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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A junior accountant at Salah Traders has prepared the post - adjustment trial balance below. He requires your assistance in preparing the financial statements for the entity. Post adjustment Trial Balance for Salah Traders for the year ended 31 October 2023. Required: Prepare the Statement for Financial Position for Salah Traders as at the 31 October 2023.
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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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CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales 610 Interest Revenue 620 Gain on Sale of Delivery Truck 621 Gain on Sale of Equipment EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Delivery Truck 523 Delivery Expense 524 Repairs and Maintenance Expense 529 Selling…
Help to clarify the trial balance for 1,2,3,4,5 For num 2 knowing that will be 0 as paid up the account payable of $500. But I'm still confuse with rest..
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