Q#22: Mash Company, a service provider, has asked for your assistance with their cash flow analysis. Mash makes all sales tocustomers on account and purchases 100% of the supplies, on account, from Mark Company. Mash provides the following list ofnormal account balances as well as the company's income statement activity for the twelve months ended 12/31/20X5.Ref. No. Account TitleCash12 Accounts Receivable3 Prepaid Insurance Expense4 Prepaid Advertising ExpenseSupplies56 Equipment7 Accumulated Depreciation8 Land9 Accounts Payable- Mark Co.10Dividends Payable1112Rent PayableUtilities Payable12/31/20X4 12/31/20X5$13,320 $13,7706,500 12,0009,5707,83043,20040,8004,5006,000108,00096,00047,77028,0001,0508,0002,10072037,40007506,0001,800600Ref. No. Account TitleWages PayableDividendsSales Revenue131415161718192021222324Advertising ExpenseDepreciation ExpenseInsurance ExpenseMaintenance ExpenseRent ExpenseSupplies ExpenseUtilities Expense12/31/20X4 12/31/20X5$1,800$2,20015,000280,00032,60017,6806,4805,00024,30016,5006,650148,0001,510Wage ExpenseGain on Equipment DisposalSelect the answer choice below that shows the combined cash (outflow) from the following 2 items: (i) cash paid for purchases ofsupplies; (ii) cash paid for wages.A. $(165,700) B. $(166,000) C. $(165,600) D. $(164,100) E. $(165,300)

Name: Q#22: Mash Company, a service provider, has asked for your assistance
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Description: Q#22: Mash Company, a service provider, has asked for your assistance with their cash flow analysis. Mash makes all sales tocustomers on account and purchases 100% of the supplies, on account, from Mark Company. Mash provides the following list ofno

Lets understand the basics.For calculating cash paid for wages, we need to use below formula.Cash…

Business

Accounting

No. Account Title Cash 2 Accounts Receivable Prepaid Insurance Expense Prepaid Advertising Expense Supplies Equipment Accumulated Depreciation 3 Land ) Accounts Payable- Mark Co. 0 Dividends Payable 1 2 Rent Payable Utilities Payable 12/31/20X4 12/31/20X5 $13,320 $13,770 6,500 12,000 7,830 9,570 43,200 40,800 4,500 6,000 108,000 96,000 37,400 47,770 0 28,000 750 1,050 6,000 8,000 1,800 2,100 600 720 Ref. No. Account Title Wages Payable Dividends Sales Revenue 13 14 15 16 17 18 19 20 21 22 23 24 Advertising Expense Depreciation Expense Insurance Expense Maintenance Expense Rent Expense Supplies Expense Utilities Expense 12/31/20X4 12/31/20X5 $1,800 $2,200 Wage Expense Gain on Equipment Disposal 15,000 280,000 32,600 17,680 6,480 5,000 24,300 16,500 6,650 148,000 1,510 ect the answer choice below that shows the combined cash (outflow) from the following 2 items: (i) cash paid for purcha plies; (ii) cash paid for wages. $(165,700) B. $(166,000) C. $(165,600) D. $(164,100) E. S(165,300)

No. Account Title Cash 2 Accounts Receivable Prepaid Insurance Expense Prepaid Advertising Expense Supplies Equipment Accumulated Depreciation 3 Land ) Accounts Payable- Mark Co. 0 Dividends Payable 1 2 Rent Payable Utilities Payable 12/31/20X4 12/31/20X5 $13,320 $13,770 6,500 12,000 7,830 9,570 43,200 40,800 4,500 6,000 108,000 96,000 37,400 47,770 0 28,000 750 1,050 6,000 8,000 1,800 2,100 600 720 Ref. No. Account Title Wages Payable Dividends Sales Revenue 13 14 15 16 17 18 19 20 21 22 23 24 Advertising Expense Depreciation Expense Insurance Expense Maintenance Expense Rent Expense Supplies Expense Utilities Expense 12/31/20X4 12/31/20X5 $1,800 $2,200 Wage Expense Gain on Equipment Disposal 15,000 280,000 32,600 17,680 6,480 5,000 24,300 16,500 6,650 148,000 1,510 ect the answer choice below that shows the combined cash (outflow) from the following 2 items: (i) cash paid for purcha plies; (ii) cash paid for wages. $(165,700) B. $(166,000) C. $(165,600) D. $(164,100) E. S(165,300)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Statement of financial position
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Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 27,000 shares of preferred 2% stock, $100 par, and 600,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: July 1. Issued 213,000 shares of common stock at par for cash. 1. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Aug. Issued 69,400 shares of common stock in exchange for land, buildings, and equipment with fair market 7. prices of $149,100, S505,120 and $164,700 respectively. Sept. 20. Issued 17,600 shares of preferred stock at $105 for cash. Required: Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a…
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answered Accounts Dr Marked out of Cash OMR 50,000 2.00 Accounts receivable 20,000 P Flag question Supplies 10,000 Prepaid expenses 12,000 Buildings-at cost 160,000 10,000 Accumulated depreciation - Buildings 30,000 Notes payable (due in 2 months) 30,000 Accounts payable 12,000 Interest payable 10,000 Unearned service revenue 120,000 Shared- Capital 100,000 Service revenues 40,000 Salaries Expenses 10,000 Depreciation Expenses 30,000 Utilities Expenses 10,000 Dividends / drawings 342,000 342,000 Total If this information was used to prepare a statement of financial position, Total Liabilities should be: Cull lis islO
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