Mijka Company was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events:1. earned cash revenues of $31,9002. paid cash expenses of $14,3003. paid a $2,600 cash dividend to its stockholdersThese were the only events that affected the company during Year 1.Requireda. Record the effects of each accounting event under the appropriate general ledger account headings.b. Prepare an income statement, statement of changes in stockholders' equity, and a balance sheet dated December 31, Year 1, forMijka Company.Complete this question by entering your answers in the tabs below.Req AReq B IncomeStatementReq BStatement of Req B BalanceSheetChangesRecord the effects of each accounting event under the appropriate general ledger account headings.Note: Enter any decreases to account balances with a minus sign. Not all cells require input.MIJKA COMPANYAccounting Equation for Year1AssetsEventLiabilitiesCash100,000Stock issuance1. Cash revenues2. Paid expenses3. Paid dividendEnding balance11II=Stockholders' EquityCommonStockRetainedEarnings100,000

Part b: Financial StatementsIncome Statement for Year 1:Revenues:Cash Revenues: $31,900Expenses:Cash…

Answered: Mijka Company was started on January 1,…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 8EB: Piedmont Inc. has the following transactions for its first month of business: A. What are the...

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Prepare journal entries to record the following transactions for the month of November: A. on first day of the month, issued common stock for cash, $20,000 B. on third day of month, purchased equipment for cash, $10,500 C. on tenth day of month, received cash for accounting services, $14,250 D. on fifteenth day of month, paid miscellaneous expenses, $3,200 E. on last day of month, paid employee salaries, $8,600
Holloway Company earned $6,200 of service revenue on account during Year 1. The company collected $5,270 cash from accounts recievable during Year 1. a. the balance of the accounts recievable that would be reported on the Decmeber 31,Year1,balance sheet b. the amount of net income that would be reported on the Year 1 income statement. c. the amount of net cash flow from operating activites that would be reported on the Year 1 statement of cash flows d. the amount of retained earnings that would be reported on the Year 1 balance sheet
= You are an accounting intern working for SpringFit Corporation. You have recently been assigned to help one of the accountants who is doing an internal audit of the business. You will be assisting with a review of the payables issued by SpringFit Corporation. Your first task is to review the previous year’s journal entries, shown as follows: Journal Entries, 20Y4 PAGE 15 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jan. 1 Cash 1,008,960.00 ↑ 2 Premium on Bonds Payable 58,960.00 ↑ 3 Bonds Payable 950,000.00 ↑ 4 Jun. 30 Interest Expense 18,427.00 ↓ 5 Premium on Bonds Payable 2,948.00 ↓ 6 Cash 21,375.00 ↓ 7 Jul. 1 Cash 1,729,164.00 ↑ 8 Discount on Bonds Payable 70,836.00 ↓ 9…
Holloway Company earned $4,300 of service revenue on account during Year 1. The company collected $3,655 cash from accounts receivable during Year 1. Based on this information alone, determine the following for Holloway Company. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. The amount of net income that would be reported on the Year 1 income statement.
Holloway Company earned $9,400 of service revenue on account during Year 1. The company collected $7,990 cash from accounts receivable during Year 1. Required Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) a. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. b. The amount of net income that would be reported on the Year 1 income statement. C. The amount of net cash flow from operating activities that would be reported on the Year 1 statement of cash flows. d. The amount of retained earnings that would be reported on the Year 1 balance sheet. Complete this question by entering your answers in the tabs below. Accounting Equation Reg A to D Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an…
You are an accounting intern working for SpringFit Corporation. You have recently been assigned to help one of the accountants who is doing an internal audit of the business. You will be assisting with a review of the payables issued by SpringFit Corporation. Your first task is to review the previous year’s journal entries, shown as follows: Journal Entries, Year 1 PAGE 15 GENERAL JOURNAL ACCOUNTING EQUATION DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jan. 1 Cash 1,062,060.00 ↑ 2 Premium on Bonds Payable 62,060.00 ↑ 3 Bonds Payable 1,000,000.00 ↑ 4 Jun. 30 Interest Expense 19,397.00 ↓ 5 Premium on Bonds Payable 3,103.00 ↓ 6 Cash 22,500.00 ↓ 7 Jul. 1 Cash 1,921,280.00 ↑ 8 Discount on Bonds Payable 78,720.00 ↓…
