Homework Answers
A.
| Assets | Liabilities | Stockholders equity | Income statement | Statement of cash flow | |||||
| Event no. | Cash | Accounts receivable | Accounts payable | Salaries payable | Retained earnings | Revenue | Expense | Net income | |
| 1 | 1,04,500 | 104500 | 104500 | 104500 | N/A | ||||
| 2 | 57,000 | 57,000 | 57,000 | 57,000 | OA | ||||
| 3 | 62,000 | -62,000 | 62000 | -62000 | N/A | ||||
| 4 | -23000 | -23000 | 23000 | -23000 | OA | ||||
| 5 | 71,000 | -71000 | OA | ||||||
| 6 | -26000 | -26000 | OA | ||||||
| 7 | -7000 | -7000 | FA | ||||||
| 8 | 5400 | -5400 | 5400 | -5400 | N/A | ||||
| Total | 72000 | 33500 | 36000 | 5400 | 64100 | 161500 | 90400 | 71100 |
B.Total Assets=Cash+Accounts receivable= $105,500
C.Accounts Receivable=$33,500
D.Accounts Payable=$36,000
F.Net Income=$71,100
G. Net cash flow from operating
activity=$57,000-$23,000+$71,000-$26,000=$79,000
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1. Performed $104,500 of services for clients on account. 2. Performed $57,000 of services for cash....
1. Performed $69.500 of services for clients on account 2. Performed $43,000 of services for cash....
1. Performed $69.500 of services for clients on account 2. Performed $43,000 of services for cash. 3. Incurred $34,000 of other operating expenses on account 4. Paid $16,500 cash to an employee for salary 5. Collected $50.000 cash from accounts receivable. 6. Paid $18,000 cash on accounts payable. 7. Paid a $5,000 cash dividend to the stockholders. 8. Accrued salaries were $2,600 at the end of Year 1. wipped Box Him Terences Required a. Show the effects on the financial...
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1...
The following events apply to Lewis and Harper, a public
accounting firm, for the Year 1 accounting period:
Performed $82,000 of services for clients on account.
Performed $48,000 of services for cash.
Incurred $44,000 of other operating expenses on account.
Paid $19,000 cash to an employee for salary.
Collected $62,000 cash from accounts receivable.
Paid $36,000 cash on accounts payable.
Paid a $6,000 cash dividend to the stockholders.
Accrued salaries were $3,600 at the end of Year 1.
Required
a....
During 2018, Hardy Merchandising Company purchased $17,000 of inventory on account. Hardy sold inventory on account...
During 2018, Hardy Merchandising Company purchased $17,000 of inventory on account. Hardy sold inventory on account that cost $12,800 for $19,100. Cash payments on accounts payable were $10,600. There was $17,000 cash collected from accounts receivable. Hardy also paid $3,700 cash for operating expenses. Assume that Hardy started the accounting period with $23,500 in both cash and common stock. Required a. Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity,...
Seved 2. 15 Doints During Year 1, Hardy Merchandising Company purchased $25,000 of inventory on account...
Seved 2. 15 Doints During Year 1, Hardy Merchandising Company purchased $25,000 of inventory on account Hardy sold inventory on account that cost $18,800 for $28.100. Cash payments on accounts payable were $15,600. There was $25,000 cash collected from accounts receivable Hardy also paid $4,500 cash for operating expenses. Assume that Hardy started the accounting period with $20,500 in both cash and common stock Required a. Record the events in a horizontal statement model. In the Cash Flow column, use...
For the cut out statement (FA for financing, or NC for net change in cash ....
For the cut out statement (FA for financing, or NC for
net change in cash . if the element is .....)
During Year 1. Hardy Merchandising Company purchased 517,000 of inventory on account Hardly sold inventory on account that cost $12.800 for $19,100 Cash payments on accounts payable were $10.600. There was $17.000 cash collected from accounts receivable Hardy also paid $3,700 cash for operating expenses. Assume that Hardy started the accounting period with $23.500 in both cash and common...
please answer everything for a upvote thank you The following events apply to Lewis and Harper,...
please answer everything for a upvote thank you
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period: 1. Performed $69,500 of services for clients on account. 2. Performed $43,000 of services for cash. 3. Incurred $34,000 of other operating expenses on account. 4. Paid $16,500 cash to an employee for salary. 5. Collected $50,000 cash from accounts receivable. 6. Paid $18,000 cash on accounts payable. 7. Paid a $5,000 cash dividend...
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1...
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting perlod: 1. Performed $97,000 of services for clients on account. 2. Performed $54,000 of services for cash 3. Incurred $56,000 of other operating expenses on account. 4. Paid $22,000 cash to an employee for salary. 5. Collected $68,000 cash from accounts recelvable. 6. Pald $21,000 cash on accounts payable 7. Paid a $7,000 cash dividend to the stockholders 8. Accrued salaries were $4,800...
HC IHIUT CVCHIS OPTy w LCWS OHUIGICI, PUUIL OLLULIT HIT, IUI UIC ICOI OLLUTY CHIVU. 1....
HC IHIUT CVCHIS OPTy w LCWS OHUIGICI, PUUIL OLLULIT HIT, IUI UIC ICOI OLLUTY CHIVU. 1. Performed $70,000 of services for clients on account 2. Performed $40,000 of services for cash. 3. Incurred $36,000 of other operating expenses on account 4. Paid $10,000 cash to an employee'for salary 5. Collected $47.000 cash from accounts receivable. 6. Paid $16,000 cash on accounts payable. 7. Paid a $8,000 cash dividend to the stockholders. 8. Accrued salaries were $2,000 at the end of...
