None Exercise 2-13A (Algo) Supplies on financial statements LO 2-5, 2-8Yard Professionals Incorporated experienced the following events in Year 1, its first year of operation:1. Performed services for $24,000 cash.2. Purchased $7,200 of supplies on account.3. A physical count on December 31, Year 1, found that there was $1,310 of supplies on hand.Requireda. Record the events in general ledger accounts under an accounting equation.b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period.c. What is the balance in the Supplies account as of January 1, Year 2?d. What is the balance in the Supplies Expense account as of January 1, Year 2?Complete this question by entering your answers in the tabs below.Req AReq B Income Req B BalanceStatementSheetReq BStatement of Req C and DCash FlowsPrepare a statement of cash flows for the Year 1 accounting period.YARD PROFESSIONALS INCORPORTAEDStatement of Cash FlowsFor the Year Ended December 31, Year 1Cash flows from operating activitiesNet cash flow from operating activitiesCash flows from investing activitiesCash flows from financing activitiesNet change in cashEnding cash balance$00$0

Requirement AEvent Assets=Liabilities+Stockholders' equity CashSupplies=Accounts payable+Retained…

Answered: Exercise 2-13A (Algo) Supplies on…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 6PB: Single-step income Statement and balance sheet Selected accounts and related amounts for Kanpur Co....

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Notes Receivable Crowne Cleaning provides cleaning services for Amber Inc., a business with four buildings. Crowne assigned different cleaning charges for each building based on the amount of square feet to be cleaned. The charges for the four buildings are $87,600, $82,200, $102,000, and $62,400. Amber secured this amount by signing a note bearing 10% interest on June 1. Required: Question Content Area 1. Prepare the journal entry to record the sale on June 1. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - Question Content Area 2. Determine how much interest Crowne will receive if the note is repaid on December 1.$fill in the blank 59d6dd028fbe01b_1 Question Content Area 3. Prepare Crowne’s journal entry to record the cash received to pay off the note and interest on December 1. If an amount box does not require an entry, leave it blank. blank - Select - - Select…
Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.
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Brief Exercise 7-04 Presented below is information related to Sunland Company for its first month of operations. Credit Sales Cash Collections Jan. 7 Austin Co. $11,600 Jan. 17 Austin Co. $7,500 15 Diaz Co. 7,200 24 Diaz Co. 4,500 23 Noble Co. 10,000 29 Noble Co. 10,000 Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts receivable balance that appears in the general ledger at the end of January. Subsidary Ledger General Ledger Austin Co. Diaz Co. Noble Co. Balance of Accounts Receivable $ $ $ $
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Single-step income Statement and balance sheet Selected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30. 20Y7. arc presented in Problem 5-5B. Instructions 1.Prepare a single-step income statement in the format shown in Exhibit 13. 2.Prepare a statement of stockholders equity. Additional common stock of 7.500 was issued during the year ended June 30. 20Y7. 3.Prepare a balance sheet, assuming that the current portion of the note payable is 7,000. 4.Prepare closing entries as of June 30, 20Y7.
BUSINESS STUDIES DEPARTMENT INTERMEDIATE ACCOUNTNG1 (TUTORIAL #1) 1. XYZ Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year). May 1 Prepared a company check for $250 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May1: a. Paid $78 for janitorial services. b. Paid $63.68 for miscellaneous expenses. c. Paid postage expenses of $43.50. d. Paid $57.15 to a local newspaper for an advertisement. e. Counted $11.15 remaining in the petty cash box. May 16 Prepared a company check for $200 to increase the fund to $450. May 31 The petty cashier reports that $293.39 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15: a. Paid postage expenses of $48.36. b. Reimbursed the office manager for business mileage, $38.50. c. Paid…
Study the information in the ledger accounts given below and answer the questions that ACTIVITY 2.14 year INSTRUCTIONS: follow: a) Show all workings b) The accounting period ends on 28 February. NOTE: 1. INFORMATION: Dit, GENERAL LEDGER OF DANKER TRADERS 1.1 BALANCE SHEET ACCOUNTS SECTION H/W EQUIPMENT DR. 20.6 Sept CR. 1 Bank Creditors Control 20.7 200 000 Feb 60 000 260 000 28 Balance c/d 260 000 CR. 260 000 20.7 20.7 1 Balance b/d March 20.7 260 000 Sept ? 20.8 1 Bank 100 000 360 000 Sept Feb 28 Balance c/d 300 000 360 000 CR. 20.8 Mar 1 Balance b/d 300 000 DR. ACCUMULATED DEPRECIATION ON EQUIPMENT CR. 20.7 28 Depreciation 20.7 Sept 20.8 Feb 28 20.7 Sept R. 1 Assets Disposal ? Feb ? NOMINAL ACCOUNTS SECTION LOSS ON SALE OF ASSETS CR. DR. 20.7 Sept 1 600 1 Assets Disposal 1.2 Additional Information: Depreciation is provided for annually at 20 % on the diminishing balance method. Grade 11 Learners book New Generation Accounting Grade 11
Current Attempt in Progress Presented below is information related to Sheridan Company for its first month of operations. Jan. 06 Jan. 10 Jan. 23 Balance of Credit Purchases Gorst Company Tian Company Accounts Payable $9,000 11,800 Maddox Company 12,300 $ Gorst Company Jan. 11 Determine the balances that appear in the accounts payable subsidiary ledger. What Accounts Payable balance appears in the general ledger at the end of January? $ Jan. 16 Jan. 29 Cash Paid Gorst Company Tian Company Maddox Company Subsidary Ledger Tian Company 69 $6,800 11,800 7,400 $ Maddox Company $ General Ledge
Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help I System Announcements CALCULATOR PRINTER VERSION 4 ВАСК NEX Exercise 9-04 a-f (Part Level Submission) At the beginning of the current period, Cheyenne had balances in Accounts Receivable of $286,000 and in Allowance for Doubtful Accounts of $9,900 (credit). During the period, had net credit sales of $890,000 and collections of $845,500. It wrote off as uncollectible accounts receivable of $6,000. However, a $4,000 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,800 at the end of the period. (Omit cost of goods sold entries. (a - d) (a) Prepare the entries to record sales and collections during the period. (b) Prepare the entry to record the write-off of uncollectible accounts during the period. (c) Prepare the entries to record the recovery of the uncollectible account during the…

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