Nelson Company experienced the following transactions during year 1, its first year un operation. 1. Issued...
Nelson Company experienced the following transactions during year 1, its first year un operation.
1. Issued $7,200 of common stock to stockholders.
2. Provided $3,500 of services on account.
3. Paid $1,900 cash for operating expenses.
4. Collected $2,500 of cash from accounts receivable.
5. Paid a $160 cash dividend to stockholders.
The amount of net income recognized on Nelson Company's Year 1 income statement is:
A. $1,600
B. $1,160
C. $1,000
D. $1,440
Homework Answers
net income = services on account - operating expenses = 3500 - 1900 = 1600
common stock issued and cash from accounts receivable are a part of balance sheet item.
dividend paid will be deducted from net income to calculate retained earnings and then will be shown in balance sheet under Equity.
Answer : A : $1600 (Thumbs up please)
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Nelson Company experienced the following transactions during
year 1, its first year un operation.
1. Issued...
Nelson Company experienced the following transactions during Year 1, its first year in operation. 1. Issued...
Nelson Company experienced the following transactions during Year 1, its first year in operation. 1. Issued $8,800 of common stock to stockholders. 2. Provided $5,100 of services on account. 3. Paid $2,300 cash for operating expenses. 4. Collected $3,300 of cash from accounts receivable. 5. Paid a $240 cash dividend to stockholders. The amount of net income recognized on Nelson Company's Year 1 income statement is: Multiple Choice $2,800. $2,040 $1,800 $2,560
Nelson Company experienced the following transactions during Year 1, its first year in operation. Issued $8,000...
Nelson Company experienced the following transactions during Year 1, its first year in operation. Issued $8,000 of common stock to stockholders. Provided $4,300 of services on account. Paid $2,100 cash for operating expenses. Collected $2,900 of cash from accounts receivable. Paid a $200 cash dividend to stockholders. The total amount of assets shown on Nelson Company's December 31, Year 1 balance sheet is:
Nelson Company experienced the following transactions during Year 1, its first year in operation 1. Issued...
Nelson Company experienced the following transactions during Year 1, its first year in operation 1. Issued $12,000 of common stock to stockholders. 2. Provided $4,600 of services on account. 3. Paid $3,200 cash for operating expenses. 4. Collected $3,800 of cash from accounts receivable. 5. Paid a $200 cash dividend to stockholders. The amount of net cash flow from operating activities shown on Nelson Company's Year 1 statement of cash flows is Multiple Choice $400 $600. $1,400 $1,200
Question 25 Nelson Company experienced the following transactions during Year 1, its first year in operation....
Question 25 Nelson Company experienced the following transactions during Year 1, its first year in operation. 1. Issued $12,000 of common stock to stockholders. 2. Provided $4,600 of services on account. 3. Paid $3,200 cash for operating expenses. 4. Collected $3,800 of cash from accounts receivable. 5. Paid a $200 cash dividend to stockholders. The amount of net income recognized on Nelson Company's Year 1 income statement is: Edit Insert Format Tools Table в I o Ауду т?у ? 12pt...
СМО,02 ° Nelson Company experienced the following transactions during Year 1, its first year in operation...
СМО,02 ° Nelson Company experienced the following transactions during Year 1, its first year in operation t Issued $8,200 of common stock to stockholders 2. Provided $4,500 of services on account 그 Paid $2.150 cash for operating expenses. 4 Collected $3,000 of cash from accounts receivable 5 Paid a $210 cash dividend to stockholders The amount of net cash flow from operating activities shown on Nelson Company's Year 1 statement of cash flows is Mubple Choice $640 sa50 $2.350 2140...
СМО,02 ° Nelson Company experienced the following transactions during Year 1, its first year in operation...
СМО,02 ° Nelson Company experienced the following transactions during Year 1, its first year in operation t Issued $8,200 of common stock to stockholders 2. Provided $4,500 of services on account 그 Paid $2.150 cash for operating expenses. 4 Collected $3,000 of cash from accounts receivable 5 Paid a $210 cash dividend to stockholders The amount of net cash flow from operating activities shown on Nelson Company's Year 1 statement of cash flows is Mubple Choice $640 sa50 $2.350 2140...
Question 28 Nelson Company experienced the following transactions during Year 1, its first year in operation...
Question 28 Nelson Company experienced the following transactions during Year 1, its first year in operation 1. Issued $12.000 of common stock to stockholders. 2. Provided $4,600 of services on account. 3. Paid $3,200 cash for operating expenses. 4. Collected $3,800 of cash from accounts receivable. 5. Paid a $200 cash dividend to stockholders. 1 The amount of retained earnings appearing on Nelson Company's December 31, Year 1 balance sheet is: Edit Insert Format Tools Table 12pt AV в I...
