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Homework Answers
a)
2018
1. asset exchange
2. source
3claims exchange
4. use
5. use
6
2019
1. source
2. claims exchange
3. use
4. source
5. use
6. use
b)
| ASSETS | = | LIABILITIES | + | EQUITY | REVENUES | - | EXPENSES | = | NET INCOME | STATEMENT OF CASH FLOW |
||
| 2018 | = | + | FA | |||||||||
| 1 | + | = | + | + | - | = | + | |||||
| 2 | + | = | + | + | - | = | + | |||||
| 3 | = | + | - | = | + | OA | ||||||
| 4 | - | = | + | - | + | = | - | - | OA | |||
| 5 | - | = | + | - | + | = | - | |||||
| 2019 | = | |||||||||||
| 1 | + | = | + | + | - | = | + | |||||
| 2 | = | + | - | = | + | OA | ||||||
| 3 | - | = | + | - | + | = | - | |||||
| 4a | + | = | + | + | - | = | + | |||||
| 4b | = | + | - | = | + | OA | ||||||
| 5 | - | = | + | - | + | = | - | - | 0A | |||
| 6 | - | = | + | - | + | = | - |
C)
| CASH | + | AR | - | ALLOWANCE | = | LIABILITIES | + | COMMON STOCK | + | RE | TITLES | |
| 2018 | ||||||||||||
| 1 | 10000 | + | - | = | + | 10000 | + | |||||
| 2 | + | 210000 | - | = | + | + | 210000 | SALES | ||||
| 3 | 162000 | + | -162000 | - | = | + | + | |||||
| 4 | -125000 | + | - | = | + | + | -125000 | OPERATING EXPENSES | ||||
| 5 | + | - | -2100 | = | + | + | -2100 | ALLOWANCE FOR DOUBTFUL DEBTS | ||||
| BAL | 47000 | 0 | 48000 | 0 | -2100 | 0 | 0 | 0 | 10000 | 0 | 82900 |
| 2019 | ||||||||||||
| 1 | + | 320000 | - | = | + | + | 320000 | SALES | ||||
| 2 | 335000 | + | -335000 | - | = | + | + | |||||
| 3 | + | -2150 | - | = | + | + | -2150 | |||||
| 4 | + | 800 | - | = | + | + | 800 | BAD DEBTS RECOVERY | ||||
| 4B | 800 | + | -800 | - | = | + | + | |||||
| 5 | -205000 | -205000 | OPERATING EXPENSES | |||||||||
| 6 | 500 | 500 | ALLOWANCE FOR DOUBTFUL DEBTS | |||||||||
| BAL | 130800 | 0 | -17150 | 0 | 500 | 0 | 0 | 0 | 0 | 0 | 114150 |
d
Income Statements:
2018
| REVENUE | 210000 | |
| EXPENSES | ||
| OPERATING | 125000 | |
| ALLOWANCE FOR DOUBTFUL DEBTS | 2100 | |
| TOTAL | 127100 | |
| NET PROFIT | 82900 |
2019
| REVENUE | 320000 | |
| EXPENSES | ||
| OPERATING | 205000 | |
| ALLOWANCE FOR DOUBTFUL DEBTS | -500 | |
| BAD DEBTS(2150-800) | 1350 | |
| TOTAL | 205850 | |
| NET PROFIT | 114150 |
Changes in equity
2018
| BEGINNING COMMON STOCK | 0 | ||
| RECEIVED | 10000 | ||
| ENDING COMMON STOCK | 10000 | ||
| RETAINED EARNINGS | |||
| BEGINNING | 0 | ||
| ADD | 82900 | ||
| 82900 | |||
| TOTAL SH EQUITY |
92900 |
2019
| BEGINNING COMMON STOCK | 10000 | ||
| RECEIVED | 0 | ||
| ENDING COMMON STOCK | 10000 | ||
| RETAINED EARNINGS | |||
| BEGINNING | 82900 | ||
| ADD | 114150 | ||
| 197050 | |||
| TOTAL SH EQUITY | 207050 |
Balancesheet
| 2018 | ||
| Assets | ||
| Cash | 47000 | |
| Accounts Receivable | 48000 | 45900 |
| ALLOWANCE FOR DOUBTFUL DEBTS | -2100 | |
| Total Assets | 92900 | |
| Liabilities | ||
| Common Stock | 10000 | |
| RE | 82900 | |
| Total SHE | 92900 | |
| Liabilities | 0 | |
| Total Liabilities | 92900 | |
| 2019 | ||
| Assets | ||
| Cash | 177800 | |
| Accounts Receivable | 48000 | 29250 |
| ALLOWANCE FOR DOUBTFUL DEBTS | -2100 | |
| Total Assets | 207050 | |
| Liabilities | ||
| Common Stock | 10000 | |
| RE | 197050 | |
| Total SHE | 207050 | |
| Liabilities | 0 | |
| Total Liabilities | 207050 |
Cash flow
| 2018 | ||
| Cash from operating activities | ||
| Received from sales | 162000 | |
| Expenses | -125000 | |
| 37000 | ||
| Cash from financing activities | 10000 | |
| Cash from investing activities | ||
| Net change in cash | 47000 | |
| Ending balance | 47000 | |
| 2019 | ||
| Cash from operating activities | ||
| Received from sales | 335800 | |
| Expenses | -205000 | |
| 130800 | ||
| Cash from financing activities | ||
| Cash from investing activities | ||
| Net change in cash | 130800 | |
| opening | 47000 | |
| Ending balance | 177800 |
Add Answer to:
Required Information [The following information applies to the questions displayed below.] The following transactions apply to...
