ine transactions of space company appear below. a. K. Spade, owner, invested $12,750 cash in the company in exchange for common stock. b. The company purchased supplies for $370 cash. c. The company purchased $7,051 of equipment on credit. d. The company received $1,505 cash for services provided to a customer. e. The company paid $7,051 cash to settle the payable for the equipment purchased in transaction c f. The company billed a customer $2,703 for services provided. g. The company paid $515 cash for the monthly rent. h. The company collected $1,135 cash as partial payment for the account receivable created in transaction f i. The company paid a $900 cash dividend to the owner (sole shareholder). Prepare the Trial Balance. Use May 31 as its report date. Note: Hint: Accounts must be listed in financial statement order: Assets first, followed by liabilities, equity, revenues and expenses. Accounts payable Totals SPADE COMPANY Trial Balance May 31 Debit $ Credit 0

ine transactions of space company appear below. a. K. Spade, owner, invested $12,750 cash in the company in exchange for common stock. b. The company purchased supplies for $370 cash. c. The company purchased $7,051 of equipment on credit. d. The company received $1,505 cash for services provided to a customer. e. The company paid $7,051 cash to settle the payable for the equipment purchased in transaction c f. The company billed a customer $2,703 for services provided. g. The company paid $515 cash for the monthly rent. h. The company collected $1,135 cash as partial payment for the account receivable created in transaction f i. The company paid a $900 cash dividend to the owner (sole shareholder). Prepare the Trial Balance. Use May 31 as its report date. Note: Hint: Accounts must be listed in financial statement order: Assets first, followed by liabilities, equity, revenues and expenses. Accounts payable Totals SPADE COMPANY Trial Balance May 31 Debit $ Credit 0

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Description: Don't give answer in image format ine transactions of space Company appear below.a. K. Spade, owner, invested $12,750 cash in the company in exchange for common stock.b. The company purchased supplies for $370 cash.c. The company purchased $7,051 of

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 2PB: To demonstrate the difference between cash account activity and accrual basis profits (net income),...

