Revenue recognized = $62,000
Cash flow from revenue = $51,000
Net income = 62,000 - 39,000
= $23,000
Net cashflow from operating activities = Net income - Acc recievable + Acc payable
= 23,000 - 11,000 + 8,000
= $20,000
Net cash flow from investing activities = Purchase of land
=$ 21,000
Net cash flow from financing activities =Common Stock
=$ 40,000
Total Assets = 71,000
Total Liablities = 8,000
Total Equity = 63,000
In Year 1. Lee Inc. billed its customers $62,000 for services performed. The company collected $51,000...
In Year 1, Lee Inc. billed its customers $56,300 for services performed. The company collected $40,400 of the amount billed. Lee incurred $36,300 of other operating expenses on account. Lee paid $24,400 of the accounts payable. Lee acquired $23,000 cash from the issue of common stock. The company invested $19,000 cash in the purchase of land. Required (Hint: Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting to...
In Year 1 Lee Inc billed its customers $56.200 for services performed. The company collected $40.700 of the amount billed. Lee incurred $36.900 of other operating expenses on account. Lee paid $24.500 of the accounts payable Lee acquired $23,000 cash from the issue of common stock. The company invested $18,000 cash in the purchase of land. Required (Hint: Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting to...
10 In Year 1, Lee Inc. billed its customers $57,400 for services performed. The company collected $41,200 of the amount billed. Lee incurred $36,700 of other operating expenses on account. Lee paid $24,000 of the accounts payable. Lee acquired $27,000 cash from the issue of common stock. The company invested $12,000 cash in the purchase of land. Required (Hint: Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting...
cash LU 2-3 In Year 1. Lee Inc. billed its customers $56,200 for services performed. The company collected $40,700 of the amount billed Lee incurred $36.900 of other operating expenses on account Lee paid $24.500 of the accounts payable. Lee acquired $23,000 cash from the issue of common stock. The company invested $18,000 cash in the purchase of land Required (Hint Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation...
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...
Yard Professionals Inc, experienced the following events in 2018, its first year of operation: 1. Performed counseling services for $22,500 cash. 2. Purchased $7,000 of supplies on account. 3. A physical count on December 31, 2018, found that there was $1,300 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...
Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: Performed services for $26,000 cash. Purchased $4,800 of supplies on account. A physical count on December 31, Year 1, found that there was $1,040 of supplies on hand. Required Based on this information alone: a. Record the events in general ledger accounts under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. c....
Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: Performed services for $35,000 cash. Purchased $6,000 of supplies on account. A physical count on December 31, Year 1, found that there was $1,800 of supplies on hand. Required Based on this information alone: a. Record the events in general ledger accounts under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. c....
Yard Professionals Inc, experienced the following events in 2018, its first year of operation: 1. Performed counseling services for $29,500 cash. 2. Purchased $7,600 of supplies on account. 3. A physical count on December 31, 2018, found that there was $1,530 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...
Dakota Company experienced the following events during 2018: 1. Acquired $15,000 cash from the issue of common stock. 2. Paid $15.000 cash to purchase land. 3. Borrowed $5,000 cash. 4. Provided services for $55,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Paid $45.000 cash for other operating expenses. 7. Paid a $1.000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $16,000. Required a. The January 1,...