The comparative financial statements of Westin Corp. are presented below; Balance Sheet as of December 31 Cash Accounts Receivable Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Income Tax Payable Notes Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement for the year ended December 31, Service Revenue Salaries and Wages Expense Depreciation Expense Other Operating Expenses Income Tax Expense Net Income $ $ $ $ $ 2022 20,250 $ 3,750 $ 16,500 $ (4,500) $ 36,000 $ 1,500 $ 1,500 1,000 4,500 15,000 12,500 36,000 $ 102,000 750 500 3,000 Additional information: 1. The company borrowed $3,000 cash from the bank 2. The company bought additional equipment worth $1,500 for cash $ $ 2021 12,000 5,250 15,000 (3,750) 28,500 3,000 2,250 2,500 1,500 15,000 4,250 28,500 2022 114,500 106,250 8,250
The comparative financial statements of Westin Corp. are presented below; Balance Sheet as of December 31 Cash Accounts Receivable Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Income Tax Payable Notes Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement for the year ended December 31, Service Revenue Salaries and Wages Expense Depreciation Expense Other Operating Expenses Income Tax Expense Net Income $ $ $ $ $ 2022 20,250 $ 3,750 $ 16,500 $ (4,500) $ 36,000 $ 1,500 $ 1,500 1,000 4,500 15,000 12,500 36,000 $ 102,000 750 500 3,000 Additional information: 1. The company borrowed $3,000 cash from the bank 2. The company bought additional equipment worth $1,500 for cash $ $ 2021 12,000 5,250 15,000 (3,750) 28,500 3,000 2,250 2,500 1,500 15,000 4,250 28,500 2022 114,500 106,250 8,250
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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| Please answer the following using the image attached. Thank you |
| 1. Cash Received from customers | |
| 2. Cash payment for Salaries | |
| 3. Cash payment for Operating Expenses | |
| 4. Cash payment for Income Tax | |
| 5. |
|
| 6. Cash Flows from Investing Activities | |
| 7. Cash Flows from Financing Activities |
| 8. Cash flows from acquiring and selling products are classified as | |
| 9. Cash flows from acquiring and disposing long-term assets are classified as | |
| 10. Cash flows from borrowings and paying of debts are classified as |
Transcribed Image Text:The comparative financial statements of Westin Corp. are presented below;
Balance Sheet as of December 31
Cash
Accounts Receivable
Equipment
Accumulated Depreciation-Equipment
Total Assets
Accounts Payable
Salaries and Wages Payable
Income Tax Payable
Notes Payable (long-term)
Common Stock
Retained Earnings
Total Liabilities and Stockholders' Equity
Income Statement for the year ended December 31,
Service Revenue
Salaries and Wages Expense
Depreciation Expense
Other Operating Expenses
Income Tax Expense
Net Income
$
$
$
$
$
2022
20,250 $
3,750 $
16,500 $
(4,500) $
36,000 $
102,000
750
500
3,000
1,500 $
3,000
1,500
2,250
1,000
2,500
4,500
1,500
15,000
15,000
12,500
4,250
36,000 $ 28,500
Additional information:
1. The company borrowed $3,000 cash from the bank
2. The company bought additional equipment worth $1,500 for cash
$
2021
$
12,000
5,250
15,000
(3,750)
28,500
2022
114,500
106,250
8,250
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