34 35 Cash from Operating Activities: n/a n/a n/a n/a 36 37 Cash Paid for Inventory 38 Cash Paid for Insurance 39 Total Cash from Operating Activities 40 41 Cash from Investing Activities n/a 42 43 Cash from Financing Activities 44 Cash Paid for Dividends 45 Net Cash from Financing Activities (1,080) -JournallE18 (1,080) =SUM(B44) 46 n/a n/a n/a 47 48 Plus Beginning Cash Balance 49 Ending Cash Balance 50 51 52 ***When preparing your Balance Sheet, do not forget your beginning balances! 53 Karry no Key, Inc. 54 55 56 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 57 Accounts Receivable 58 Inventory 59 Prepaid Insurance 60 61 Equipment, Net of Accumulated Depreciation 62 63 Accounts Payable 64 65 Notes Payable InstructionE lourn
34 35 Cash from Operating Activities: n/a n/a n/a n/a 36 37 Cash Paid for Inventory 38 Cash Paid for Insurance 39 Total Cash from Operating Activities 40 41 Cash from Investing Activities n/a 42 43 Cash from Financing Activities 44 Cash Paid for Dividends 45 Net Cash from Financing Activities (1,080) -JournallE18 (1,080) =SUM(B44) 46 n/a n/a n/a 47 48 Plus Beginning Cash Balance 49 Ending Cash Balance 50 51 52 ***When preparing your Balance Sheet, do not forget your beginning balances! 53 Karry no Key, Inc. 54 55 56 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 57 Accounts Receivable 58 Inventory 59 Prepaid Insurance 60 61 Equipment, Net of Accumulated Depreciation 62 63 Accounts Payable 64 65 Notes Payable InstructionE lourn
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Nathan Jackson
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Shareholders' Equity
Account
Liabilities
Assets
Yes
Do you intend to major in one of the College of Business and Economic's majors?
Amount
Account
Amount
Account
Amount
$ 106,000 Notes Payable
530 Interest Payable
111.000 Stock
Balance Sheet at April 30: $
83,536 Cash
2,406 Retained Earnings
5,500 Inventory
132,000 Equipment
Amounts in US$
Total
(1,100) Accumulated Depreciation
33,000 Inventory
3,300 Prepaid Insurance
(3,300) Cash
Per Unit
During May, its second month of business, Karry no Key, Inc.:
5/1
5/1
33,000 Accounts Payable
33,000
3,300
110.00 $
Purchased 300 karaoke machines on account
Paid for six months of insurance in advance; coverage that begins May 1
Sold 320 karaoke machines on account:
Record the sale
During
49,280 Sales Revenue
154.00
49,280 Accounts Receivable
May
(35.200) Cost of Goods Sold
110.00
(35,200) Inventory
Record the cost of the sale
44,352 Cash
(44,352) Accounts Receivable
(19,800) Cash
(1,080) Cash
(550) Prepaid Insurance
(1,100) Accumulated Depreciation
44,352
During
Collected cash from customers from sales made on account
May
5/31
19.800
1,080
(19,800) Accounts Payable
Paid for inventory purchased on account
Declared and paid cash dividend to its shareholders
Adjusted for insurance used during the month
Adjusted for depreciation on equipment (hint: refer to P1 for estimated life of equipment)
Adiusted for wages owed that will be paid in the first week of June
(1.080) Dividends
(550) Insurance Expense
(1,100) Depreciation Expense
(1,484) Wages Expense
(530) Interest Expense
5/31
A1
A2
1,484
530
1,484 Wages Payable
530 Interest Payable
A3
A4
Adjusted for interest owed on the 6%, 3-month bank loan; interest and principal due on June 30
Column Totals
244,486
121,744
122,742
24
Chart of Accounts:
26
27
Accounts Payable
Accounts Receivable
Accumulated Depreciation
28
29
Cash
30
Cost of Goods Sold
31
Depreciation Expense
32
Dividends
Instructions Journal Statements
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D
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2 Project
wVU MIX Username: E
Shareholders' Equity
Account
Liabilities
Assets
Yes
Do you intend to major in one of the College of Business and Economic's majors?
