Homework Answers
| Statement of Cash Flows | |||||
| For the Year Ended December 31, Year 1 | |||||
| Cash flow from operating activities: | |||||
| Cash receipts from customers | $ 14,400.00 | ||||
| Cash payment for salary expense | $ -4,400.00 | ||||
| Cash payments for utilities expense | $ -4,600.00 | ||||
| Net cash flow from operating activities | $ 5,400.00 | ||||
| Cash flow from investing activities: | |||||
| Cash paid to purchase land | $ -7,400.00 | ||||
| Cash from the sale of land | $ 8,800.00 | ||||
| Net cash flow to investing activities | $ 1,400.00 | ||||
| Cash flow from financing activities: | |||||
| Cash receipts from loan | $ 8,800.00 | ||||
| Cash payment on loan | $ -3,400.00 | ||||
| Cash receipts from stock issue | $ 34,000.00 | ||||
| Cash payment for dividends | $ -1,400.00 | ||||
| Net cash flow from investing activities | $ 38,000.00 | ||||
| Net increase in cash | $ 44,800.00 | ||||
| Beginning cash balance | $ 9,400.00 | ||||
| Ending cash balance | $ 54,200.00 | ||||
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Saved All-Star Automotive Company experienced the following accounting events during Year 1: 1. Performed services for...
All-Star Automotive Company experienced the following accounting events during Year 1: 1. Performed services for $14,600...
All-Star Automotive Company experienced the following accounting events during Year 1: 1. Performed services for $14,600 cash 2. Purchased land for $7,600 cash. 3. Hired an accountant to keep the books. 4. Received $36.000 cash from the issue of common stock. 5. Borrowed $9,200 cash from State Bank. 6. Paid $4,600 cash for salary expense. 7. Sold land for $9,200 cash. 8. Pald $3,600 cash on the loan from State Bank. 9. Paid $4,800 cash for utilities expense. 10. Pald...
All-Star Automotive Company experienced the following accounting events during Year 2: 1. Performed services for $25,000...
All-Star Automotive Company experienced the following accounting events during Year 2: 1. Performed services for $25,000 cash. 2. Purchased land for $6,000 cash. 3. Hired an accountant to keep the books. 4. Received $50,000 cash from the issue of common stock 5. Borrowed $5,000 cash from State Bank 6. Paid $14,000 cash for salary expense. 7. Sold land for $9.000 cash. 8. Paid $2,000 cash on the loan from State Bank 9. Paid $2,800 cash for utilities expense. 10. Paid...
All-Star Automotive Company experienced the following accounting events during 2018: 1. Performed services for $14,700 cash....
All-Star Automotive Company experienced the following accounting events during 2018: 1. Performed services for $14,700 cash. 2. Purchased land for $7,700 cash. 3. Hired an accountant to keep the books. 4. Received $37,000 cash from the issue of common stock. 5. Borrowed $9,400 cash from State Bank. 6. Paid $4,700 cash for salary expense. 7. Sold land for $9,400 cash. 8. Paid $3,700 cash on the loan from State Bank. 9. Paid $4.900 cash for utilities expense. 10. Paid a...
help me with this please. All-Star Automotive Company experienced the following accounting events during Year...
help me with this please.
All-Star Automotive Company experienced the following accounting events during Year 1: 1. Performed services for $15,100 cash. 2. Purchased land for $8,100 cash. 3. Hired an accountant to keep the books. 4. Received $41,000 cash from the issue of common stock. 5. Borrowed $10,200 cash from State Bank. 6. Paid $5,100 cash for salary expense. 7. Sold land for $10,200 cash 8. Paid $4,100 cash on the loan from State Bank. 9. Paid $5,300...
Dakota Company experienced the following events during 2018: 1. Acquired $25,000 cash from the issue of...
Dakota Company experienced the following events during 2018: 1. Acquired $25,000 cash from the issue of common stock. 2. Paid $20,000 cash to purchase land. 3. Borrowed $20,000 cash. 4. Provided services for $60,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Paid $40,000 cash for other operating expenses. 7. Paid a $5,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $25,000. Remuired innts in b-4. b-3....
Maben Company was started on January 1, Year 1, and experienced the following events during its...
Maben Company was started on January 1, Year 1, and experienced
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Acquired $31,000 cash from the issue of common stock.
Borrowed $39,000 cash from National Bank.
Earned cash revenues of $49,000 for performing services.
Paid cash expenses of $45,500.
Paid a $1,100 cash dividend to the stockholders.
Acquired an additional $21,000 cash from the issue of common
stock.
Paid $10,000 cash to reduce the principal balance of the bank
note.
Paid...
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The Candle Shop experienced the following events during its first year of operations, Year1 1. Acquired cash by issuing common stock 2. Paid a cash dividend to the stockholders. 3. Paid cash for operating expenses. 4. Borrowed cash from a bank. 5. Provided services and collected cash. 6. Purchased land with cash. 7. Determined that the market value of the land is higher than the historical cost. Required a. Indicate whether each event is an asset source, use, or exchange...
The Candle Shop experienced the following events during its first year of operations. Yeart 1. Acquired...
