1 AF Pri X M Question 1- Chapter 7, Assign XMaps Porter's Five Forc...Assignment 2ALog in to Canvas.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddleware80MaXRequired information[The following information applies to the questions displayed below.]Leach Incorporated experienced the following events for the first two years of its operations.Year 1:1. Issued $16,000 of common stock for cash.2. Provided $84,600 of services on account.3. Provided $42,000 of services and received cash.+Saved4. Collected $75,000 cash from accounts receivable.5. Paid $44,000 of salaries expense for the year.6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 5 percentof the ending accounts receivable balance will be uncollectible.7. Closed the revenue account.8. Closed the expense accounts.Prev***********Year 2:1. Wrote off an uncollectible account for $950.2. Provided $94,000 of services on account.3. Provided $38,000 of services and collected cash.4. Collected $87,000 cash from accounts receivable.5. Paid $71,000 of salaries expense for the year.6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of theending accounts receivable balance will be uncollectible.7. Closed the revenue account.8. Closed the expense accounts.1 2 3 4of 68 DNext >DII8Help 1 AF Pri X M Question 1- Chapter 7, Assign XMaps Porter's Five Forc...Assignment 2ALog in to Canvas.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddleware80MaXRequired information[The following information applies to the questions displayed below.]Leach Incorporated experienced the following events for the first two years of its operations.Year 1:1. Issued $16,000 of common stock for cash.2. Provided $84,600 of services on account.3. Provided $42,000 of services and received cash.+Saved4. Collected $75,000 cash from accounts receivable.5. Paid $44,000 of salaries expense for the year.6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 5 percentof the ending accounts receivable balance will be uncollectible.7. Closed the revenue account.8. Closed the expense accounts.Prev***********Year 2:1. Wrote off an uncollectible account for $950.2. Provided $94,000 of services on account.3. Provided $38,000 of services and collected cash.4. Collected $87,000 cash from accounts receivable.5. Paid $71,000 of salaries expense for the year.6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of theending accounts receivable balance will be uncollectible.7. Closed the revenue account.8. Closed the expense accounts.1 2 3 4of 68 DNext >DII8Help

Journal Entry :— It is an act of recording transaction in books of account when transaction…

Required information [The following information applies to the questions displayed below.] Leach Incorporated experienced the following events for the first two years of its operations. Year 1: 1. Issued $16,000 of common stock for cash. 2. Provided $84,600 of services on account. 3. Provided $42,000 of services and received cash. 4. Collected $75,000 cash from accounts receivable. 5. Paid $44,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible. 7. Closed the revenue account. 8. Closed the expense accounts. Year 2: 1. Wrote off an uncollectible account for $950. 2. Provided $94,000 of services on account. 3. Provided $38,000 of services and collected cash. 4. Collected $87,000 cash from accounts receivable. 5. Paid $71,000 of salaries expense for the year. 6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible. 7. Closed the revenue account. 8. Closed the expense accounts. < Prev 1 2 3 4 of 6 www Next >

Required information [The following information applies to the questions displayed below.] Leach Incorporated experienced the following events for the first two years of its operations. Year 1: 1. Issued $16,000 of common stock for cash. 2. Provided $84,600 of services on account. 3. Provided $42,000 of services and received cash. 4. Collected $75,000 cash from accounts receivable. 5. Paid $44,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible. 7. Closed the revenue account. 8. Closed the expense accounts. Year 2: 1. Wrote off an uncollectible account for $950. 2. Provided $94,000 of services on account. 3. Provided $38,000 of services and collected cash. 4. Collected $87,000 cash from accounts receivable. 5. Paid $71,000 of salaries expense for the year. 6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible. 7. Closed the revenue account. 8. Closed the expense accounts. < Prev 1 2 3 4 of 6 www Next >

