Month ending January 31 Assets Cash Accounts Receivable Inventory Prepaid Rent Property, Plant & Equipment MixMax Company Comparative Balance Sheets Accumulated Depreciation Total Assets Liabilities & Shareowners' Equity Advances from Customers (Deferred Revenue) Accounts Payable Merchandise Accounts Payable Services Interest Payable Tax Payable Current Portion - Long Term Debt Long Term Debt Common Stock Retained Earnings Total Liabilities & Shareowners' Equity Check that Assets = Liabilities + Owners' Equity Notes to the Consolidated Financial Statements: $ $ 1/1/2021 S 8,400 1,600 7,000 3,000 0 0 $ 20,000 $ 1,400 $ 3,600 200 0 0 0 0 $ 13,000 1,800 20,000 $ 0 1/31/2021 11,000 7,600 10,000 2,500 45,000 (675) 75,425 800 5,100 1,275 450 3,200 6,373 38,627 13,000 6,600 75,425 1 The MixMax Company did not issue common stock during January 20x1 0 Change 2,600 6,000 3,000 (500) 45,000 (675) 55,425 (600) 1,500 1,075 450 3,200 6,373 38,627 0 4,800 55,425 0 MixMax Company Statement of Cash Receipts & Disbursements Cash Receipts Collections from Credit Customers (AR) Advances from Customers Total Cash Receipts Cash Disbursements Payments to Suppliers of Merchandise Payments to Suppliers of Services Total Cash Disbursements Change in Cash $ $ Jan-21 20,500 2,900 23,400 16,500 4,300 20,800 $2,600 Thought Question: Although the balances in Property, Plant & Equipment (PPE) and Long-term Debt (LTD) increased, there was neither a cash payment for the purchase of the PPE nor a cash receipt for long-term borrowing in the statement of cash receipts and disbursements. Why Required: a Prepare journal entries for all of the events that occurred during January 2001. b Prepare an income statement for January 2001
Month ending January 31 Assets Cash Accounts Receivable Inventory Prepaid Rent Property, Plant & Equipment MixMax Company Comparative Balance Sheets Accumulated Depreciation Total Assets Liabilities & Shareowners' Equity Advances from Customers (Deferred Revenue) Accounts Payable Merchandise Accounts Payable Services Interest Payable Tax Payable Current Portion - Long Term Debt Long Term Debt Common Stock Retained Earnings Total Liabilities & Shareowners' Equity Check that Assets = Liabilities + Owners' Equity Notes to the Consolidated Financial Statements: $ $ 1/1/2021 S 8,400 1,600 7,000 3,000 0 0 $ 20,000 $ 1,400 $ 3,600 200 0 0 0 0 $ 13,000 1,800 20,000 $ 0 1/31/2021 11,000 7,600 10,000 2,500 45,000 (675) 75,425 800 5,100 1,275 450 3,200 6,373 38,627 13,000 6,600 75,425 1 The MixMax Company did not issue common stock during January 20x1 0 Change 2,600 6,000 3,000 (500) 45,000 (675) 55,425 (600) 1,500 1,075 450 3,200 6,373 38,627 0 4,800 55,425 0 MixMax Company Statement of Cash Receipts & Disbursements Cash Receipts Collections from Credit Customers (AR) Advances from Customers Total Cash Receipts Cash Disbursements Payments to Suppliers of Merchandise Payments to Suppliers of Services Total Cash Disbursements Change in Cash $ $ Jan-21 20,500 2,900 23,400 16,500 4,300 20,800 $2,600 Thought Question: Although the balances in Property, Plant & Equipment (PPE) and Long-term Debt (LTD) increased, there was neither a cash payment for the purchase of the PPE nor a cash receipt for long-term borrowing in the statement of cash receipts and disbursements. Why Required: a Prepare journal entries for all of the events that occurred during January 2001. b Prepare an income statement for January 2001
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Month ending January 31
Assets
Cash
Accounts Receivable
Inventory
Prepaid Rent
Property, Plant & Equipment
MixMax Company
Comparative Balance Sheets
Accumulated Depreciation
Total Assets
Liabilities & Shareowners' Equity
Advances from Customers (Deferred Revenue)
Accounts Payable Merchandise
Accounts Payable Services
Interest Payable
Tax Payable
Current Portion - Long Term Debt
Long Term Debt
Common Stock
Retained Earnings
Total Liabilities & Shareowners' Equity
Check that Assets = Liabilities + Owners' Equity
Notes to the Consolidated Financial Statements:
$
$
$
$
1/1/2021
8,400
1,600
7,000
3,000
0
0
20,000 $
1,400
3,600
200
0
0
0
0
13,000
1,800
20,000
0
$ 11,000
7,600
10,000
2,500
45,000
$
1/31/2021
$
(675)
75,425
800
5,100
1,275
450
3,200
6,373
38,627
13,000
6,600
75,425
1 The MixMax Company did not issue common stock during January 20x1
0
Change
2,600
6,000
3,000
(500)
45,000
(675)
55,425
(600)
1,500
1,075
450
3,200
6,373
38,627
0
4,800
55,425
0
MixMax Company
Statement of Cash Receipts & Disbursements
Cash Receipts
Collections from Credit Customers (AR)
Advances from Customers
Total Cash Receipts
Cash Disbursements
Payments to Suppliers of Merchandise
Payments to Suppliers of Services
Total Cash Disbursements
Change in Cash
Thought Question:
Required:
$
Ş
Jan-21
20,500
2,900
23,400
16,500
4,300
20,800
$2,600
Although the balances in Property, Plant & Equipment (PPE) and
Long-term Debt (LTD) increased, there was neither a cash payment
for the purchase of the PPE nor a cash receipt for long-term
borrowing in the statement of cash receipts and disbursements. Why'
Prepare journal entries for all of the events that occurred during
January 2001.
b Prepare an income statement for January 2001
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