Homework Answers
Answer D
Explanation
Cash borrowed from bank so this is increase in assets and liabilities. This effect the balance sheet but does not effect the incomes statement. So this effect on accounting equation
Where
Assets = liabilities + equity
This event increase in cash 32,000 as well as due to borrowed from bank increases in liabilities $32,000.
So the D option is correct.
Add Answer to:
Help Save & Ex Lexington Company borrowed $32.000 of cash from a local bank. Which of...
Mary's Manufacturing Company used supplies in its accounting department. Which of the following choices reflects how...
Mary's Manufacturing Company used supplies in its accounting department. Which of the following choices reflects how this event would affect the Company's balance sheet and Income statement? - Liability + Equity - n/a + Revenue - Expense - n/a n/a - - Net Income n/a - n/a Multiple Choice Option A Option Optionc
please help Saved Help Save & EX Required information (The following information applies to the questions...
please help
Saved Help Save & EX Required information (The following information applies to the questions displayed below.) Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1) issued stock for $74,000 2) borrowed $42,000 from its bank 3) provided consulting services for $72,000 4) paid back $32,000 of the bank loan 5) paid rent expense for $17,500 6) purchased equipment costing $29,000 7) paid $4,700 dividends to stockholders...
Help Save & Ex A company's income statement showed the following net income, $133,000 depreciation expense,...
Help Save & Ex A company's income statement showed the following net income, $133,000 depreciation expense, $39,500 and gain on sale of plant assets, $13,500. An examination of the company's current assets and current liabilities showed the following changes accounts receivable decreased $11,300; merchandise inventory increased $27.500, prepaid expenses increased $8,100; accounts payable increased $5300 Calculate the net cash provided or used by operating activities Multiple Choice $154 200 $140 000 $161,000 $156,200 $182 200. < Prev 32 of 36...
On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $52,000 face...
On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $52,000 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 $15,007 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 $24,960 cash per year. Required a. Prepare an amortization schedule for the...
Expert Computers was started in Year 1. The company experienced the following accounting events during its...
Expert Computers was started in Year 1. The company experienced the following accounting events during its first year of operation 1. Started business when it acquired $40,000 cash from the issue of common stock 2. Purchased merchandise with a list price of $32,000 on account, terms 2/10,n/30. 3. Paid off one-half of the accounts payable balance within the discount period. 4. Sold merchandise on account for $28,000 Credit terms were 1/20, n/30. The merchandise had cost Expert Computers $16.000 5....
i need help on the statement of cash flow - inflow from sales tax -outflow from...
i need help on the statement of cash flow
- inflow from sales tax
-outflow from expenses
-outflow to ourchase inventory
and also need help with total current liabilites!
i added the other pictures to give you back group
information.
Required information Exercise 7-21 Current liabilities LO 7-1,7-2, 7-4, 7-10 [The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for 2018: 1. The business was started when the company received $48,500 from the...
Exercise 1.19 Dakota company experienced the following events during 2018: 1 Acquired 30,000 cash from issue...
Exercise 1.19
Dakota company experienced the following events during
2018:
1 Acquired 30,000 cash from issue of common stock
2.Paid 12,000 cash to purchase land
3.Borrowed 10,000 cash.
4.Provided services for 20,000 cash
5.Paid 1,000 cash for utilities expenses
6.Paid 15,000 cash for other operating expenses
7.Paid 2000 cash dividend to stock holders.
8.Determined that the market value of land purchased at Event
2 is now 12,700
Exercise 1.23
Problem 1.33 *Mikes company experienced the following
transactions for 2018, its...
Help Save & Ex Eignment i Che Tiger Audio declared and paid a cash dividend of $7,325 in the current...
Help Save & Ex Eignment i Che Tiger Audio declared and paid a cash dividend of $7,325 in the current year. Its comparative financial statements, prepared at December 31, reported the following summarized information: Current Previous $312,000 163,650 148,350 57,600 5,800 84,950 25,485 $ 59,465 $257,000 147,000 110,000 48,130 5,070 56,800 17,040 $ 39,760 Income Statement Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Interest Expense Income before Income Tax Expense Income Tax Expense (308) Net Income Balance...
Saved dget Project i Help Save The following data relate to the operations of Shilow Company,...
Saved dget Project i Help Save The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $ 7,700 $ 20,800 $ 40, 800 $ 129,600 $ 24,300 $ 150,000 $ 24,600 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May June July $ 52,000 $...
Saved Help Save & Exit Su Selected current year-end financial statements of Cabot Corporation follow. (All...
Saved Help Save & Exit Su Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit, selected balance sheet amounts at December 31 of the prior year were inventory, $49,900 total assets. $209,400, common stock, 587000, and retained earnings, $34.772) CABOT CORPORATION Income Statement For Current Year Ended December 31 Sales $ 447,600 Cost of goods sold 297,850 Gross profit 149,750 Operating expenses 99,320 Interest expense 4,100 Income before taxes 46,35e Income tax expense 18,672 Net...
