ustomer service rep You machine license plate number an mage order Saved ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com 2 - Chapter 3 Homew X b Home | bartleby X + er 3 Homework (i ok ces (1) During Year 1, Hardy Merchandising Company purchased $13,000 of Inventory on account (2) Hardy sold Inventory on account that cost $9,800 for $14,600. (3) Cash payments on accounts payable were $8,100. (4) There was $13,000 cash collected from accounts receivable. (5) Hardy also paid $3,300 cash for operating expenses Assume that Hardy started the accounting period with $25,500 in both cash and common stock. Required: a. Identify the events described in the preceding paragraph and record them in a horizontal statements model like the following one. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), Investing activities (IA), or financing activities (FA). b. What is the balance of accounts receivable at the end of Year 1? c. What is the balance of accounts payable at the end of Year 1? d. What are the amounts of gross margin and net income for Year 1? e. Determine the amount of net cash flow from operating activities. Income Statement Net Statement of Cash Flows Expenses Income # 1 Identify the events described in the preceding paragraph and record them in a horizontal statements model like the following one. Also, in the Statement of Cash Flo activities (OA), investing activities (IA), or financing activities (FA), Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. HARDY MERCHANDISING COMPANY Effect of Events on the Financial Statements Complete this question by entering your answers in the tabs below. Req A Req B to E Event Balance Sheet Assets Accounts Receivable Liabilities Accounts + Inventory Payable + Cash Beginning balance 25,500 1. 2a. 2b. 3. 4. 5. + 4 Ending balance NC = Net change in cash + + + ere to search + + 4 4 + 4 11 4 4 Stockholders' Equity Revenue Common Stock Retained Earnings 25,600 + + B + +-+ + + + ++ + + + Reg A I Π Req B to E > NC < Prev 2 of 8

ustomer service rep You machine license plate number an mage order Saved ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com 2 - Chapter 3 Homew X b Home | bartleby X + er 3 Homework (i ok ces (1) During Year 1, Hardy Merchandising Company purchased $13,000 of Inventory on account (2) Hardy sold Inventory on account that cost $9,800 for $14,600. (3) Cash payments on accounts payable were $8,100. (4) There was $13,000 cash collected from accounts receivable. (5) Hardy also paid $3,300 cash for operating expenses Assume that Hardy started the accounting period with $25,500 in both cash and common stock. Required: a. Identify the events described in the preceding paragraph and record them in a horizontal statements model like the following one. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), Investing activities (IA), or financing activities (FA). b. What is the balance of accounts receivable at the end of Year 1? c. What is the balance of accounts payable at the end of Year 1? d. What are the amounts of gross margin and net income for Year 1? e. Determine the amount of net cash flow from operating activities. Income Statement Net Statement of Cash Flows Expenses Income # 1 Identify the events described in the preceding paragraph and record them in a horizontal statements model like the following one. Also, in the Statement of Cash Flo activities (OA), investing activities (IA), or financing activities (FA), Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. HARDY MERCHANDISING COMPANY Effect of Events on the Financial Statements Complete this question by entering your answers in the tabs below. Req A Req B to E Event Balance Sheet Assets Accounts Receivable Liabilities Accounts + Inventory Payable + Cash Beginning balance 25,500 1. 2a. 2b. 3. 4. 5. + 4 Ending balance NC = Net change in cash + + + ere to search + + 4 4 + 4 11 4 4 Stockholders' Equity Revenue Common Stock Retained Earnings 25,600 + + B + +-+ + + + ++ + + + Reg A I Π Req B to E > NC < Prev 2 of 8

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter7: Payroll

Section: Chapter Questions

Problem 2.11C

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