Mark's Consulting experienced the following transactions for 2018, its first year of operations, and 2019. Assume that all transactions involve the receipt or payment of cash. Transactions for 2018 1. Acquired $85,000 by issuing common stock. 2. Received $135,000 cash for providing services to customers. 3. Borrowed $22,000 cash from creditors. 4. Paid expenses amounting to $53,000. 5. Purchased land for $35,000 cash. Transactions for 2019 Beginning account balances for 2019 are: $154,000 35,000 22,000 85,000 82,000 Cash Land Notes payable Common stock Retained earnings 1. Acquired an additional $27,000 from the issue of common stock. 2. Received $137,000 for providing services. 3. Paid $17,000 to creditors to reduce loan. 4. Paid expenses amounting to $68,000. 5. Paid a $11,500 dividend to the stockholders. 6. Determined that the market value of the land is $45,000. Prepare a statement of cash flows for each year accounting period.

Mark's Consulting experienced the following transactions for 2018, its first year of operations, and 2019. Assume that all transactions involve the receipt or payment of cash. Transactions for 2018 1. Acquired $85,000 by issuing common stock. 2. Received $135,000 cash for providing services to customers. 3. Borrowed $22,000 cash from creditors. 4. Paid expenses amounting to $53,000. 5. Purchased land for $35,000 cash. Transactions for 2019 Beginning account balances for 2019 are: $154,000 35,000 22,000 85,000 82,000 Cash Land Notes payable Common stock Retained earnings 1. Acquired an additional $27,000 from the issue of common stock. 2. Received $137,000 for providing services. 3. Paid $17,000 to creditors to reduce loan. 4. Paid expenses amounting to $68,000. 5. Paid a $11,500 dividend to the stockholders. 6. Determined that the market value of the land is $45,000. Prepare a statement of cash flows for each year accounting period.

Name: Complete this question by entering your answers in the tabs below.Stm
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Complete this question by entering your answers in the tabs below.Stmt CF 2018 Stmt CF 2019Prepare a statement of cash flows for the year 2018. (Amounts to be deducted should be indicated with a minus sign.)MARK'S CONSsULTINGStatement of Cash FlowsF

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A company's January 1, 2019 balance sheet reported total assets of $167,000 and total liabilities of $68,500. During January 2019, the company completed the following transactions: (A) paid a note payable using $18,500 cash (no interest was paid); (B) collected a $17,500 accounts receivable; (C) paid a $6,700 accounts payable; and (D) purchased a truck for $6,700 cash and by signing a $28,500 note payable from a bank. The company's January 31, 2019 balance sheet would report which of the following? Multiple Choice Stockholders's Equity $86,700 Assets Liabilities $177,000 $90,300 Stockholders's Equity $66,600 Assets Liabilities $195,500 $128,900 Stockholders's Equity $98,500 Assets Liabilities $170,300 $71,800 Stockholders's Equity $98,500 Assets Liabilities $167,000 $68,500
Wildhorse Inc., had the following condensed balance sheet at the end of operations for 2019. Cash Current assets other than cash Equity invesments Plant assets (net) Land 1. During 2020, the following occurred. 2. 3. 4. 5. 6. 7. WILDHORSE INC. BALANCE SHEET DECEMBER 31, 2019 $8,400 28,800 8. 20,000 67,100 40,300 $164,600 Current liabilities Long-term notes payable Bonds payable Common stock Retained earnings A tract of land was purchased for $8,900. Bonds payable in the amount of $15,000 were redeemed at par. An additional $9,900 in common stock was issued at par. Dividends totaling $9,400 were paid to stockholders. Net income was $30,600 after allowing depreciation of $13,300. Land was purchased through the issuance of $22,800 in bonds. $15,200 25,500 25,000 75,000 23,900 $164,600 Wildhorse Inc. sold part of its investment portfolio for $12,900. This transaction resulted in a gain of $1,900 for the company. No unrealized gains or losses were recorded on these investments in 2020. Both…
Grier & Associates maintains its records on the cash basis. You have been engaged to convert its cash basis income statement to the accrual basis. The cash basis income statement, along with additional information, follows: Grier & Associates Income Statement (Cash Basis) For the Year Ended December 31, 2025 Cash receipts from customers $425,000 Cash payments: Salaries and wages $170,000 Income taxes 65,000 Insurance 40,000 Interest…
Skysong, Inc. had the following transactions involving current assets and current liabilities during February 2019. Feb. 3 Collected accounts receivable of $18,900. 7 Purchased equipment for $36,800 cash. 11 Paid $3,500 for a 1-year insurance policy. 14 Paid accounts payable of $12,400. 18 Declared cash dividends, $8,500. Additional information:As of February 1, 2019, current assets were $135,000 and current liabilities were $35,400.Compute the current ratio as of the beginning of the month and after each transaction. (Round all answers to 2 decimal places, e.g. 1.83 : 1.) Current ratio as of February 1, 2019 enter current ratio :1 Feb. 3 enter the current ratio as of February 3 :1 Feb. 7 enter the current ratio as of February 7 :1 Feb. 11 enter the current ratio as of February 11 :1 Feb. 14 enter the current ratio as of February 14 :1 Feb. 18 enter the current ratio as of February 18 :1
The current sections of Scoggin Inc.'s balance sheets at December 31, 2018 and 2019, are presented here. Scoggin's net income for 2019 was $153,000. Depreciation expense was $24,000. 2019 2018 Current assets Cash $105,000 $99,000 Accounts receivable 110,000 89,000 Inventory 158,000 172,000 Prepaid expenses 27,000 22,000 Total current assets $400,000 $382,000 Current liabilities Accrued expenses payable $15,000 $5,000 Accounts payable 85,000 92,000 Total current liabilities $100,000 $97,000 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the cash flow wvith either a sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Question (I got $44,000... correct?): Riley Company began operations on August 1, 2026 and entered into the following transactions during 2026: 1. On August 1, Riley Company sold common stock to owners in the amount of $60,000 and borrowed $48,000 from a local bank on a 10-month, 10% note payable. 2. On August 14, Riley Company purchased inventory for $42,000 cash. 3. On September 1, Riley Company purchased a 3-year insurance policy for $27,000 cash. 4. On September 19, Riley Company purchased land for $30,000 cash. 5. On October 28, Riley Company sold two-thirds of the inventory that was purchased on August 14 to a customer for $62,000 cash. 6. On December 3, Riley Company sold the land that was purchased on September 19 for $19,000 cash. 7. On December 31, Riley recorded all necessary adjusting entries. Calculate the amount of total expenses reported in Riley Company's 2026 income statement after all of the above transactions have been recorded and posted.
Your examination of the records of a company that follows the cash basis of accounting tells you that the company’s reported cash-basis earnings in 2022 are $37,007. If this firm had followed accrual-basis accounting practices, it would have reported the following year-end balances. 2022 2021 Accounts receivable $3,740 $3,080 Supplies on hand 1,430 1,603 Unpaid wages owed 2,200 2,640 Other unpaid expenses 1,540 1,210 Determine the company’s net earnings on an accrual basis for 2022. Net earnings on an accrual basis for 2022
Financial statements for Benson Company follow. BENSON COMPANY Balance SheetsAs of December 31 2019 2018 Assets Current assets Cash $ 17,500 $ 13,500 Marketable securities 20,300 6,300 Accounts receivable (net) 44,000 36,000 Inventories 129,000 137,000 Prepaid items 28,000 13,000 Total current assets 238,800 205,800 Investments 27,000 20,000 Plant (net) 270,000 255,000 Land 29,000 24,000 Total assets $ 564,800 $ 504,800 Liabilities and Stockholders’ Equity Liabilities Current liabilities Notes payable $ 17,200 $ 8,500 Accounts payable 88,800 75,000 Salaries payable 24,000 18,000 Total current liabilities 130,000 101,500 Noncurrent liabilities Bonds payable 130,000 130,000 Other 27,000 22,000 Total…
Required Information As of December 31, 2019. Armani Company's financlal records show the following Items and amounts. Cash $11,400 10,400 7,400 6,400 13,8e0 17,400 21,8ee 14,400 35,8ee 24,8ee 21,400 13,400 9,400 Accounts receivable Supplies Equipment Accounts payable A. Armani, Capital, Dec. 31, 2018 A. Armani, Capital, Dec. 31, 2019 A. Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses Required: Prepare a year-end balance sheet for Armani Company. ARMANI COMPANY Balance Sheet December 31, 2019 Assets Liabilities Cash Accounts receivable Supplies Equipment 11,400 Accounts payable 10,400 7,400 Total liabilities 13,800 13,800 6,400 A. Armani, Capital Equity 21,800 Total assets 35,600 Total liabilities and equity 35,600
Consider the following balance sheets and income statement for Cruyff Enterprises. Cruyff paid $25,000 for rent in 2020. Compute the cash that Cruyff paid for dividends. Cruyff Enterprises Balance Sheets As of December 31, 2020 and 2019 2020 2019 Assets: Cash $18,650 $ 14,900 Accounts Receivable 42,000 36,000 Inventory 60,500 50,000 Prepaid Rent 3,000 1,400 Property, Plant and Equipment 230,000 205,600 Less: Accumulated Depreciation (75,000) (65,000) Total Assets $279,150 $242,900 Liabilities and Stockholders’ Equity: Accounts Payable $26,500 $21,000 Interest Payable 650 400 Unearned Revenue 7,000 10,000 Bonds Payable 37,000 37,000 Common Stock 20,000 15,000 Additional Paid-In Capital 48,000 40,000 Retained Earnings 140,000 119,500…
A summary of cash flows for Conching Printing for the year ended May 31, 2020, is shown below. Cash receipts: Cash received from fees earned P 1,500,000.00 Additional investment of owner 75,000.00 Cash payments: Cash paid for expenses 1,215,000.00 Cash paid for equipment 240,000.00 Cash paid to owner for personal use 66,000.00 Determine the net cash flows from operating activities.
Please submit financial statements for 2021 for Company Co Landscaping, including a balance sheet, income statement, and statements of cash flows (operating, investing, financing) Trial Balance For the Years Ending December 31 2020 2021 ash operating 16,914 $79,275 Cash saving 26,300 $74,314 Cash - Loan Account- - 249,019 Account Receivable 73,325 15,092 Prepaid insurance 20,719 6,561 Account Payable (33,839) (448) Prepaid expense (69,8220 (21,762) Loan Payable (256,658) (617,275) Equity 335,016 337,429 Sales (410,000) (418,841) Land lease Income (3,000) (3000) Electric 4,500 5000 Water 5,000 5000 Water Reim Exp 500 500 Office expense 4,047 4,047 Legal 12,500 12,500 Accounting 500 500 Professional Fees 35,000 35,000 Bad Debt 500 500 Cost of Good Sold 80,000 80,000 Beautification/Dumpster 10,000 10,000 Fertilizing /Grass 5,000 5,000 Road Sign 1,000 1,500 Insect Mitigation 1,000 1,000 Tree/bush trimming 2,500 2,500…