On March 1, 2024, Company XYZ's balance sheet shows $100 cash, $200 inventory, $50 accounts payable, $50 Common Stock, $200 retained earnings. During the month, the company: 1)Sells all the inventory for $400 on account. 2) Collects half of the accounts receivable. 3)Accrues general expenses of $100. 4) Pays off 90% of beginning accounts payable. Instruction: Complete the light orange color filled cells in this Excel sheet for the following (1) Prepare the income statement and the statement of retained earnings for the month and unclassified balance sheet as of March 31, 2024. (2) Calculate the amount of operating cash flow for the month using the indirect method. (3) Prepare journal entries for these 4 transactions. General Expenses (1) XYZ COMPANY INCOME STATEMENT FOR THE MONTH ENDING MARCH 31, 2024 Gross profit Net income XYZ COMPANY RETAINED EARNINGS STATEMENT FOR THE MONTH ENDING MARCH 31, 2024 Beginning Retained Earnings Ending Retained Earnings Assets $ Liabilities & Equity $ $ XYZ COMPANY BALANCE SHEET AS OF MARCH 31, 2024 0

On March 1, 2024, Company XYZ's balance sheet shows $100 cash, $200 inventory, $50 accounts payable, $50 Common Stock, $200 retained earnings. During the month, the company: 1)Sells all the inventory for $400 on account. 2) Collects half of the accounts receivable. 3)Accrues general expenses of $100. 4) Pays off 90% of beginning accounts payable. Instruction: Complete the light orange color filled cells in this Excel sheet for the following (1) Prepare the income statement and the statement of retained earnings for the month and unclassified balance sheet as of March 31, 2024. (2) Calculate the amount of operating cash flow for the month using the indirect method. (3) Prepare journal entries for these 4 transactions. General Expenses (1) XYZ COMPANY INCOME STATEMENT FOR THE MONTH ENDING MARCH 31, 2024 Gross profit Net income XYZ COMPANY RETAINED EARNINGS STATEMENT FOR THE MONTH ENDING MARCH 31, 2024 Beginning Retained Earnings Ending Retained Earnings Assets $ Liabilities & Equity $ $ XYZ COMPANY BALANCE SHEET AS OF MARCH 31, 2024 0

Name: On March 1, 2024, Company XYZ's balance sheet shows $100 cash, $200 i
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Description: On March 1, 2024, Company XYZ's balance sheet shows $100 cash, $200 inventory, $50 accounts payable, $50 Common Stock, $200 retained earnings.During the month, the company:1)Sells all the inventory for $400 on account.2)Collects half of the accounts

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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