Homework Help is Here – Start Your Trial Now!
Business
Accounting
Cash OPENING  122,475 Petty cash OPENING                  100 Accounts receivable OPENING             27,400 Allowance for doubtful accounts OPENING               4,390 Supplies OPENING                  165 Prepaid rent OPENING               3,000 Merchandise inventory OPENING             11,020 Equipment OPENING               9,000 Van OPENING             27,000 Accumulated depreciation OPENING             23,050 Sales tax payable OPENING                  290 Employee income tax payable OPENING                  500 FICA--Social Security tax payable OPENING                  600 FICA--Medicare tax payable OPENING                  150 Warranty payable OPENING                  312 Unemployment tax payable OPENING                  630 Interest payable OPENING                  320 Notes payable OPENING             12,000 Common stock OPENING             50,000 Retained Earnings OPENING           107,918 Sales tax payable debit                  290 Cash credit                  290 Employee income tax payable debit                  500 FICA--Social Security tax payable debit                  600 FICA--Medicare tax payable debit                  150 Unemployment tax payable debit                  630 Cash credit               1,880 Land debit             25,000 Building debit           125,000 Cash credit             50,000 Notes payable credit           100,000 Cash debit             49,000 Discount on bonds payable debit               1,000 Bonds payable credit             50,000 Supplies debit                  660 Accounts payable credit                  660 Merchandise inventory debit             51,000 Cash credit             51,000 Allowance for doubtful accounts debit               2,450 Accounts receivable credit               2,450 Accounts receivable debit             97,440 Sales credit             92,800 Sales tax payable credit               4,640 Cost of goods sold debit             47,620 Merchandise inventory credit             47,620 Accounts receivable debit             34,560 Credit card expense debit               1,440 Accounts receivable debit             84,000 Service revenue credit           120,000 Maintenance expense debit                    65 Office supplies expense debit                    24 Cash credit                    89 Cash debit             34,560 Accounts receivable credit             34,560 Sales tax payable debit               4,250 Cash credit               4,250 Cash debit           167,000 Accounts receivable credit           167,000 Salaries expense debit             82,000 Employee income tax payable credit               9,600 FICA--Social Security tax payable credit               4,920 FICA--Medicare tax payable credit               1,230 Cash credit             66,250 Warranty payable debit               1,250 Cash credit               1,250 Notes payable debit             12,000 Interest payable debit                  320 Interest expense debit                  640 Cash credit             12,960 Advertising expense debit             18,000 Cash credit             18,000 Utilities expense debit               5,600 Cash credit               5,600 Payroll tax expense debit               5,625 Employee income tax payable debit               8,600 FICA--Social Security tax payable debit               4,500 FICA--Medicare tax payable debit               1,125 Cash credit             19,850 Accounts payable debit                  660 Cash credit                  660 Interest expense debit               3,200 Discount on bonds payable credit                  200 Cash credit               3,000 Interest expense debit               7,000 Notes Payable debit               7,238 Cash credit             14,238 Dividends debit             10,000 Cash credit             10,000   Using opening account balances, journal entries, and the trial balance (see attached image), prepare a statement of cash flows.

Cash OPENING  122,475 Petty cash OPENING                  100 Accounts receivable OPENING             27,400 Allowance for doubtful accounts OPENING               4,390 Supplies OPENING                  165 Prepaid rent OPENING               3,000 Merchandise inventory OPENING             11,020 Equipment OPENING               9,000 Van OPENING             27,000 Accumulated depreciation OPENING             23,050 Sales tax payable OPENING                  290 Employee income tax payable OPENING                  500 FICA--Social Security tax payable OPENING                  600 FICA--Medicare tax payable OPENING                  150 Warranty payable OPENING                  312 Unemployment tax payable OPENING                  630 Interest payable OPENING                  320 Notes payable OPENING             12,000 Common stock OPENING             50,000 Retained Earnings OPENING           107,918 Sales tax payable debit                  290 Cash credit                  290 Employee income tax payable debit                  500 FICA--Social Security tax payable debit                  600 FICA--Medicare tax payable debit                  150 Unemployment tax payable debit                  630 Cash credit               1,880 Land debit             25,000 Building debit           125,000 Cash credit             50,000 Notes payable credit           100,000 Cash debit             49,000 Discount on bonds payable debit               1,000 Bonds payable credit             50,000 Supplies debit                  660 Accounts payable credit                  660 Merchandise inventory debit             51,000 Cash credit             51,000 Allowance for doubtful accounts debit               2,450 Accounts receivable credit               2,450 Accounts receivable debit             97,440 Sales credit             92,800 Sales tax payable credit               4,640 Cost of goods sold debit             47,620 Merchandise