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Entity A started operations during the period. The following were the transactions: a. Mr A, the sole owner of Entity A invested 1,000,000 to the business b. Equipment costing 250,000 was acquired for cash . c. Inventory costing P180,000 was acquired on credit, Entity A uses the perpetual inventory system . d. Inventory costing 120.000 was sold for P400,000 credit e. Accounts payable of P160,000 was settled . f. Accounts receivable of 340, 000 was collected g. Utilities expense of P60,000 was paid. h. Salaries expense of 280,000 was paid . i. Owner's drawings during the period totaled 70,000j. Depreciation expense on the equipment for the period was 25,000Requirement: Prepare Unadjusted Trial Balance
The following transactions occurred in Nanon Company: a. Nanon, the owner, invested P50,000,000 and obtained P100,000,000 loan from a bank. b. The company purchased a manufacturing plant for business amounting to P125,000,000 for cash. c. It also purchased goods for sale on cash amounting to P250,000. d. There were sales of finished goods on credit amounting to P500,000. e. The company purchased goods for sale on credit amounting to P250,000. f. The company returned goods to the supplier amounting to P50,000 which was evidence by a credit memo from the supplier. g. Various accruals were recorded at the end of the period amounting to P30,000. From the above transactions, what is the total amount to be recorded in the Purchases Journal? P250,000 P450,000 P500,000 P125,500,000 From the above transactions, what is the total amount to be recorded in the Cash Disbursements Journal? P125,250,000 P125,500,000 P50,250,000 P50,500,000 From the above transactions, what is the total amount to be…
Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing $45,200 of common stock for cash. 2) The company paid cash to purchase $28,000 of Inventory. 3) The company sold inventory that cost $17,600 for $34,600 cash. 4) Operating expenses incurred and paid during the year, $15,600. Sanchez Company engaged in the following transactions during Year 2: 1) The company paid cash to purchase $38,400 of inventory. 2) The company sold inventory that cost $34,400 for $61,000 cash. 3) Operating expenses incurred and paid during the year, $19,600. Note: Sanchez uses the perpetual inventory system. What is the amount of retained earnings that will be shown on the balance sheet at December 31, Year 2? Multiple Choice $7,000
Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $38,916 Accounts receivable 74,415 Accrued liabilities 6,825 Cash 21,504 Intangible assets 44,690 Inventory 86,306 Long-term investments 96,392 Long-term liabilities 73,076 Notes payable (short-term) 27,058 Property, plant, and equipment 640,527 Prepaid expenses 1,874 Temporary investments 39,418 Based on the data for Harding Company, what is the amount of working capital? Oa. $1,005,126 Ob. $638,653 c. $150,718 Od. $223,517
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,650 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable office supplies office equipment Land Accounts payable Common stock $ 15,200 Cash dividends 12,410 1,770 16,450 Consulting revenue Rent expense Salaries expense 46,080 Telephone expense 6,060 Miscellaneous expenses 82,650 $ 460 12,410 2,140 5,300 750 560
The following information pertains to an entity’s cash account: Cash balance, beginning 880,000 Cash receipts from the sale of goods 8,000,000 Cash receipts from dividends and interest 80,000 Cash payments for interest 250,000 Cash payments to suppliers of goods 6,000,000 Cash payments to employees 800,000 Cash payments to acquire property, plant and equipment 1,200,000 Cash receipts from sales of property, plant and equipment 280,000 Cash payments to acquire equity or debt instruments of other entities 520,000 Cash receipts from sales equity or debt instruments of other entities 430,000 Cash proceeds from issuing shares 1,600,000 Cash payments to owners to redeem the entity’s shares 340,000 Cash proceeds from borrowings 2,100,000 Cash repayments of amounts borrowed 1,700,000 The entity’s cash balance at the end of the period is a. 2,560,000 b. 2,650,000 c. 2,480,000 d. 2,840,000
Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.
Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Declared and paid to shareholders, a dividend of $24,000. B. Issued common stock at par value for $12,000 cash. C. Sold a tract of land that had cost $10,000, for $16,000. D. Purchased a company truck, with a note payable of $38,000. E. Collected $8,000 from customer accounts receivable.
To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750
Use the information below for Harding Company to answer the question that follow. Harding Company Accounts payable $34,944 Accounts receivable 69,094 Accrued liabilities 6,969 Cash 17,451 Intangible assets 38,664 Inventory 76,507 Long-term investments 106,760 Long-term liabilities 76,378 Marketable securities 37,920 Notes payable (short-term) 20,617 Property, plant, and equipment 699,093 Prepaid expenses 2,696 Based on the data for Harding Company, what is the amount of working capital? a.$1,048,185 b.$203,668 c.$141,138 d.$696,397
Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $26,136 Accounts receivable 71,999 Accrued liabilities 6,575 Cash 16,008 Intangible assets 40,514 Inventory 77,552 Long-term investments 102,623 Long-term liabilities 70,943 Notes payable (short-term) 25,456 Property, plant, and equipment 674,580 Prepaid expenses 2,265 Temporary investments 32,175 Based on the data for Harding Company, what is the amount of quick assets? a.$120,182 b.$48,183 c.$800,315 d.$1,618,032
In Year 1, Lee Incorporated billed its customers $56,300 for services performed. The company collected $40,600 of the amount billed. Lee incurred $37,900 of other operating expenses on account. Lee paid $24,400 of the accounts payable. Lee acquired $21,000 cash from the issue of common stock. The company invested $18,000 cash in the purchase of land. d. what is the net cash flow from operating activities for the period? e. what is amount of net cash flow from investing activities? f. what is the amount of net cash flow from financing activities? g. what amounts of total assets, liabilities, and equity will be reported on the year-end sheet?