Homework Answers
| Assets | = | Stockholders Equity | |||
| Event | Cash | Prepaid Rent | = | Retained Earnings | |
| 1 | Performed services | $ 27,600.00 | = | $ 27,600.00 | |
| 2 | Prepaid rent | $ -19,200.00 | $ 19,200.00 | = | |
| 3 | Used rent | $ -17,600.00 | = | $ -17,600.00 | |
| Totals | $ 8,400.00 | $ 1,600.00 | = | $ 10,000.00 |
Used Rent = 19200*11/12 = 17600
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C 2 Life, Inc. experienced the following events in Year 1, its first year of operation:...
Life, Inc. experienced the following events in Year 1, its first year of operation: 1. Performed...
Life, Inc. experienced the following events in Year 1, its first year of operation: 1. Performed counseling services for $36,000 cash. 2. On February 1, Year 1, paid $18,000 cash to rent office space for the coming year. 3. Adjusted the accounts to reflect the amount of rent used during the year. Required Based on this information alone: a. Record the events in accounts under an accounting equation. (Enter any decreases to account balances with a LIFE, INC. Effect of...
Life, Inc. experienced the following events in Year 1, its first year of operation: Performed counseling...
Life, Inc. experienced the following events in Year 1, its first
year of operation:
Performed counseling services for $18,800 cash.
On February 1, Year 1, paid $12,600 cash to rent office space
for the coming year.
Adjusted the accounts to reflect the amount of rent used during
the year.
Required
Based on this information alone:
a. Record the events in general ledger accounts
under an accounting equation. (Do not round intermediate
calculations. Enter any decreases to account balances with a...
Life, Inc., experienced the following events in 2018, its first year of operation: 1. Performed counseling...
Life, Inc., experienced the following events in 2018, its first year of operation: 1. Performed counseling services for $19,600 cash. 2. On February 1, 2018, paid $13,200 cash to rent office space for the coming year. 3. Adjusted the accounts to reflect the amount of rent used during the year. Required Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the 2018 accounting...
Question 13 Janeek Inc. experienced the following events in 2018, its first year of operation: 1....
Question 13 Janeek Inc. experienced the following events in 2018, its first year of operation: 1. Performed counseling services for $13,850 cash. 2. Purchased $1,810 of supplies on account. 3. A physical count on December 31, 2018, found that there was $250 of supplies on hand. Based on this information, the balance in Supplies Expense as of 12/31/18 is $ Question 14 Hadley Dress Shops experienced the following events during its third accounting period. (1) Sold merchandise that cost $6,755...
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Yard Professionals Inc. experienced the following events in 2018, its first year of operation: 1. Performed counseling services for $15,000 cash. 2. Purchased $6,000 of supplies on account. 3. A physical count on December 31, 2018, found that there was $1,250 of supplies on hand. Required Based on this information alone: a. Record the events under an accounting equation b. Prepare an income statement, balance sheet, and statement of cash flows for the 2018 accounting period. c. What is the...
Cordell Inc. experienced the following events in Year 1, its first year of operation: Received $45,000...
Cordell Inc. experienced the following events in Year 1, its
first year of operation:
Received $45,000 cash from the issue of common stock.
Performed services on account for $73,000.
Paid a $4,500 cash dividend to the stockholders.
Collected $51,000 of the accounts receivable.
Paid $45,000 cash for other operating expenses.
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Recognized $1,500 of accrued utilities expense at the end of
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Required
a. & c. Identify the events that result in
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Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $50,000 cash from the issue of common stock. Paid $13,500 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31, Year 2. Performed services for customers on account for $102,000. Incurred operating expenses on account of $42,500. Collected $78,000 cash from accounts receivable. Paid $36,000 cash for salary expense. Paid $34,000 cash as a partial payment on...
Yard Professionals Inc, experienced the following events in 2018, its first year of operation: 1. Performed...
