Homework Answers
Answer :
(1) Cash flow from financing activities in year -2
= Cash received from issuing stock - Bank loan repaid - Dividend paid
= $ 950 - $ 1615 - $ 1180
= - $ 1845
= $ 1845 Outflow
(2) Amount of Total Assets in year -1
| Cash received from issuing stock | $ 3900 |
| Borrowing | $ 2650 |
| Revenues | $ 3550 |
| Less - Expenses | $ ( 2490) |
| Less - Dividend | $ ( 490) |
| Total Assets in year -1 | $ 7120 |
(3) Amount of Retained earning in year -1
| Revenues | $ 3550 |
| Less - Expenses | $ ( 2490) |
| Less - Dividend | $ ( 490) |
| Amount of Retained earning in year -1 | $ 570 |
(4) Amount of Liabilities in year -2
= Outstanding Debt of Bank
= $ 2650 - $ 1615
= $ 1035
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! Required Information [The following information applies to the questions displayed below.) Lexington Company engaged in...
answer all 4 parts 1 Saved Help Save O Required information The following information applies to...
answer all 4 parts
1 Saved Help Save O Required information The following information applies to the questions displayed below.) Lexington Company engaged in the following transactions during Year 1, its first year in operation: (Assume all transactions are cash transactions) 1. Acquired $4,400 cash from Issuing common stock 2. Borrowed $2,900 from a bank. 3. Earned $3,800 of revenues. 4. Incurred $2,540 In expenses. 5. Pald dividends of $540. Lexington Company engaged in the following transactions during Year 2:...
Lexington Company engaged in the following transactions during Year 1, its first year of operations. (Assume...
Lexington Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.) 1) Acquired $3,400 cash from issuing common stock. 2) Borrowed $2,400 from a bank. 3) Earned $3,300 of revenues. 4) Incurred $2,440 in expenses. 5) Paid dividends of $440. Lexington Company engaged in the following transactions during Year 2: 1) Acquired an additional $700 cash from the issue of common stock. 2) Repaid $1,440 of its debt to the...
Lexington Company engaged in the following transactions during Year 1, its first year in operation: (Assume...
Lexington Company engaged in the following transactions during Year 1, its first year in operation: (Assume all transactions are cash transactions) Acquired $3,600 cash from issuing common stock. Borrowed $2,500 from a bank. Earned $3,400 of revenues. Incurred $2,460 in expenses. Paid dividends of $460. Lexington Company engaged in the following transactions during Year 2: (Assume all transactions are cash transactions) Acquired an additional $800 cash from the issue of common stock. Repaid $1,510 of its debt to the bank....
Required information [The following information applies to the questions displayed below) Packard Company engaged in the...
Required information [The following information applies to the questions displayed below) Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.) 1) Acquired $1,800 cash from the issue of common stock 2) Borrowed $1.270 from a bank. 3) Earned $1,450 of revenues. 4) Pald expenses of $420. 5) Paid a $220 dividend. During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions) 1) Issued...
Lexington Company engaged in the following transactions during Year 1, its first year of operations. (Assume...
Lexington Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.) 1) Acquired $4,300 cash from issuing common stock. 2) Borrowed $2,850 from a bank. 3) Earned $3,750 of revenues. 4) Incurred $2,530 in expenses. 5) Paid dividends of $530. Lexington Company engaged in the following transactions during Year 2: 1) Acquired an additional $1,150 cash from the issue of common stock. 2) Repaid $1,755 of its debt to the...
iz Saved Required information (The following information applies to the questions displayed below.) Packard Company engaged...
iz Saved Required information (The following information applies to the questions displayed below.) Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.) 1) Acquired $1,800 cash from the issue of common stock. 2) Borrowed $1,270 from a bank. 3) Earned $1,450 of revenues. 4) Paid expenses of $420. 5) Paid a $220 dividend. During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions.)...
Lexington Company engaged in the following transactions during Year 1, its first year of operations. (Assume...
Lexington Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.) 1) Acquired $4,700 cash from issuing common stock. 2) Borrowed $3,050 from a bank. 3) Earned $3,950 of revenues. 4) Incurred $2,570 in expenses. 5) Paid dividends of $570. Lexington Company engaged in the following transactions during Year 2: 1) Acquired an additional $1,350 cash from the issue of common stock. 2) Repaid $1,895 of its debt to the...
Required information The following information applies to the questions displayed below) Packard Company engaged in the...
Required information The following information applies to the questions displayed below) Packard Company engaged in the following transactions during Year 1. its first year of operations: (Assume all transactions are cash transactions) 1) Acquired $1.800 cash from the issue of common stock. 2) Borrowed $1.270 from a bank 3) Earned $1,450 of revenues. 4) Paid expenses of $420. 5) Paid a $220 dividend. During Year 2. Packard engaged in the following transa Assume all transactions are cash transactions.) 1) Issued...
Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume...
Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.) 1) Acquired $1,150 cash from the issue of common stock. 2) Borrowed $620 from a bank. 3) Earned $800 of revenues. 4) Paid expenses of $290. 5) Paid a $90 dividend. During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions.) 1) Issued an additional $525 of common stock. 2) Repaid $360 of its...
Required information (The following information applies to the questions displayed below.) Sanchez Company engaged in the...
Required information (The following information applies to the questions displayed below.) Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing $11,100 of common stock for cash. 2) The company paid cash to purchase $6,900 of inventory. 3) The company sold inventory that cost $4,300 for $8,400 cash. 4) Operating expenses incurred and paid during the year, $3,800. Sanchez Company engaged in the following transactions during Year 2: 1) The company paid cash to...
answer all 4 parts
1 Saved Help Save O Required information The following information applies to the questions displayed below.) Lexington Company engaged in the following transactions during Year 1, its first year in operation: (Assume all transactions are cash transactions) 1. Acquired $4,400 cash from Issuing common stock 2. Borrowed $2,900 from a bank. 3. Earned $3,800 of revenues. 4. Incurred $2,540 In expenses. 5. Pald dividends of $540. Lexington Company engaged in the following transactions during Year 2:...
Required information [The following information applies to the questions displayed below) Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.) 1) Acquired $1,800 cash from the issue of common stock 2) Borrowed $1.270 from a bank. 3) Earned $1,450 of revenues. 4) Pald expenses of $420. 5) Paid a $220 dividend. During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions) 1) Issued...
iz Saved Required information (The following information applies to the questions displayed below.) Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.) 1) Acquired $1,800 cash from the issue of common stock. 2) Borrowed $1,270 from a bank. 3) Earned $1,450 of revenues. 4) Paid expenses of $420. 5) Paid a $220 dividend. During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions.)...
Required information The following information applies to the questions displayed below) Packard Company engaged in the following transactions during Year 1. its first year of operations: (Assume all transactions are cash transactions) 1) Acquired $1.800 cash from the issue of common stock. 2) Borrowed $1.270 from a bank 3) Earned $1,450 of revenues. 4) Paid expenses of $420. 5) Paid a $220 dividend. During Year 2. Packard engaged in the following transa Assume all transactions are cash transactions.) 1) Issued...
Required information (The following information applies to the questions displayed below.) Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing $11,100 of common stock for cash. 2) The company paid cash to purchase $6,900 of inventory. 3) The company sold inventory that cost $4,300 for $8,400 cash. 4) Operating expenses incurred and paid during the year, $3,800. Sanchez Company engaged in the following transactions during Year 2: 1) The company paid cash to...
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