Homework Answers
Answer: $2,080
- Net income = Revenue from services provided to customers - Operating expenses = $6,000 - $4,500 = $1,500
- Purchase of land has no effect on retained earnings. An asset (land) increases and another asset (cash) decreases.
- Borrowing cash from the bank has no effect on retained earnings. A liability (bank loan) and an asset (cash) both increase.
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ABC Company had the following balances at the beginning of the accounting period: Common Stock $5,700...
ABC Company had the following balances at the beginning of the accounting period: Common Stock $3,500...
ABC Company had the following balances at the beginning of the accounting period: Common Stock $3,500 Retained Earnings $1,080 ABC Company had the following transactions during the accounting period: (assume all transactions are cash transactions) Issued Common Stock $1.050 Paid Cash Dividends $100 Sold Land $500 Incurred Operating Expenses $5,400 Paid Principal on Note Payable $500 Performed Services for Customers $7,500 What value would be reported for Net Cash Flow from Financing Activities? 5950 $450 -$500 $500
ABC Company had the following balances at the beginning of the accounting period: Common Stock $4,200...
ABC Company had the following balances at the beginning of the accounting period: Common Stock $4,200 Retained Earnings $1,090 ABC Company had the following transactions during the accounting period: (assume all transactions are cash transactions) Issued Common Stock $630 Paid Cash Dividends $500 Sold Land $800 Incurred Operating Expenses $1,900 Paid Principal on Note Payable $500 Performed Services for Customers $2,500 What value would be reported on the Statement of Changes in Stockholders' Equity for the ending Retained Earnings balance...
ABC Company had the following balances at the beginning of the accounting period: Common Stock $9.900...
ABC Company had the following balances at the beginning of the accounting period: Common Stock $9.900 Retained Earnings $1,100 ABC Company had the following transactions during the accounting period: (assume all transactions are cash transactions) Issued Common Stock $990 Paid Cash Dividends $300 Purchased Land $800 Sold Land $700 Incurred Operating Expenses $5,450 Borrowed Cash from the Bank $500 Performed Services for Customers $5,500 What value would be reported for Net Cash Flow from Operating Activities? -$250 $550 $50 $740
ABC Company had the following balances at the beginning of the accounting period: Common Stock $9,700...
ABC Company had the following balances at the beginning of the accounting period: Common Stock $9,700 Retained Earnings $1,580 ABC Company had the following transactions during the accounting period: (assume all transactions are cash transactions) Issued Common Stock $1.940 Paid Cash Dividends $800 Sold Land $400 Incurred Operating Expenses $3,000 Paid Principal on Note Payable $200 Performed Services for Customers $3,500 What value would be reported on the Statement of Changes in Stockholders' Equity for the ending Common Stock balance...
ABC Company had the following balances at the beginning of the accounting period: Common Stock $3,200...
ABC Company had the following balances at the beginning of the accounting period: Common Stock $3,200 Retained Earnings $1,140 ABC Company had the following transactions during the accounting period: (assume all transactions are cash transactions) Issued Common Stock $4,800 Paid Cash Dividends $400 Sold Land $1,000 Incurred Operating Expenses $600 Paid Principal on Note Payable $400 Performed Services for Customers $500 What value would be reported for Net Income for this accounting period? -$100 $500 -$500 $1,140
At the beginning of Year 2, ABC Company's accounting records had the following accounts and balances:...
At the beginning of Year 2, ABC Company's accounting records had the following accounts and balances: Cash Land Notes Common Retained Payable Stock Earnings $400 $600 $200 $500 $300 During Year 2, ABC Company had the following transactions: • ABC Co. purchased land for $100 cash. • ABC Co. acquired $200 cash from the issue of common stock What is the balance of ABC Company's Notes Payable account at the end of Year 2? $400 $200 $300 $100
At the beginning of Year 2, Better Corp.’s accounting records had the following general ledger accounts...
At the beginning of Year 2, Better Corp.’s accounting records
had the following general ledger accounts and balances.
Better Corp. completed the following transactions during Year
2:
Purchased land for $6,000 cash.
Acquired $27,000 cash from the issue of common stock.
Received $66,000 cash for providing services to customers.
Paid cash operating expenses of $41,800.
Borrowed $12,000 cash from the bank.
Paid a $6,000 cash dividend to the stockholders.
Determined that the market value of the land purchased in event...
At the beginning of 2016, Better Corp.'s accounting records had the following general ledger accounts and...
At the beginning of 2016, Better Corp.'s accounting records had the following general ledger accounts and balances. BETTER CORP. Accounting Equation Accounting Titles for Retained Eaminga Event Assets = Liabilities + Stockholders' Equity Cash 10,000 Land 20,000 Notes Payable 12,000 Common Retained Stock Earnings 7,000 11,000 Balance 1/1/2016 Better Corp. completed the following transactions during 2016: 1. Purchased land for $5,000 cash. 2. Acquired $25,000 cash from the issue of common stock. 3. Received $75,000 cash for providing services to...
At the beginning of 2018, Better Corp.'s accounting records had the following general ledger accounts and...
At the beginning of 2018, Better Corp.'s accounting records had the following general ledger accounts and balances: BETTER CORP. Accounting Equation Event Assets = + Accounting Titles for Retained Earnings Liabilities Notes Payable 12,100 Cash Land 11,000 21,000 - Stockholders' Equity Common Retained Stock Earnings 7,100 12,800 Balance 1/1/2018 Better Corp. completed the following transactions during 2018: 1. Purchased land for $5,500 cash. 2. Acquired $26,000 cash from the issue of common stock. 3. Received $65,000 cash for providing services...
