Homework Answers
| Troy Company | ||||||||||
| Year -1 | ||||||||||
| Balance Sheet | Income Statement | Statement of Cash Flows | ||||||||
| Assets | = Liabilities | + Stockholder's Equity | Revenue | - Expense | Net Income | |||||
| Event | Particulars | Cash | Accounts receivables | Accounts Payable | Common Stock | Retained Earnings | ||||
| 1 | Cash Sales | $15000 | 0 | 0 | 0 | 0 | $15000 | 0 | $15000 | OA |
| 2 | Utility Expense | 0 | 0 | $12000 | 0 | 0 | 0 | $12000 | $-12000 | OA |
| 3 | Cash Payment | $-12000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | OA |
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Troy Company earned $15,000 of cash revenue. Troy incurred
$12,000 of utility expense on account during...
During 2018, Hardy Merchandising Company purchased $17,000 of inventory on account. Hardy sold inventory on account...
During 2018, Hardy Merchandising Company purchased $17,000 of inventory on account. Hardy sold inventory on account that cost $12,800 for $19,100. Cash payments on accounts payable were $10,600. There was $17,000 cash collected from accounts receivable. Hardy also paid $3,700 cash for operating expenses. Assume that Hardy started the accounting period with $23,500 in both cash and common stock. Required a. Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity,...
Seved 2. 15 Doints During Year 1, Hardy Merchandising Company purchased $25,000 of inventory on account...
Seved 2. 15 Doints During Year 1, Hardy Merchandising Company purchased $25,000 of inventory on account Hardy sold inventory on account that cost $18,800 for $28.100. Cash payments on accounts payable were $15,600. There was $25,000 cash collected from accounts receivable Hardy also paid $4,500 cash for operating expenses. Assume that Hardy started the accounting period with $20,500 in both cash and common stock Required a. Record the events in a horizontal statement model. In the Cash Flow column, use...
Waddell Company had the following balances in its accounting records as of December 31, Year 1:...
Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Cash Accounts receivable Liabilities and Stk. Equity Accounts payable Common stock Retained earnings Total $35,000 9,000 51,000 $95,000 Land $ 7,500 40,000 47,500 $95,000 Total The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. 1 Acquired $20,000 cash from the issue of common stock. Mar. 1 Paid a $2,000 cash dividend to the stockholders. April 1 Purchased additional land...
Please use the accounting equation for this (Horizontal Financial Statement Model) Waddell Company had the following...
Please use the accounting equation for this (Horizontal
Financial Statement Model)
Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Cash Accounts receivable Land Total $35,000 9,000 51,000 $95,000 Liabilities and Stk. Equity Accounts payable Common stock Retained earnings Total $ 7,500 40,000 47,500 $95,000 The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. 1 Acquired $20,000 cash from the issue of common stock. Mar. 1 Paid a...
Waddell Company had the following balances in its accounting records as of December 31, Year 1:...
Waddell Company had the following balances in its accounting
records as of December 31, Year 1:
Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Cash Accounts receivable Land Total $35,000 9,000 51,000 $95,000 Liabilities and Stk. Equity Accounts payable Common stock Retained earnings Total $ 7,500 40,000 47,500 $95,000 The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. 1 Acquired $20,000 cash from the issue of common...
need help with these The Containers Inc, experienced the following events during its first year of...
need help with these
The Containers Inc, experienced the following events during its first year of operations, Year 1: 1. Acquired $42.000 cash by issuing common stock. 2. Earned $25,000 revenue on account. 3. Paid $18,000 cash for operating expenses. 4. Borrowed $10,000 cash from a bank. 5. Collected $22,000 of the balance in accounts receivable. 6. Paid a $1,000 cash dividend. Required Show the effects of the events on the financial statements using a horizontal financial statements model like...
1. Performed $104,500 of services for clients on account. 2. Performed $57,000 of services for cash....
1. Performed $104,500 of services for clients on account. 2. Performed $57,000 of services for cash. 3. Incurred $62,000 of other operating expenses on account 4. Paid $23,500 cash to an employee for salary. 5. Collected $71,000 cash from accounts receivable. 6. Paid $26,000 cash on accounts payable. 7. Paid a $7,000 cash dividend to the stockholders. 8. Accrued salaries were $5,400 at the end of Year 1. Required a. Show the effects of the events on the financial statements...
Holloway Company earned $18,000 of service revenue on account during 2018. The company collected $14,000 cash...
Holloway Company earned $18,000 of service revenue on account during 2018. The company collected $14,000 cash from accounts receivable during 2018. Required Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) a. The balance of the accounts receivable that would be reported on the December 31, 2018, balance sheet. b. The amount of net income that would be reported on the 2018...
Holloway Company earned $18,000 of service revenue on account during Year 1. The company collected $14.000...
