Don't give answer in image format Huang Trucking Company was organized on January 1, 2014. At the end of the firstquarter (three months) of operations, the owner prepared a summary of its activities asshown in the first row of the following tabulation:Required:1. For each of the six transactions given in this tabulation, enter what you consider thecorrect amounts. The first transaction is illustrated. (Amounts to be deducted andlosses/outflows should be indicated with a minus sign.) Summary of TransactionsServices performed for customers, $69000, of which $21000 remaineduncollected 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 thebusiness for two years starting the next quarter: cost, $10100 cash.Wages earned by employees, $21200, of which one-half remained unpaidat 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 $6600 remained unpaid atthe end of the quarter.Based only on these transactions, compute the following for the quarter:Income (or loss)Cash inflow (or outflow)e.$Computation ofIncome69,000 $Cash48,000

An income statement is a financial statement that includes income earned and expenses incurred…

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

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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