Homework Answers
| Income Statement for the Yead ended Dec 31,2013 | ||
| Service Revenue | $1,16,000 | |
| Salaries Expense | $13,000 | |
| Operating Expense | $20,000 | |
| -$33,000 | ||
| Net Income (Loss) | $83,000 | |
| Statement of change in stock holder s eqity as on the Yead ended Dec 31,2013 | ||
| Common Stock | $1,32,000 | |
| Net Income/(Loss) for the year | $83,000 | |
| Less: Dividend Pad | -$9,000 | |
| total Owner's Equity | $2,06,000 | |
| Balance Sheet for Year ended on 31st Dec 2013 | ||
| Assets | ||
| Current Asset | ||
| Cash | $1,56,000.00 | |
| Total Current Asset | $1,56,000.00 | |
| Property, Plant & Equipment | ||
| Land | $1,00,000.00 | $1,00,000.00 |
| Total Asset | $2,56,000.00 | |
| Liability & Equity | ||
| Current Liabilities | ||
| Secured Loan | $50,000.00 | $50,000.00 |
| Total Liabilities | $50,000.00 | |
| Equity | 206000 | |
| Total Liability & Equity | $2,56,000.00 | |
| Statement of Cash Flow for 2013 | ||
| Cash Flow from Operating Activities | ||
| Net Income | $83,000.00 | |
| Cash generating from Operating activities | $83,000.00 | |
| Cash Flow from investing Activities | ||
| Land Purchased | -$1,00,000.00 | |
| Cash used for investing activities | -$1,00,000.00 | |
| Cash Flow from Financing Activities | ||
| Common Stock issue | $1,32,000.00 | |
| Secure Loan receivedd | $50,000.00 | |
| Dividend Paid | -$9,000.00 | |
| Cash usedd for investing activities | $1,73,000.00 | |
| Net change in cash flow during the year | $1,56,000.00 | |
| Cash A/c for the year 2013 | ||
| Debit | Credit | |
| Common Stock | $1,32,000.00 | |
| Loan | $50,000.00 | |
| Services | $1,16,000.00 | |
| Salries Expenses | $13,000.00 | |
| dividend Paid | $9,000.00 | |
| land Purchased | $1,00,000.00 | |
| Operating Expense | $20,000.00 | |
| Cash Balance | $1,56,000.00 | |
| $2,98,000.00 | $2,98,000.00 | |
| Statement of change in stock holder s eqity as on the Yead ended Dec 31,2014 | ||
| Beginning Equity as on 31 Dec 2013 | $2,06,000 | |
| Net Income/(Loss) for the year | -$80,000 | |
| total Owner's Equity | $1,26,000 | |
| Balance Sheet for Year ended on 31st Dec 2014 | ||
| Assets | ||
| Current Asset | ||
| Cash | $26,000.00 | |
| Total Current Asset | $26,000.00 | |
| Property, Plant & Equipment | ||
| Land | $1,00,000.00 | $1,00,000.00 |
| Total Asset | $1,26,000.00 | |
| Liability & Equity | ||
| Current Liabilities | ||
| Secured Loan | $0.00 | |
| Total Liabilities | $0.00 | |
| Equity | 126000 | |
| Total Liability & Equity | $1,26,000.00 | |
| Statement of Cash Flow for 2014 | ||
| Cash Flow from Operating Activities | ||
| Net Income | -$80,000.00 | |
| Cash generating from Operating activities | -$80,000.00 | |
| Cash Flow from investing Activities | ||
| Cash used for investing activities | $0.00 | |
| Cash Flow from Financing Activities | ||
| Secure Loan Paid | -$50,000.00 | |
| Cash used for investing activities | -$50,000.00 | |
| Net change in cash flow during the year | -$1,30,000.00 | |
| Beginning Cash Balance | $1,56,000.00 | |
| Closing Cash Balance | $26,000.00 | |
| $1,30,000.00 | ||
| Cash A/c for the year 2014 | ||
| Debit | Credit | |
| Balance | $1,56,000.00 | |
| Loan | $50,000.00 | |
| Services | $10,000.00 | |
| Operating expense | $90,000.00 | |
| Balance | $26,000.00 | |
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E4 2Module 1 Homework-Comprehensive roblem 1B 4 During 2013 Rustic Camp Sites (RCS) experienced the following...