At the beginning of 2018, Better Corp.'s accounting records had the following general ledger accounts and...
At the beginning of 2018, Better Corp.'s accounting records had the following general ledger accounts and balances: BETTER CORP. Accounting Equation Event Assets = Accounting Titles for Retained Earnings + Liabilities Notes Payable 12,000 Cash Land 10,000 20,000 Stockholders' Equity Common Retained Stock Earnings 7,000 11,000 Balance 1/1/2018 Better Corp. completed the following transactions during 2018: 1. Purchased land for $5,000 cash. 2. Acquired $25,000 cash from the issue of common stock. 3. Received $75,000 cash for providing services to...
ABC Company had the following balances at the beginning of the accounting period: Common Stock $3,500 Retained Earnings $1,080 ABC Company had the following transactions during the accounting period: (assume all transactions are cash transactions) Issued Common Stock $1.050 Paid Cash Dividends $100 Sold Land $500 Incurred Operating Expenses $5,400 Paid Principal on Note Payable $500 Performed Services for Customers $7,500 What value would be reported for Net Cash Flow from Financing Activities? 5950 $450 -$500 $500
ABC Company had the following balances at the beginning of the accounting period: Common Stock $4,200 Retained Earnings $1,090 ABC Company had the following transactions during the accounting period: (assume all transactions are cash transactions) Issued Common Stock $630 Paid Cash Dividends $500 Sold Land $800 Incurred Operating Expenses $1,900 Paid Principal on Note Payable $500 Performed Services for Customers $2,500 What value would be reported on the Statement of Changes in Stockholders' Equity for the ending Retained Earnings balance...
ABC Company had the following balances at the beginning of the accounting period: Common Stock $9.900 Retained Earnings $1,100 ABC Company had the following transactions during the accounting period: (assume all transactions are cash transactions) Issued Common Stock $990 Paid Cash Dividends $300 Purchased Land $800 Sold Land $700 Incurred Operating Expenses $5,450 Borrowed Cash from the Bank $500 Performed Services for Customers $5,500 What value would be reported for Net Cash Flow from Operating Activities? -$250 $550 $50 $740
ABC Company had the following balances at the beginning of the accounting period: Common Stock $9,700 Retained Earnings $1,580 ABC Company had the following transactions during the accounting period: (assume all transactions are cash transactions) Issued Common Stock $1.940 Paid Cash Dividends $800 Sold Land $400 Incurred Operating Expenses $3,000 Paid Principal on Note Payable $200 Performed Services for Customers $3,500 What value would be reported on the Statement of Changes in Stockholders' Equity for the ending Common Stock balance...
ABC Company had the following balances at the beginning of the accounting period: Common Stock $3,200 Retained Earnings $1,140 ABC Company had the following transactions during the accounting period: (assume all transactions are cash transactions) Issued Common Stock $4,800 Paid Cash Dividends $400 Sold Land $1,000 Incurred Operating Expenses $600 Paid Principal on Note Payable $400 Performed Services for Customers $500 What value would be reported for Net Income for this accounting period? -$100 $500 -$500 $1,140
At the beginning of Year 2, ABC Company's accounting records had the following accounts and balances: Cash Land Notes Common Retained Payable Stock Earnings $400 $600 $200 $500 $300 During Year 2, ABC Company had the following transactions: • ABC Co. purchased land for $100 cash. • ABC Co. acquired $200 cash from the issue of common stock What is the balance of ABC Company's Notes Payable account at the end of Year 2? $400 $200 $300 $100
At the beginning of Year 2, Better Corp.’s accounting records
had the following general ledger accounts and balances.
Better Corp. completed the following transactions during Year
2:
Purchased land for $6,000 cash.
Acquired $27,000 cash from the issue of common stock.
Received $66,000 cash for providing services to customers.
Paid cash operating expenses of $41,800.
Borrowed $12,000 cash from the bank.
Paid a $6,000 cash dividend to the stockholders.
Determined that the market value of the land purchased in event...
At the beginning of 2016, Better Corp.'s accounting records had the following general ledger accounts and balances. BETTER CORP. Accounting Equation Accounting Titles for Retained Eaminga Event Assets = Liabilities + Stockholders' Equity Cash 10,000 Land 20,000 Notes Payable 12,000 Common Retained Stock Earnings 7,000 11,000 Balance 1/1/2016 Better Corp. completed the following transactions during 2016: 1. Purchased land for $5,000 cash. 2. Acquired $25,000 cash from the issue of common stock. 3. Received $75,000 cash for providing services to...
At the beginning of 2018, Better Corp.'s accounting records had the following general ledger accounts and balances: BETTER CORP. Accounting Equation Event Assets = + Accounting Titles for Retained Earnings Liabilities Notes Payable 12,100 Cash Land 11,000 21,000 - Stockholders' Equity Common Retained Stock Earnings 7,100 12,800 Balance 1/1/2018 Better Corp. completed the following transactions during 2018: 1. Purchased land for $5,500 cash. 2. Acquired $26,000 cash from the issue of common stock. 3. Received $65,000 cash for providing services...
At the beginning of 2018, Better Corp.'s accounting records had the following general ledger accounts and balances: BETTER CORP. Accounting Equation Event Assets = Accounting Titles for Retained Earnings + Liabilities Notes Payable 12,000 Cash Land 10,000 20,000 Stockholders' Equity Common Retained Stock Earnings 7,000 11,000 Balance 1/1/2018 Better Corp. completed the following transactions during 2018: 1. Purchased land for $5,000 cash. 2. Acquired $25,000 cash from the issue of common stock. 3. Received $75,000 cash for providing services to...
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