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Cherokee Company began operations when it issued common stock for $96,500 cash. It paid contract to lease delivery equipment for the business. It signed the lease agreement on March 1, Year 1, which was effective immediately. Cherokee received $110,975 of cash revenue in Year 1. Required a. & b. Record the March 1 cash payment and adjustment required as of December 31, Year 1 in general journal format. c. Show all events in a horizontal statements model. d. & e. What amount of net income will Cherokee Company report on the Year 1 income statement? What is the amount of ne flow from operating activities for Year 1? Determine the amount of prepaid rent Cherokee Company would report on the Dece

Cherokee Company began operations when it issued common stock for $96,500 cash. It paid contract to lease delivery equipment for the business. It signed the lease agreement on March 1, Year 1, which was effective immediately. Cherokee received $110,975 of cash revenue in Year 1. Required a. & b. Record the March 1 cash payment and adjustment required as of December 31, Year 1 in general journal format. c. Show all events in a horizontal statements model. d. & e. What amount of net income will Cherokee Company report on the Year 1 income statement? What is the amount of ne flow from operating activities for Year 1? Determine the amount of prepaid rent Cherokee Company would report on the Dece

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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******* Student Registration for D2L Brig X Question 1- Chapter 13 homew X B McGraw-Hill Connect Deep Integ X Sllege X neducation.com/ext/map/index.html?_con3con&external_browser%3D0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddleware%252Fmhe Saved ouTube Maps nomework, part 2 i Cherokee Company began operations when it issued common stock for $96,500 cash. It paid $86,850 cash in advance for a one-year contract to lease delivery equipment for the business. It signed the lease agreement on March 1, Year 1, which was effective immediately. Cherokee received $110,975 of cash revenue in Year 1. Required a. & b. Record the March 1 cash payment and adjustment required as of December 31, Year 1 in general journal format. c. Show all events in a horizontal statements model. d. & e. What amount of net income will Cherokee Company report on the Year 1 income statement? What is the amount of net cash flow from operating activities for Year 1? Determine the amount of prepaid rent Cherokee Company would report on the December 31, Year 1, balance sheet. Complete this question by entering your answers in the tabs below. nces Req A and B Reg C Req D and E Record the March 1 cash payment and adjustment required as of December 31, Year 1 in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field Do not round intermediate calculations.) View transaction list View journal entry worksheet 期 Date NO. General Journal Debit Credit March 01 Prepaid rent (Lease) 1. 86.850 Req C > Mc Graw ype here to search Prev 1 of 4 Next > ViewSonic
Transcribed Image Text:******* Student Registration for D2L Brig X Question 1- Chapter 13 homew X B McGraw-Hill Connect Deep Integ X Sllege X neducation.com/ext/map/index.html?_con3con&external_browser%3D0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddleware%252Fmhe Saved ouTube Maps nomework, part 2 i Cherokee Company began operations when it issued common stock for $96,500 cash. It paid $86,850 cash in advance for a one-year contract to lease delivery equipment for the business. It signed the lease agreement on March 1, Year 1, which was effective immediately. Cherokee received $110,975 of cash revenue in Year 1. Required a. & b. Record the March 1 cash payment and adjustment required as of December 31, Year 1 in general journal format. c. Show all events in a horizontal statements model. d. & e. What amount of net income will Cherokee Company report on the Year 1 income statement? What is the amount of net cash flow from operating activities for Year 1? Determine the amount of prepaid rent Cherokee Company would report on the December 31, Year 1, balance sheet. Complete this question by entering your answers in the tabs below. nces Req A and B Reg C Req D and E Record the March 1 cash payment and adjustment required as of December 31, Year 1 in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field Do not round intermediate calculations.) View transaction list View journal entry worksheet 期 Date NO. General Journal Debit Credit March 01 Prepaid rent (Lease) 1. 86.850 Req C > Mc Graw ype here to search Prev 1 of 4 Next > ViewSonic
灣 Ca omework, part 2 i Cherokee Company began operations when it issued common stock for $96,500 cash. It paid $86,850 cash in advance for a one-year contract to lease delivery equipment for the business. It signed the lease agreement on March 1, Year 1, which was effective immediately. Cherokee received $110,975 of cash revenue in Year 1. Required a. & b. Record the March 1 cash payment and adjustment required as of December 31, Year 1 in general journal format. c. Show all events in a horizontal statements model. d. & e. What amount of net income will Cherokee Company report on the Year 1 income statement? What is the amount of net cash flow from operating activities for Year 1? Determine the amount of prepaid rent Cherokee Company would report on the December 31, Year 1, balance sheet. Complete this question by entering your answers in the tabs below. Req A and B Req D and E Show all events in a horizontal statements model. (Record the events as they occurred in question data. Enter any decreases to account balances and ca the Statement of Cash Flows column, use OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in c not round intermediate calculations.) CHEROKEE COMPANY Horizontal Statements Model for Year 1 Balance Sheet Income Statement Event Assets Liabilities + Stockholders' Equity Statement of Cash Flows Prepaid Rent Common Stock Retained Earnings Cash Revenue Expenses Net Income 1. 2. 3. adj +. +1 Bal. 0. < Req A and B Req D and E > Prev of 4 Next re to search ViewSonic F4 144 #3 114 Tab F10 5.
Transcribed Image Text:灣 Ca omework, part 2 i Cherokee Company began operations when it issued common stock for $96,500 cash. It paid $86,850 cash in advance for a one-year contract to lease delivery equipment for the business. It signed the lease agreement on March 1, Year 1, which was effective immediately. Cherokee received $110,975 of cash revenue in Year 1. Required a. & b. Record the March 1 cash payment and adjustment required as of December 31, Year 1 in general journal format. c. Show all events in a horizontal statements model. d. & e. What amount of net income will Cherokee Company report on the Year 1 income statement? What is the amount of net cash flow from operating activities for Year 1? Determine the amount of prepaid rent Cherokee Company would report on the December 31, Year 1, balance sheet. Complete this question by entering your answers in the tabs below. Req A and B Req D and E Show all events in a horizontal statements model. (Record the events as they occurred in question data. Enter any decreases to account balances and ca the Statement of Cash Flows column, use OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in c not round intermediate calculations.) CHEROKEE COMPANY Horizontal Statements Model for Year 1 Balance Sheet Income Statement Event Assets Liabilities + Stockholders' Equity Statement of Cash Flows Prepaid Rent Common Stock Retained Earnings Cash Revenue Expenses Net Income 1. 2. 3. adj +. +1 Bal. 0. < Req A and B Req D and E > Prev of 4 Next re to search ViewSonic F4 144 #3 114 Tab F10 5.
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