WK1 Homework Getting introduced to accounting!

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National University College *

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600

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Accounting

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Feb 20, 2024

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Required Match the appropriate terms with the definitions. [ Definition Term The economic benefit (increase in assets) gained by providing goods or services (o . ca/9.44 1 customars Revenue Qo points awarded 2. Investors who purchase common stock. Stockholders o The economic sacrifics (decrease in assets) incurred in the process of providing goods or 4 Created when a company borrows money from a bank Liability o 5 |Assets minus liabilties and retained eamings Common Stock o 6. Occurs when expenses exceed revenues during the year. Net Loss. o 7. [Individuals or insttutions that have loaned goods or services to a business. _ Creditors [ 8| Complete set of accounts used in accounting systems General Ledger [ 9 |Occurs when revenue exceeds expenses during the year Net Income [ 10, |Assets minus liablities. Stockholders' Equity @ 11| The section of the statement of cash flows that reflects cash paid for expenses Operating Activity [ 12, |The section of the statement of cash flows that reflects cash collected from the issue of stock | Financing Activity [ 13, |The section of the statement of cash flows that reflects cash paid to purchase land. Investing Activity [ The ltem shown on the statement of changes in stockholders' equity that represents a transfer | . ™. | of wealth from a business to its owners. Divideed ° 15. | Equal to iabiities plus stockholders' equity Assets [ [ 16, |Astockholders”equity account that contains the amount of net income eamed minus dividends paid since the inception of the bus [ E ess. Required Identify the financial statements on which each of the following items (tites, date descriptions, and accounts) appears by selecting 944 in the appropriate column. If an item appears on more than one statement, select "X" in every applicable column. points @ Answer is complete and correct. — Income. schhssﬂn'a*e';‘u? ‘ Balance [ s Statement | Stockholders® Sheet Frows | | Equity Financing activities x @ ?ndmg ‘common stock X Q X Q Interest expense X Q s of (date) x @ Land x @ Beginning cash balance X Q Notes payable x @ Beginning common stock X o Service revenue X Q Utilty expense x @ Stock issued X Q X Q Operating activities x @ For e Perod Endad X © x o x @ Net income x @ x @ Investing activities X o Netloss x @ X [ Ending cash balance X Q X Q Salary expense X Q@ Consutting revenue x @ e x_ o x o

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3 © Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 044 poims Rea A ‘ Reast Req B2 Req B3 ReqB4 ReaC ReqE Record the effects of each accounting event under the appropriate headings for each year. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide appropriate titles for these accounts in the last column of the table. (Enter any decreases to account balances with a minus sign. If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells will require input.) Show lessa [ MARK'S CONSULTING SERVICES | E Accountng Equaionfor Year 1 — Asset = [Liabities |+ Stocknolders’ Equi ven Fous e f Ccash . d |- | [ [+ [Eemines | 1 50,000 |+ 0Q|= 0@+ | 500008+ 9 2 1000008 |+ 09|- 09|+ 100,000 @ | Revenue o 3 150009+ 09- 150009+ 9 K 0000 O |~ 00| 00+ (60,000 @ |Operating sxpense @ | 5 0,000 @ |~ 0000 |= @~ | 1 e — Totals 65000 |+ 40000 [= 15000 |+ | 50,000 40,000 MARK'S CONSULTING SERVICES. - [ Accounting Equation for Year 2 B Assets - [Liobiltis |+ Stockholders' Equi - = e O o B v 20 L = I nd = | payable sock |* | Eamings | be 65,0009 | 4000Q|= 15000 [+ 50000 |- | 40000 1 200009 |+ 9= 20- | %m0~ 9 2 1300000 |+ 00| 00~ 00|~ | 130000@ |Revenve [ 3 (10,000 @ |+ 00[= | 10000+ 9[- 9 4 5000 - 9[- o | [ 75,000 @ | Operating expense @ 5 150009 |+ 00[- Q 0 (15,000) @ | Dividends. 2 5 - B - Tows | 115000 |- |_ 40,000 500 |- 70000 |- | 80000

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3 U 944 Complete this question by entering your answers in the tabs below. points © Answer is complete but not entirely correct. Req A ReqB1 Req B2 Req B3 Req B4 ReaC ReqE Prepare a statement of changes in stockholders’ equity for each year accounting period. (Amounts to be deducted should be indicated with minus sign.) MARK'S CONSULTING SERVICES Statement of Changes in Stockholders’ Equity For the Year Ended December 31, Year 1 |Beginning common stock Plus: Common stock issued O 50m0 [Ending common stock s 50000 | Beginning retained eamings Plus: Net income Q| 2000 Ending retained eamings 0000 | [ Total stockholders' equity. 5 90000 | MARK'S CONSULTING SERVICES Statement of Changes in Stockholders’ Equity [ Forthe Year Ended December 31, Year 2 | Beginning common stock s 50009 Plus: Common stock issued O 2000 Ending common stock /s 70000 Beginning etaned earmings XT) Plus: Net income. Q| 55000 Less: Dividends O (15000Q Ending etaned eamings 3000 | [Total stocknolders'equity s150000 | o