Amount
Account
Amount
Account
Amount
$ 106,000 Notes Payable
530 Interest Payable
111.000 Stock
Balance Sheet at April 30: $
83,536 Cash
2,406 Retained Earnings
5,500 Inventory
132,000 Equipment
Amounts in US$
Total
(1,100) Accumulated Depreciation
33,000 Inventory
3,300 Prepaid Insurance
(3,300) Cash
Per Unit
During May, its second month of business, Karry no Key, Inc.:
5/1
5/1
33,000 Accounts Payable
33,000
3,300
110.00 $
Purchased 300 karaoke machines on account
Paid for six months of insurance in advance; coverage that begins May 1
Sold 320 karaoke machines on account:
Record the sale
During
49,280 Sales Revenue
154.00
49,280 Accounts Receivable
May
(35.200) Cost of Goods Sold
110.00
(35,200) Inventory
Record the cost of the sale
44,352 Cash
(44,352) Accounts Receivable
(19,800) Cash
(1,080) Cash
(550) Prepaid Insurance
(1,100) Accumulated Depreciation
44,352
During
Collected cash from customers from sales made on account
May
5/31
19.800
1,080
(19,800) Accounts Payable
Paid for inventory purchased on account
Declared and paid cash dividend to its shareholders
Adjusted for insurance used during the month
Adjusted for depreciation on equipment (hint: refer to P1 for estimated life of equipment)
Adiusted for wages owed that will be paid in the first week of June
(1.080) Dividends
(550) Insurance Expense
(1,100) Depreciation Expense
(1,484) Wages Expense
(530) Interest Expense
5/31
A1
A2
1,484
530
1,484 Wages Payable
530 Interest Payable
A3
A4
Adjusted for interest owed on the 6%, 3-month bank loan; interest and principal due on June 30
Column Totals
244,486
121,744
122,742
24
Chart of Accounts:
26
27
Accounts Payable
Accounts Receivable
Accumulated Depreciation
28
29
Cash
30
Cost of Goods Sold
31
Depreciation Expense
32
Dividends
Instructions Journal Statements
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![34
35 Cash from Operating Activities:
n/a
n/a
n/a
n/a
36
37 Cash Paid for Inventory
38 Cash Paid for Insurance
39 Total Cash from Operating Activities
40
41 Cash from Investing Activities
n/a
42
43 Cash from Financing Activities
44 Cash Paid for Dividends
(1,080) -Journal!E18
(1,080) =SUM(B44)
45 Net Cash from Financing Activities
46
47
48 Plus Beginning Cash Balance
49 Ending Cash Balance
n/a
n/a
n/a
50
51
52 ***When preparing your Balance Sheet, do not forget your beginning balances!
53
Karry no Key, Inc.
54
55
56
n/a
n/a
n/a
n/a
n/a
n/a
n/a
57 Accounts Receivable
58 Inventory
59 Prepaid Insurance
60
61 Equipment, Net of Accumulated Depreciation
62
63 Accounts Payable
n/a
n/a
n/a
64
65 Notes Payable
Instructions Journal Statements
Ready
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Transcribed Image Text:34
35 Cash from Operating Activities:
n/a
n/a
n/a
n/a
36
37 Cash Paid for Inventory
38 Cash Paid for Insurance
39 Total Cash from Operating Activities
40
41 Cash from Investing Activities
n/a
42
43 Cash from Financing Activities
44 Cash Paid for Dividends
(1,080) -Journal!E18
(1,080) =SUM(B44)
45 Net Cash from Financing Activities
46
47
48 Plus Beginning Cash Balance
49 Ending Cash Balance
n/a
n/a
n/a
50
51
52 ***When preparing your Balance Sheet, do not forget your beginning balances!
53
Karry no Key, Inc.
54
55
56
n/a
n/a
n/a
n/a
n/a
n/a
n/a
57 Accounts Receivable
58 Inventory
59 Prepaid Insurance
60
61 Equipment, Net of Accumulated Depreciation
62
63 Accounts Payable
n/a
n/a
n/a
64
65 Notes Payable
Instructions Journal Statements
Ready
Accessibility: Investigate
esc
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の
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