Below are several transactions for Meyers Corporation for 2021. a. Issue common stock for cash, $41,000. b. Purchase building and land with cash, $26,000. c. Provide services to customers on account, $6,100. d. Pay utilities on building, $550. e. Collect $4,100 on account from customers. f. Pay employee salaries, $8,100. g. Pay dividends to stockholders, $3,100. Required: 1. For each transaction, determine the amount of cash flows. If cash is involved in the transaction, indicate whether Meyers should classify it as operating, investing, or financing in a statement of cash flows. (Enter N/A if the question is not applicable to the statement. List cash outflows as negative amounts.) Operating Investing

Below are several transactions for Meyers Corporation for 2021. a. Issue common stock for cash, $41,000. b. Purchase building and land with cash, $26,000. c. Provide services to customers on account, $6,100. d. Pay utilities on building, $550. e. Collect $4,100 on account from customers. f. Pay employee salaries, $8,100. g. Pay dividends to stockholders, $3,100. Required: 1. For each transaction, determine the amount of cash flows. If cash is involved in the transaction, indicate whether Meyers should classify it as operating, investing, or financing in a statement of cash flows. (Enter N/A if the question is not applicable to the statement. List cash outflows as negative amounts.) Operating Investing

Name: 2. Calculate net cash flows for the year. (List cash outflows as nega
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: 2. Calculate net cash flows for the year. (List cash outflows as negative amounts.)Collect Cash from Customers on AccountPay Employee SalariesPay Utilities on BuildingPurchase Building and Land with CashIssue Common Stock for CashPay Dividends to St

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1) issued stock for $68,0002) borrowed $39,000 from its bank3) provided consulting services for $67,000 cash4) paid back $29,000 of the bank loan5) paid rent expense for $16,0006) purchased equipment for $26,000 cash7) paid $4,400 dividends to stockholders8) paid employees' salaries of $35,000 What is Yowell's net income for Year 1?
Given the ledger accounts of Bastoni Company as of January 31, 2020: Cash $40,500 Accounts Payable $11,000 Supplies 5,200 Rent Expense 4,100 Share Capital-Ordinary 33,200 Accounts 8,700 Receivable Notes Payable 3,500 Service Revenue 10,800 Required: Compute the total of the debit side of the trial balance. (show your computation). 1. Compute the total of the credit side of the trial balance. (show your computation). 2.
Procedures: 1. Analyze the following business transactions below. For the month of December 2022, Mr. Mira Shikigami had the following transactions: Dec. Mr. Mira Shikigami invested P1,200,000 to start the business, Shikigami Accounting Firm 1 1 The firm obtained a note from Solar Bank amounting to P300,000. The note bears a 6% annual interest payable every June 1 of the following year. The principal is payable in two (2) equal annual installments. 1 The firm paid P15,000 for the necessary permits and licenses for its operation. 1 The firm paid P180,000 for the annual rent of the office space. The lease contract will expire on June 1 of the following year and will be renewed yearly. 3 The firm rendered service to Kyubi Realties, Inc. worth P250,000 on credit. 3 The firm purchased supplies worth P50,000. 9 The firm purchased a laptop in cash, P50,000. The laptop has an estimated useful life of three (3) years with no residual value. The company treats purchases during the first half of…
It's for practice
You are given the following information about Company ABC as at 31/12/2023 Premises Shs 25,000,000 Motor vehicles Shs 2,000,000 Electricity bills (Owings) shs500, 000 Creditors' Shs 4,500,000 Cash in hand Shs 500,000 Bank overdraft Shs 3,000,000 Loan Equity Bank 4,000,000 Prepayments Shs 600, 000 Accrued Salaries Shs 2, 589, 000 iiDraw up a statement of financial position
The balance sheet for Gallinas Industries is as follows, Gallinas Industries Balance Sheet December 31 Assets Liabilities and Stockholders' Equity Cash $35,000 Accounts payable $101,920 Marketable securities 101,920 Notes payable 62,720 Accounts receivable 109,760 Accrued wages 62,720 Inventories 148,960 Total current liabilities $227,360 Total current assets $395,640 Long-term debt $203,840 Land and buildings (net) $145,635 Preferred stock $94,080 Machinery and equipment 242,725 Common stock (10,000 shares) 141,120 Total fixed assets (net) $388,360 Retained earnings 117,600 Total assets $784,000 Total liabilities and stockholders' equity $784,000 Additional information with respect to the firm is available: 1. Preferred stock can be liquidated at book value. 2. Accounts receivable and inventories can be liquidated at 85%of book value. 3. The firm…
This information relates to McCall Real Estate Agency. Oct. 1 Stockholders invest $31,020 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $42,960. 3 Buys office furniture for $4,110, on account. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $11,340 (not paid by Roads at this time). 10 Receives cash of $215 as commission for acting as rental agent renting an apartment. 27 Pays $730 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $3,580 in salary for October. Prepare the debit–credit analysis for each transaction
You are evaluating the balance sheet for SophieLex's Corporation. From the balance sheet you find the following balances: cash and marketable securities = $450,000; accounts receivable = $1,100,000; inventory = $2,000,000; accrued wages and taxes = $450,000; accounts payable = $750,000; and notes payable = $500,000. Calculate SophieLex's current ratio.
The income statement of Mus Plaga Services for the year ending 31 May 2021 showed service revenue of $98 000. Sales made by the business is 80% received in cash and the remaining on account. The balance sheet as at 31 May 2020, showed accounts receivable of $12 700 and the 2021 balance sheet showed customers owned the business $14 500 from credit sales.Calculate the cash received from customers.A. 96 200 B. 98 000 C. 78 400 D. None of the other answers E. 99 800
T5. Account
Computation of assets, liabilities, and equity after a series of transactions The December 31, 2019, balance sheet of Charles Realty reported total assets of $900,000, total liabilities of $350,000, and equity of $550,000. The following transactions occurred in January of 2020: (1) The business purchased land for $250,000, paying $100,000 cash and issuing a note payable for the balance. (2) The business collected accounts receivable totaling $45,000. (3) The business sold one-fifth of the land (which had cost $50,000) land costing $50,000 for $60,000 cash. (4) The business paid off $50,000 of the note payable. What is the TOTAL LIABILITIES?
-Building $100,000 -Account Receivable $10,000 -Equipment $100,000 -Cash in bank $20,000 -Notes payable $20,000 -Retained earnings $100,000 -Long term loan $100,000 -Owners equity $10,000 1. Prepare a balance sheet for Company X for 31 December 2021. 2. Based on the balance sheet calculate and explain the : a. Liability ratio b. Asset ratio c. Owners Equity ratio