2. Performed legal services for cash of $64,500 3. Purchased $1.400 of office supplies on account....
2. Performed legal services for cash of $64,500 3. Purchased $1.400 of office supplies on account. 4. Paid $1,260 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $4,400 6. Paid cash for operating expenses of $21,700. 7. Determined that at the end of the accounting period $145 of office supplies remained on hand. 8. On December 31, 2018, recognized the revenue that had been earned for services performed in accordance with Transaction...
Required information [The following information applies to the questions displayed below.] Milea Inc. experienced the following...
Required information [The following information applies to the questions displayed below.] Milea Inc. experienced the following events in Year 1, its first year of operations: 1. Received $13,000 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,050. 4. Collected $33,100 of the accounts receivable. 5. Recorded $9,200 of accrued salaries at the end of the year. 6. Paid a $1,050 cash dividend to the stockholders. The following events...
1. Performed $69.500 of services for clients on account 2. Performed $43,000 of services for cash. 3. Incurred $34,000 of other operating expenses on account 4. Paid $16,500 cash to an employee for salary 5. Collected $50.000 cash from accounts receivable. 6. Paid $18,000 cash on accounts payable. 7. Paid a $5,000 cash dividend to the stockholders. 8. Accrued salaries were $2,600 at the end of Year 1. wipped Box Him Terences Required a. Show the effects on the financial...
The following events apply to Lewis and Harper, a public
accounting firm, for the Year 1 accounting period:
Performed $82,000 of services for clients on account.
Performed $48,000 of services for cash.
Incurred $44,000 of other operating expenses on account.
Paid $19,000 cash to an employee for salary.
Collected $62,000 cash from accounts receivable.
Paid $36,000 cash on accounts payable.
Paid a $6,000 cash dividend to the stockholders.
Accrued salaries were $3,600 at the end of Year 1.
Required
a....
During 2018, Hardy Merchandising Company purchased $17,000 of inventory on account. Hardy sold inventory on account that cost $12,800 for $19,100. Cash payments on accounts payable were $10,600. There was $17,000 cash collected from accounts receivable. Hardy also paid $3,700 cash for operating expenses. Assume that Hardy started the accounting period with $23,500 in both cash and common stock. Required a. Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity,...
Seved 2. 15 Doints During Year 1, Hardy Merchandising Company purchased $25,000 of inventory on account Hardy sold inventory on account that cost $18,800 for $28.100. Cash payments on accounts payable were $15,600. There was $25,000 cash collected from accounts receivable Hardy also paid $4,500 cash for operating expenses. Assume that Hardy started the accounting period with $20,500 in both cash and common stock Required a. Record the events in a horizontal statement model. In the Cash Flow column, use...
For the cut out statement (FA for financing, or NC for
net change in cash . if the element is .....)
During Year 1. Hardy Merchandising Company purchased 517,000 of inventory on account Hardly sold inventory on account that cost $12.800 for $19,100 Cash payments on accounts payable were $10.600. There was $17.000 cash collected from accounts receivable Hardy also paid $3,700 cash for operating expenses. Assume that Hardy started the accounting period with $23.500 in both cash and common...
please answer everything for a upvote thank you
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period: 1. Performed $69,500 of services for clients on account. 2. Performed $43,000 of services for cash. 3. Incurred $34,000 of other operating expenses on account. 4. Paid $16,500 cash to an employee for salary. 5. Collected $50,000 cash from accounts receivable. 6. Paid $18,000 cash on accounts payable. 7. Paid a $5,000 cash dividend...
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting perlod: 1. Performed $97,000 of services for clients on account. 2. Performed $54,000 of services for cash 3. Incurred $56,000 of other operating expenses on account. 4. Paid $22,000 cash to an employee for salary. 5. Collected $68,000 cash from accounts recelvable. 6. Pald $21,000 cash on accounts payable 7. Paid a $7,000 cash dividend to the stockholders 8. Accrued salaries were $4,800...
HC IHIUT CVCHIS OPTy w LCWS OHUIGICI, PUUIL OLLULIT HIT, IUI UIC ICOI OLLUTY CHIVU. 1. Performed $70,000 of services for clients on account 2. Performed $40,000 of services for cash. 3. Incurred $36,000 of other operating expenses on account 4. Paid $10,000 cash to an employee'for salary 5. Collected $47.000 cash from accounts receivable. 6. Paid $16,000 cash on accounts payable. 7. Paid a $8,000 cash dividend to the stockholders. 8. Accrued salaries were $2,000 at the end of...
2. Performed legal services for cash of $64,500 3. Purchased $1.400 of office supplies on account. 4. Paid $1,260 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $4,400 6. Paid cash for operating expenses of $21,700. 7. Determined that at the end of the accounting period $145 of office supplies remained on hand. 8. On December 31, 2018, recognized the revenue that had been earned for services performed in accordance with Transaction...
Required information [The following information applies to the questions displayed below.] Milea Inc. experienced the following events in Year 1, its first year of operations: 1. Received $13,000 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,050. 4. Collected $33,100 of the accounts receivable. 5. Recorded $9,200 of accrued salaries at the end of the year. 6. Paid a $1,050 cash dividend to the stockholders. The following events...
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