P1-1A Kinney's Repair Ltd. was started on May 1. A summary of May transactions is presented below. 1. Shareholders invested £10,000 cash in the business in exchange for ordinary shares. 2. Purchased equipment for £5,000 cash. 3. Paid £400 cash for May office rent. 4. Paid £700 cash for supplies. 5. Incurred £250 of advertising costs in the Beacon News on account. 6. Received £4,700 in cash from customers for repair service. 7. Declared and paid a £1,000 cash dividend. 8. Paid part-time employee salaries £1,000. 9. Paid utility bills £160. 10. Performed repair service worth £980 on account. 11. Collected cash of £120 for services billed in transaction (10). Instructions (a) Prepare a tabular analysis of the transactions, using the following column headings: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Share Capital, and Retained Earnings (with separate columns for Revenues, Expenses, and Divi- dends). Include margin explanations for any changes in Retained Earnings. Revenue is called Service Revenue. (b) From an analysis of the Retained Earnings columns, compute the net income or net loss for May.

P1-1A Kinney's Repair Ltd. was started on May 1. A summary of May transactions is presented below. 1. Shareholders invested £10,000 cash in the business in exchange for ordinary shares. 2. Purchased equipment for £5,000 cash. 3. Paid £400 cash for May office rent. 4. Paid £700 cash for supplies. 5. Incurred £250 of advertising costs in the Beacon News on account. 6. Received £4,700 in cash from customers for repair service. 7. Declared and paid a £1,000 cash dividend. 8. Paid part-time employee salaries £1,000. 9. Paid utility bills £160. 10. Performed repair service worth £980 on account. 11. Collected cash of £120 for services billed in transaction (10). Instructions (a) Prepare a tabular analysis of the transactions, using the following column headings: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Share Capital, and Retained Earnings (with separate columns for Revenues, Expenses, and Divi- dends). Include margin explanations for any changes in Retained Earnings. Revenue is called Service Revenue. (b) From an analysis of the Retained Earnings columns, compute the net income or net loss for May.

Name: Law Ltd.E1-17 This information is for Java Company Ltd. for the year
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Description: Law Ltd.E1-17 This information is for Java Company Ltd. for the year ended December 31, 2017(amounts in thousands).Prepare a cash flow statement.(LO 8)Cash received from revenues from customersCash received for issuance of ordinary sharesCash paid f

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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[The following information applies to the questions displayed below.] Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $35,000 cash from the issue of common stock. 2. Borrowed $35,000 cash from National Bank. 3. Earned cash revenues of $53,000 for performing services. 4. Paid cash expenses of $47,500. 5. Paid a $1,500 cash dividend to the stockholders. 6. Acquired an additional $25,000 cash from the issue of common stock. 7. Paid $9,000 cash to reduce the principal balance of the bank note. 8. Paid $58,000 cash to purchase land. 9. Determined that the market value of the land is $81,000. c. Identify the asset source transactions and related amounts for Year 1. Sources of Assets Event Total sources of assets Amount
From an analysis of the Retained Earnings columns, compute the net income or net loss for May. Service Revenue Expenses Rent Expense Advertising Expense Salaries and Wages Expense Utilities Expense Total Expenses Net Income /(Loss) Tamarisk, Inc. Income Statement For the Year Ended May 31 AA 400 i 350 i 1,000 i 140 i 5,000 1,890 i 3,110
1. Blondo Wholesale began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1) issued stock for $40,000 2) borrowed $25,000 from its bank 3) sold merchandise for $65,000. Cost of merchandise sold was $26,000 4) paid back $15,000 of the bank loan 5) paid rent expense for $9,000 6) purchased equipment for $12,000 cash 7) paid $3,000 dividends to stockholders 8) paid employees' salaries of $21,000 What is Blondo's net income for Year 1? 2. As of December 31, Year 1, Massy Company had $200 cash. During Year 2, Massy earned $1,300 of cash revenue and $800 in revenue on account. They also paid $ 1,600 of cash expenses. The amount of cash shown on the balance sheet at the end of Year 2 would be: 3. Suppose $3000 in inventory is purchased on account under terms 2/10, n/30. $500 is returned because it was damaged during transport and the entire remaining ordered is paid for in cash within 10 days. How much is discounted from the order
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35. Best Graphics has the following accounts in its general ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Service Fees Earned; Rent Expense; and Salaries Expense. Prepare general journal entries to record the following transactions: May 1 Shareholders invested $110,000 cash in exchange for stock. 2 Paid May rent, $5,300. 4 Purchased office equipment for $9,000, paying $3,000 cash, with the balance due on account in 60 days. 5 Purchased supplies on account, $2,300. 12 Billed clients for services, $5,800. 18 Collected $3,800 on account from clients. 19 Paid $1,500 on account to suppliers. 26 Paid $9,000 cash dividends. 31 Paid salaries for May, $3,200.
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