w Answer 15 comprete out nor enurery correct. Complete this question by entering your answers in the tabs below. Reqn ReaBl | ReB2 | ReaB? | ReaBé ReaC Prapare 3 year-end balance shast for sach year sczounting period. [ wamcs consuiTwG semvices = Balance Sheet N | As of December 31, Year 1 B fhssets G X Lana ©] w0 B e Caiies Notes payable Ofs 15000 B e Stockholders Equity_ Common sock O 5w Remnes eamrgs O] vwe o oo sty - oo | ot ites s scciroies sauts | WARK'S CONSULTING SERVICES Balance Sheet B [ s of December 1, Year 2 [hssets Camn Ofme s ©| vwe o s S50 Coabiies ores poysoe ©) :we o s ] Stockhoider’ Equty Commen s ] nwe Retmnas samne O nwe ot oo sty X [ s 3 sccmorsers sary s

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Req ReaBl | ReB2 | ReaB? | Reasé ReaC ReqE Prapars 3 statemant of cazh flows for sach yaar sccaunting paricd. (Cash cutflons shauld 52 indicated with minus 5ian.) MARK'S CONSULTING SERVICES Statement of Cash Flows For the Year Ended December 31, Year 1 Cash recsips rom customers IIEE) Cash payments for expenses © w™© et casn Fow Fom oparatng scowies X [Can fows fom nvestng scivises Cash payment for ane LIRS et casn fow fom nvestng acoves @00%0) [Cash fows #om fnancing Cash recapts rom stock ssue. Cash recapts Fom borowed s Nt ca5n fow o Fnancing acttes Nt ncrease i casn Plus Beginning cash baance. Ercng casnbaacce MARK'S CONSULTING SERVICES B Statement of Cash Flows B [ For the Year Ended December 31, Year 2 | [Cash fows trom operating actwtes Cash racaipts rom customers © 120000 Cash payments for expanses [ L) Net cash fow from oparatng actves. ls s000 |Cash fows rom investing actvises |Cash fows Fom fnancing actwies Cash payment on dest O 1000© Cash racsis from siock issue [ Cash payment for Gvidends. [ ST et casn fow from fnancing actviees o) | et ncresse ncasn © 0008 Plus: Begiming cash balance [ 1) Ending cash baiance |

5. Purchased land for $40,000 cash Transactions for Year 2 Beginning account balances for Year 2 are: s s65,000 Notes payable 15,000 fetained sarnings o000 1. Acquired an additional $20,000 from the ssue of common stock. 2 Received $130,000 for provieing services 3. Paid $10,000 to creditors to reduce loan. 4. Paid expenses amounting to $75,000. 3. Paid a $15,000 dividend to the stocknolders. 6. Determined that the market value of the land is $50,000. Required . Record the effects of each accounting event under the appropriate headings for each year. Record the amounts of revenue. expense. and dividends in the Retained Earnings column. Provide appropriate ites for these accounts in the last column of the table. b1, Prepare an income statement for each year accounting period. b-2. Prepare a statement of changes in stockholders' eauity for each year accounting period. b-3. Prepare a year-end balance sheet for each year accounting period. b4, Prepare a statement o casn flows for each year accounting period. . Determine the amount of cash that s n the retained earnings account at the end of Year 1and Year 2. . Determine the balance in the Retained Earnings account immediately after Event 2 in Year 1is recorded and after Event 2n Yes s recorded, © Answer is complete but not entirely correct. ‘Complete this question by entering your answers in the tabs below. Reat Reas1 ReqB2 | Reqs3 | Reass ReaC ReqE Datermine the amount of cash thatisin the retained sarnings account at the end of Yaar 1 and Year 2.

L ACUUITEG 29U Dy IS COmITIUN SR 2 Receved $100,000 cash for providing senvices to customers 3. Borrowed $16,000 cash from creditors. 4. Paid expenses amounting to $60.000. 5. Purchased land for $40,000 cash Transactions for Year 2 Beginning account balances for Year 2 are: sn s65,000 Notes payable 15,000 fetained sarnings o000 1. Acquired an additional $20,000 from the ssue of common stock. 2 Received $130,000 for provieing services. 3. Paid $10,000 to creditors to reduce loan. 4. Paid expenses amounting to $75.000. Paid a $15,000 dividend to the stocknolders. Determined that the market value of the land is $50,000. Required . Record the effects of each accounting event under the appropriate headings for each year. Record the amounts of revenue. expense. and dividends i the Retained Earnings column. Provide appropriate tites for these accounts in the last column of the tabie. b1, Prepare an income statement for each year accounting period. b-2. Prepare a statement of changes in stockholders' equity for each year accounting period. b-3. Prepare a year-end balance sheet for each year accounting period. b4, Prepare a statement of casn flows for each year accounting period. . Determine the amount of cash that is n the retained earnings account at the end of Year 1and Year 2. . Determine the balance in the Retained Earnings account immediately after Event 2 in Year 1is recorded and after Event 2n Year 2 s recorded, © Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Rea’ Reas1 RegB2 | Reqs Req s ReaC Reae Datarming the balancs in the Retained Earmings account immadistely sftar Event 2 in Year 1 i racardad and ster Event 2 n Year 2 s recordad, T