Question The following are the business transactions of Rustic Camp Sites for November 2019. Date Narration...
Question The following are the business transactions of Rustic Camp Sites for November 2019. Date Narration Event 1 Acquired $150,000 from issuing common stock 2 Bought a photocopier for $2,500, paying cash 3 Received a bank loan $70,000 4 Bought Office premises $130,000, paying cash 5 Revenue earned from providing services $35,000 6 Paid utility expenses $2,500 7 Bought furniture and paid 5,000 8 Salary paid to employees $10,000 9 Cash dividend paid $5,000 10 Paid interest expenses $200 11...
EduOasis on or before September 28, 2020 Question The following are the business transactions of Rustic...
EduOasis on or before September 28, 2020 Question The following are the business transactions of Rustic Camp Sites for November 2019. Date Narration Event 1 2 3 4 5 6 Acquired $150,000 from issuing common stock Bought a photocopier for $2,500, paying cash Received a bank loan $70,000 Bought Office premises $130,000, paying cash Revenue earned from providing services $35,000 Paid utility expenses $2,500 Bought furniture and paid 5,000 Salary paid to employees $10,000 Cash dividend paid $5,000 Paid interest...
Susan’s Consulting experienced the following transactions for Year 1, its first year of operations, and Year...
Susan’s Consulting experienced the following transactions for Year 1, its first year of operations, and Year 2. Assume that all transactions involve the receipt or payment of cash. Transactions for Year 1: Acquired $50,000 by issuing common stock. Received $100,000 cash for providing services to customers. Borrowed $15,000 cash from creditors. Paid expenses amounting to $60,000. Purchased land for $40,000 cash. Transactions for Year 2: Acquired an additional $20,000 from the issue of common stock. Received $130,000 for providing services....
Mark's Consulting experienced the following transactions for 2018, its first year of operations, and 2019. Assume...
Mark's Consulting experienced the following transactions for 2018, its first year of operations, and 2019. Assume that all transactions involve the receipt or payment of cash. Transactions for 2018 1. Acquired $55,000 by issuing common stock. 2. Received $130,000 cash for providing services to customers. 3. Borrowed $22,000 cash from creditors. 4. Paid expenses amounting to $59,000. 5. Purchased land for $40,000 cash. Transactions for 2019 Beginning account balances for 2019 are: Cash $ 108,000 Land 40,000 Notes payable 22,000 Common stock 55,000 Retained earnings...
Required information [The following information applies to the questions displayed below.) Mark's Consulting experienced the following...
Required information [The following information applies to the questions displayed below.) Mark's Consulting experienced the following transactions for 2018, its first year of operations, and 2019. Assume that all transactions involve the receipt or payment of cash. Transactions for 2018 1. Acquired $70,000 by issuing common stock 2. Received $120,000 cash for providing services to customers. 3. Borrowed $19,000 cash from creditors. 4. Paid expenses amounting to $56,000. 5. Purchased land for $35,000 cash. Transactions for 2019 Beginning account balances...
Required Information [The following information applies to the questions displayed below.] Mark's Consulting experienced the following...
Required Information [The following information applies to the questions displayed below.] Mark's Consulting experienced the following transactions for 2018, Its first year of operations, and 2019. Assume that all transactions involve the receipt or payment of cash. Transactions for 2018 1. Acquired $80,000 by Issuing common stock. 2. Received $130,000 cash for providing services to customers. 3. Borrowed $21,000 cash from creditors. 4. Pald expenses amounting to $54,000. 5. Purchased land for $40,000 cash. Transactions for 2019 Beginning account balances...
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...
Question 13 Janeek Inc. experienced the following events in 2018, its first year of operation: 1....
Question 13 Janeek Inc. experienced the following events in 2018, its first year of operation: 1. Performed counseling services for $13,850 cash. 2. Purchased $1,810 of supplies on account. 3. A physical count on December 31, 2018, found that there was $250 of supplies on hand. Based on this information, the balance in Supplies Expense as of 12/31/18 is $ Question 14 Hadley Dress Shops experienced the following events during its third accounting period. (1) Sold merchandise that cost $6,755...
Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations:...
Hart, Attorney at Law, experienced the following transactions in
Year 1, the first year of operations:
Accepted $16,900 on April 1, Year 1, as a retainer for services
to be performed evenly over the next 12 months.
Performed legal services for cash of $69,500.