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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On Jan. 1, XYZ started a new business. The shareholders made an initial cash investment of $1,000,000. During the year, the company provided $10,500,000 of services to customers. On December 31, XYZ had a balance in Accounts Receivable of $1,200,000. Also, during the year, the company incurred expenses of $8,800,000 and ended the year with a balance in Accounts Payable of $920,000. What is XYZ's income before income taxes for the year, under the Cash and Accrual basis? A. Cash Basis: $9,300,000 Accrual Basis: $10,500,000 B. Cash Basis: $1,700,000 Accrual Basis: $1,420,000 C. Cash Basis: $1,420,000 Accrual Basis: $1,700,000 D. Cash Basis: $500,000 Accrual Basis: $2,620,000
Cordell Inc. experienced the following events in Year 1, its first year of operation: Received $53,000 cash from the issue of common stock. Performed services on account for $75,000. Paid a $5,300 cash dividend to the stockholders. Collected $59,000 of the accounts receivable. Paid $53,000 cash for other operating expenses. Performed services for $18,000 cash. Recognized $2,300 of accrued utilities expense at the end of the year. a. & c. Identify the events that result in revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use OA to designate operating activity, FA for financing activity, or IA for investing activity. If the element is not affected by the event, leave the cell blank. b. Based on your response to Requirement a, determine the amount of net income reported on the Year 1 income statement. d. Based on your response to Requirement c, determine the amount of cash flow from operating…
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Blooming Flower Company was started in Year 1 when it acquired $60,900 cash from the issue of common stock. The following data summarize the company's first three years' operating activities. Assume that all transactions were cash transactions. Purchases of inventory Sales Cost of goods sold Selling and administrative expenses Income Statements Required Prepare an income statement (use multistep format) and balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.) Complete this question by entering your answers in the tabs below. Assets Balance Sheets Cash Merchandise inventory Prepare a balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.) BLOOMING FLOWER COMPANY Balance Sheets As of Year Ended December 31 Year 1 Total assets Liabilities Stockholders'…
[The following information applies to the questions displayed below.] Baird Company began operations on January 1, Year 1, by issuing common stock for $34,000 cash. During Year 1, Baird received $53,100 cash from revenue and incurred costs that required $38,100 of cash payments. Problem 10-26A (Algo) Part c Prepare a GAAP-based income statement and balance sheet for Baird Company for Year 1, under the following independent scenario: c. Baird is a manufacturing company. The $38,100 was paid to purchase the following items: (1) Paid $3,900 cash to purchase materials that were used to make products during the year. (2) Paid $1,300 cash for wages of factory workers who made products during the year. (3) Paid $18,600 cash for salaries of sales and administrative employees. (4) Paid $14,300 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $2,300 salvage value. The company uses straight-line depreciation. (5) During Year…
Following are the transactions and adjustments that occurred during the first year of operations at Kissick Co. Issued 195,000 shares of $5-par-value common stock for $975,000 in cash. Borrowed $510,000 from Oglesby National Bank and signed a 11% note due in three years. Incurred and paid $380,000 in salaries for the year. Purchased $730,000 of merchandise inventory on account during the year. Sold inventory costing $570,000 for a total of $910,000, all on credit. Paid rent of $220,000 on the sales facilities during the first 11 months of the year. Purchased $160,000 of store equipment, paying $52,000 in cash and agreeing to pay the difference within 90 days. Paid the entire $108,000 owed for store equipment and $600,000 of the amount due to suppliers for credit purchases previously recorded. Incurred and paid utilities expense of $34,000 during the year. Collected $835,000 in cash from customers during the year for credit sales previously recorded. At year-end, accrued $56,100 of…
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $46,000 from the issue of common stock. 2. Performed $65,000 of services on account. 3. Incurred $9,900 of other operating expenses on account. 4. Paid $38,000 cash for salaries expense. 5. Collected $43,000 of accounts receivable. 6. Paid a $4,700 dividend to the stockholders. 7. Performed $11,200 of services for cash. 8. Paid $7,200 of the accounts payable. Required a. Record the preceding transactions in general journal form. b. Post the entries to T-accounts and determine the ending balance in each account. c. & d. Determine the amount of total assets at the end of Year 1, and the amount of net income for Year 1. Complete this question by entering your answers in the tabs below. Req A Req B Req C and D Record the preceding transactions in general journal form. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account…
answer in text form please (without image), Note: .Every entry should have narration please
New On April 1, Year 1, Exotic Motor Cars Incorporated declared a $136,000 cash dividend to be paid on April 30 to shareholders of record on April 15. Required: Record the events occurring on April 1, April 15, and April 30 in a horizontal statements model. In the Statement of Cash Flows column. indicate whether the item is an operating activity (OA), investing activity (IA). or financing activity (FA). Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Date April 1 April 15 April 30 Assets 0✓ = 0 = |= Balance Sheet Liabilities 136,000 + 0✔ + (136,000)✓ + Common Stock + 0 + 0+ 0 + Retained Earnings 00 00 Answer is not complete. Revenue 03- 00 03 Income Statement Expenses 0 0 0 = = = Net Income 00 00 0 Statement of Cash Flows 0- 00 (136,000) FA ✔
The following transactions apply to Pecan Co. for Year 1, its first year of operations: 1. Received $33,000 cash in exchange for issuance of common stock. 2. Secured a $101,000 ten-year installment loan from State Bank. The interest rate is 6 percent and annual payments are $13,723. 3. Purchased land for $27,000. 4. Provided services for $95,000. 5. Paid other operating expenses of $49.000. 6. Paid the annual payment on the loan. Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement and balance sheet for Year 1. c. What is the interest expense for Year 2? Year 3? Complete this question by entering your answers in the tabs below. Req A Req B Inc Stmt Req B Bal Sheet Req C Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells will require entry.)
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Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): Borrowed $21,304 from banks due in two years. Purchased additional investments for $21,500 cash; one-fifth were long term and the rest were short term. Purchased property, plant, and equipment; paid $9,610 in cash and signed a short-term note for $1,448. Issued additional shares of common stock for $1,507 in cash; total par value was $1 and the rest was in excess of par value. Sold short-term investments costing $19,045 for $19,045 cash. Declared $11,163 in dividends to be paid at the beginning of the next fiscal year. QUESTION: Compute Mango's current ratio for the year ending on September 29, 2018. (Round your answer to 2 decimal places.) Current Ratio: