The following amounts summarize the financial position of H&R Young Corp. on May 31. ASSETS Cash A/R 3096 5832 = LIABILITIES+OWNER'S EQUITY Supplies A/P 43380 9720 Capital 42588 According to the following transactions prepare a cash flow statement. Transaction: a) Performed service and send $4000 bill to the customer b) Withdrew $2000 for personal use c) Received $2000 of A/R issued in transaction (a) d) Purchased equipment $1,300 and paid $300 in cash and the remaining on account e) Paid $1500 of electricity bill Paid $500 on account that issued in the transaction (d) from personal account

The following amounts summarize the financial position of H&R Young Corp. on May 31. ASSETS Cash A/R 3096 5832 = LIABILITIES+OWNER'S EQUITY Supplies A/P 43380 9720 Capital 42588 According to the following transactions prepare a cash flow statement. Transaction: a) Performed service and send $4000 bill to the customer b) Withdrew $2000 for personal use c) Received $2000 of A/R issued in transaction (a) d) Purchased equipment $1,300 and paid $300 in cash and the remaining on account e) Paid $1500 of electricity bill Paid $500 on account that issued in the transaction (d) from personal account

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Grier & Associates maintains its records on the cash basis. You have been engaged to convert its cash basis income statement to the accrual basis. The cash basis income statement, along with additional information, follows: Grier & Associates Income Statement (Cash Basis) For the Year Ended December 31, 2025 Cash receipts from customers $425,000 Cash payments: Salaries and wages $170,000 Income taxes 65,000 Insurance 40,000 Interest…
n Year 1, Expert Electronics, Incorporated (EEI) recognized $6,500 of sales revenue on account and collected $3,900 of cash from accounts receivable. Further, EEI recognized $2,700 of operating expenses on account and paid $1,600 cash as partial settlement of accounts payable.RequiredBased on this information alone:a. Prepare the operating activities section of the statement of cash flows under the direct method. b. Prepare the operating activities section of the statement of cash flows under the indirect method.
Identifying the purpose and preparing the statement of cash flows—indirect method American Rare Coins (ARC) was formed on January 1, 2018. Additional data for the year follow: On January 1, 2018, ARC issued no par common stock for $450,000. Early in January, ARC made the following cash payments: For store fixtures, $53,000 For merchandise inventory, $340,000 For rent expense on a store building, $20,000 Later in the year, ARC purchased merchandise inventory on account for $239,000. Before year-end, ARC paid $139,000 of this accounts payable. During 2018, ARC sold 2,400 units of merchandise inventory for $275 each. Before year-end, the company collected 85% of this amount. The cost of goods sold for the year was $250,000, and the ending merchandise inventory totaled $329,000. The store employs three people. The combined annual payroll is $96,000, of which ARC still owes $3,000 at year-end. At the end of the year, ARC paid an income tax of $17,000. There are no income taxes…
Effect of Transactions on Cash Flows State the effect (cash receipt or cash payment and amount) of each of the following transactions, considered individually, on cash flows: a. Retired $220,000 of bonds, on which there was $2,200 of unamortized discount, for $229,000. b. Sold 12,000 shares of $30 par common stock for $53 per share. c. Sold equipment with a book value of $52,900 for $76,200. d. Purchased land for $329,000 cash. e. Purchased a building by paying $75,000 cash and issuing a $120,000 mortgage note payable. f. Sold a new issue of $320,000 of bonds at 98. g. Purchased 4,900 shares of $35 par common stock as treasury stock at $63 per share. h. Paid dividends of $2.20 per share. There were 19,000 shares issued and 3,000 shares of treasury stock. Effect Amount а. b. $ С. d. е. $ f. $ g. 2$ h.