inventory credit             47,620 Accounts receivable debit             34,560 Credit card expense debit               1,440 Accounts receivable debit             84,000 Service revenue credit           120,000 Maintenance expense debit                    65 Office supplies expense debit                    24 Cash credit                    89 Cash debit             34,560 Accounts receivable credit             34,560 Sales tax payable debit               4,250 Cash credit               4,250 Cash debit           167,000 Accounts receivable credit           167,000 Salaries expense debit             82,000 Employee income tax payable credit               9,600 FICA--Social Security tax payable credit               4,920 FICA--Medicare tax payable credit               1,230 Cash credit             66,250 Warranty payable debit               1,250 Cash credit               1,250 Notes payable debit             12,000 Interest payable debit                  320 Interest expense debit                  640 Cash credit             12,960 Advertising expense debit             18,000 Cash credit             18,000 Utilities expense debit               5,600 Cash credit               5,600 Payroll tax expense debit               5,625 Employee income tax payable debit               8,600 FICA--Social Security tax payable debit               4,500 FICA--Medicare tax payable debit               1,125 Cash credit             19,850 Accounts payable debit                  660 Cash credit                  660 Interest expense debit               3,200 Discount on bonds payable credit                  200 Cash credit               3,000 Interest expense debit               7,000 Notes Payable debit               7,238 Cash credit             14,238 Dividends debit             10,000 Cash credit             10,000   Using opening account balances, journal entries, and the trial balance (see attached image), prepare a statement of cash flows.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%
Cash OPENING  122,475
Petty cash OPENING                  100
Accounts receivable OPENING             27,400
Allowance for doubtful accounts OPENING               4,390
Supplies OPENING                  165
Prepaid rent OPENING               3,000
Merchandise inventory OPENING             11,020
Equipment OPENING               9,000
Van OPENING             27,000
Accumulated depreciation OPENING             23,050
Sales tax payable OPENING                  290
Employee income tax payable OPENING                  500
FICA--Social Security tax payable OPENING                  600
FICA--Medicare tax payable OPENING                  150
Warranty payable OPENING                  312
Unemployment tax payable OPENING                  630
Interest payable OPENING                  320
Notes payable OPENING             12,000
Common stock OPENING             50,000
Retained Earnings OPENING           107,918
Sales tax payable debit                  290
Cash credit                  290
Employee income tax payable debit                  500
FICA--Social Security tax payable debit                  600
FICA--Medicare tax payable debit                  150
Unemployment tax payable debit                  630
Cash credit               1,880
Land debit             25,000
Building debit           125,000
Cash credit             50,000
Notes payable credit           100,000
Cash debit             49,000
Discount on bonds payable debit               1,000
Bonds payable credit             50,000
Supplies debit                  660
Accounts payable credit                  660
Merchandise inventory debit             51,000
Cash credit             51,000
Allowance for doubtful accounts debit               2,450
Accounts receivable credit               2,450
Accounts receivable debit             97,440
Sales credit             92,800
Sales tax payable credit               4,640
Cost of goods sold debit             47,620
Merchandise inventory credit             47,620
Accounts receivable debit             34,560
Credit card expense debit               1,440
Accounts receivable debit             84,000
Service revenue credit           120,000
Maintenance expense debit                    65
Office supplies expense debit                    24
Cash credit                    89
Cash debit             34,560
Accounts receivable credit             34,560
Sales tax payable debit               4,250
Cash credit               4,250
Cash debit           167,000
Accounts receivable credit           167,000
Salaries expense debit             82,000
Employee income tax payable credit               9,600
FICA--Social Security tax payable credit               4,920
FICA--Medicare tax payable credit               1,230
Cash credit             66,250
Warranty payable debit               1,250
Cash credit               1,250
Notes payable debit             12,000
Interest payable debit                  320
Interest expense debit                  640
Cash credit             12,960
Advertising expense debit             18,000
Cash credit             18,000
Utilities expense debit               5,600
Cash credit               5,600
Payroll tax expense debit               5,625
Employee income tax payable debit               8,600
FICA--Social Security tax payable debit               4,500
FICA--Medicare tax payable debit               1,125
Cash credit             19,850
Accounts payable debit                  660
Cash credit                  660
Interest expense debit               3,200
Discount on bonds payable credit                  200
Cash credit               3,000
Interest expense debit               7,000
Notes Payable debit               7,238
Cash credit             14,238
Dividends debit             10,000
Cash credit             10,000

 

Using opening account balances, journal entries, and the trial balance (see attached image), prepare a statement of cash flows.