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Saved Help Cordell Inc, experienced the following events in 2018, its first year of operation: 1. Received $54,000 cash from the issue of common stock. 2. Performed services on account for $76,000. 3. Paid a $5,400 cash dividend to the stockholders. 4. Collected $60,000 of the accounts receivable. 5. Paid $54,000 cash for other operating expenses. 6. Performed services for $12,500 cash. 7. Recognized $2,400 of accrued utilities expense at the end of the year....
Ben Bradley started Bradley Company on January 1, Year 1. The company experienced the following events...
Ben Bradley started Bradley Company on January 1, Year 1. The company experienced the following events during its first year of operation: 1. Earned $2,400 of cash revenue for performing services, 2. Borrowed $3,900 cash from the bank. 3. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, issued on August 1, Year 1, had a one-year term and a 8 percent annual interest rate. Required a. What is the amount of interest expense...
All-Star Automotive Company experienced the following accounting events during Year 1: 1. Performed services for $14,600 cash 2. Purchased land for $7,600 cash. 3. Hired an accountant to keep the books. 4. Received $36.000 cash from the issue of common stock. 5. Borrowed $9,200 cash from State Bank. 6. Paid $4,600 cash for salary expense. 7. Sold land for $9,200 cash. 8. Pald $3,600 cash on the loan from State Bank. 9. Paid $4,800 cash for utilities expense. 10. Pald...
All-Star Automotive Company experienced the following accounting events during Year 2: 1. Performed services for $25,000 cash. 2. Purchased land for $6,000 cash. 3. Hired an accountant to keep the books. 4. Received $50,000 cash from the issue of common stock 5. Borrowed $5,000 cash from State Bank 6. Paid $14,000 cash for salary expense. 7. Sold land for $9.000 cash. 8. Paid $2,000 cash on the loan from State Bank 9. Paid $2,800 cash for utilities expense. 10. Paid...
All-Star Automotive Company experienced the following accounting events during 2018: 1. Performed services for $14,700 cash. 2. Purchased land for $7,700 cash. 3. Hired an accountant to keep the books. 4. Received $37,000 cash from the issue of common stock. 5. Borrowed $9,400 cash from State Bank. 6. Paid $4,700 cash for salary expense. 7. Sold land for $9,400 cash. 8. Paid $3,700 cash on the loan from State Bank. 9. Paid $4.900 cash for utilities expense. 10. Paid a...
help me with this please.
All-Star Automotive Company experienced the following accounting events during Year 1: 1. Performed services for $15,100 cash. 2. Purchased land for $8,100 cash. 3. Hired an accountant to keep the books. 4. Received $41,000 cash from the issue of common stock. 5. Borrowed $10,200 cash from State Bank. 6. Paid $5,100 cash for salary expense. 7. Sold land for $10,200 cash 8. Paid $4,100 cash on the loan from State Bank. 9. Paid $5,300...
Dakota Company experienced the following events during 2018: 1. Acquired $25,000 cash from the issue of common stock. 2. Paid $20,000 cash to purchase land. 3. Borrowed $20,000 cash. 4. Provided services for $60,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Paid $40,000 cash for other operating expenses. 7. Paid a $5,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $25,000. Remuired innts in b-4. b-3....
Maben Company was started on January 1, Year 1, and experienced
the following events during its first year of operation:
Acquired $31,000 cash from the issue of common stock.
Borrowed $39,000 cash from National Bank.
Earned cash revenues of $49,000 for performing services.
Paid cash expenses of $45,500.
Paid a $1,100 cash dividend to the stockholders.
Acquired an additional $21,000 cash from the issue of common
stock.
Paid $10,000 cash to reduce the principal balance of the bank
note.
Paid...
The Candle Shop experienced the following events during its first year of operations, Year1 1. Acquired cash by issuing common stock 2. Paid a cash dividend to the stockholders. 3. Paid cash for operating expenses. 4. Borrowed cash from a bank. 5. Provided services and collected cash. 6. Purchased land with cash. 7. Determined that the market value of the land is higher than the historical cost. Required a. Indicate whether each event is an asset source, use, or exchange...
The Candle Shop experienced the following events during its first year of operations. Yeart 1. Acquired cash by Issuing common stock. 2. Pald a cash dividend to the stockholders. 3. Pald cash for operating expenses. 4. Borrowed cash from a bank 5. Provided services and collected cash. 6. Purchased land with cash. 7. Determined that the market value of the land is higher than the historical cost. Required a. Indicate whether each event is an asset source, use, or exchange...
the first photo is diresctions
Saved Help Cordell Inc, experienced the following events in 2018, its first year of operation: 1. Received $54,000 cash from the issue of common stock. 2. Performed services on account for $76,000. 3. Paid a $5,400 cash dividend to the stockholders. 4. Collected $60,000 of the accounts receivable. 5. Paid $54,000 cash for other operating expenses. 6. Performed services for $12,500 cash. 7. Recognized $2,400 of accrued utilities expense at the end of the year....
Ben Bradley started Bradley Company on January 1, Year 1. The company experienced the following events during its first year of operation: 1. Earned $2,400 of cash revenue for performing services, 2. Borrowed $3,900 cash from the bank. 3. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, issued on August 1, Year 1, had a one-year term and a 8 percent annual interest rate. Required a. What is the amount of interest expense...
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