Homework Answers
| MILO CLOTHING | |||||||||||||||||
| Effect of Events on the Financial Statements | |||||||||||||||||
| Event | Assets | = | Stockholder's Equity | + | Revenues | - | Expenses | = | Net Income | Statement of Cash Flows | |||||||
| Cash | + | Inventory | = | Common Stock | + | Retained Earnings | + | - | = | ||||||||
| 1 | $ 30,000 | + | = | $ 30,000 | + | + | - | = | $ 30,000 | FA | |||||||
| 2 | $ -15,000 | + | $ 15,000 | = | + | + | - | = | $ -15,000 | OA | |||||||
| 3a. | $ 20,000 | + | = | + | + | $ 20,000 | - | = | $ 20,000 | OA | |||||||
| 3b. | + | $ -9,000 | = | + | + | - | $ 9,000 | = | |||||||||
| 4 | $ -1,500 | + | = | + | + | - | $ 1,500 | = | $ -1,500 | OA | |||||||
| Total | $ 33,500 | + | $ 6,000 | = | $ 30,000 | + | $ - | + | $ 20,000 | - | $ 10,500 | = | $ 9,500 |
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Ch Exercise 4-4A Recording inventory transactions in a financial statements model LO 4-1 Milo Clothing experienced...
Milo Clothing experienced the following events during Year 1, its first year of operation: 1. Acquired...
Milo Clothing experienced the following events during Year 1, its first year of operation: 1. Acquired $17,500 cash from the issue of common stock. 2. Purchased inventory for $5,200 cash. 3. Sold inventory costing $3,120 for $5,304 cash. 4. Paid $800 for advertising expense. Required Record the events in a horizontal financial statements model. (In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash....
Milo Clothing experienced the following events during 2018, its first year of operation: Acquired $18,500 cash...
Milo Clothing experienced the following events during 2018, its
first year of operation:
Acquired $18,500 cash from the issue of common stock.
Purchased inventory for $6,500 cash.
Sold inventory costing $3,900 for $6,630 cash.
Paid $950 for advertising expense.
Required
Record the events in a horizontal statement model. In the Cash
Flow column, use OA to designate operating activity, IA for
investment activity, FA for financing activity, or NC for net
change in cash. If the element is not affected...
Check Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of...
Check Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations: for Services to be perform es for cash of $66.000 3. Purchased $1500 1. Accepted $17,600 on April 1, Year 1, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $66,000. 3. Purchased $1,500 of office supplies on account. 4. Paid $1,350 of the amount due on accounts payable. 5. Paid...
Perpetual system LO 4-1 Milo Clothing experienced the following events during Year 1, its first year...
Perpetual system LO 4-1 Milo Clothing experienced the following events during Year 1, its first year of operation: Acquired $15,000 cash from the issue of common stock. Purchased inventory for $6,900 cash. Sold inventory costing $4,140 for $7,038 cash. Paid $700 for advertising expense. Required a. Record the general journal entries for the preceding transactions. b. Post each of the entries to T-accounts. c. Prepare a trial balance to prove the equality of debits and credits. Item1 9points Return to...
Dan Watson started a small merchandising business In Year 1. The business experienced the following events...
Dan Watson started a small merchandising business In Year 1. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual Inventory system. a. Acquired $30,000 cash from the issue of common stock. b. Purchased Inventory for $18,000 cash. c. Sold Inventory costing $15,000 for $32,000 cash. Required a. Record the events in a horizontal financial statements model. b. Prepare an Income statement for Year 1 (use the multistep format). c. What is...
Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations:...
Hart, Attorney at Law,
experienced the following transactions in Year 1, the first year of
operations:
Accepted $36,000 on April 1, Year 1, as a retainer for services
to be performed evenly over the next 12 months.
Performed legal services for cash of $54,000.
Purchased $2,800 of office supplies on account.
Paid $2,400 of the amount due on accounts payable.
Paid a cash dividend to the stockholders of $5,000.
Paid cash for operating expenses of $31,000.
Determined that at the...
Help Save & Exit Su Check my wo Required a. Show the effects of the events...
Help Save & Exit Su Check my wo Required a. Show the effects of the events on the financial statements using a horizontal statements model given below. In the Statement of Cash Flows column, use OA to designate operating activity, IA for investing activity. FA for financing activity, and NC for net change in cash. The beginning balances have been recorded as an example. (Enter any decreases to account balances with a minus sign. Not all cells in the "Statement...
Recording events in a horizontal statements model The following events pertain to Super Cleaning Company: 1....
