Homework Answers
| MILO CLOTHING | ||||||||||||||
| Effect of events on the financial statements | ||||||||||||||
| Event | Assets | = | Stockholder's equity | Revenue | - | Expenses | = | Net income | Statement of cash | |||||
| Cash | + | Inventory | = | Common stock | + | Retained earnings | - | = | ||||||
| 1 | 17,500 | + | = | 17,500 | + | - | = | 17,500 | FA | |||||
| 2 | (5,200) | + | 5,200 | = | + | - | = | (5,200) | OA | |||||
| 3a | 5,304 | + | = | + | 5,304 | 5,304 | - | = | 5,304 | 5,304 | OA | |||
| 3b | + | (3,120) | = | + | (3,120) | - | 3,120 | = | (3,120) | NA | ||||
| 4 | (800) | + | = | + | (800) | - | 800 | = | (800) | (800) | OA | |||
| Total | 16,804 | + | 2,080 | = | 17,500 | + | 1,384 | 5,304 | - | 3,920 | = | 1,384 | 16,804 | NC |
Please give a Thumbs up ?. Thanks!!
If any doubts please mention in comment
Add Answer to:
Milo Clothing experienced the following events during Year 1, its first year of operation: 1. Acquired...
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...
Ch Exercise 4-4A Recording inventory transactions in a financial statements model LO 4-1 Milo Clothing experienced...
Ch Exercise 4-4A Recording inventory transactions in a financial statements model LO 4-1 Milo Clothing experienced the following events during Year 1, Its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. Purchased Inventory for $15,000 cash. 3. Sold Inventory costing $9,000 for $20,000 cash. 4. Pald $1,500 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...
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 $6,800 cash. 3. Sold inventory costing $4,080 for $6,936 cash. 4. Paid $950 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. Complete this question by...
Cordell Inc. experienced the following events in Year 1, its first year of operation: 1. Received...
Cordell Inc. experienced the following events in Year 1, its first year of operation: 1. Received $56,000 cash from the issue of common stock. 2. Performed services on account for $78,000. 3. Paid a $5,600 cash dividend to the stockholders. 4. Collected $62,000 of the accounts receivable. 5. Paid $56,000 cash for other operating expenses. 6. Performed services for $18,500 cash. 7. Recognized $2,600 of accrued utilities expense at the end of the year. Required a. & c. Identify the...
Cordell Inc. experienced the following events in Year 1, its first year of operation: Received $49,000...
Cordell Inc. experienced the following events in Year 1, its
first year of operation:
Received $49,000 cash from the issue of common stock.
Performed services on account for $77,000.
Paid a $4,900 cash dividend to the stockholders.
Collected $55,000 of the accounts receivable.
Paid $49,000 cash for other operating expenses.
Performed services for $15,500 cash.
Recognized $1,900 of accrued utilities expense at the end of
the year.
Required
a. & c. Identify the events that result in
revenue or expense...
Help please Cordell Inc, experienced the following events in Year 1, its first year of operation:...
Help please
Cordell Inc, experienced the following events in Year 1, its first year of operation: 1. Received $56,000 cash from the issue of common stock 2. Performed services on account for $78,000. 3. Pald a $5,600 cash dividend to the stockholders. 4. Collected $62,000 of the accounts receivable. 5. Paid $56.000 cash for other operating expenses. 6. Performed services for $18,500 cash. 7. Recognized $2,600 of accrued utilities expense at the end of the year. Required a. & c....
Cordell Inc experienced the following events in 2018, its first year of operation 1. Received $58.000...
Cordell Inc experienced the following events in 2018, its first year of operation 1. Received $58.000 cash from the issue of common stock 2. Performed services on account for $80,000 3. Paid a $5,800 cash dividend to the stockholders. 4. Collected $64,000 of the accounts receivable 5. Paid $58.000 cash for other operating expenses 6. Performed services for $17.000 cash 7. Recognized $2,800 of accrued utilities expense at the end of the year. Required a. & c. Identify the events...
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 $15,500 cash from the issue of common stock. 2. Purchased inventory for $6,100 cash. 3. Sold inventory costing $3,660 for $6,222 cash. 4. Paid $750 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. Required A Required B...
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, 1. Acquired $28,500 cash from the issue of common stock. 2. Purchased inventory for $22,800 cash. 3. Sold inventory costing $17.000 for $31,000 cash. Required a. Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA...
Sinclair Manufacturing Company experienced the following accounting events during its first year of operation. With the...
Sinclair Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the adjusting entries for depreciation, assume that all transactions are cash transactions and that financial statement data are prepared in accordance with GAAP. Skipped eBook 1. Acquired $68,000 cash by issuing common stock 2. Paid $8,700 for the materials used to make its products, all of which were started and completed during the year. 3. Paid salaries of $4,500 to selling and...
