Homework Answers
Answer:
9. c. $300 in cash paid for dividends is an operating activity.
cash paid out to shareholders to be reported as either an operating activity or a financing activity
10. b $4,000.00
Add Answer to:
9 and 10
9. Beatrice Company received $4,000 in cash revenues, paid cash expenses of $3,450,...
Warren Enterprises had the following events during Year 1: The business issued $22,000 of common stock...
Warren Enterprises had the following events during Year 1: The business issued $22,000 of common stock to its stockholders. The business purchased land for $14,000 cash. Services were provided to customers for $18,000 cash. Services were provided to customers for $7,000 on account. The company borrowed $18,000 from the bank. Operating expenses of $14,000 were incurred and paid in cash. Salary expense of $1,000 was accrued. A dividend of $6,000 was paid to the stockholders of Warren Enterprises. Assuming the...
Warren Enterprises had the following events during Year 1: The business issued $30,000 of common stock...
Warren Enterprises had the following events during Year 1: The business issued $30,000 of common stock to its stockholders. The business purchased land for $22,000 cash. Services were provided to customers for $26,000 cash Services were provided to customers for $15,000 on account. The company borrowed $26,000 from the bank. Operating expenses of $22,000 were incurred and paid in cash. Salary expense of $1,800 was accrued. A dividend of $14,000 was paid to the stockholders of Warren Enterprises. sk Tint...
Warren Enterprises began operations during Year 1. The company had the following events during Yeart •...
Warren Enterprises began operations during Year 1. The company had the following events during Yeart • The business issued $23,000 of common stock to its stockholders. • The business purchased land for $15,000 cash • Services were provided to customers for $19,000 cash • Services were provided to customers for $8,000 on account • The company borrowed $19,000 from the bank • Operating expenses of $15.000 were incurred and paid in cash • Salary expense of $1100 was accrued •...
Warren Enterprises had the following events during 2016: The business issued $26,000 of common stock to...
Warren Enterprises had the following events during 2016: The business issued $26,000 of common stock to its stockholders. The business purchased land for $18,000 cash. Services were provided to customers for $22,000 cash. Services were provided to customers for $11,000 on account. The company borrowed $22,000 from the bank. Operating expenses of $18,000 were incurred and paid in cash. Salary expense of $1,400 was accrued. A dividend of $10,000 was paid to the stockholders of Warren Enterprises. Assuming the company...
10. Expenses incurred but not yet paid or recorded are called a. prepaid expenses. accrued expenses....
10. Expenses incurred but not yet paid or recorded are called a. prepaid expenses. accrued expenses. c. interim expenses. d. unearned expenses PROBLEM 1 (20 PTS.) Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions. 1. The owner, P. West, invests $40,000 in cash in starting a real estate office operating as a sole proprietorship. 2. Purchased supplies for $1,000 cash. 3. Purchased equipment for $15,000, paying $5,000...
The following events apply to Complete Business Service in 2018, its first year of operations: Received...
The following events apply to Complete Business Service in 2018, its first year of operations: Received $30,000 cash from the issue of common stock. Earned $25,000 of service revenue on account. Incurred $10,000 of operating expenses on account. Received $20,000 cash for performing services. Paid $8,000 cash to purchase land. Collected $22,000 of cash from accounts receivable. Received a $6,000 cash advance for services to be provided in the future. Purchased $900 of supplies on account. Made a $7,500 payment...
During Year 2, Chico Company earned $1,550 of cash revenue, paid $800 of cash expenses, and...
During Year 2, Chico Company earned $1,550 of cash revenue, paid $800 of cash expenses, and paid a $300 cash dividend to its owners. Based on this information alone, which of the following statements is not true? Multiple Choice Net Income amounted to $750 Total assets increased by $450 Cash inflow from operating activities was $750 Cash outflow from financing activities was $450
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...
6) If cash flows from operating activities is a positive amount, then: A) The company must...
6) If cash flows from operating activities is a positive amount, then: A) The company must have paid off more debts than it earned during the year B) The company may still have a decrease in the total amount of cash for the period. c) The company must have had a net profit for the year. D) The amount will be shown on the statement of cash flows in parentheses 7) Which of the following best defines an asset? A)...
Use the following data to create a balance sheet: Cash Accounts Payable Revenues Salaries Payable Investments...
