Homework Answers
| cash outflow for expenses | $103,000 |
working;
| beginning balance | $43,000 |
| add; expenses | 122,000 |
| less; ending balance | (62,000) |
| cash outflow for expenses during the accounting period | $103,000 |
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4 The Garden Company began the accounting period with a $43,000 credit balance in its Accounts...
3 River Co. began the accounting period with a $71,500 debit balance in its Accounts Receivable...
3 River Co. began the accounting period with a $71,500 debit balance in its Accounts Receivable account. During the accounting period, River Co. earned revenue on account of $321,700. The ending Accounts Receivable balance was $61,400. Required Based on this information alone, determine the amount of cash inflow from operating activities during the accounting period. (Hint: Use a T-account for Accounts Receivable. Enter the debits and credits for the given events, and solve for the missing amount.) 1.17 points Cash...
Warren Company began the accounting period with a $44,000 debit balance in its accounts receivable account....
Warren Company began the accounting period with a $44,000 debit balance in its accounts receivable account. During the accounting period, the company recorded revenue on account amounting to $100.000 The accounts receivable account at the end of the accounting period contained a $22,000 debit balance. Based on this information, what is the amount of cash collected from customers during the period? Multiple Choice $34.000
q8 On January 1, Wei company begins the accounting period with a $43,000 credit balance in...
q8
On January 1, Wei company begins the accounting period with a $43,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $9,400 in customer accounts was uncollectible; specifically, $2,200 for Oakley Co. and $7,200 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $2,200 payment on a customer account, Oakley Company that had previously been written off in part a....
Exercise 3-11B W caps lock A S shift Z Х 193 The Double-Entry Accounting System d....
Exercise 3-11B
W caps lock A S shift Z Х 193 The Double-Entry Accounting System d. Determine the amount of net income on the Year 1 income statement. What is the amount of net cash flow from operating activities for Year 1? e. What amount of unearned revenue would Jones report on the December 31, Year 1, balance sheet? LO 3-1 Exercise 3-12B Using a T-account to determine cash flow from operating activities Barnes Inc. began the accounting period with...
Exercise 3-12A Using a T-account to determine cash flow from operating activities LO 3-1 River Co....
Exercise 3-12A Using a T-account to determine cash flow from operating activities LO 3-1 River Co. began the accounting period with a $73,500 debit balance in its Accounts Receivable account. During the accounting period, River Co. earned revenue on account of $318,900. The ending Accounts Receivable balance was $63,700. Required Based on this information alone, determine the amount of cash inflow from operating activities during the accounting period. (Hint: Use a T-account for Accounts Receivable. Enter the debits and credits...
On January 1, Wei company begins the accounting period with a $41,000 credit balance in Allowance...
On January 1, Wei company begins the accounting period with a $41,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $9,000 in customer accounts was uncollectible; specifically, $2,000 for Oakley Co. and $7,000 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $2,000 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare...
16 Nelson Company began operations on December 1, Year 1. The following transactions and adjustments were...
16 Nelson Company began operations on December 1, Year 1. The following transactions and adjustments were recorded in December and posted to the company's ledger accounts: 5) Purchased $650 of supplies on account to be used in January 1.17 points 1) Acquired $4,400 cash from the issue of common stock to its stockholders 2) Provided services on account for $3,900 3) Paid $2,200 cash for land 4) Owed $1,700 of salaries expenses to employees for work done in December that...
ROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit Recerding...
ROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit Recerding sapplies and ideatifing their dfect on finenciel stetemeats Exercise 13-108 LO 13-1, 13-3, 13-4 Laurs Moss started and operated a small family consuking firm in Year L The firm was aflected by two events (1) Moss provided $36,000 of services on acount, and (2) she purchased $10,000 of supplies on account. There were $1800 of supplies on hand as of December 31, Year L...
c. W Co. had a $3,000 beginning balance in accounts payable on January 1, Year 8....
c. W Co. had a $3,000 beginning balance in accounts payable on January 1, Year 8. During Year 8. the company incurred $73,000 of operating expenses on account. The ending balance in accounts payable was $8,500. Based on this information alone, determine the amount of cash paid to settle accounts payable. W Co. Accounts Payable Summary Beginning accounts payable balance Plus: Minus: Ending accounts payable balance d. W Co. had a $6,750 beginning balance in accounts payable on January 1...