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...
Ch Exercise 4-4A Recording inventory transactions in a financial statements model LO 4-1 Milo Clothing experienced the following events during Year 1, Its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. Purchased Inventory for $15,000 cash. 3. Sold Inventory costing $9,000 for $20,000 cash. 4. Pald $1,500 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...
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 $6,800 cash. 3. Sold inventory costing $4,080 for $6,936 cash. 4. Paid $950 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. Complete this question by...
Cordell Inc. experienced the following events in Year 1, its first year of operation: 1. Received $56,000 cash from the issue of common stock. 2. Performed services on account for $78,000. 3. Paid a $5,600 cash dividend to the stockholders. 4. Collected $62,000 of the accounts receivable. 5. Paid $56,000 cash for other operating expenses. 6. Performed services for $18,500 cash. 7. Recognized $2,600 of accrued utilities expense at the end of the year. Required a. & c. Identify the...
Cordell Inc. experienced the following events in Year 1, its
first year of operation:
Received $49,000 cash from the issue of common stock.
Performed services on account for $77,000.
Paid a $4,900 cash dividend to the stockholders.
Collected $55,000 of the accounts receivable.
Paid $49,000 cash for other operating expenses.
Performed services for $15,500 cash.
Recognized $1,900 of accrued utilities expense at the end of
the year.
Required
a. & c. Identify the events that result in
revenue or expense...
Help please
Cordell Inc, experienced the following events in Year 1, its first year of operation: 1. Received $56,000 cash from the issue of common stock 2. Performed services on account for $78,000. 3. Pald a $5,600 cash dividend to the stockholders. 4. Collected $62,000 of the accounts receivable. 5. Paid $56.000 cash for other operating expenses. 6. Performed services for $18,500 cash. 7. Recognized $2,600 of accrued utilities expense at the end of the year. Required a. & c....
Cordell Inc experienced the following events in 2018, its first year of operation 1. Received $58.000 cash from the issue of common stock 2. Performed services on account for $80,000 3. Paid a $5,800 cash dividend to the stockholders. 4. Collected $64,000 of the accounts receivable 5. Paid $58.000 cash for other operating expenses 6. Performed services for $17.000 cash 7. Recognized $2,800 of accrued utilities expense at the end of the year. Required a. & c. Identify the events...
Milo Clothing experienced the following events during Year 1, its first year of operation: 1. Acquired $15,500 cash from the issue of common stock. 2. Purchased inventory for $6,100 cash. 3. Sold inventory costing $3,660 for $6,222 cash. 4. Paid $750 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. Required A Required B...
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, 1. Acquired $28,500 cash from the issue of common stock. 2. Purchased inventory for $22,800 cash. 3. Sold inventory costing $17.000 for $31,000 cash. Required a. Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA...
Sinclair Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the adjusting entries for depreciation, assume that all transactions are cash transactions and that financial statement data are prepared in accordance with GAAP. Skipped eBook 1. Acquired $68,000 cash by issuing common stock 2. Paid $8,700 for the materials used to make its products, all of which were started and completed during the year. 3. Paid salaries of $4,500 to selling and...
Most questions answered within 3 hours.
-
Brief Exercise 12-65
Profitability Ratios
Tinker Corporation operates in the highly competitive consulting
industry. Tinker's balance...
asked 24 minutes ago -
Consider Lewin's three-step process. Which of the three steps do
you thin would be hardest to...
asked 24 minutes ago -
A disabled tanker leaks kerosene (n = 1.20) into the
Persian Gulf, creating a large slick...
asked 38 minutes ago -
5. Explain the condition for a DC motor to develop the
maximum power. If a DC...
asked 53 minutes ago -
Compute the p[Ag] after 35.00 mL of 0.1 M silver nitrate has been
added to the...
asked 56 minutes ago -
Walgreen Company (NYSE: WAG) is currently trading at $48.50 on
the NYSE. Walgreen Company is also...
asked 1 hour ago -
Based on historical data, your team knows what proportion of the
company's orders come from Males...
asked 1 hour ago -
8. Which of the following atoms has the largest magnitude
electron affinity?
(a) Sodium (Na)
(b)...
asked 1 hour ago -
Assess the two types of tests of cognitive abilities. (
regarding HR course)
asked 1 hour ago -
1.Write an inspiring vision statement for an organization where
you work or have worked. If the...
asked 1 hour ago -
2. Is fair trade coffee sustainable for the mass market,
or is it a niche product...
asked 1 hour ago -
Please answer this asap in MATLAB.
In the following for loop, the the loop is executed...
asked 1 hour ago