1The following information is available for two different types of businesses for the Year1 accounting year. Hopkins CPAs is a service business that provides accountingservices to small businesses. Sports Clothing is a merchandising business that sellssports clothing to college students.Data for Hopkins CPAs1. Borrowed $44,000 from the bank to start the business.2. Provided $34,000 of services to clients and collected $34,000 cash.3. Paid salary expense of $21,800.Data for Sports Clothing1. Borrowed $44,000 from the bank to start the business.2. Purchased $23,000 inventory for cash.3. Inventory costing $19,300 was sold for $35,000 cash.4. Paid $2,800 cash for operating expenses.Required:a. Prepare an income statement, balance sheet, and statement of cash flows for eachof the companies.Complete this question by entering your answers in the tabs below.HopkinsIncomeStatementHopkinsBalance SheetHopkinsStatementCash FlowsPrepare an income statement for Hopkins.HOPKINS CPASIncome StatementFor the Year Ended December 31, Year 1RevenueExpensesSports Income Sports BalanceSheetStatement$0SportsStatementCash Flows

Revenue:Accounting Services Provided: $34,000Expenses:Salary Expense: $21,800Net Income:Revenue -…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Yard Professionals Incorporated experienced the following events in Year 1, its first year of operation: 1. Performed services for $26,000 cash. 2. Purchased $4,800 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,040 of supplies on hand. Required: Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting per c. What is the balance in the Supplies account as of January 1, Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2? Complete this question by entering your answers in the tabs below. Req A Req B1 Income statement Event Req B2 Balance sheet 1. Provided service 2. Purchased supplies 3. Used supplies Totals Record the events under an accounting equation. Note: Not all cells require input. Enter any decreases to account balances with a minus sign. Req B3 Statement of cash flows Cash…
2. Transfer the journal entry into the general ledger and related subsidiary ledger 3. Prepare a Trial Balance on 31 Jan 2021
[The following information applies to the questions displayed below.] While completing undergraduate school work in information systems, Dallin Bourne and Michael Banks decided to start a technology support company called eSys Answers. During year 1, they bought the following assets and incurred the following start-up fees: Year 1 Assets Purchase Date Basis Computers (5-year) October 30, Year 1 $ 16,400 Office equipment (7-year) October 30, Year 1 10,000 Furniture (7-year) October 30, Year 1 5,800 Start-up costs October 30, Year 1 19,520 In April of year 2, they decided to purchase a customer list from a company providing virtually the same services, started by fellow information systems students preparing to graduate. The customer list cost $12,520, and the sale was completed on April 30. During their summer break, Dallin and Michael passed on internship opportunities in an attempt to really grow their business into something they could do full time after graduation.…
mework i Baird Company began operations on January 1, Year 1, by issuing common stock for $34,000 cash. During Year 1, Baird received $53,100 cash from revenue and incurred costs that required $38,100 of cash payments. Problem 10-26A (Algo) Part b Prepare a GAAP-based income statement and balance sheet for Baird Company for Year 1, under the following independent scenario: b. Baird is in the car rental business. The $38,100 was paid to purchase automobiles. The automobiles were purchased on January 1, Year 1, and have three-year useful lives, with no expected salvage value. Baird uses straight-line depreciation. The revenue was generated by leasing the automobiles. Complete this question by entering your answer in the tabs below. Income Statement 2 Prepare an Income Statement. W Balance Sheet S BAIRD COMPANY Income Statement for Year 1 7 3 E D 4 $ $ R D F 0 0 % 5 * 8 J 1 ( 9 K O 0 L P Help >
Assume Down, Incorporated, was organized on May 1 to compete with Despair, Incorporateda company that sells de - motivational posters and office products. Down, Incorporated, encountered the following events during its first month of operations.a. Received $40,000 cash from the investors who organized Down, Incorporatedb. Borrowed $19,000 cash and signed a note due in two years.c. Ordered equipment costing $22,000.d. Purchased $10,000 in equipment, paying $3,000 in cash and signing a six-month note for the balance.e. Received the equipment ordered in (c), pald for half of it, and put the rest on account. Pleaae tell me the cash and equipment
The following information is available for two different types of businesses for the Year 1 accounting year. Hopkins CPAs is a service business that provides accounting services to small businesses. Sports Clothing is a merchandising business that sells sports clothing to college students. Data for Hopkins CPAS Borrowed $95, 400 from the bank to start the business. Provided $63, 600 of services to clients and collected $53,000 cash. Paid salary expense of $33,920. Data for Sports Clothing Borrowed $95,400 from the bank to start the business. Purchased $63,600 inventory for cash. Inventory costing $27,560 was sold for $ 53,000 cash. Paid $8,480 cash for operating expenses. Required: a. Prepare an income statement, balance sheet, and statement of cash flows for each of the companies.
Submit correct and complete solutions. give propriate Explanation. Provide step-by-step detailed explanations.
Cintu is a large marketer and distributor of food service products serving restaurants, hotels, schools, hospitals, and other institutions. The following transactions are typical of those that occurred in a recent year, but the amounts are simplified. a. Borrowed $101,000 from a bank, signing a short-term note payable. b. Provided $106,300 in service to customers, with $100,100 on account and the rest received in cash. c. Purchased equipment for $146,000 in cash. d. Incurred and paid employee wages of $2,450. e. Received $430 on account from a customer. f. Incurred and paid $4,850 cash for travel costs during the year. g. Paid $9,100 cash on accounts payable. h. Incurred $24,300 in utility expenses during the year, of which $18,800 was paid in cash and the rest owed on account. Required: 1. For each of the above transactions, prepare accrual basis journal entries. 2. Calculate the company's preliminary net income.
The following information is available for two different types of businesses fe business that provides accounting services to small businesses. Sports Cloth to college students. Data for Hopkins CPAS 1. Borrowed $106,200 from the bank to start the business. 2. Provided $70,800 of services to clients and collected $59,000 cash. 3. Paid salary expense of $37,760. Data for Sports Clothing 1. Borrowed $106,200 from the bank to start the business. 2. Purchased $70,800 inventory for cash. 3. Inventory costing $30,680 was sold for $59,000 cash. 4. Paid $9,440 cash for operating expenses. Required: a. Prepare an income statement, balance sheet, and statement of cash flows for search Complete this question by entering your answers in the tabs below. 10 Prev 1 of 8 asa www www W Ne
JOURNAL ENTRIES, LEDGERS, AND TRIAL BALANCE After opening their computer sales and service store, the Millers completed the following four transactions: 1. They invested $100,000 in cash in the business. 2. They purchased on credit $10,000 worth of goods from several suppliers. 3. They sold on a cash basis $13,000 worth of products and services. 4. They paid $3,000 for salaries. Use the above information to prepare the following: 1. Journal entries 2. Ledgers 3. Trial balance

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