statement of cash flows.e. What is the before- and after-closing balance in the service revenue account?f. What is the balance of the retained earnings account that appears on the Year 1 balance sheet?Complete this question by entering your answers in the tabs below.Reg B and DReq A and Cto FIdentify the events that result in revenue or expense recognition and those which affect the statement of cash flows. In theStatement of Cash Flows column, use OA to designate operating activity, FA for financing activity, or IA for investing activity.If the element is not affected by the event, leave the cell blank. (Enter cash outflows with a minus sign. Not all cells requireinput.)...... .:Show lesSA:R ..EventRevenueExpenseStatement of Cash Flows1.2.3.4.5.6.7.< Req A and CReq B and D to F> Cordell Inc. experienced the following events in Year 1, its first year of operation:1. Received $44,000 cash from the issue of common stock.2. Performed services on account for $72,000.3. Paid a $4,400 cash dividend to the stockholders.4. Collected $50,000 of the accounts receivable.5. Paid $44,000 cash for other operating expenses.6. Performed services for $16,500 cash.7. Recognized $1,400 of accrued utilities expense at the end of the year.Requireda. & c. Identify the events that result in revenue or expense recognition and those which affect the statement of cash flows. In theStatement of Cash Flows column, use OA to designate operating activity, FA for financing activity, or IA for investing activity. IFelement is not affected by the event, leave the cell blank.b. Based on your response to Requirement a, determine the amount of net income reported on the Year 1 income statement.d. Based on your response to Requirement c, determine the amount of cash flow from operating activities reported on the Yearstatement of cash flows.e. What is the before- and after-closing balance in the service revenue account?f. What is the balance of the retained earnings account that appears on the Year 1 balance sheet?Complete this question by entering your answers in the tabs below.Req B and Dto FReg A and CIdentify the events that result in revenue or expense recognition and those which affect the statement of cash flows. In theStatement of Cash Flows column, use OA to designate operating activity, FA for financing activity, or IA for investing activity.If the element is not affected by the event, leave the cell blank. (Enter cash outflows with a minus sign. Not all cells requireinput.)Show lesS A:

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Answered: Cordell Inc. experienced the following…

