Cash $ 25,310 C. Camry, Withdrawals 22,320 Consulting fees earned 5,200 Rent expense 43,970 Salaries expense 19,960 Telephone expense 10,700 Miscellaneous expenses $ 5,950 26,960 9,500 5,560 820 Accounts receivable Office supplies Land Office equipment Accounts payable 470

Cash $ 25,310 C. Camry, Withdrawals 22,320 Consulting fees earned 5,200 Rent expense 43,970 Salaries expense 19,960 Telephone expense 10,700 Miscellaneous expenses $ 5,950 26,960 9,500 5,560 820 Accounts receivable Office supplies Land Office equipment Accounts payable 470

Name: Cash$ 25,310 C. Camry, Withdrawals22,320 Consulting fees earned5,200
Uploaded: 2024-03-05T11:47:04.000Z
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Description: Cash$ 25,310 C. Camry, Withdrawals22,320 Consulting fees earned5,200 Rent expense43,970 Salaries expense19,960 Telephone expense10,700 Miscellaneous expenses$ 5,95026,9609,5005,560820Accounts receivableOffice suppliesLandOffice equipmentAccounts pay

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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Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 27,000 shares of preferred 2% stock, $100 par, and 600,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: July 1. Issued 213,000 shares of common stock at par for cash. 1. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Aug. Issued 69,400 shares of common stock in exchange for land, buildings, and equipment with fair market 7. prices of $149,100, S505,120 and $164,700 respectively. Sept. 20. Issued 17,600 shares of preferred stock at $105 for cash. Required: Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a…
Rapid Delivery Services cash count at the end of the day totals $12,580 and the cash registertape shows $12,415. The amount of the change fund is $250. Rapid Delivery Services wouldrecord the revenue for the day as follows: a. Cash 12,580 Income from Services 12,580 b. Cash 12,430 Cash Short and Over 15 Income from Services 12,415 c. Cash 12,415 Income from Services 12,415 d. Cash 12,415Cash Short and Over 15Income from Services 12,430
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000 Debit Cash $250; credit Accounts Payable $250. Havermill Co. establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $73 for Office Supplies, $137 for merchandise inventory, and $22 for miscellaneous expenses. The fund has a balance of $18. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the establishment of the fund on September 1 is: Debit Petty Cash $250; credit Cash $250. Debit Petty Cash $250; credit Accounts Payable $250. Debit Cash $250; credit Petty Cash $250. Debit Miscellaneous Expense $250; credit Cash $250.
nta 22 Coronado has the following assets at December 31, 2019. Cash in bank-savings account 134,000 Certificates of deposit (270-day) 226,000 sponder a como Cash on hand 1,600 Postdated checks 6,000 Cash refund due from State Taxing Authority 32,100 Checking account balance 12,000 What amount should be reported as cash? arcar nta O a. 135,600 O b. 134,000 O c. 179,700 O d. 147,600 pe here to search
Duct Company reported the following account balances and related information on December 31, 2019 Cash 3,700,000 Accounts receivable 1,500,000 Allowance for doubtful accounts 200,000 Inventory 2,000,000 Prepaid expenses 300,000 Analysis of cash: Cash in bank 1,300,000 Bank overdraft in another bank 300,000 Cash set aside for plant addition 2,000,000 Petty cash fund 10,000 Cash withheld from wages 190,000 General cash 500,000 The accounts receivable included past due accounts in the amount of P100,000. The account is deemed uncollectible and should be written off. The Inventory included goods held on consignment amounting to P150,000 and goods of P200,000 purchased and received on Dec. 21, 2019. Neither of these items has been recorded as purchases. The prepaid insurance included cash surrender value of life insurance of P50,000. What is the adjusted inventory? a. P2,200,000…
Tanger Company has three customers: E, F, and G. The beginning accounts receivable subsidiary ledger of customers F and G have $2,600 and $1,500, respectively. The beginning Accounts Receivable balance in the general ledger is $12,000. Calculate the ending amount in the accounts receivable subsidiary ledger account of customer E, if customer E also made a $3,900 payment. OA. $4,000 OB. $3,900 OC. $1,500 OD. $2,600
4567899 Cash flows: Cash collected from clients 6 Cash disbursements: 15 16 10 11 Balance Sheet information 12 Accounts receivable - End of year 13 Accounts payable - End of year 14 Payables-Advertising Payables - Utilities Salaries paid to employees for services rendered during the year Advertising Utilities Payment of rent Accounts payable total A 17 18 Additional information: 19 20 21 22 Required: 23 There were no anticipated bad debts on receivables. The rent payment was for a two-year period, year 2 and year 3. B Year 1 $20,000 3,000 800 $3,800 24 1. Calculate the net operating cash flow for years 2 and 3. 25 2. Prepare an income statement for each year according to the accrual accounting medit Year 2 Year 2 $260,000 180,000 15,000 8,000 80,000 Year 2 $35,000 4,000 1,200 $5,200 D Year 3 $400,000 Year 3 78724 210,000 22,000 6,000 0 Year 3 2 years $18,000 2,000 0 $2,000 E