Required information Skip to question [The following information applies to the questions displayed below.] Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Ending Balance Beginning Balance Cash and cash equivalents $ 102,000 $ 122,400 Accounts receivable 81,700 88,000 Inventory 109,700 100,000 Total current assets 293,400 310,400 Property, plant, and equipment 291,000 280,000 Less accumulated depreciation 97,000 70,000 Net property, plant, and equipment 194,000 210,000 Total assets $ 487,400 $ 520,400 Accounts payable $ 64,000 $ 113,700 Income taxes payable 49,700 65,700 Bonds payable 120,000 100,000 Common stock 140,000 120,000 Retained earnings 113,700 121,000 Total liabilities and stockholders’ equity $ 487,400 $ 520,400…
Bank Reconciliation and Adjusting Entries (Appendix 6.1) Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation General Journal X Instructions Odum Corporation’s cash account showed a balance of $17,200 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,916.55. The following additional information is available concerning Odum’s cash balance on March 31: • Undeposited cash on hand on March 31 amounted to $724.50. • A customer’s NSF check for $180.80 was returned with the bank statement. • A note for $2,000 plus interest of $25 was collected for Odum by the bank during March. The bank notified Odum of this collection on the bank statement. • The bank service charge for March was $15. • A deposit of $950.75 mailed to the bank on March 31 did not appear on the bank statement. The following checks mailed to creditors had not been processed by the bank on March…
Required information Skip to question [The following information applies to the questions displayed below.] Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Ending Balance Beginning Balance Cash and cash equivalents $ 102,000 $ 122,400 Accounts receivable 81,700 88,000 Inventory 109,700 100,000 Total current assets 293,400 310,400 Property, plant, and equipment 291,000 280,000 Less accumulated depreciation 97,000 70,000 Net property, plant, and equipment 194,000 210,000 Total assets $ 487,400 $ 520,400 Accounts payable $ 64,000 $ 113,700 Income taxes payable 49,700 65,700 Bonds payable 120,000 100,000 Common stock 140,000 120,000 Retained earnings 113,700 121,000 Total liabilities and stockholders’ equity $ 487,400 $ 520,400…
Below is the data for Michael Ski Company . Prepare the cash flows from operating activities in the statement of cash flows using the direct method. (Do not prepare a reconciliation schedule.) David Ski Company had the following statements prepared as of December 31, 2020: Michael Ski Company Comparative Balance Sheet As of December 31 2020 2019 Cash 2,500 4,000 Account receivable 103,000 97,000 Short-term investment (Available-for-sale) 96,000 121,000 Inventories 91,000 54,000 Prepaid insurance 4,000 6,000 Ski equipment 89,000 43,000 Accumulated depr.-equipment (23,500) (18,000) Trademarks 79,000 83,000 Total asets 441,000 390,000 Account payable 92,200 75,000 income taxes payable 21,800 15,700 Wages payable 4,000 9,000 Short-term loans payable to bank 23,500 0 Long-term loans payable 75,000 125,000 Common stock, $1 par 100,000 100,000 Additional paid-in capital 20,000 20,000 Retained earnings 104,500 45,300 Total…
Free Cash Flow Kat Co. reports the following financial data for the current year: Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Cash disbursed for capital expenditures Compute Kat's free cash flow. Free cash flow S 17175 x Check $21,500 (10,555) 4,250 (4,325)
Identifying the purpose and preparing the statement of cash flows—indirect method American Rare Coins (ARC) was formed on January 1, 2018. Additional data for the year follow: a. On January 1, 2018, ARC issued no par common stock for $450,000. b. Early in January, ARC made the following cash payments: For store fixtures, $53,000 For merchandise inventory, $340,000 For rent expense on a store building, $20,000 c. Later in the year, ARC purchased merchandise inventory on account for $239,000. Before year-end, ARC paid $139,000 of this accounts payable. d. During 2018, ARC sold 2,400 units of merchandise inventory for $275 each. Before year-end, the company collected 85% of this amount. Cost of goods sold for the year was $250,000, and ending merchandise inventory totalled $329,000. e. The store employs three people. The combined annual payroll is $96,000, of which ARC still owes $3,000 at year-end. f. At the end of the year, ARC paid income tax of $17,000. There are no income taxes…
Required information [The following information applies to the questions displayed below.] The cash records and bank statement for the month of July for Glover Incorporated are shown below. GLOVER INCORPORATED Cash Account Records July 1, 2021, to July 31, 2021 Cash Balance Cash Balance July 1, 2021 + Cash Receipts − Cash Disbursements = July 31, 2021 $7,390 $8,630 $10,140 $5,880 Cash Receipts Cash Disbursements Date Desc. Amount Date Check# Desc. Amount 7/9 Sales $ 2,630 7/7 531 Rent $ 1,570 7/21 Sales 3,210 7/12 532 Salaries 2,030 7/31 Sales 2,790 7/19 533 Equipment 4,200 7/22 534 Utilities 970 7/30 535 Advertising 1,370 $ 8,630 $ 10,140 P.O. Box 123878 FIDELITY UNION Member FDIC Gotebo,…
The following summary transactions occurred during the year for Bluebonnet. Cash received from: Collections from customers Interest on notes receivable Collection of notes receivable Sale of investments Issuance of notes payable Cash paid for: Purchase of inventory Interest on notes payable Purchase of equipment Salaries to employees Payment of notes payable Dividends to shareholders $380,000 6,000 Cash flows from investing activities: -50,000 30,000 100,000 Net cash flows from investing activities 160,000 5,000 85,000 90,000 Required: Calculate net cash flows from investing activities. (Amounts to be deducted should be indicated with a minus sign.) 25,000 20,000 BLUEBONNET COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 $ 0