On January 1, Wei company begins the accounting period with a $36,000 credit balance in Allowance for Doubtf...
On January 1, Wei company begins the accounting period with a $36,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $8,000 in customer accounts was uncollectible, specifically, $1,500 for Oakley Co. and $6,500 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $1,500 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare...
3 River Co. began the accounting period with a $71,500 debit balance in its Accounts Receivable account. During the accounting period, River Co. earned revenue on account of $321,700. The ending Accounts Receivable balance was $61,400. Required Based on this information alone, determine the amount of cash inflow from operating activities during the accounting period. (Hint: Use a T-account for Accounts Receivable. Enter the debits and credits for the given events, and solve for the missing amount.) 1.17 points Cash...
Warren Company began the accounting period with a $44,000 debit balance in its accounts receivable account. During the accounting period, the company recorded revenue on account amounting to $100.000 The accounts receivable account at the end of the accounting period contained a $22,000 debit balance. Based on this information, what is the amount of cash collected from customers during the period? Multiple Choice $34.000
q8
On January 1, Wei company begins the accounting period with a $43,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $9,400 in customer accounts was uncollectible; specifically, $2,200 for Oakley Co. and $7,200 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $2,200 payment on a customer account, Oakley Company that had previously been written off in part a....
Exercise 3-11B
W caps lock A S shift Z Х 193 The Double-Entry Accounting System d. Determine the amount of net income on the Year 1 income statement. What is the amount of net cash flow from operating activities for Year 1? e. What amount of unearned revenue would Jones report on the December 31, Year 1, balance sheet? LO 3-1 Exercise 3-12B Using a T-account to determine cash flow from operating activities Barnes Inc. began the accounting period with...
Exercise 3-12A Using a T-account to determine cash flow from operating activities LO 3-1 River Co. began the accounting period with a $73,500 debit balance in its Accounts Receivable account. During the accounting period, River Co. earned revenue on account of $318,900. The ending Accounts Receivable balance was $63,700. Required Based on this information alone, determine the amount of cash inflow from operating activities during the accounting period. (Hint: Use a T-account for Accounts Receivable. Enter the debits and credits...
On January 1, Wei company begins the accounting period with a $41,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $9,000 in customer accounts was uncollectible; specifically, $2,000 for Oakley Co. and $7,000 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $2,000 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare...
16 Nelson Company began operations on December 1, Year 1. The following transactions and adjustments were recorded in December and posted to the company's ledger accounts: 5) Purchased $650 of supplies on account to be used in January 1.17 points 1) Acquired $4,400 cash from the issue of common stock to its stockholders 2) Provided services on account for $3,900 3) Paid $2,200 cash for land 4) Owed $1,700 of salaries expenses to employees for work done in December that...
ROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit Recerding sapplies and ideatifing their dfect on finenciel stetemeats Exercise 13-108 LO 13-1, 13-3, 13-4 Laurs Moss started and operated a small family consuking firm in Year L The firm was aflected by two events (1) Moss provided $36,000 of services on acount, and (2) she purchased $10,000 of supplies on account. There were $1800 of supplies on hand as of December 31, Year L...
c. W Co. had a $3,000 beginning balance in accounts payable on January 1, Year 8. During Year 8. the company incurred $73,000 of operating expenses on account. The ending balance in accounts payable was $8,500. Based on this information alone, determine the amount of cash paid to settle accounts payable. W Co. Accounts Payable Summary Beginning accounts payable balance Plus: Minus: Ending accounts payable balance d. W Co. had a $6,750 beginning balance in accounts payable on January 1...
On January 1, Wei company begins the accounting period with a $36,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $8,000 in customer accounts was uncollectible, specifically, $1,500 for Oakley Co. and $6,500 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $1,500 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare...
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