc, experienced the following events in 2018, its first year of operation: 1. Performed counseling services for $29,500 cash. 2. Purchased $7,600 of supplies on account. 3. A physical count on December 31, 2018, found that there was $1,530 of supplies on hand, Required Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the 2018 accounting period. c. What is the...
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Dakota Company experienced the following events during 2018: 1. Acquired $15,000 cash from the issue of common stock. 2. Paid $15.000 cash to purchase land. 3. Borrowed $5,000 cash. 4. Provided services for $55,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Paid $45.000 cash for other operating expenses. 7. Paid a $1.000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $16,000. Required a. The January 1,...
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Dakota Company experienced the following events during 2018: 1. Acquired $25.000 cash from the issue of common stock. 2 Pald $25,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $36.000 cash. 5. Pald $1,000 cash for utilities expense. 6. Paid $28.000 cash for other operating expenses. 7. Pald a $2,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $27.500. Required a. The January 1,...
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Dakota Company experienced the following events during 2018:
Acquired $15,000 cash from the issue of common stock.
Paid $15,000 cash to purchase land.
Borrowed $5,000 cash.
Provided services for $55,000 cash.
Paid $2,000 cash for utilities expense.
Paid $45,000 cash for other operating expenses.
Paid a $1,000 cash dividend to the stockholders.
Determined that the market value of the land purchased in Event
2 is now $16,000.
Required
a. The January 1, 2018, general ledger account
balances are shown in...
Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations: Events Affecting Year 1: 1. Provided $190,000 of cleaning services on account. 2. Collected $142,500 cash from accounts receivable, 3. Paid salaries of $34,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,500. The expense was determined using the percent of revenue method. Required a. Organize the transaction data...
one multi step problem! thank you
Holmes Cleaning Service began operation on January 1, 2018. The company experienced the following events for its first year of operations Events Affecting 2018 1. Provided $220,000 of cleaning services on account 2. Collected $165.000 cash from accounts receivable 3. Paid salaries of $34,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,400. The expense was determined using the percent of revenue method. Required a....
Life, Inc., experienced the following events in 2018, its first year of operation: 1. Performed counseling services for $19,600 cash. 2. On February 1, 2018, paid $13,200 cash to rent office space for the coming year. 3. Adjusted the accounts to reflect the amount of rent used during the year. Required Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the 2018 accounting...
Milea Inc, experienced the following events in 2018, Its first year of operations: 1. Received $15,000 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,100. 4. Collected $32,920 of the accounts receivable. 5. Recorded $9,500 of accrued salaries at the end of the year. 6. Paid a $950 cash dividend to the stockholders. b. Prepare the income statement, statement of changes in stockholders' equilty, balance sheet, and statement...
Dakota Company experienced the following events during 2018: 1. Acquired $25,000 cash from the issue of common 2. Paid $10,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $35,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Pald $20,000 cash for other operating expenses. 7. Paid a $4,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $15,000. Required a. The January 1, 2018,...
Yard Professionals Inc, experienced the following events in 2018, its first year of operation: 1. Performed counseling services for $22,500 cash. 2. Purchased $7,000 of supplies on account. 3. A physical count on December 31, 2018, found that there was $1,300 of supplies on hand. Required Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the 2018 accounting period. c. What is the...
Yard Professionals Inc, experienced the following events in 2018, its first year of operation: 1. Performed counseling services for $29,500 cash. 2. Purchased $7,600 of supplies on account. 3. A physical count on December 31, 2018, found that there was $1,530 of supplies on hand, Required Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the 2018 accounting period. c. What is the...
Dakota Company experienced the following events during 2018: 1. Acquired $15,000 cash from the issue of common stock. 2. Paid $15.000 cash to purchase land. 3. Borrowed $5,000 cash. 4. Provided services for $55,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Paid $45.000 cash for other operating expenses. 7. Paid a $1.000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $16,000. Required a. The January 1,...
Dakota Company experienced the following events during 2018: 1. Acquired $25.000 cash from the issue of common stock. 2 Pald $25,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $36.000 cash. 5. Pald $1,000 cash for utilities expense. 6. Paid $28.000 cash for other operating expenses. 7. Pald a $2,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $27.500. Required a. The January 1,...
Dakota Company experienced the following events during 2018:
Acquired $15,000 cash from the issue of common stock.
Paid $15,000 cash to purchase land.
Borrowed $5,000 cash.
Provided services for $55,000 cash.
Paid $2,000 cash for utilities expense.
Paid $45,000 cash for other operating expenses.
Paid a $1,000 cash dividend to the stockholders.
Determined that the market value of the land purchased in Event
2 is now $16,000.
Required
a. The January 1, 2018, general ledger account
balances are shown in...