Mary's Manufacturing Company used supplies in its accounting department. Which of the following choices reflects how this event would affect the Company's balance sheet and Income statement? - Liability + Equity - n/a + Revenue - Expense - n/a n/a - - Net Income n/a - n/a Multiple Choice Option A Option Optionc
please help
Saved Help Save & EX Required information (The following information applies to the questions displayed below.) Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1) issued stock for $74,000 2) borrowed $42,000 from its bank 3) provided consulting services for $72,000 4) paid back $32,000 of the bank loan 5) paid rent expense for $17,500 6) purchased equipment costing $29,000 7) paid $4,700 dividends to stockholders...
Help Save & Ex A company's income statement showed the following net income, $133,000 depreciation expense, $39,500 and gain on sale of plant assets, $13,500. An examination of the company's current assets and current liabilities showed the following changes accounts receivable decreased $11,300; merchandise inventory increased $27.500, prepaid expenses increased $8,100; accounts payable increased $5300 Calculate the net cash provided or used by operating activities Multiple Choice $154 200 $140 000 $161,000 $156,200 $182 200. < Prev 32 of 36...
On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $52,000 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 $15,007 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 $24,960 cash per year. Required a. Prepare an amortization schedule for the...
Expert Computers was started in Year 1. The company experienced the following accounting events during its first year of operation 1. Started business when it acquired $40,000 cash from the issue of common stock 2. Purchased merchandise with a list price of $32,000 on account, terms 2/10,n/30. 3. Paid off one-half of the accounts payable balance within the discount period. 4. Sold merchandise on account for $28,000 Credit terms were 1/20, n/30. The merchandise had cost Expert Computers $16.000 5....
i need help on the statement of cash flow
- inflow from sales tax
-outflow from expenses
-outflow to ourchase inventory
and also need help with total current liabilites!
i added the other pictures to give you back group
information.
Required information Exercise 7-21 Current liabilities LO 7-1,7-2, 7-4, 7-10 [The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for 2018: 1. The business was started when the company received $48,500 from the...
Exercise 1.19
Dakota company experienced the following events during
2018:
1 Acquired 30,000 cash from issue of common stock
2.Paid 12,000 cash to purchase land
3.Borrowed 10,000 cash.
4.Provided services for 20,000 cash
5.Paid 1,000 cash for utilities expenses
6.Paid 15,000 cash for other operating expenses
7.Paid 2000 cash dividend to stock holders.
8.Determined that the market value of land purchased at Event
2 is now 12,700
Exercise 1.23
Problem 1.33 *Mikes company experienced the following
transactions for 2018, its...
Help Save & Ex Eignment i Che Tiger Audio declared and paid a cash dividend of $7,325 in the current year. Its comparative financial statements, prepared at December 31, reported the following summarized information: Current Previous $312,000 163,650 148,350 57,600 5,800 84,950 25,485 $ 59,465 $257,000 147,000 110,000 48,130 5,070 56,800 17,040 $ 39,760 Income Statement Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Interest Expense Income before Income Tax Expense Income Tax Expense (308) Net Income Balance...
Saved dget Project i Help Save The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $ 7,700 $ 20,800 $ 40, 800 $ 129,600 $ 24,300 $ 150,000 $ 24,600 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May June July $ 52,000 $...
Saved Help Save & Exit Su Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit, selected balance sheet amounts at December 31 of the prior year were inventory, $49,900 total assets. $209,400, common stock, 587000, and retained earnings, $34.772) CABOT CORPORATION Income Statement For Current Year Ended December 31 Sales $ 447,600 Cost of goods sold 297,850 Gross profit 149,750 Operating expenses 99,320 Interest expense 4,100 Income before taxes 46,35e Income tax expense 18,672 Net...
Most questions answered within 3 hours.
-
Ken believes the average age of men who come to get a haircut at
his barber...
asked 21 minutes ago -
(Ratio Analysis): Last year Co. XYZ had sales of $ 400,000, with
“cost of goods sold”...
asked 29 minutes ago -
can someone please write the balanced chemical
equation for the synthesis of Bromoacetanilide
from;
aniline +...
asked 26 minutes ago -
1. If a corporation purchases land and building and subsequently
tears down the building and uses...
asked 37 minutes ago -
Consider a 23-year bond with 7 percent annual coupon payments.
The market rate (YTM) is 6.4...
asked 40 minutes ago -
a tuba creates a 4th harmonic of frequency 116.5 Hz. what is the
frequency of the...
asked 46 minutes ago -
A coconut mass 2kg falls from a 30m tall tree. The coconut falls
and comes to...
asked 49 minutes ago -
Group Policies
Research GROUP POLICY OBJECTS (GPO'S)
You can start in the Windows Server 2012 eBook...
asked 53 minutes ago -
software engineering
Problems.
Create a use case diagram for class registration for a
university.
Create a...
asked 53 minutes ago -
You are trying to convince your friend who wants to attend
medical school to take BY123...
asked 1 hour ago -
Subject: C++
I have created a class called QueueOfIntegers in a file called
QueueOfIntegers.h, which is...
asked 1 hour ago -
calculate the number of molecules of gas in a
container of 2.0 liter at 30 degrees...
asked 1 hour ago