Summary of Transactions Services performed for customers, $69000, of which $21000 remained uncollected at the end of the quarter. a. b. Cash borrowed from the local bank, $48000 (one-year note). C. Small service truck purchased at the end of the quarter to be used in the business for two years starting the next quarter: cost, $10100 cash. Wages earned by employees, $21200, of which one-half remained unpaid at the end of the quarter. d. 0. which Service supplies purchased for use in the business, $3930 cash, of $2550 were unused (still on hand) at the end of the quarter. f. Other operating expenses, $29000, of which $6600 remained unpaid at the end of the quarter. Based only on these transactions, compute the following for the quarter: Income (or loss) Cash inflow (or outflow) $ Computation of Income Cash 69,000 $ 48,000
Summary of Transactions Services performed for customers, $69000, of which $21000 remained uncollected at the end of the quarter. a. b. Cash borrowed from the local bank, $48000 (one-year note). C. Small service truck purchased at the end of the quarter to be used in the business for two years starting the next quarter: cost, $10100 cash. Wages earned by employees, $21200, of which one-half remained unpaid at the end of the quarter. d. 0. which Service supplies purchased for use in the business, $3930 cash, of $2550 were unused (still on hand) at the end of the quarter. f. Other operating expenses, $29000, of which $6600 remained unpaid at the end of the quarter. Based only on these transactions, compute the following for the quarter: Income (or loss) Cash inflow (or outflow) $ Computation of Income Cash 69,000 $ 48,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Don't give answer in image format

Transcribed Image Text:Huang Trucking Company was organized on January 1, 2014. At the end of the first
quarter (three months) of operations, the owner prepared a summary of its activities as
shown in the first row of the following tabulation:
Required:
1. For each of the six transactions given in this tabulation, enter what you consider the
correct amounts. The first transaction is illustrated. (Amounts to be deducted and
losses/outflows should be indicated with a minus sign.)

Transcribed Image Text:Summary of Transactions
Services performed for customers, $69000, of which $21000 remained
uncollected at the end of the quarter.
b. Cash borrowed from the local bank, $48000 (one-year note).
a.
Small service truck purchased at the end of the quarter to be used in the
business for two years starting the next quarter: cost, $10100 cash.
Wages earned by employees, $21200, of which one-half remained unpaid
at the end of the quarter.
d.
C.
Service supplies purchased for use in the business, $3930 cash, of which
$2550 were unused (still on hand) at the end of the quarter.
1.
Other operating expenses, $29000, of which $6600 remained unpaid at
the end of the quarter.
Based only on these transactions, compute the following for the quarter:
Income (or loss)
Cash inflow (or outflow)
e.
$
Computation of
Income
69,000 $
Cash
48,000
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