Use the following data to create a balance sheet: Cash Accounts Payable Revenues Salaries Payable Investments Interest Earned Common Stock $12.000 $ 22,000 $123,000 $ 4,000 $ 10,000 $ 1,000 $ 5,000 Accounts Receivable Equipment Goodwill Inventory Notes Payable Cost of Goods Sold Supplies $ 33,500 $ 67,000 $ 88,000 $ 29,000 $ 20,000 $ (62,000) $ 1,500 Use the following data to prepare a Statement of Cash Flows: a. cash borrowed from the bank b. cash paid for equipment...
Warren Enterprises had the following events during Year 1: The business issued $30,000 of common stock to its stockholders. The business purchased land for $22,000 cash. Services were provided to customers for $26,000 cash Services were provided to customers for $15,000 on account. The company borrowed $26,000 from the bank. Operating expenses of $22,000 were incurred and paid in cash. Salary expense of $1,800 was accrued. A dividend of $14,000 was paid to the stockholders of Warren Enterprises. sk Tint...
Warren Enterprises began operations during Year 1. The company had the following events during Yeart • The business issued $23,000 of common stock to its stockholders. • The business purchased land for $15,000 cash • Services were provided to customers for $19,000 cash • Services were provided to customers for $8,000 on account • The company borrowed $19,000 from the bank • Operating expenses of $15.000 were incurred and paid in cash • Salary expense of $1100 was accrued •...
10. Expenses incurred but not yet paid or recorded are called a. prepaid expenses. accrued expenses. c. interim expenses. d. unearned expenses PROBLEM 1 (20 PTS.) Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions. 1. The owner, P. West, invests $40,000 in cash in starting a real estate office operating as a sole proprietorship. 2. Purchased supplies for $1,000 cash. 3. Purchased equipment for $15,000, paying $5,000...
During Year 2, Chico Company earned $1,550 of cash revenue, paid $800 of cash expenses, and paid a $300 cash dividend to its owners. Based on this information alone, which of the following statements is not true? Multiple Choice Net Income amounted to $750 Total assets increased by $450 Cash inflow from operating activities was $750 Cash outflow from financing activities was $450
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...
6) If cash flows from operating activities is a positive amount, then: A) The company must have paid off more debts than it earned during the year B) The company may still have a decrease in the total amount of cash for the period. c) The company must have had a net profit for the year. D) The amount will be shown on the statement of cash flows in parentheses 7) Which of the following best defines an asset? A)...
Use the following data to create a balance sheet: Cash Accounts Payable Revenues Salaries Payable Investments Interest Earned Common Stock $12.000 $ 22,000 $123,000 $ 4,000 $ 10,000 $ 1,000 $ 5,000 Accounts Receivable Equipment Goodwill Inventory Notes Payable Cost of Goods Sold Supplies $ 33,500 $ 67,000 $ 88,000 $ 29,000 $ 20,000 $ (62,000) $ 1,500 Use the following data to prepare a Statement of Cash Flows: a. cash borrowed from the bank b. cash paid for equipment...
Most questions answered within 3 hours.
-
A college student is employed as a door-to-door newspaper
salesman. Historical data suggests that the student...
asked 55 minutes ago -
MATLAB HW 11 problem using Switch Case and Input commands
Write a script file that calculates...
asked 40 minutes ago -
Considering gravitational time dilation, calculate the time that
passes in Earth’s surface while 1 hour passes...
asked 1 hour ago -
Minitab Problem: Take the Lake Hume June rainfall data and find
use the processes outlined in...
asked 2 hours ago -
X Company is trying to decide whether to continue using old
equipment to make Product A...
asked 2 hours ago -
IN PYTHON ONLY !! Program 2: Re-work
program #5 (WeeklyHours) from the previous assignment such that...
asked 2 hours ago -
The average length of time between arrivals at a turnpike
toll-booth is 26 seconds. What is...
asked 4 hours ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 5 hours ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 5 hours ago -
An empty test tube weighs 15.923 grams. Then,
MgCl2•6H2O is added into the test tube. After...
asked 5 hours ago -
Assume memory access is 10 units of time and disk access is
10000 units of time....
asked 5 hours ago -
1. Are all good samples random?
2. Magazines often report surveys giving statistics such as “63%...
asked 6 hours ago