B D F G H K Unadjusted Trial Adjusted Trial Income 2 Balance Sheet & Statement Balance Adjustments Balance Statement of Owner's Equity 3 4 Ассount Debit Credit Debit Credit Credit Debit Debit Debit Credit Credit 5 Cash 6 Petty cash 7 Accounts receivable 8 Allowance for doubtful accounts 9 Prepaid rent 10 Supplies 113,718 113,718 113,718 100 100 100 39,390 39,390 39,390 1,940 2,722 4,662 4,662 3,000 3,000 825 615 210 210 11 Merchandise inventory 14,400 14,400 14,400 12 Equipment 13 Van 14 Buikling 15 Accumulated depreciation 16 Land 17 Accounts pay able 18 Interest payable 19 Sales tax payable 9,000 9,000 9,000 27,000 27,000 27,000 125,000 125,000 125,000 23,050 5,025 28,075 28,075 25,000 25,000 25,000 390 390 390 1,000 20 Employee income tax payable 21 FICA--Social Security tax payable 22 FICA--Medicare tax payable 1,000 1,000 420 420 840 840 105 105 210 210 23 Unemployment tax payable 945 945 945 918 24 Warranty payable 25 Notes payable 26 Bonds payable 27 Discount on bonds payable 28 Retained Earnings 938 1,856 918 92,762 92,762 92,762 50,000 50,000 50,000 B00 800 800 107,918 107,918 107,918 29 Common stock 50,000 50,000 50,000 30 Dividends 10,000 10,000 10,000 31 Sales 92,800 92,800 92,800 32 Service revenue 120,000 120,000 120,000 33 Cost of goods sold 34 Salaries expense 47,620 47,620 47,620 82,000 82,000 82,000 35 Payroll tax expense 5,625 945 7,095 7,095 36 525 37 Interest expense 38 Credit card expense 39 Advertising expense 40 office supplies expense 10,840 10,840 10,840 1,440 1,440 1,440 18,000 18,000 18,000 24 24 24 41 Maintenance expense 65 65 65 42 Utilities expense 5,600 5,600 5,600 43 Supplies expense 44 Rent expense 45 Bad debts expense 46 Depreciation expense 47 Warranty expense 615 615 615 3,000 3,000 3,000 2,722 2,722 2,722 5,025 5,025 5,025 1,856 185,902 212,800 1,856 1,856 48 Totals 540,385 540,385 14,688 14,688 550,520 550,520 364,618 337,720 49 Net Income 26,898 212,800 26,898 50 Totals 212,800 364,618 364,618
Transcribed Image Text:B D F G H K Unadjusted Trial Adjusted Trial Income 2 Balance Sheet & Statement Balance Adjustments Balance Statement of Owner's Equity 3 4 Ассount Debit Credit Debit Credit Credit Debit Debit Debit Credit Credit 5 Cash 6 Petty cash 7 Accounts receivable 8 Allowance for doubtful accounts 9 Prepaid rent 10 Supplies 113,718 113,718 113,718 100 100 100 39,390 39,390 39,390 1,940 2,722 4,662 4,662 3,000 3,000 825 615 210 210 11 Merchandise inventory 14,400 14,400 14,400 12 Equipment 13 Van 14 Buikling 15 Accumulated depreciation 16 Land 17 Accounts pay able 18 Interest payable 19 Sales tax payable 9,000 9,000 9,000 27,000 27,000 27,000 125,000 125,000 125,000 23,050 5,025 28,075 28,075 25,000 25,000 25,000 390 390 390 1,000 20 Employee income tax payable 21 FICA--Social Security tax payable 22 FICA--Medicare tax payable 1,000 1,000 420 420 840 840 105 105 210 210 23 Unemployment tax payable 945 945 945 918 24 Warranty payable 25 Notes payable 26 Bonds payable 27 Discount on bonds payable 28 Retained Earnings 938 1,856 918 92,762 92,762 92,762 50,000 50,000 50,000 B00 800 800 107,918 107,918 107,918 29 Common stock 50,000 50,000 50,000 30 Dividends 10,000 10,000 10,000 31 Sales 92,800 92,800 92,800 32 Service revenue 120,000 120,000 120,000 33 Cost of goods sold 34 Salaries expense 47,620 47,620 47,620 82,000 82,000 82,000 35 Payroll tax expense 5,625 945 7,095 7,095 36 525 37 Interest expense 38 Credit card expense 39 Advertising expense 40 office supplies expense 10,840 10,840 10,840 1,440 1,440 1,440 18,000 18,000 18,000 24 24 24 41 Maintenance expense 65 65 65 42 Utilities expense 5,600 5,600 5,600 43 Supplies expense 44 Rent expense 45 Bad debts expense 46 Depreciation expense 47 Warranty expense 615 615 615 3,000 3,000 3,000 2,722 2,722 2,722 5,025 5,025 5,025 1,856 185,902 212,800 1,856 1,856 48 Totals 540,385 540,385 14,688 14,688 550,520 550,520 364,618 337,720 49 Net Income 26,898 212,800 26,898 50 Totals 212,800 364,618 364,618
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
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
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS