Homework Help is Here – Start Your Trial Now!
Business
Accounting
Balance Sheet June 30th, Year 5 Assets Cash 10,000 Accounts receivables 34,000 Inventory Prepaid Insurance Capital Assets Accumulated depreciation (40,000) Total Assets 268,000 60,000 4,000 200,000 Liabilities and Equity Accounts Payable Wages Payable Income Tax Payable Notes Payables Common Shares Retained Earnings Total Liabilities and Equity 268,000 19,000 4,000 The following are all transactions that happened during Year 6: Made all sales on account of $252,800 80,000 100,000 1,000 Collected accounts receivable of $250,320 Purchased merchandise on account of $134,000 Determined cost of goods sold was $140,000 Paid accounts payable (for merchandise purchased) of $143,000 Paid wages to employees of $52,500 64,000 Accrued wages expense (and wages payable) of $1,500 at June 30th, Year 6. Paid insurance premium of $18,000 to extend coverage for three years. Allocated $5,000 of prepaid insurance to insurance expense. Recorded Year 6 total income tax expense (and income tax payable) of $13,000 Paid income taxes to government of $11,500 (this represents the final portion of Year 5 taxes and initial installments of Year 6 taxes). Depreciation for the year $10,000 Required 1: What is the amount of Cash received from customers? $| Required 2: How much is the net income (loss) of the year 6? $ [ Required 3: What is the amount of cash generated (used) by accounts receivables? $ Required 4: What is amount of cash generated (used) by Operations in Year 6? $ Required 5: What is ending balance of Cash at the end of Year 6? $ Required 6: What is ending balance of Accounts Receivables at the end of Year 6? $ Required 7: What is ending balance of Retained Earnings at the end of Year 6? $

Balance Sheet June 30th, Year 5 Assets Cash 10,000 Accounts receivables 34,000 Inventory Prepaid Insurance Capital Assets Accumulated depreciation (40,000) Total Assets 268,000 60,000 4,000 200,000 Liabilities and Equity Accounts Payable Wages Payable Income Tax Payable Notes Payables Common Shares Retained Earnings Total Liabilities and Equity 268,000 19,000 4,000 The following are all transactions that happened during Year 6: Made all sales on account of $252,800 80,000 100,000 1,000 Collected accounts receivable of $250,320 Purchased merchandise on account of $134,000 Determined cost of goods sold was $140,000 Paid accounts payable (for merchandise purchased) of $143,000 Paid wages to employees of $52,500 64,000 Accrued wages expense (and wages payable) of $1,500 at June 30th, Year 6. Paid insurance premium of $18,000 to extend coverage for three years. Allocated $5,000 of prepaid insurance to insurance expense. Recorded Year 6 total income tax expense (and income tax payable) of $13,000 Paid income taxes to government of $11,500 (this represents the final portion of Year 5 taxes and initial installments of Year 6 taxes). Depreciation for the year $10,000 Required 1: What is the amount of Cash received from customers? $| Required 2: How much is the net income (loss) of the year 6? $ [ Required 3: What is the amount of cash generated (used) by accounts receivables? $ Required 4: What is amount of cash generated (used) by Operations in Year 6? $ Required 5: What is ending balance of Cash at the end of Year 6? $ Required 6: What is ending balance of Accounts Receivables at the end of Year 6? $ Required 7: What is ending balance of Retained Earnings at the end of Year 6? $

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 7E: Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income On December...
See similar textbooks
icon
Related questions
Question

please answer questions 4, 5, 6, and 7

Balance Sheet June 30th, Year 5 Assets Cash 10,000 Accounts receivables 34,000 Inventory Prepaid Insurance Capital Assets Accumulated depreciation (40,000) Total Assets 268,000 60,000 4,000 200,000 Liabilities and Equity Accounts Payable Wages Payable Income Tax Payable Notes Payables Common Shares Retained Earnings Total Liabilities and Equity 268,000 19,000 4,000 The following are all transactions that happened during Year 6: Made all sales on account of $252,800 80,000 100,000 1,000 Collected accounts receivable of $250,320 Purchased merchandise on account of $134,000 Determined cost of goods sold was $140,000 Paid accounts payable (for merchandise purchased) of $143,000 Paid wages to employees of $52,500 64,000 Accrued wages expense (and wages payable) of $1,500 at June 30th, Year 6. Paid insurance premium of $18,000 to extend coverage for three years. Allocated $5,000 of prepaid insurance to insurance expense. Recorded Year 6 total income tax expense (and income tax payable) of $13,000 Paid income taxes to government of $11,500 (this represents the final portion of Year 5 taxes and initial installments of Year 6 taxes). Depreciation for the year $10,000 Required 1: What is the amount of Cash received from customers? $| Required 2: How much is the net income (loss) of the year 6? $ [ Required 3: What is the amount of cash generated (used) by accounts receivables? $ Required 4: What is amount of cash generated (used) by Operations in Year 6? $ Required 5: What is ending balance of Cash at the end of Year 6? $ Required 6: What is ending balance of Accounts Receivables at the end of Year 6? $ Required 7: What is ending balance of Retained Earnings at the end of Year 6? $
Transcribed Image Text:Balance Sheet June 30th, Year 5 Assets Cash 10,000 Accounts receivables 34,000 Inventory Prepaid Insurance Capital Assets Accumulated depreciation (40,000) Total Assets 268,000 60,000 4,000 200,000 Liabilities and Equity Accounts Payable Wages Payable Income Tax Payable Notes Payables Common Shares Retained Earnings Total Liabilities and Equity 268,000 19,000 4,000 The following are all transactions that happened during Year 6: Made all sales on account of $252,800 80,000 100,000 1,000 Collected accounts receivable of $250,320 Purchased merchandise on account of $134,000 Determined cost of goods sold was $140,000 Paid accounts payable (for merchandise purchased) of $143,000 Paid wages to employees of $52,500 64,000 Accrued wages expense (and wages payable) of $1,500 at June 30th, Year 6. Paid insurance premium of $18,000 to extend coverage for three years. Allocated $5,000 of prepaid insurance to insurance expense. Recorded Year 6 total income tax expense (and income tax payable) of $13,000 Paid income taxes to government of $11,500 (this represents the final portion of Year 5 taxes and initial installments of Year 6 taxes). Depreciation for the year $10,000 Required 1: What is the amount of Cash received from customers? $| Required 2: How much is the net income (loss) of the year 6? $ [ Required 3: What is the amount of cash generated (used) by accounts receivables? $ Required 4: What is amount of cash generated (used) by Operations in Year 6? $ Required 5: What is ending balance of Cash at the end of Year 6? $ Required 6: What is ending balance of Accounts Receivables at the end of Year 6? $ Required 7: What is ending balance of Retained Earnings at the end of Year 6? $
Expert Solution
steps

Step by step

Solved in 5 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Ratio Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Financial Reporting, Financial Statement Analysis…
Financial Reporting, Financial Statement Analysis…
Finance
ISBN:
9781285190907
Author:
James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS