Homework Answers
25.
Computing net income which is to be recognised on the company year 1 income statement as:
Net income = Service revenue - Operating expense
= $4,600 - $3,200
= $1,400
Therefore, the net income to be reported amounts to $1,400.
26.
Computing the liabilities amount shown on the balance sheet of the company as:
Liabilities = $0
As there is no such liability occurred during the year by the company.
27.
Computing the assets amount shown on the balance sheet of the company as:
Assets = Cash + Accounts receivable
= ($12,000 + $3,800 - $3,200 - $200) + ($4,600 - $3,800)
= $12,400 + $800
= $13,200
Therefore, the total assets to be reported amounts to $13,200.
Add Answer to:
Question 25 Nelson Company experienced the following transactions during Year 1, its first year in operation....
Question 28 Nelson Company experienced the following transactions during Year 1, its first year in operation...
Question 28 Nelson Company experienced the following transactions during Year 1, its first year in operation 1. Issued $12.000 of common stock to stockholders. 2. Provided $4,600 of services on account. 3. Paid $3,200 cash for operating expenses. 4. Collected $3,800 of cash from accounts receivable. 5. Paid a $200 cash dividend to stockholders. 1 The amount of retained earnings appearing on Nelson Company's December 31, Year 1 balance sheet is: Edit Insert Format Tools Table 12pt AV в I...
Nelson Company experienced the following transactions during Year 1, its first year in operation 1. Issued...
Nelson Company experienced the following transactions during Year 1, its first year in operation 1. Issued $12,000 of common stock to stockholders. 2. Provided $4,600 of services on account. 3. Paid $3,200 cash for operating expenses. 4. Collected $3,800 of cash from accounts receivable. 5. Paid a $200 cash dividend to stockholders. The amount of net cash flow from operating activities shown on Nelson Company's Year 1 statement of cash flows is Multiple Choice $400 $600. $1,400 $1,200
Nelson Company experienced the following transactions during Year 1, its first year in operation. 1. Issued...
Nelson Company experienced the following transactions during Year 1, its first year in operation. 1. Issued $8,800 of common stock to stockholders. 2. Provided $5,100 of services on account. 3. Paid $2,300 cash for operating expenses. 4. Collected $3,300 of cash from accounts receivable. 5. Paid a $240 cash dividend to stockholders. The amount of net income recognized on Nelson Company's Year 1 income statement is: Multiple Choice $2,800. $2,040 $1,800 $2,560
Nelson Company experienced the following transactions during year 1, its first year un operation. 1. Issued...
Nelson Company experienced the following transactions during year 1, its first year un operation. 1. Issued $7,200 of common stock to stockholders. 2. Provided $3,500 of services on account. 3. Paid $1,900 cash for operating expenses. 4. Collected $2,500 of cash from accounts receivable. 5. Paid a $160 cash dividend to stockholders. The amount of net income recognized on Nelson Company's Year 1 income statement is: A. $1,600 B. $1,160 C. $1,000 D. $1,440
Nelson Company experienced the following transactions during Year 1, its first year in operation. Issued $8,000...
Nelson Company experienced the following transactions during Year 1, its first year in operation. Issued $8,000 of common stock to stockholders. Provided $4,300 of services on account. Paid $2,100 cash for operating expenses. Collected $2,900 of cash from accounts receivable. Paid a $200 cash dividend to stockholders. The total amount of assets shown on Nelson Company's December 31, Year 1 balance sheet is:
СМО,02 ° Nelson Company experienced the following transactions during Year 1, its first year in operation...
СМО,02 ° Nelson Company experienced the following transactions during Year 1, its first year in operation t Issued $8,200 of common stock to stockholders 2. Provided $4,500 of services on account 그 Paid $2.150 cash for operating expenses. 4 Collected $3,000 of cash from accounts receivable 5 Paid a $210 cash dividend to stockholders The amount of net cash flow from operating activities shown on Nelson Company's Year 1 statement of cash flows is Mubple Choice $640 sa50 $2.350 2140...
СМО,02 ° Nelson Company experienced the following transactions during Year 1, its first year in operation...
СМО,02 ° Nelson Company experienced the following transactions during Year 1, its first year in operation t Issued $8,200 of common stock to stockholders 2. Provided $4,500 of services on account 그 Paid $2.150 cash for operating expenses. 4 Collected $3,000 of cash from accounts receivable 5 Paid a $210 cash dividend to stockholders The amount of net cash flow from operating activities shown on Nelson Company's Year 1 statement of cash flows is Mubple Choice $640 sa50 $2.350 2140...
QUESTION 1 Nelson Company experienced the following transactions during Year 1, its first year in operation....
QUESTION 1 Nelson Company experienced the following transactions during Year 1, its first year in operation. 1. Acquired $9400 cash by issuing common stock. 2. Provided $5700 of services on account. 3. Paid $2450 cash for operating expenses. 4. Collected $3600 of cash from customers in partial settlement of its accounts receivable. 5. Paid a $270 cash dividend to stockholders. What is the amount of net income that will be reported on the Year 1 income statement? A. $2100 B....
Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1....
Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $29,500 cash. 2. Purchased $7,600 of supplies on account. 3. A physical count on December 31, Year 1, 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 Year 1 accounting pe c. What...
solve for net income, liablilities , assets, retained earnings 10 The following accounts and balances were...
solve for net income, liablilities , assets, retained
earnings
10 The following accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: Cash Dividends Land Accounts payable $ 4,000 $ 2,000 $ 3,200 $ 1,800 Accounts receivable Common stock Revenue Expense $ 3,400 $ 3,900 $ 3,200 $ 2,200 Total assets on Carolina's December 31. Year 1 balance sheet would amount to: 1 Edit Insert Format Tools Table 12pt Paragraph В І од е...
Question 28 Nelson Company experienced the following transactions during Year 1, its first year in operation 1. Issued $12.000 of common stock to stockholders. 2. Provided $4,600 of services on account. 3. Paid $3,200 cash for operating expenses. 4. Collected $3,800 of cash from accounts receivable. 5. Paid a $200 cash dividend to stockholders. 1 The amount of retained earnings appearing on Nelson Company's December 31, Year 1 balance sheet is: Edit Insert Format Tools Table 12pt AV в I...
Nelson Company experienced the following transactions during Year 1, its first year in operation 1. Issued $12,000 of common stock to stockholders. 2. Provided $4,600 of services on account. 3. Paid $3,200 cash for operating expenses. 4. Collected $3,800 of cash from accounts receivable. 5. Paid a $200 cash dividend to stockholders. The amount of net cash flow from operating activities shown on Nelson Company's Year 1 statement of cash flows is Multiple Choice $400 $600. $1,400 $1,200
Nelson Company experienced the following transactions during Year 1, its first year in operation. 1. Issued $8,800 of common stock to stockholders. 2. Provided $5,100 of services on account. 3. Paid $2,300 cash for operating expenses. 4. Collected $3,300 of cash from accounts receivable. 5. Paid a $240 cash dividend to stockholders. The amount of net income recognized on Nelson Company's Year 1 income statement is: Multiple Choice $2,800. $2,040 $1,800 $2,560
СМО,02 ° Nelson Company experienced the following transactions during Year 1, its first year in operation t Issued $8,200 of common stock to stockholders 2. Provided $4,500 of services on account 그 Paid $2.150 cash for operating expenses. 4 Collected $3,000 of cash from accounts receivable 5 Paid a $210 cash dividend to stockholders The amount of net cash flow from operating activities shown on Nelson Company's Year 1 statement of cash flows is Mubple Choice $640 sa50 $2.350 2140...
СМО,02 ° Nelson Company experienced the following transactions during Year 1, its first year in operation t Issued $8,200 of common stock to stockholders 2. Provided $4,500 of services on account 그 Paid $2.150 cash for operating expenses. 4 Collected $3,000 of cash from accounts receivable 5 Paid a $210 cash dividend to stockholders The amount of net cash flow from operating activities shown on Nelson Company's Year 1 statement of cash flows is Mubple Choice $640 sa50 $2.350 2140...
QUESTION 1 Nelson Company experienced the following transactions during Year 1, its first year in operation. 1. Acquired $9400 cash by issuing common stock. 2. Provided $5700 of services on account. 3. Paid $2450 cash for operating expenses. 4. Collected $3600 of cash from customers in partial settlement of its accounts receivable. 5. Paid a $270 cash dividend to stockholders. What is the amount of net income that will be reported on the Year 1 income statement? A. $2100 B....
Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $29,500 cash. 2. Purchased $7,600 of supplies on account. 3. A physical count on December 31, Year 1, 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 Year 1 accounting pe c. What...
solve for net income, liablilities , assets, retained
earnings
10 The following accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: Cash Dividends Land Accounts payable $ 4,000 $ 2,000 $ 3,200 $ 1,800 Accounts receivable Common stock Revenue Expense $ 3,400 $ 3,900 $ 3,200 $ 2,200 Total assets on Carolina's December 31. Year 1 balance sheet would amount to: 1 Edit Insert Format Tools Table 12pt Paragraph В І од е...
Most questions answered within 3 hours.
-
A hospital performs 100 surgeries per week. The probability that
complications after surgery occur is 10%....
asked 44 seconds from now -
A 5.20 mW helium neon laser emits a visible laser beam with a
wavelength of 633...
asked 10 seconds from now -
In preparing its cash flow statement for the year ended December
31, 2018, Green Co. gathered...
asked 57 seconds ago -
Donna is 18 years old and full time accounting student.She is
saving for an overseas holiday...
asked 1 minute ago -
Service-oriented architectures (SOA) provide
object-oriented architectures for web platforms that represent a
collection of services. SOA...
asked 1 minute ago -
Le Terroir Winery is considering an expansion project to produce
fine wines. The trial expansion will...
asked 10 minutes ago -
The Bahraini public budget experiences deficit in the last
seven years, what are procedures are taken...
asked 17 minutes ago -
You invested $30,000 in a mutual fund at the beginning of the
year when the NAV...
asked 21 minutes ago -
Would you expect the price elasticity of supply for guitars to
be more inelastic in the...
asked 23 minutes ago -
A snowmobile is originally at the point with position vector
30.1 m at 95.0° counterclockwise from...
asked 23 minutes ago -
MAN3240 Organizational Behavior
In one to two paragraphs
6.) How can understanding emotions make me more...
asked 31 minutes ago -
Identify one individual who, in your opinion, is an excellent
leader. List the qualities that this...
asked 28 minutes ago