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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
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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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: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.)
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
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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