2 Quiz - JC Saved Help Save & Exit Nelson Company experienced the following transactions during...
2 Quiz - JC Saved Help Save & Exit Nelson Company experienced the following transactions during Year 1, its first year in operation. 1. Issued $7,800 of common stock to stockholders. 2. Provided $4,100 of services on account. 3. Pald $2,050 cash for operating expenses. 4. Collected $2,800 of cash from accounts receivable. 5. Paid a $190 cash dividend to stockholders. :14:52 The total amount of assets shown on Nelson Company's December 31, Year 1 balance sheet is: Multiple Choice...
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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...
Cordell Inc. experienced the following events in Year 1, its first year of operation: Received $49,000...
Cordell Inc. experienced the following events in Year 1, its
first year of operation:
Received $49,000 cash from the issue of common stock.
Performed services on account for $77,000.
Paid a $4,900 cash dividend to the stockholders.
Collected $55,000 of the accounts receivable.
Paid $49,000 cash for other operating expenses.
Performed services for $15,500 cash.
Recognized $1,900 of accrued utilities expense at the end of
the year.
Required
a. & c. Identify the events that result in
revenue or expense...
Nelson Company experienced the following transactions during Year 1, its first year in operation. 1. Issued $8,800 of common stock to stockholders. 2. Provided $5,100 of services on account. 3. Paid $2,300 cash for operating expenses. 4. Collected $3,300 of cash from accounts receivable. 5. Paid a $240 cash dividend to stockholders. The amount of net income recognized on Nelson Company's Year 1 income statement is: Multiple Choice $2,800. $2,040 $1,800 $2,560
Nelson Company experienced the following transactions during Year 1, its first year in operation 1. Issued $12,000 of common stock to stockholders. 2. Provided $4,600 of services on account. 3. Paid $3,200 cash for operating expenses. 4. Collected $3,800 of cash from accounts receivable. 5. Paid a $200 cash dividend to stockholders. The amount of net cash flow from operating activities shown on Nelson Company's Year 1 statement of cash flows is Multiple Choice $400 $600. $1,400 $1,200
Question 25 Nelson Company experienced the following transactions during Year 1, its first year in operation. 1. Issued $12,000 of common stock to stockholders. 2. Provided $4,600 of services on account. 3. Paid $3,200 cash for operating expenses. 4. Collected $3,800 of cash from accounts receivable. 5. Paid a $200 cash dividend to stockholders. The amount of net income recognized on Nelson Company's Year 1 income statement is: Edit Insert Format Tools Table в I o Ауду т?у ? 12pt...
СМО,02 ° Nelson Company experienced the following transactions during Year 1, its first year in operation t Issued $8,200 of common stock to stockholders 2. Provided $4,500 of services on account 그 Paid $2.150 cash for operating expenses. 4 Collected $3,000 of cash from accounts receivable 5 Paid a $210 cash dividend to stockholders The amount of net cash flow from operating activities shown on Nelson Company's Year 1 statement of cash flows is Mubple Choice $640 sa50 $2.350 2140...
СМО,02 ° Nelson Company experienced the following transactions during Year 1, its first year in operation t Issued $8,200 of common stock to stockholders 2. Provided $4,500 of services on account 그 Paid $2.150 cash for operating expenses. 4 Collected $3,000 of cash from accounts receivable 5 Paid a $210 cash dividend to stockholders The amount of net cash flow from operating activities shown on Nelson Company's Year 1 statement of cash flows is Mubple Choice $640 sa50 $2.350 2140...
Question 28 Nelson Company experienced the following transactions during Year 1, its first year in operation 1. Issued $12.000 of common stock to stockholders. 2. Provided $4,600 of services on account. 3. Paid $3,200 cash for operating expenses. 4. Collected $3,800 of cash from accounts receivable. 5. Paid a $200 cash dividend to stockholders. 1 The amount of retained earnings appearing on Nelson Company's December 31, Year 1 balance sheet is: Edit Insert Format Tools Table 12pt AV в I...
2 Quiz - JC Saved Help Save & Exit Nelson Company experienced the following transactions during Year 1, its first year in operation. 1. Issued $7,800 of common stock to stockholders. 2. Provided $4,100 of services on account. 3. Pald $2,050 cash for operating expenses. 4. Collected $2,800 of cash from accounts receivable. 5. Paid a $190 cash dividend to stockholders. :14:52 The total amount of assets shown on Nelson Company's December 31, Year 1 balance sheet is: Multiple Choice...
Cordell Inc. experienced the following events in Year 1, its
first year of operation:
Received $49,000 cash from the issue of common stock.
Performed services on account for $77,000.
Paid a $4,900 cash dividend to the stockholders.
Collected $55,000 of the accounts receivable.
Paid $49,000 cash for other operating expenses.
Performed services for $15,500 cash.
Recognized $1,900 of accrued utilities expense at the end of
the year.
Required
a. & c. Identify the events that result in
revenue or expense...
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