Recording events in a horizontal statements model The following events pertain to Super Cleaning Company: 1. Acquired $10,000 cash from the issue of common stock. 2. Provided $15,000 of services on account. 3. Provided services for $5,000 cash. 4. Received $2,800 cash in advance for services to be performed in the future. 5. Collected $12,200 cash from the account receivable created in Event 2. 6. Paid $1,900 for cash expenses. 7. Performed $1,400 of the services agreed to in Event...
Pizza Express Inc, began the Year 2 accounting period with $10,000 cash. $7,500 of common stock,...
Pizza Express Inc, began the Year 2 accounting period with $10,000 cash. $7,500 of common stock, and $2,500 of retained earnings. Pizza Express was affected by the following accounting events during Year 2: 1. Purchased $12,000 of supplies on account. 2. Earned and collected $21,000 of cash revenue. 3. Paid $10,500 cash on accounts payable. 4. Adjusted the records to reflect the use of supplies. A physical count indicated that $2,300 of supplies was still on hand on December 31,...
Please use the accounting equation for this (Horizontal Financial Statement Model) Waddell Company had the following...
Please use the accounting equation for this (Horizontal
Financial Statement Model)
Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Cash Accounts receivable Land Total $35,000 9,000 51,000 $95,000 Liabilities and Stk. Equity Accounts payable Common stock Retained earnings Total $ 7,500 40,000 47,500 $95,000 The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. 1 Acquired $20,000 cash from the issue of common stock. Mar. 1 Paid a...
Milo Clothing experienced the following events during Year 1, its first year of operation: 1. Acquired $17,500 cash from the issue of common stock. 2. Purchased inventory for $5,200 cash. 3. Sold inventory costing $3,120 for $5,304 cash. 4. Paid $800 for advertising expense. Required Record the events in a horizontal financial statements model. (In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash....
Milo Clothing experienced the following events during 2018, its
first year of operation:
Acquired $18,500 cash from the issue of common stock.
Purchased inventory for $6,500 cash.
Sold inventory costing $3,900 for $6,630 cash.
Paid $950 for advertising expense.
Required
Record the events in a horizontal statement model. In the Cash
Flow column, use OA to designate operating activity, IA for
investment activity, FA for financing activity, or NC for net
change in cash. If the element is not affected...
Check Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations: for Services to be perform es for cash of $66.000 3. Purchased $1500 1. Accepted $17,600 on April 1, Year 1, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $66,000. 3. Purchased $1,500 of office supplies on account. 4. Paid $1,350 of the amount due on accounts payable. 5. Paid...
Dan Watson started a small merchandising business In Year 1. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual Inventory system. a. Acquired $30,000 cash from the issue of common stock. b. Purchased Inventory for $18,000 cash. c. Sold Inventory costing $15,000 for $32,000 cash. Required a. Record the events in a horizontal financial statements model. b. Prepare an Income statement for Year 1 (use the multistep format). c. What is...
Hart, Attorney at Law,
experienced the following transactions in Year 1, the first year of
operations:
Accepted $36,000 on April 1, Year 1, as a retainer for services
to be performed evenly over the next 12 months.
Performed legal services for cash of $54,000.
Purchased $2,800 of office supplies on account.
Paid $2,400 of the amount due on accounts payable.
Paid a cash dividend to the stockholders of $5,000.
Paid cash for operating expenses of $31,000.
Determined that at the...
Help Save & Exit Su Check my wo Required a. Show the effects of the events on the financial statements using a horizontal statements model given below. In the Statement of Cash Flows column, use OA to designate operating activity, IA for investing activity. FA for financing activity, and NC for net change in cash. The beginning balances have been recorded as an example. (Enter any decreases to account balances with a minus sign. Not all cells in the "Statement...
Pizza Express Inc, began the Year 2 accounting period with $10,000 cash. $7,500 of common stock, and $2,500 of retained earnings. Pizza Express was affected by the following accounting events during Year 2: 1. Purchased $12,000 of supplies on account. 2. Earned and collected $21,000 of cash revenue. 3. Paid $10,500 cash on accounts payable. 4. Adjusted the records to reflect the use of supplies. A physical count indicated that $2,300 of supplies was still on hand on December 31,...
Please use the accounting equation for this (Horizontal
Financial Statement Model)
Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Cash Accounts receivable Land Total $35,000 9,000 51,000 $95,000 Liabilities and Stk. Equity Accounts payable Common stock Retained earnings Total $ 7,500 40,000 47,500 $95,000 The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. 1 Acquired $20,000 cash from the issue of common stock. Mar. 1 Paid a...
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