What is the amount of total assets? Question:A company entered into the following transactions:1. Borrowed $5,100 from the bank by signing apromissory note.2.Issued stock to owners for $11,000.3. Purchased $1,100 of supplies, on the account.4. Paid $500 to suppliers as payment on account forthe supplies purchased.What is the amount of total assets?

Explanation of Borrowing (Promissory Note):Borrowing involves obtaining funds from a lender,…

Answered: Question: A company entered into the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 2PB: To demonstrate the difference between cash account activity and accrual basis profits (net income),...

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Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Paid $22,000 cash on bonds payable. B. Collected $12,600 cash for a note receivable. C. Declared a dividend to shareholders for $16,000, to be paid in the future. D. Paid $26,500 to suppliers for purchases on account. E. Purchased treasury stock for $18,000 cash.
Which of the following transactions is affecting the current asset of accounts receivable? a. Sold merchandise to customers on account b. Received cash from issuance of common stock c. Received cash from customers for this month’s sales d. Paid balance on account for last month’s inventory purchases
Determine whether the firm reports each of the following items as part of cash and cash equivalents in the balance sheet. Item Cash or Cash Equivalent? (yes/no) 1. Currency 2. Inventory for sale to customers 3. Balance in savings account 4. Checks 5. Accounts receivable 6. Investments purchased with maturities of less than three months 1. _________________ 2.__________________ 3.__________________ 4.__________________ 5.__________________ 6.__________________
A check drawn by a company for $340 in payment of a liability was recorded in the journal as $430. What entry is required in the company's accounts? Oa. debit Cash; credit Accounts Payable Ob. debit Cash; credit Accounts Receivable Oc. debit Accounts Receivable; credit Cash Od. debit Accounts Payable; credit Cash
Subject: accounting
Determining the Financial Statement Effects of Accounts Payable TransactionsHobson Company had the following transactions relating to its accounts payable. Use the financial statement effects template to identify the effects (both amounts and accounts) for these transactions.a. Purchases $2,772 of inventory on credit.b. Sells inventory for $3,630 on credit.c. Records $2,772 cost of sales for transaction b.d. Receives $3,630 cash toward accounts receivable.e. Pays $2,772 cash to settle accounts payable.Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction.Note: Indicate a decrease in an account category by including a negative sign with the amount. Balance Sheet Income Statement Transaction Cash Asset + Noncash Assets = Liabilities + Contrib. Capital + Earned Capital Revenues – Expenses = Net Income a. Answer Answer = Answer Answer Answer Answer – Answer = Answer Answer…
1. The following account balances were extracted from the accounting records of Macy Corporation at the end of the year:Accounts Receivable $1,100,000Allowance for Uncollectible Accounts (Credit) $37,000Uncollectible-Account Expense $63,000What is the net realizable value of the accounts receivable? Select one:A. $1,163,000B. $1,137,000C. $1,100,000D. $1,063,000 Please show all steps.
Determine the financial statement effects of Accounts Payable Transactions, when Hobson Company has the following items: Purchases $1,250 of inventory on credit. Sells inventory for $1,650 on credit. Records $1,260 cost of sales for transaction b. Receives $1,650 cash towards accounts receivable. Pays $1,260 cash to settle accounts payable.
The following account balances were extracted from the accounting records of A and D Corporation: Accounts Receivable $280,000 Uncollectible Account Expense $45,000 Allowance for Uncollectible Accounts $35,000 What is the net realizable value of the accounts receivable? $280,000 O $270,000 O $200,000 O $245,000 O $235,000
Illustration: ABC Co.'s cash balance on January 1 2018 was P 20 000 The following were the transactions that affected cash during the period a. Collections from customers for the sale of goods, b. Cash receipt from loan obtained from a bank, c. Cash receipt from additional investment by owner, d. Payments to suppliers for the purchase of inventory, e. Payments for employee salaries, f. Payments for rent expenses, g. Payment for utilities expense, h. Payment for the acquisition of equipment, i. Cash disbursements for drawings by owner, Required: Prepare the statement of cash flows from operating activities Please be guided by the rubric below: ACTIVITY No. RE 20 16 12 8 P 580 000 P 180 000 P 20 000 P 120 000 P 140 000 70 000 P P 20 000 P 200 000 P 60 000 the direct method of presenting cash flows DESCRIPTION The financial position is presented properly, and the amounts are correct The financial position is presented properly, and the amounts have few errors The financial position is…
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