Homework Answers
1. Performed services for $25000 cash - Not appplicable
2. Purchased land for $9000 cash - Investing activity
3. Recieved $100000 from the issuance of common stock - Financing activity
4. Paid $14000 cash for salary expense - Not applicable
5. Sold land for $8000 cash - Investing activity
(NB ; Gain or loss on sale of land will be considered as operating activity)
6. Earned $25000 of service revenue on account - Not applicable
7. Paid $3500 cash dividend - Financing activity
(NB ; Dividend received is an operating activity)
8. Collection 0f $14000 of the balance in accounts recievable - Opearting activity
9. Borrowed $7000 from state bank - Financing activity
10 Paid state bank $400 of cash interest on the loan - Operating activity
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Classify each of the following events as an Operating Activity (OA), Investing Activity (1A), Financing Activity...
All-Star Automotive Company experienced the following accounting events during Year 2: 1. Performed services for $25,000...
All-Star Automotive Company experienced the following accounting events during Year 2: 1. Performed services for $25,000 cash. 2. Purchased land for $6,000 cash. 3. Hired an accountant to keep the books. 4. Received $50,000 cash from the issue of common stock 5. Borrowed $5,000 cash from State Bank 6. Paid $14,000 cash for salary expense. 7. Sold land for $9.000 cash. 8. Paid $2,000 cash on the loan from State Bank 9. Paid $2,800 cash for utilities expense. 10. Paid...
All-Star Automotive Company experienced the following accounting events during 2018: 1. Performed services for $14,700 cash....
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...
Saved All-Star Automotive Company experienced the following accounting events during Year 1: 1. Performed services for...
Saved All-Star Automotive Company experienced the following accounting events during Year 1: 1. Performed services for $14.400 cash. 2. Purchased land for $7,400 cash. 3. Hired an accountant to keep the books 4. Received $34,000 cash from the issue of common stock 5. Borrowed $8,800 cash from State Bank. 6. Paid $4,400 cash for salary expense. 7. Sold land for $8,800 cash. 8. Paid $3,400 cash on the loan from State Bank. 9. Paid $4,600 cash for utilities expense. 10....
Indicate whether each of the following items should be classified as an operating, investing, or financing activity on...
Indicate whether each of the following items should be classified as an operating, investing, or financing activity on the statement of cash flows. If an item does not belong on the statement, indicate as "NA" (Not applicable). a. Declaration of dividends on common shares, to be paid later b. Payment of dividends on common shares c. Purchase of equipment d. Receipt of cash from the sale of a warehouse e. Receipt of cash through a long-term bank loan f. Interest...
help me with this please. All-Star Automotive Company experienced the following accounting events during Year...
help me with this please.
All-Star Automotive Company experienced the following accounting events during Year 1: 1. Performed services for $15,100 cash. 2. Purchased land for $8,100 cash. 3. Hired an accountant to keep the books. 4. Received $41,000 cash from the issue of common stock. 5. Borrowed $10,200 cash from State Bank. 6. Paid $5,100 cash for salary expense. 7. Sold land for $10,200 cash 8. Paid $4,100 cash on the loan from State Bank. 9. Paid $5,300...
Recording events in a horizontal statements model Maben Company was started on January 1, 2018, and...
Recording events in a horizontal statements model Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. Borrowed $40,000 cash from National Bank. 3. Earned cash revenues of $48,000 for performing services. 4. Paid cash expenses of $25,000 5. Paid a $1,000 cash dividend to the stockholders. 6. Acquired an additional $20,000 cash from the issue of common stock. 7....
Recording events in a horizontal statements model Maben Company was started on January 1, 2018, and...
Recording events in a horizontal statements model Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. Borrowed $40,000 cash from National Bank. 3. Earned cash revenues of $48,000 for performing services. 4. Paid cash expenses of $25,000. 5. Paid a $1,000 cash dividend to the stockholders. 6. Acquired an additional $20,000 cash from the issue of common stock. 7....
Classify each item as an operating, investing, or financing activity. Assume all items involve cash unless there is information to the contrary.
Classify each item as an operating, investing, or financing activity. Assume all items involve cash unless there is information to the contrary.(a)Purchase of equipment. Operating ActivityInvesting ActivityFinancing Activity(b)Sale of building. Financing ActivityOperating ActivityInvesting Activity(c)Redemption of bonds. Financing ActivityOperating ActivityInvesting Activity(d)Depreciation. Financing ActivityInvesting ActivityOperating Activity(e)Payment of dividends. Operating ActivityInvesting ActivityFinancing Activity(f)Issuance of capital stock. Investing ActivityFinancing ActivityOperating Activity
The Candle Shop experienced the following events during its first year of operations, Year1 1. Acquired...
The Candle Shop experienced the following events during its first year of operations, Year1 1. Acquired cash by issuing common stock 2. Paid a cash dividend to the stockholders. 3. Paid cash for operating expenses. 4. Borrowed cash from a bank. 5. Provided services and collected cash. 6. Purchased land with cash. 7. Determined that the market value of the land is higher than the historical cost. Required a. Indicate whether each event is an asset source, use, or exchange...
Classify the following cash flows as either operating, investing, or financing 1. Received cash payments from...
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All-Star Automotive Company experienced the following accounting events during Year 2: 1. Performed services for $25,000 cash. 2. Purchased land for $6,000 cash. 3. Hired an accountant to keep the books. 4. Received $50,000 cash from the issue of common stock 5. Borrowed $5,000 cash from State Bank 6. Paid $14,000 cash for salary expense. 7. Sold land for $9.000 cash. 8. Paid $2,000 cash on the loan from State Bank 9. Paid $2,800 cash for utilities expense. 10. Paid...
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...
Saved All-Star Automotive Company experienced the following accounting events during Year 1: 1. Performed services for $14.400 cash. 2. Purchased land for $7,400 cash. 3. Hired an accountant to keep the books 4. Received $34,000 cash from the issue of common stock 5. Borrowed $8,800 cash from State Bank. 6. Paid $4,400 cash for salary expense. 7. Sold land for $8,800 cash. 8. Paid $3,400 cash on the loan from State Bank. 9. Paid $4,600 cash for utilities expense. 10....
Indicate whether each of the following items should be classified as an operating, investing, or financing activity on the statement of cash flows. If an item does not belong on the statement, indicate as "NA" (Not applicable). a. Declaration of dividends on common shares, to be paid later b. Payment of dividends on common shares c. Purchase of equipment d. Receipt of cash from the sale of a warehouse e. Receipt of cash through a long-term bank loan f. Interest...
help me with this please.
All-Star Automotive Company experienced the following accounting events during Year 1: 1. Performed services for $15,100 cash. 2. Purchased land for $8,100 cash. 3. Hired an accountant to keep the books. 4. Received $41,000 cash from the issue of common stock. 5. Borrowed $10,200 cash from State Bank. 6. Paid $5,100 cash for salary expense. 7. Sold land for $10,200 cash 8. Paid $4,100 cash on the loan from State Bank. 9. Paid $5,300...
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Recording events in a horizontal statements model Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. Borrowed $40,000 cash from National Bank. 3. Earned cash revenues of $48,000 for performing services. 4. Paid cash expenses of $25,000. 5. Paid a $1,000 cash dividend to the stockholders. 6. Acquired an additional $20,000 cash from the issue of common stock. 7....
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