You are an accounting intern working for SpringFit Corporation. You have recently been assigned to help one of the accountants who is doing an internal audit of the business. You will be assisting with a review of the payables issued by SpringFit Corporation. Your first task is to review the previous year’s journal entries, shown as follows: Journal Entries, Year 1 PAGE 15 GENERAL JOURNAL ACCOUNTING EQUATION DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jan. 1 Cash 1,062,060.00 ↑ 2 Premium on Bonds Payable 62,060.00 ↑ 3 Bonds Payable 1,000,000.00 ↑ 4 Jun. 30 Interest Expense 19,397.00 ↓ 5 Premium on Bonds Payable 3,103.00 ↓ 6 Cash 22,500.00 ↓ 7 Jul. 1 Cash 1,921,280.00 ↑ 8 Discount on Bonds Payable 78,720.00 ↓…
Holloway Company earned $6, 700 of service revenue on account during Year 1. The company collected $5, 695 cash from accounts receivable during Year 1. Required Based on this information alone, determine the following for Holloway Company. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. The amount of net income that would be reported on the Year 1 income statement. The amount of net cash flow from operating activities that would be reported on the Year 1 statement of cash flows. The amount of retained earnings that would be reported on the Year 1 balance sheet. Event Earned revenue Collected accounts receivable Ending balance HOLLOWAY COMPANY Effect of Events on the Year 1 Accounting Equation Assets Liabilities + Cash + + + Accounts Receivable = C || || || + + + Stockholders' Equity Common Stock + + + Retained Earnings
es Mijka Company was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events: 1 earned cash revenues of $31,900 2 paid cash expenses of $14,300 3 paid a $2,600 cash dividend to its stockholders These were the only events that affected the company during Year 1. Required a. Record the effects of each accounting event under the appropriate general ledger account headings. b. Prepare an income statement, statement of changes in stockholders' equity, and a balance sheet dated December 31, Year 1, for Mijka Company Complete this question by entering your answers in the tabs below. Req A Req B Income Statement Event Req B Statement of Changes Record the effects of each accounting event under the appropriate general ledger account headings. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Stock issuance 1. Cash revenues 2. Paid expenses 3. Paid dividend Ending balance Assets Cash MIJKA COMPANY…
Homework Mijka Company was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events: (1) earned cash revenues of $30,700, (2) paid cash expenses of $13,900, and (3) paid a $2,200 cash dividend to its stockholders. These were the only events that affected the company during Year 1. Required a. Record the effects of each accounting event under the appropriate general ledger account headings. b. Prepare an income statement, statement of changes in stockholders' equity, and a balance sheet dated December 31, Year 1, for Mijka Company. Complete this question by entering your answers in the tabs below. Req B Stmt of Changes Reg B Inc Req A Req B Bal Sheet Stmt Record the effects of each accounting event under the appropriate general ledger account headings. (Enter any decreases to account balances with a minus sign. Not all cells require input.) . .. ... ............r...............u* MIJKA COMPANY Accounting Equation for Year1 Assets…
Mijka Company was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events: (1) earned cash revenues of $30,700, (2) paid cash expenses of $13,900, and (3) paid a $2,200 cash dividend to its stockholders. These were the only events that affected the company during Year 1. Required a. Record the effects of each accounting event under the appropriate general ledger account headings. b. Prepare an income statement, statement of changes in stockholders' equity, and a balance sheet dated December 31, Year 1, for Mijka Company. Complete this question by entering your answers in the tabs below. Reg B Inc Req B Stmt of Changes Reg B Bal Sheet Req A Stmt Record the effects of each accounting event under the appropriate general ledger account headings. (Enter any decreases to account balances with a minus sign. Not all cells require input.) MIJKA COMPANY Accounting Equation for Year1 Assets Liabilities Stockholders' Equity %3D Event Common Stock…
Mijka Company was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events: (1) earned cash revenues of $30,700, (2) paid cash expenses of $13,900, and (3) paid a $2,200 cash dividend to its stockholders. These were the only events that affected the company during Year 1. Required a. Record the effects of each accounting event under the appropriate general ledger account headings. b. Prepare an income statement, statement of changes in stockholders' equity, and a balance sheet dated December 31, Year 1, for Mijka Company. Complete this question by entering your answers in the tabs below. Req B Inc Stmt Req B Stmt of Changes Req B Bal Sheet Req A Record the effects of each accounting event under the appropriate general ledger account headings. (Enter any decreases to account balances with a minus sign. Not all cells require input.) MIJKA COMPANY Accounting Equation for Yeart Assets Liabilities Stockholders' Equity %3D Event Common…

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