Holloway Company earned $18,000 of service revenue on account during Year 1. The company collected $14.000 cash from accounts receivable during Year 1. Required Based on this information alone, determine the following for Holloway Company. a. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. b. The amount of net income that would be reported on the Year 1 income statement. c. The amount of net cash flow from operating activities...
Pizza Express Inc, began the Year 2 accounting period with $10,000 cash. $7,500 of common stock,...
Pizza Express Inc, began the Year 2 accounting period with $10,000 cash. $7,500 of common stock, and $2,500 of retained earnings. Pizza Express was affected by the following accounting events during Year 2: 1. Purchased $12,000 of supplies on account. 2. Earned and collected $21,000 of cash revenue. 3. Paid $10,500 cash on accounts payable. 4. Adjusted the records to reflect the use of supplies. A physical count indicated that $2,300 of supplies was still on hand on December 31,...
During 2018, Hardy Merchandising Company purchased $17,000 of inventory on account. Hardy sold inventory on account that cost $12,800 for $19,100. Cash payments on accounts payable were $10,600. There was $17,000 cash collected from accounts receivable. Hardy also paid $3,700 cash for operating expenses. Assume that Hardy started the accounting period with $23,500 in both cash and common stock. Required a. Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity,...
Seved 2. 15 Doints During Year 1, Hardy Merchandising Company purchased $25,000 of inventory on account Hardy sold inventory on account that cost $18,800 for $28.100. Cash payments on accounts payable were $15,600. There was $25,000 cash collected from accounts receivable Hardy also paid $4,500 cash for operating expenses. Assume that Hardy started the accounting period with $20,500 in both cash and common stock Required a. Record the events in a horizontal statement model. In the Cash Flow column, use...
Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Cash Accounts receivable Liabilities and Stk. Equity Accounts payable Common stock Retained earnings Total $35,000 9,000 51,000 $95,000 Land $ 7,500 40,000 47,500 $95,000 Total The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. 1 Acquired $20,000 cash from the issue of common stock. Mar. 1 Paid a $2,000 cash dividend to the stockholders. April 1 Purchased additional land...
Please use the accounting equation for this (Horizontal
Financial Statement Model)
Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Cash Accounts receivable Land Total $35,000 9,000 51,000 $95,000 Liabilities and Stk. Equity Accounts payable Common stock Retained earnings Total $ 7,500 40,000 47,500 $95,000 The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. 1 Acquired $20,000 cash from the issue of common stock. Mar. 1 Paid a...
Waddell Company had the following balances in its accounting
records as of December 31, Year 1:
Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Cash Accounts receivable Land Total $35,000 9,000 51,000 $95,000 Liabilities and Stk. Equity Accounts payable Common stock Retained earnings Total $ 7,500 40,000 47,500 $95,000 The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. 1 Acquired $20,000 cash from the issue of common...
need help with these
The Containers Inc, experienced the following events during its first year of operations, Year 1: 1. Acquired $42.000 cash by issuing common stock. 2. Earned $25,000 revenue on account. 3. Paid $18,000 cash for operating expenses. 4. Borrowed $10,000 cash from a bank. 5. Collected $22,000 of the balance in accounts receivable. 6. Paid a $1,000 cash dividend. Required Show the effects of the events on the financial statements using a horizontal financial statements model like...
1. Performed $104,500 of services for clients on account. 2. Performed $57,000 of services for cash. 3. Incurred $62,000 of other operating expenses on account 4. Paid $23,500 cash to an employee for salary. 5. Collected $71,000 cash from accounts receivable. 6. Paid $26,000 cash on accounts payable. 7. Paid a $7,000 cash dividend to the stockholders. 8. Accrued salaries were $5,400 at the end of Year 1. Required a. Show the effects of the events on the financial statements...
Holloway Company earned $18,000 of service revenue on account during 2018. The company collected $14,000 cash from accounts receivable during 2018. Required Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) a. The balance of the accounts receivable that would be reported on the December 31, 2018, balance sheet. b. The amount of net income that would be reported on the 2018...
Holloway Company earned $18,000 of service revenue on account during Year 1. The company collected $14.000 cash from accounts receivable during Year 1. Required Based on this information alone, determine the following for Holloway Company. a. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. b. The amount of net income that would be reported on the Year 1 income statement. c. The amount of net cash flow from operating activities...
Pizza Express Inc, began the Year 2 accounting period with $10,000 cash. $7,500 of common stock, and $2,500 of retained earnings. Pizza Express was affected by the following accounting events during Year 2: 1. Purchased $12,000 of supplies on account. 2. Earned and collected $21,000 of cash revenue. 3. Paid $10,500 cash on accounts payable. 4. Adjusted the records to reflect the use of supplies. A physical count indicated that $2,300 of supplies was still on hand on December 31,...
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