Purchased $1,450 of office supplies on account.
Paid $1,305 of the amount due on accounts payable.
Paid a cash dividend to the stockholders of $5,500.
Paid cash for operating expenses of $19,800.
Determined that at the...
Problem 1.33 *Mikes company experienced the following transactions for 2018, its first year of operations and...
Problem 1.33 *Mikes company experienced the following
transactions for 2018, its first year of operations and 2019.Assume
that all transactions involve the receipt or payment of cash and
Problem 1.34
Chpter1 Probiem 1-33 Transactions for 2018 CHECK FIGURES a. Net Income 2018: $13,000 b. Retained Earnings 2019 1. Acquired $20,.000 by issuing common stock. 2. Received $35,000 cash for providing services to customers 3. Borrowed $25,000 cash from creditors. 4. Paid expenses amounting to $22,000. 5. Purchased land for...
Question The following are the business transactions of Rustic Camp Sites for November 2019. Date Narration Event 1 Acquired $150,000 from issuing common stock 2 Bought a photocopier for $2,500, paying cash 3 Received a bank loan $70,000 4 Bought Office premises $130,000, paying cash 5 Revenue earned from providing services $35,000 6 Paid utility expenses $2,500 7 Bought furniture and paid 5,000 8 Salary paid to employees $10,000 9 Cash dividend paid $5,000 10 Paid interest expenses $200 11...
EduOasis on or before September 28, 2020 Question The following are the business transactions of Rustic Camp Sites for November 2019. Date Narration Event 1 2 3 4 5 6 Acquired $150,000 from issuing common stock Bought a photocopier for $2,500, paying cash Received a bank loan $70,000 Bought Office premises $130,000, paying cash Revenue earned from providing services $35,000 Paid utility expenses $2,500 Bought furniture and paid 5,000 Salary paid to employees $10,000 Cash dividend paid $5,000 Paid interest...
Required information [The following information applies to the questions displayed below.) Mark's Consulting experienced the following transactions for 2018, its first year of operations, and 2019. Assume that all transactions involve the receipt or payment of cash. Transactions for 2018 1. Acquired $70,000 by issuing common stock 2. Received $120,000 cash for providing services to customers. 3. Borrowed $19,000 cash from creditors. 4. Paid expenses amounting to $56,000. 5. Purchased land for $35,000 cash. Transactions for 2019 Beginning account balances...
Required Information [The following information applies to the questions displayed below.] Mark's Consulting experienced the following transactions for 2018, Its first year of operations, and 2019. Assume that all transactions involve the receipt or payment of cash. Transactions for 2018 1. Acquired $80,000 by Issuing common stock. 2. Received $130,000 cash for providing services to customers. 3. Borrowed $21,000 cash from creditors. 4. Pald expenses amounting to $54,000. 5. Purchased land for $40,000 cash. Transactions for 2019 Beginning account balances...
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...
Question 13 Janeek Inc. experienced the following events in 2018, its first year of operation: 1. Performed counseling services for $13,850 cash. 2. Purchased $1,810 of supplies on account. 3. A physical count on December 31, 2018, found that there was $250 of supplies on hand. Based on this information, the balance in Supplies Expense as of 12/31/18 is $ Question 14 Hadley Dress Shops experienced the following events during its third accounting period. (1) Sold merchandise that cost $6,755...
Hart, Attorney at Law, experienced the following transactions in
Year 1, the first year of operations:
Accepted $16,900 on April 1, Year 1, as a retainer for services
to be performed evenly over the next 12 months.
Performed legal services for cash of $69,500.
Purchased $1,450 of office supplies on account.
Paid $1,305 of the amount due on accounts payable.
Paid a cash dividend to the stockholders of $5,500.
Paid cash for operating expenses of $19,800.
Determined that at the...
Problem 1.33 *Mikes company experienced the following
transactions for 2018, its first year of operations and 2019.Assume
that all transactions involve the receipt or payment of cash and
Problem 1.34
Chpter1 Probiem 1-33 Transactions for 2018 CHECK FIGURES a. Net Income 2018: $13,000 b. Retained Earnings 2019 1. Acquired $20,.000 by issuing common stock. 2. Received $35,000 cash for providing services to customers 3. Borrowed $25,000 cash from creditors. 4. Paid expenses amounting to $22,000. 5. Purchased land for...
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