Yard Professionals Inc, experienced the following events in 2018, its first year of operation: 1. Performed counseling services for $26,500 cash. 2. Purchased $7,200 of supplies on account. 3. A physical count on December 31, 2018, found that there was $1,510 of supplies on hand. Required Based on this information alone: a. Record the events under an accounting equation, b. Prepare an income statement, balance sheet, and statement of cash flows for the 2018 accounting period. c. What is the...
Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $50,000...
Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $50,000 cash from the issue of common stock. Paid $13,500 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31, Year 2. Performed services for customers on account for $102,000. Incurred operating expenses on account of $42,500. Collected $78,000 cash from accounts receivable. Paid $36,000 cash for salary expense. Paid $34,000 cash as a partial payment on...
Life, Inc. experienced the following events in Year 1, its first year of operation: 1. Performed counseling services for $36,000 cash. 2. On February 1, Year 1, paid $18,000 cash to rent office space for the coming year. 3. Adjusted the accounts to reflect the amount of rent used during the year. Required Based on this information alone: a. Record the events in accounts under an accounting equation. (Enter any decreases to account balances with a LIFE, INC. Effect of...
Life, Inc. experienced the following events in Year 1, its first
year of operation:
Performed counseling services for $18,800 cash.
On February 1, Year 1, paid $12,600 cash to rent office space
for the coming year.
Adjusted the accounts to reflect the amount of rent used during
the year.
Required
Based on this information alone:
a. Record the events in general ledger accounts
under an accounting equation. (Do not round intermediate
calculations. Enter any decreases to account balances with a...
Life, Inc., experienced the following events in 2018, its first year of operation: 1. Performed counseling services for $19,600 cash. 2. On February 1, 2018, paid $13,200 cash to rent office space for the coming year. 3. Adjusted the accounts to reflect the amount of rent used during the year. Required Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the 2018 accounting...
Question 13 Janeek Inc. experienced the following events in 2018, its first year of operation: 1. Performed counseling services for $13,850 cash. 2. Purchased $1,810 of supplies on account. 3. A physical count on December 31, 2018, found that there was $250 of supplies on hand. Based on this information, the balance in Supplies Expense as of 12/31/18 is $ Question 14 Hadley Dress Shops experienced the following events during its third accounting period. (1) Sold merchandise that cost $6,755...
Yard Designs (YD) experienced the following events in Year 1, its first year of operation: 1. On October 1, Year 1, YD collected $22,800 for consulting services it agreed to provide during the coming year. 2. Adjusted the accounts to reflect the amount of consulting service revenue recognized in Year 1. Required Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year...
Yard Professionals Inc. experienced the following events in 2018, its first year of operation: 1. Performed counseling services for $15,000 cash. 2. Purchased $6,000 of supplies on account. 3. A physical count on December 31, 2018, found that there was $1,250 of supplies on hand. Required Based on this information alone: a. Record the events under an accounting equation b. Prepare an income statement, balance sheet, and statement of cash flows for the 2018 accounting period. c. What is the...
Cordell Inc. experienced the following events in Year 1, its
first year of operation:
Received $45,000 cash from the issue of common stock.
Performed services on account for $73,000.
Paid a $4,500 cash dividend to the stockholders.
Collected $51,000 of the accounts receivable.
Paid $45,000 cash for other operating expenses.
Performed services for $11,000 cash.
Recognized $1,500 of accrued utilities expense at the end of
the year.
Required
a. & c. Identify the events that result in
revenue or expense...
Yard Professionals Inc, experienced the following events in 2018, its first year of operation: 1. Performed counseling services for $26,500 cash. 2. Purchased $7,200 of supplies on account. 3. A physical count on December 31, 2018, found that there was $1,510 of supplies on hand. Required Based on this information alone: a. Record the events under an accounting equation, b. Prepare an income statement, balance sheet, and statement of cash flows for the 2018 accounting period. c. What is the...
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