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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During 20X6, LAL Corp. had the following cash flows: (1) received cash of $10,000 billed to a customer in 20X6; (2) earned $120,000 of net income; (3) paid interest of $15,000 on a corporate bond issue; (4) paid dividends of $30,000 to its stockholders; (5) borrowed $150,000 from a local bank; and (6) purchased its own shares of common stock for $50,000. What is LAL's net cash flows from financing activities for 20X6?
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $46,000 from the issue of common stock. 2. Performed $65,000 of services on account. 3. Incurred $9,900 of other operating expenses on account. 4. Paid $38,000 cash for salaries expense. 5. Collected $43,000 of accounts receivable. 6. Paid a $4,700 dividend to the stockholders. 7. Performed $11,200 of services for cash. 8. Paid $7,200 of the accounts payable. Required a. Record the preceding transactions in general journal form. b. Post the entries to T-accounts and determine the ending balance in each account. c. & d. Determine the amount of total assets at the end of Year 1, and the amount of net income for Year 1. Complete this question by entering your answers in the tabs below. Req A Req B Req C and D Record the preceding transactions in general journal form. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account…
Nelson Company experienced the following transactions during Year 1, its first year in operation. 1. Acquired $10,000 cash by issuing common stock. 2. Provided $6,300 of services on account. 3. Paid $2,600 cash for operating expenses. 4. Collected $3,900 of cash from customers in partial settlement of its accounts receivable. 5. Paid a $300 cash dividend to stockholders. What is the balance of the retained earnings that will be reported on the balance sheet as of December 31, Year 1? Multiple Choice $13,400 $11,300 $3,400 $3,700
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?
The following transactions apply to Pecan Co. for Year 1, its first year of operations: 1. Received $33,000 cash in exchange for issuance of common stock. 2. Secured a $101,000 ten-year installment loan from State Bank. The interest rate is 6 percent and annual payments are $13,723. 3. Purchased land for $27,000. 4. Provided services for $95,000. 5. Paid other operating expenses of $49.000. 6. Paid the annual payment on the loan. Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement and balance sheet for Year 1. c. What is the interest expense for Year 2? Year 3? Complete this question by entering your answers in the tabs below. Req A Req B Inc Stmt Req B Bal Sheet Req C Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells will require entry.)
Following are the transactions and adjustments that occurred during the first year of operations at Kissick Company. Issued 800,000 shares of $5-par-value common stock for $400,000 in cash. Borrowed $200,000 from Oglesby National Bank and signed a 8% note due in three years. Incurred and paid $160,000 in salaries for the year. Purchased $301,000 of merchandise inventory on account during the year. Sold inventory costing $205,000 for a total of $250,000, all on credit. Paid rent of $44,000 on the sales facilities during the first 11 months of the year. Purchased $60,000 of store equipment, paying $18,000 in cash and agreeing to pay the difference within 90 days. Paid the entire $42,000 owed for store equipment and $227,000 of the amount due to suppliers for credit purchases previously recorded. Incurred and paid utilities expense of $15,000 during the year. Collected $221,000 in cash from customers during the year for credit sales previously recorded. At year-end, accrued $16,000 of…
Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.) 1) Acquired $1.400 cash from the issue of common stock. 2) Borrowed $870 from a bank. 3) Earned $1,100 of revenues. 4) Paid expenses of $340 5) Paid a $140 dividend During Year 2. Packard engaged in the following transactions: (Assume all transactions are cash transactions.) 1) Issued an additional $775 of common stock. 2) Repaid $535 of its debt to the bank. 3) Earned revenues of $1,200. 4) Incurred expenses of $540. (5) Paid dividends of $190. The amount of total liabilities on Packard's Year 1 balance sheet is Multiple Choice с $870 $1,210 $610 $335 Drow 50 Next
For Year 1, the Sacramento Corporation had beginning and ending Retained Earnings balances of $157,900 and $210,400 respectively. Also during Year 1, the corporation declared and paid cash dividends of $24,800 and issued stock dividends valued at $15,000. Total expenses were $40,416. Based on this information, what was the amount of total revenue for Year 1? Multiple Choice $145,184 $117,716 $132,716 $133,100
At the beginning of the year, Vendors, Inc., had owners' equity of $50,825. During the year, net income was $7,025 and the company paid dividends of $4,725. The company also repurchased $9,075 in equity. What was the cash flow to stockholders for the year? Multiple Choice -$4,350 -$13,800 $13,800 $4,350 $11,375
Submit correct and complete solutions. give propriate Explanation. Provide step-by-step detailed explanations.
The total assets and the total liabilities of a Kahn Jazz, Inc., at the beginning and at the end of the year appear below. During the year, the company paid $55,000 in cash dividends and issued an additional $33,000 of capital stock. Assets at Beginning and End of year, respectively, are $305,000 and $365,000. Liabilities at Beginning and End of year, respectively, are $200,000 and $230,000. The correct amount of Net Income or Net Loss for the year is: Net Income of $52,000 Net Loss of $58,000 Net Income of $30,000 Net Income of $85,000
Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. Borrowed $40,000 cash from National Bank. 3. Earned cash revenues of $48,000 for performing services. 4. Paid cash expenses of $45,000. 5. Paid a $1,000 cash dividend to the stockholders. 6. Acquired an additional $20,000 cash from the issue of common stock. 7. Paid $10,000 cash to reduce the principal balance of the bank note. 8. Paid $53,000 cash to purchase land. 9. Determined that the market value of the land is $75,000. e. Determine the net cash flows from operating activities, investing activities, and financing activities that Maben would report on the Year 1 statement of cash flows. Note: Enter cash outflows as negative amounts. Net cash flows from operating activities Net cash flows from investing activities Net cash flows from financing activities

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