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4 Pantors Required Information [The following information applies to the questions displayed below] Maben Company was started on January 1. Year 1, and experienced the following events uring s first year of operation: 1. Acquired $37,000 casn from the issue of common stock 2 Borrowed $33,000 cash from National Bank 3. Eamed cash revenues of $55.000 for performing senvices. 4.Paid cash expenses of $48,500. 5. Paid a $1700 cash dividend to the stocknolders. 6. Acquired an additional $27,000 cash from the issue of common stock. 7. Paid $8.000 cash 1o reduce the principal balance of the bank note. 8. Paid $60,000 cash to purchase land. Determined that the market value of the land is $84.000. Required a. Record the preceding tansactions in the horizontal statements model. Ao, in the Cash Flows column, classify the cash flows as. operating activiies (OA). investing activites (1A, or financing activities (FA).If the element is not affected by the event,ieave the cell blank. The first event is shown a5 an example. (Enter any decreases to sccount belances and cash outfiows with & minus sign. Not il cels wil require entry) @ Answer is complate and correct. MABEN COMPANY | MHorizontal Statements Model for Year 1 N | Balance Sheet Income Statement B Event preery Cabities |+ | Stookhotders Eauy StatementofCash o o Y evene coperse |+ | Nt Fova o [+ e |- | g ] | | [ T - o - o | e PEETID EEI0 3 - =m0 A © 3 [ sl 3 - [ =we| #we|- F00| 5wO| & © 4 48500 @ [+ [+ [+ (48.500) @ - 4850 @ (48.500)@ [(48500) @ | 04 @ s (1.700) @ |+ [+ - 1.700) @ - 1708 Fa & o [zomol [ z=el I - 700[ A © T [em8[r @00 - I = 00| - © B 80.000) @[+ (600000 |= [+ [+ - = (©0000)@| 1 © . B o o B R - O G Eo I O O O B o =) o | mem Required Information [The following information applies to the questions displayed below,] Maben Company was started on January 1, Year 1, and experienced tne following events during its st year of operation: 1. Acquired $37,000 cash from the issue of common stock. 2 Borrowed $33.000 cash from National Bank. 3. Eamed cash revenues of $55,000 for performing services. 4. Paic cash expenses of $48,500. . Paic 2 $1.700 cash dividend to the stockholders. ©. Acquired an additional $27.000 cash from the issue of common stock. 7. Paic $8,000 cash 1o reduce tre principal balance of the bank note. 8. Paid $60.000 cash to purchase land. 9. Determined that the market value of the land is $84.000. b. Determine the amount of total assets that Maben would report on the December 31, Year 1, balance sheet. @ Answer is complete and correct.

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8 Required information [The following information applies to the questions displayed below] Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $37000 cash from the issue of common stock 2. Borrowed $33,000 cash from National Bank 3. Eamed cash revenues of $55,000 for performing services. 4. Paid cash expenses of $48,500. 5. Paid a $1700 cash dividend to the stockholders. 6. Acquired an additional $27.000 cash from the issue of common stock 7. Paid $8,000 cash to reduce the principal balance of the bank note. 8. Paid $60,000 cash to purchase land. 9. Determined that the market value of the land is $84,000. e. Determine the net cash flows from operating activities, investing activities, and financing activities that Maben would report on the Year 1 statement of cash flows. (Enter cash outflows as negative amounts.) [ Net cash flows from operating activites |S 6,500 @ Net cash flows from investing actvities |5 (60,000) @ Net cash flows from financing activities s 87300Q Required Information Part6 o [The following information applies to the questions displayed below] Maben Company was started on January 1. Year 1. and experienced the following events during fs first year of operation: 1. Acquired $37,000 cash from the issue of common stock. 2 Borrowed $33.000 cash from National Bank. 3. Eamed casn revenues of $55,000 for performing services. 4. Paic cash expenses of $48,500. 5. Paid 2 $1700 cash dividend to the stocknolders ©. Acquired an additional $27.000 cash from tne issue of common stock. 7. Paid $8.000 cash to reduce the principal balance of the bank note. Paid $60.000 cash to purchase land. 9. Determined that the market value of the land is $84.000. £. Determine the percentage of assets that were provided by investors, credis places) and eamings. (Round your answers to 2 decimal @ Answer is complete and correct. Eamings

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