Answer is not complete. Summary of Transactions a. Services performed for customers, $69000, of which $29000 remained uncollected at the end of the quarter. b. Cash borrowed from the local bank, $60000 (one-year note). Small service truck purchased at the end of the quarter to be used in 。 $ Computation of 69,000 $ Income Cash 40,000 60,000 (9 700)
Answer is not complete. Summary of Transactions a. Services performed for customers, $69000, of which $29000 remained uncollected at the end of the quarter. b. Cash borrowed from the local bank, $60000 (one-year note). Small service truck purchased at the end of the quarter to be used in 。 $ Computation of 69,000 $ Income Cash 40,000 60,000 (9 700)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
could not figure out the 2 that are incorrect
Transcribed Image Text:losses/outflows should be indicated with a minus sign.)
Summary of Transactions
a.
Services performed for customers, $69000, of which $29000
remained uncollected at the end of the quarter.
$
b.
Cash borrowed from the local bank, $60000 (one-year note).
C.
Small service truck purchased at the end of the quarter to be used in
the business for two years starting the next quarter: cost, $9700 cash.
Wages earned by employees, $21600, of which one-half remained
unpaid at the end of the quarter.
d.
e.
Service supplies purchased for use in the business, $4790 cash, of
which $1460 were unused (still on hand) at the end of the quarter.
Other operating expenses, $25000, of which $6700 remained unpaid
at the end of the quarter.
f.
Based only on these transactions, compute the following for the
quarter:
Income (or loss)
Cash inflow (or outflow)
X Answer is not complete.
$
Computation of
Income
69,000
(25,000)
44,000 X
$
Cash
40,000
60,000
(9,700)
(10,800)
(4,790)
74,710 X
Transcribed Image Text:Huang Trucking Company was organized on January 1, 2014. At the end of the first
quarter (three months) of operations, the owner prepared a summary of its activities as
shown in the first row of the following tabulation:
Required:
1. For each of the six transactions given in this tabulation, enter what you consider the
correct amounts. The first transaction is illustrated. (Amounts to be deducted and
losses/outflows should be indicated with a minus sign.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education