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Leach Inc. experienced the following events for the first two
years of its operations:
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Issued $10,000 of common stock for cash.
Provided $100,000 of services on account.
Provided $27,000 of services and received cash.
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Required information [The following information applies to the questions displayed below.] Leach Inc. experienced the following...
Required information
[The following information applies to the questions
displayed below.]
Leach Inc. experienced the following events for the first two
years of its operations:
2018:
Issued $10,000 of common stock for cash.
Provided $100,000 of services on account.
Provided $27,000 of services and received cash.
Collected $73,000 cash from accounts receivable.
Paid $18,000 of salaries expense for the year.
Adjusted the accounting records to reflect uncollectible
accounts expense for the year. Leach estimates that 9 percent of
the ending...
[The following information applies to the questions displayed below.] Leach Inc. experienced the following events for...
[The following information applies to the questions
displayed below.]
Leach Inc. experienced the following events for the first two years
of its operations:
Year 1:
Issued $10,000 of common stock for cash.
Provided $78,000 of services on account.
Provided $36,000 of services and received cash.
Collected $69,000 cash from accounts receivable.
Paid $38,000 of salaries expense for the year.
Adjusted the accounting records to reflect uncollectible
accounts expense for the year. Leach estimates that 5 percent of
the ending accounts...
[The following information applies to the questions displayed below.) Leach Inc. experienced the following events for...
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Provided $90,000 of services on account.
Provided $33,000 of services and received cash.
Collected $57,000 cash from accounts receivable.
Paid $16,000 of salaries expense for the year.
Adjusted the accounting records to reflect uncollectible
accounts expense for the year. Leach estimates that 7 percent of
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2019:
Wrote off an uncollectible account for $750.
Provided $110,000 of services on account.
Provided $20,000 of services and...
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Required information
[The following information applies to the questions
displayed below.]
Leach Inc. experienced the following events for the first two
years of its operations:
2018:
Issued $10,000 of common stock for cash.
Provided $100,000 of services on account.
Provided $27,000 of services and received cash.
Collected $73,000 cash from accounts receivable.
Paid $18,000 of salaries expense for the year.
Adjusted the accounting records to reflect uncollectible
accounts expense for the year. Leach estimates that 9 percent of
the ending...
need to complete the balance
sheet
Required information [The following information applies to the questions displayed below.) The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $13,500 of common stock for cash. 2. Recognized $68,500 of service revenue earned on account. 3. Collected $60,800 from accounts receivable. 4. Paid operating expenses of $35,600. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and...
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Required information
[The following information applies to the questions
displayed below.]
Leach Inc. experienced the following events for the first two
years of its operations:
2018:
Issued $10,000 of common stock for cash.
Provided $100,000 of services on account.
Provided $27,000 of services and received cash.
Collected $73,000 cash from accounts receivable.
Paid $18,000 of salaries expense for the year.
Adjusted the accounting records to reflect uncollectible
accounts expense for the year. Leach estimates that 9 percent of
the ending...
[The following information applies to the questions
displayed below.]
Leach Inc. experienced the following events for the first two years
of its operations:
Year 1:
Issued $10,000 of common stock for cash.
Provided $78,000 of services on account.
Provided $36,000 of services and received cash.
Collected $69,000 cash from accounts receivable.
Paid $38,000 of salaries expense for the year.
Adjusted the accounting records to reflect uncollectible
accounts expense for the year. Leach estimates that 5 percent of
the ending accounts...
[The following information applies to the questions displayed below.) Leach Inc. experienced the following events for the first two years of its operations: Year 1: 1. Issued $10,000 of common stock for cash. 2. Provided $78,000 of services on account. 3. Provided $36,000 of services and received cash. 4. Collected $69,000 cash from accounts receivable. 5. Paid $38,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that...
Required information [The following information applies to the questions displayed below.) Leach Inc. experienced the following events for the first two years of its operations: 2018: 1. Issued $10,000 of common stock for cash. 2. Provided $60,000 of services on account. 3. Provided $29,000 of services and received cash. 4. Collected $31,000 cash from accounts receivable. 5. Paid $14,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates...
Required information (The following information applies to the questions displayed below.] On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $80,000 face value, four-year term note that had an 6 percent annual interest rate. The note is to be repaid by making annual cash payments of $23,087 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $42.400...
2018:
Issued $10,000 of common stock for cash.
Provided $90,000 of services on account.
Provided $33,000 of services and received cash.
Collected $57,000 cash from accounts receivable.
Paid $16,000 of salaries expense for the year.
Adjusted the accounting records to reflect uncollectible
accounts expense for the year. Leach estimates that 7 percent of
the ending accounts receivable balance will be uncollectible.
2019:
Wrote off an uncollectible account for $750.
Provided $110,000 of services on account.
Provided $20,000 of services and...
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