Required Information Use the following information for Exercises 13-14 below. (Algo) [The following information applies to the questions displayed below The transactions of Spade Company appear below. a. K. Spade, owner, invested $11,250 cash in the company in exchange for common stock. b. The company purchased supplies for $326 cash. c. The company purchased $6.221 of equipment on credit. d. The company received $1.328 cash for services provided to a customer. e. The company paid $6,221 cash to settle the payable for the equipment purchased in transaction c. t. The company billed a customer $2,385 for services provided. g. The company paid $515 cash for the monthly rent. h. The company collected $1,002 cash as partial payment for the account receivable created in transaction 1. The company paid a $1,100 cash dividend to the owner (sole shareholder). Exercise 2-14 (Algo) Preparing a trial balance LO P1 Prepare the Trial Balance. Use May 31 as its report date. (Hint: Accounts must be listed in financial statement order: Assets first, followed by llabilities, equity, revenues and expenses.) Accounts payable Totals SPADE COMPANY Trial Balance May 31 Debit Credit

Required Information Use the following information for Exercises 13-14 below. (Algo) [The following information applies to the questions displayed below The transactions of Spade Company appear below. a. K. Spade, owner, invested $11,250 cash in the company in exchange for common stock. b. The company purchased supplies for $326 cash. c. The company purchased $6.221 of equipment on credit. d. The company received $1.328 cash for services provided to a customer. e. The company paid $6,221 cash to settle the payable for the equipment purchased in transaction c. t. The company billed a customer $2,385 for services provided. g. The company paid $515 cash for the monthly rent. h. The company collected $1,002 cash as partial payment for the account receivable created in transaction 1. The company paid a $1,100 cash dividend to the owner (sole shareholder). Exercise 2-14 (Algo) Preparing a trial balance LO P1 Prepare the Trial Balance. Use May 31 as its report date. (Hint: Accounts must be listed in financial statement order: Assets first, followed by llabilities, equity, revenues and expenses.) Accounts payable Totals SPADE COMPANY Trial Balance May 31 Debit Credit

Name: Required InformationUse the following information for Exercises 13-14
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Description: Required InformationUse the following information for Exercises 13-14 below. (Algo)[The following information applies to the questions displayed belowThe transactions of Spade Company appear below.a. K. Spade, owner, invested $11,250 cash in the com

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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Below are cash transactions for Goldman Incorporated, which provides consulting services related to mining of precious metals. Cash used for purchase of office supplies, $2,150. Cash provided from consulting to customers, $48,100. Cash used for purchase of mining equipment, $78,000. Cash provided from long-term borrowing, $65,000. Cash used for payment of employee salaries, $24,500. Cash used for payment of office rent, $12,500. Cash provided from sale of equipment purchased in c. above, $23,000. Cash used to repay a portion of the long-term borrowing in d. above, $42,500. Cash used to pay office utilities, $4,800. Purchase of company vehicle, paying $10,500 cash. Required: Calculate cash flows from investing activities. (List cash outflows as negative amounts.) Next Visit question map Question 6 of 8 Total6 of 8 Prev
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Required information [The following information applies to the questions displayed below.] Cascade Company was started on January 1, Year 1, when it acquired $152,000 cash from the owners. During Year 1, the company earned cash revenues of $95,200 and incurred cash expenses of $67,000. The company also paid cash distributions of $10,000. Required Prepare a Year 1 income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows under each of the following assumptions. (Consider each assumption separately.) a. Cascade is a sole proprietorship owned by Carl Cascade. Complete this question by entering your answers in the tabs below. Inc Stmt Stmt of Changes Bal Sheet Cash Flows Prepare an income statement for Year 1. CASCADE OMPAN Income Statement For the Year Ended December 31, Year 1
Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,890 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable. Office supplies Office equipment Land Accounts payable Common stock $ 15,140 Cash dividends 12,720 2,110 Consulting revenue Rent expense 16,780 Salaries expense 46,010 Telephone expense 7,360 Miscellaneous expenses 82,890 $830 12,720 2,380 5,620 780 600
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Please help me solve questions 1-5 listed on the screen shot. Below are the financial statements. Thank you The financial statements for Castile Products, Inc., are given below: Castile Products, Inc.Balance SheetDecember 31 Assets Current assets: Cash $ 21,000 Accounts receivable, net 210,000 Merchandise inventory 400,000 Prepaid expenses 9,000 Total current assets 640,000 Property and equipment, net 870,000 Total assets $ 1,510,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 280,000 Bonds payable, 10% 370,000 Total liabilities 650,000 Stockholders’ equity: Common stock, $10 par value $ 110,000 Retained earnings 750,000…
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Below are cash transactions for Goldman Incorporated, which provides consulting services related to mining of precious metals. Cash used for purchase of office supplies, $2,150. Cash provided from consulting to customers, $48,100. Cash used for purchase of mining equipment, $78,000. Cash provided from long-term borrowing, $65,000. Cash used for payment of employee salaries, $24,500. Cash used for payment of office rent, $12,500. Cash provided from sale of equipment purchased in c. above, $23,000. Cash used to repay a portion of the long-term borrowing in d. above, $42,500. Cash used to pay office utilities, $4,800. Purchase of company vehicle, paying $10,500 cash. Required: Calculate cash flows from operating activities. (List cash outflows as negative amounts.) Next Visit question map Question 5 of 8 Total5 of 8 Prev
Required information [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 $31,000 cash from the issue of common stock. 2. Borrowed $43,000 cash from National Bank. 3. Earned cash revenues of $59,000 for performing services. 4. Paid cash expenses of $50,500. 5. Paid a $2,100 cash dividend to the stockholders. 6. Acquired an additional $31,000 cash from the issue of common stock. 7. Paid $11,000 cash to reduce the principal balance of the bank note. 8. Paid $50,000 cash to purchase land. 9. Determined that the market value of the land is $70,000. . Determine the net cash flows from operating activities, investing activities, and financing activities that Maben would report on the Year 1 statement of cash flows. Note: Enter cash outflows as negative amounts. Net cash flows from operating activities Net cash flows from investing activities…
Required information [The following information applies to the questions displayed below.] Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December 31. The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $21,680 cash in the company on December 2. On December 31, the company's accounts and amounts for the month of December are shown in the table below: Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital $ 14,000 I. Lawson, Withdrawals 6,300 Services revenue 8,300 Rent expense 4,620 Wages expense 21,680 $ 3,300 17,400 3,800 8,000 Use the above information to prepare a December statement of owner's equity for Lawson Consulting. Hint. Net income for December is $5,600. LAWSON CONSULTING Statement of Owner's Equity 1. Lawson, Capital, December 1 $ Add: Investments by owner 21,680 Add: Net income 5,600 27,280 Less: Withdrawals by owner (3,300) 1. Lawson, Capital, December 31 $ 23,980
Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,390 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable office supplies office equipment Land Accounts payable: Common stock ERNST CONSULTING Statement of Retained Earning Retained earings, December 11 $ 13,210 Cash dividends Consulting revenue 13,320 Rent expense Salaries expense 45,910 Telephone expense 7,970 Miscellaneous expenses 83,390 Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0. $ $ 2,720 17,350 .0 0 $ 1,460 13,320 2,950 6,290 830 640 0
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