3Required information[The following information applies to the questions displayed below.]At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts:AccountCashAccounts receivableAccounts payableCommon stockRetained earningsThe following events apply to Oak Consulting for Year 2:1. Provided $65,600 of services on account.2. Incurred $3,000 of operating expenses on account.3. Collected $45,000 of accounts receivable.4. Paid $31,900 cash for salaries expense.5. Paid $13,320 cash as a partial payment on accounts payable.6. Paid a $9,900 cash dividend to the stockholders.c. Show the beginning balances and the transactions in a horizontal statements model.Note: Enter any decreases to account balances and cash outflows with a minus sign. In the Statement of Cash Flows column, usethe initials OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. Notall cells require input.NumberBalance123456BalancelanataCashAssets+c. Show the beginning balances and the transactions in a horizontal statements model.Note: Enter any decreases to account balances and cash outflows with a minus sign. In the Statement of Cash Flows column, usethe initials OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. Notall cells require input.++++++↓0 +AccountsReceivable======Balance$ 27,80024,70011,80027,80012,900==0 =OAK CONSULTINGEffect of Transactions on the Financial Statements for Year 2Balance SheetLinhibitionLiabilitiesAccountsPayableOAK CONSULTINGEffect of Transactions on the Financial Statements for Year 2Balance Sheet+++++++Stankhaldara! Excity.+0+Stockholders' EquityCommonStock++++0 +RetainedEarnings0RevenueIncome StatementIncome Statement-0-Expenses = Net Income======0 =Statement of Cash0Statement of CashFlows0

The horizontal statement model is a summary record of a financial statement. It shows the account…

Required information [The following information applies to the questions displayed below.] At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Cash Accounts receivable Accounts payable Common stock Retained earnings The following events apply to Oak Consulting for Year 2: 1. Provided $65,600 of services on account. 2. Incurred $3,000 of operating expenses on account. 3. Collected $45,000 of accounts receivable. 4. Paid $31,900 cash for salaries expense. 5. Paid $13,320 cash as a partial payment on accounts payable. 6. Paid a $9,900 cash dividend to the stockholders. Balance $ 27,800 24,700 11,800 27,800 12,900 Show the beginning balances and the transactions in a horizontal statements model. te: Enter any decreases to account balances and cash outflows with a minus sign. In the Statement of C initials OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for cells require input. OAK CONSULTING

Required information [The following information applies to the questions displayed below.] At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Cash Accounts receivable Accounts payable Common stock Retained earnings The following events apply to Oak Consulting for Year 2: 1. Provided $65,600 of services on account. 2. Incurred $3,000 of operating expenses on account. 3. Collected $45,000 of accounts receivable. 4. Paid $31,900 cash for salaries expense. 5. Paid $13,320 cash as a partial payment on accounts payable. 6. Paid a $9,900 cash dividend to the stockholders. Balance $ 27,800 24,700 11,800 27,800 12,900 Show the beginning balances and the transactions in a horizontal statements model. te: Enter any decreases to account balances and cash outflows with a minus sign. In the Statement of C initials OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for cells require input. OAK CONSULTING

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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Required information [The following information applies to the questions displayed below] The following transactions apply to Jova Company for Year 1, the first year of operation. 1. Issued $20,000 of common stock for cash. 2. Recognized $60,000 of service revenue earned on account. 3. Collected $54,000 from accounts receivable. 4. Paid operating expenses of $37,800. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. The following transactions apply to Jova for Year 2 1. Recognized $67,500 of service revenue on account. 2. Collected $62,000 from accounts receivable: 3. Determined that $800 of the accounts receivable were uncollectible and wrote them off 4. Collected $300 of an account that had previously been written off. 5. Paid $47,500 cash for operating expenses. 6. Adjusted the accounts to recognize…
Required information [The following information applies to the questions displayed below.] The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $12,000 of common stock for cash. 2. Recognized $67,000 of service revenue earned on account. 3. Collected $59,600 from accounts receivable. 4. Paid operating expenses of $35,300. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. The following transactions apply to Jova for Year 2: 1. Recognized $74,500 of service revenue on account. 2. Collected $67,600 from accounts receivable. 3. Determined that $940 of the accounts receivable were uncollectible and wrote them off. 4. Collected $200 of an account that had previously been written off. 5. Paid $48,900 cash for operating expenses. 6. Adjusted the accounts to recognize…
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Consider the following financial data for Smith Corp.: Balance Sheet as of December 31, 2019 Cash $ 195,000 Accounts payable $ 94,000 Receivables 185,500 Short-term bank note 119,500 Inventories 214,500 Accruals 71,000 Total current assets $ 595,000 Total current liabilities $ 284,500 Long-term debt 462,500 Net plant & equip. 621,500 Common equity 469,500 Total assets $ 1,216,500 Total liab. & equity $ 1,216,500 Profit & Loss Statement for 2019 Industry Average Ratios Net sales $ 1,265,000 Current ratio 1.9× Cost of sales 986,500 Quick ratio 1.2× Gross profit $ 278,500 Days sales outstanding 64 days Operating expenses 166,500 Inventory turnover 3.3× EBIT $ 112,000 Total asset turnover 0.7× Interest expense 32,000 Net profit margin 9.1% Pre-tax income $ 80,000…
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ĮThe following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 $161,800 Retained Earnings Totals During January Year 1, the following transactions occur: January 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $152,000. January 15 The comapany sales for the first half of the month total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable. Common stock, $10 par value Retained earnings Total liabilities and equity Current Year $ 30,800 88,100 111,000 10,900 280,000 $ 520,800 $ 128,400 98,000 163,500 130,900 $ 520,800 Current Year 1 Year Ago $ 35,000 61,500 82,400 9,300 250,500 $ 438,700 $ 478,850 243,350 12,100 9,550 $73,750 101,750 163,500 99,700 $438,700 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses $785,000 Interest expense Income tax expense Total costs and expenses Net income Earnings per share For both the Current Year and 1 Year Ago, compute the following ratios: 743,850 $ 41,150 $ 2.52 2…
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Solve this question with steps please. The subject is fundamental of financial accounting.
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