Question 1 SOC Peacedoff Prof Ltd. was organized on February 1, 2022. For the year ended January 31, 2023, the company provided the following data: Income statement: Sales revenue Cost of goods sold Depreciation expense Remaining expenses Net income Balance sheet: Cash Accounts receivable Merchandise inventory Machinery (net) Total assets Accounts pavable Accrued expenses payable Dividends payable Note payable, short-term Common stock Retained earnings Total liabilities and shareholders equity Analysis of selected accounts and transactions: a. Sold 3,000 shares of common stock at $18 per share. b. Borrowed $15,000 on a one-year, 8% interest-bearing note; the note was dated June 1, 2022. c. During 2022, purchased machinery, paid $29,000. Ha d. Purchased merchandise for resale at a cost of $50,000 (debited Inventory because the perpetual system is used); paid $40,000 cash, balance credited to Accounts Payable. e. On December 3, 2022, declared a cash dividend of $5,000; paid $3,000 in December 2022; the balance will be paid March 1, 2023. Required: Prepare the Statement of Cash Flow $ 80,000 (35.000) (4,000) (32,000) $ 9.000 $48,000 18,000 15,000 25.000 $106,000 $ 10.000 21,000 2,000 15,000 54,000 4,000 $106.000

Question 1 SOC Peacedoff Prof Ltd. was organized on February 1, 2022. For the year ended January 31, 2023, the company provided the following data: Income statement: Sales revenue Cost of goods sold Depreciation expense Remaining expenses Net income Balance sheet: Cash Accounts receivable Merchandise inventory Machinery (net) Total assets Accounts pavable Accrued expenses payable Dividends payable Note payable, short-term Common stock Retained earnings Total liabilities and shareholders equity Analysis of selected accounts and transactions: a. Sold 3,000 shares of common stock at $18 per share. b. Borrowed $15,000 on a one-year, 8% interest-bearing note; the note was dated June 1, 2022. c. During 2022, purchased machinery, paid $29,000. Ha d. Purchased merchandise for resale at a cost of $50,000 (debited Inventory because the perpetual system is used); paid $40,000 cash, balance credited to Accounts Payable. e. On December 3, 2022, declared a cash dividend of $5,000; paid $3,000 in December 2022; the balance will be paid March 1, 2023. Required: Prepare the Statement of Cash Flow $ 80,000 (35.000) (4,000) (32,000) $ 9.000 $48,000 18,000 15,000 25.000 $106,000 $ 10.000 21,000 2,000 15,000 54,000 4,000 $106.000

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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