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Accounting
Assets Liabilities and Equity Cash Accounts receivables 34,000 Inventory Prepaid Insurance Capital Assets Accumulated depreciation (40,000) 10,000 Accounts Payable Wages Payable Income Tax Payable Notes Payables Common Shares Retained Earnings Total Liabilities and Equity 268,000 19,000 4,000 1,000 80,000 100,000 64,000 60.000 4,000 200,000 Total Assets 268,000 The following are all transactions that happened during Year 6: Macie all sales on account of $269,50o Collected accounts receivable of $268,240 Purchased merchandise on account of $134,000 Determined cost of goods sold was $140.000 Paid accounts payable (for merchandise purchased) of $143,000 Paid wages to employees of $52,500 Accrued wages expense (and wages payable) of $1.500 at June 30th. Year 6. Paid insurance premium of $18,000 to extend coverage for three years. Allocated $5,000 of prepaid insurance to insurance expense. Recorded Year 6 total income tax expense (and income tax payable) of $13,000 Paid income taxes to government of $11,500 (this represents the final portion of Year 5 taxes and initial installments of Year 6 taxes). Depreciation for the year $10,000 Required 1: What is the amount of Cash received from customers? $[ Required 2: How much is the net income (loss) of the year 6? $[ Required 3: What is the amount of cash generated (used) by accounts receivables? $| Required 4: What is amount of cash generated (used) by Operations in Year 6? $| Required 5: What is ending balance of Cash at the end of Year 6? $ Required 6: What is ending balance of Accounts Receivables at the end of Year 6? $

Assets Liabilities and Equity Cash Accounts receivables 34,000 Inventory Prepaid Insurance Capital Assets Accumulated depreciation (40,000) 10,000 Accounts Payable Wages Payable Income Tax Payable Notes Payables Common Shares Retained Earnings Total Liabilities and Equity 268,000 19,000 4,000 1,000 80,000 100,000 64,000 60.000 4,000 200,000 Total Assets 268,000 The following are all transactions that happened during Year 6: Macie all sales on account of $269,50o Collected accounts receivable of $268,240 Purchased merchandise on account of $134,000 Determined cost of goods sold was $140.000 Paid accounts payable (for merchandise purchased) of $143,000 Paid wages to employees of $52,500 Accrued wages expense (and wages payable) of $1.500 at June 30th. Year 6. Paid insurance premium of $18,000 to extend coverage for three years. Allocated $5,000 of prepaid insurance to insurance expense. Recorded Year 6 total income tax expense (and income tax payable) of $13,000 Paid income taxes to government of $11,500 (this represents the final portion of Year 5 taxes and initial installments of Year 6 taxes). Depreciation for the year $10,000 Required 1: What is the amount of Cash received from customers? $[ Required 2: How much is the net income (loss) of the year 6? $[ Required 3: What is the amount of cash generated (used) by accounts receivables? $| Required 4: What is amount of cash generated (used) by Operations in Year 6? $| Required 5: What is ending balance of Cash at the end of Year 6? $ Required 6: What is ending balance of Accounts Receivables at the end of Year 6? $

FINANCIAL ACCOUNTING
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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Assets Cash Accounts receivables 34,000 Inventory Prepaid Insurance Capital Assets Accumulated depreciation (40,000) Total Assets Liabilities and Equity Accounts Payable Wages Payable Income Tax Payable Notes Payables Common Shares 10,000 19,000 4,000 1,000 80,000 100,000 60.000 4,000 200,000 Retained Earnings Total Liabilities and Equity 268,000 64,000 268,000 The following are all transactions that happened during Year 6: Mace all sales on account of $269,500 Collected accounts receivable of $268,240 Purchased merchandise on account of $134,000 Determined cost of goods sold was $140,000 Paid accounts payable (for merchandise purchased) of $143,000 Paid wages to employees of $52,500 Accrued wages expense (and wages payable) of $1.500 at June 30th. Year 6. Paid insurance premium of $18,000 to extend coverage for three years. Allocated $5,000 of prepaid insurance to insurance expense. Recorded Year 6 total income tax expense (and income tax payable) of $13,000 Paid income taxes to government of $11,500 (this represents the final portion of Year 5 taxes and initial instaliments of Year 6 taxes). Depreciation for the year $10,000 Required 1: What is the amount of Cash received from customers? $ Required 2: How much is the net income (loss) of the year 6? $| Required 3: What is the amount of cash generated (used) by accounts receivables? $ Required 4: What is amount of cash generated (used) by Operations in Year 6? $ Required 5: What is ending balance of Cash at the end of Year 6? $ Required 6: What is ending balance of Accounts Receivables at the end of Year 6? $
Transcribed Image Text:Assets Cash Accounts receivables 34,000 Inventory Prepaid Insurance Capital Assets Accumulated depreciation (40,000) Total Assets Liabilities and Equity Accounts Payable Wages Payable Income Tax Payable Notes Payables Common Shares 10,000 19,000 4,000 1,000 80,000 100,000 60.000 4,000 200,000 Retained Earnings Total Liabilities and Equity 268,000 64,000 268,000 The following are all transactions that happened during Year 6: Mace all sales on account of $269,500 Collected accounts receivable of $268,240 Purchased merchandise on account of $134,000 Determined cost of goods sold was $140,000 Paid accounts payable (for merchandise purchased) of $143,000 Paid wages to employees of $52,500 Accrued wages expense (and wages payable) of $1.500 at June 30th. Year 6. Paid insurance premium of $18,000 to extend coverage for three years. Allocated $5,000 of prepaid insurance to insurance expense. Recorded Year 6 total income tax expense (and income tax payable) of $13,000 Paid income taxes to government of $11,500 (this represents the final portion of Year 5 taxes and initial instaliments of Year 6 taxes). Depreciation for the year $10,000 Required 1: What is the amount of Cash received from customers? $ Required 2: How much is the net income (loss) of the year 6? $| Required 3: What is the amount of cash generated (used) by accounts receivables? $ Required 4: What is amount of cash generated (used) by Operations in Year 6? $ Required 5: What is ending balance of Cash at the end of Year 6? $ Required 6: What is ending balance of Accounts Receivables at the end of Year 6? $
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