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…

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 4.5C

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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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Alfa completed the following transactions during the year ended 31 December 20x7 Credit sales during the year $53,300 Collection from receivables $56,100 During the year, total amount irrecoverable $560 Opening balance of receivables $8,600 Calculate the balance of receivables that will appear in the SOFP on 31 December 20x7. A.$5,800 B.$10,840 C.$5,240 D.$56,100
Searth Summer 19/201 Sport Direct, a sport stuff shop. At the beginning of the current season, the ledger of Sport Direct shop showed cash $2,200, Inventory $1,800, and Share capital - Ordinary $4,000. The following transactions were completed during April NOTE: Answer questions from 1 - 25 by using these information. April 1) Purchased Truck costing $9,600 by signing $9,600, 12%, 6-month notes payable. April 4) Purchased racquets and balls from Jay-Mac Co. for $760, FOB Shipping point, terms 2/10,n/30. April 5) Purchased Building for $48,000 cash, April 6) Paid Freight on purchase from Jay-Mac Co. for $40 cash. April 7) Purchased Supplies for $2,500 cash. April 8) Sold Merchandise to members for $1,150 on account terms n/30. The merchandise sold had a cost of $790 April 9) Paid office rent $1,500 cash. April 10) Returned merchandise for Jay-Mac Co. for $60, for a racquets that were defective, April 11) Purchased tennis shoes from u Sports for $420 cash. April 13) Paid Jay-Mac Co. in…
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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.

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