Homework Answers
Required A:-
| LEWIS AND HARPER | |||||||||||||||
| Horizontaln Statement Model | |||||||||||||||
| For Accounting Year 1 | |||||||||||||||
|
Event No. |
Assets | = | Liabilities | + | Stockholders' Equity | Income Statement | Statment of Cash Folw | ||||||||
| Cash | + | Accounts Receivable | = | Account Payable | + | salary Payable | + | Retained Earnings | Revenue | - | Expenses | = | Net Income | ||
| 1 | + | 69500 | = | + | + | 69500 | 69500 | - | = | 69500 | |||||
| 2 | 43000 | + | = | + | + | 43000 | 43000 | - | = | 43000 | OA | ||||
| 3 | + | = | 34000 | + | + | (34000) | - | 34000 | = | (34000) | |||||
| 4 | (16500) | + | = | + | + | (16500) | - | 16500 | = | (16500) | OA | ||||
| 5 | 50000 | + | (50000) | = | + | + | - | = | OA | ||||||
| 6 | (18000) | + | = | (18000) | + | + | - | = | OA | ||||||
| 7 | (5000) | + | = | + | + | (5000) | - | = | FA | ||||||
| 8 | + | = | + | 2600 | + | (2600) | - | 2600 | = | (2600) | |||||
| 53500 | + | 19500 | = | 16000 | + | 2600 | + | 54400 | 112500 | - | 53100 | = | 59400 |
Required B:-
Total Assets=Cash+Account receivable
=53,500+19,500=73000
Required C:-
Account Receivable=19500
Required D:-
Account Payable=16000
Required F:-
Net Income=59400
Required G:-
| Net Cash Flow from Operating Activities | |
| Cash Revenue | 43000 |
| Cash Collected from account receivable | 50000 |
| Less:-Salary Expenses Paid | (16500) |
| Cash Paid on account payable | (18000) |
| 58500 |
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CH 2 - HW Part 1 Seved 1 The following events apply to Lewis and Harper,...
CH 2 - HW Part 1 Seved 1 The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting 10 points 1. Performed $89,500 of services for clients on account 2. Performed $51,000 of services for cash. 3. Incurred $50,000 of other operating expenses on account. 4. Paid $20,500 cash to an employee for salary. 5. Collected $65,000 cash from accounts receivable. 6. Paid $19,000 cash on accounts payable. 7. Paid a $8,000 cash...
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....
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Performed $74,500 of services for clients on account.
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Incurred $38,000 of other operating expenses on account.
Paid $17,500 cash to an employee for salary.
Collected $60,000 cash from accounts receivable.
Paid $16,000 cash on accounts payable.
Paid an $6,000 cash dividend to the stockholders.
Accrued salaries were $3,000 at the end of Year 1.
Required
a....
help please The following events apply to Lewis and Harper, a public accounting firm, for the...
help please
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period: 1. Performed $82,000 of services for clients on account. 2. Performed $48,000 of services for cash. 3. Incurred $44,000 of other operating expenses on account. 4. Paid $19.000 cash to an employee for salary. 5. Collected $62,000 cash from accounts receivable. 6. Paid $36,000 cash on accounts payable. 7. Paid an $6.000 cash dividend to the stockholders. 8. Accrued salaries...
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CH 2 - HW Part 1 Seved 1 The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting 10 points 1. Performed $89,500 of services for clients on account 2. Performed $51,000 of services for cash. 3. Incurred $50,000 of other operating expenses on account. 4. Paid $20,500 cash to an employee for salary. 5. Collected $65,000 cash from accounts receivable. 6. Paid $19,000 cash on accounts payable. 7. Paid a $8,000 cash...
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....
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...
The following events apply to Lewis and Harper, a public
accounting firm, for the Year 1 accounting period:
Performed $74,500 of services for clients on account.
Performed $45,000 of services for cash.
Incurred $38,000 of other operating expenses on account.
Paid $17,500 cash to an employee for salary.
Collected $60,000 cash from accounts receivable.
Paid $16,000 cash on accounts payable.
Paid an $6,000 cash dividend to the stockholders.
Accrued salaries were $3,000 at the end of Year 1.
Required
a....
help please
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period: 1. Performed $82,000 of services for clients on account. 2. Performed $48,000 of services for cash. 3. Incurred $44,000 of other operating expenses on account. 4. Paid $19.000 cash to an employee for salary. 5. Collected $62,000 cash from accounts receivable. 6. Paid $36,000 cash on accounts payable. 7. Paid an $6.000 cash dividend to the stockholders. 8. Accrued salaries...
on financial statements The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period: 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. Page 103 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 an $8,000 cash dividend to the stockholders....
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period: 1. Performed $102,000 of services for clients on account. 2. Performed $56,000 of services for cash. 3. Incurred $60,000 of other operating expenses on account. 4. Paid $23,000 cash to an employee for salary. 5. Collected $70,000 cash from accounts receivable. 6. Paid $20,000 cash on accounts payable. 7. Paid an $7,000 cash dividend to the stockholders. 8. Accrued salaries were $5.200...
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,...
On April 6. Home Furnishings purchased $45,000 of merchandise from Una's Imports, terms 1/10, 1/45. On April 8, Home Furnishings returned $9,500 of the merchandise to Una's Imports for credit. Home Furnishings paid cash for the merchandise on April 15 Required a. What is the amount that Home Furnishings must pay Una's imports on April 15? b. Record the events in a horizontal statements model in the Cash Flow column, use OA to designate operating activity, IA for Investing 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...
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