Based on this information can you create an Income Statment Accounts Receivable $1,200 Accounts Payable $20,200 Advertising Expense $750 Cash $28,600 - Cost of Goods Sold $8,800 Drawings by Owner $1,625 Equipment $5,150 - Interest Expense $300 Interest Payable $300 - Inventory $3,900 Investments by Owner $10,000 Rent Expense $3,600 Sales Returns $600 Sales Revenue $11,900 Service Revenue $20,750 - Supplies S600 Supplies Expense $2,025 Litilities Exnense S600
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- 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.On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700Analyzing Transactions. Using the analytical framework, indicate the effect of the following related transactions of a firm. a. January 1: Issued 10,000 shares of common stock for 50,000. b. January 1: Acquired a building costing 35,000, paying 5,000 in cash and borrowing the remainder from a bank. c. During the year: Acquired inventory costing 40,000 on account from various suppliers. d. During the year: Sold inventory costing 30,000 for 65,000 on account. e. During the year: Paid employees 15,000 as compensation for services rendered during the year. f. During the year: Collected 45,000 from customers related to sales on account. g. During the year: Paid merchandise suppliers 28,000 related to purchases on account. h. December 31: Recognized depreciation on the building of 7,000 for financial reporting. Depreciation expense for income tax purposes was 10,000. i. December 31: Recognized compensation for services rendered during the last week in December but not paid by year-end of 4,000. j. December 31: Recognized and paid interest on the bank loan in Part b of 2,400 for the year. k. Recognized income taxes on the net effect of the preceding transactions at an income tax rate of 40%. Assume that the firm pays cash immediately for any taxes currently due to the government.
- Based on this information can you create an Income Statment Accounts Receivable $1,200 Accounts Payable $20,200 Advertising Expense $750 Cash $28,600 Cost of Goods Sold $8,800 Drawings by Owner $1,625 Equipment $5,150 Interest Expense $300 Interest Payable $300 Inventory $3,900 Investments by Owner $10,000 Rent Expense $3,600 Sales Returns $600 Sales Revenue $11,900 Service Revenue $20,750 Supplies $600 Supplies Expense $2,025 Utilities Expense $600 Wages Expense $5,400How do you make a income statment? POST COMPANYADJUSTED TRIAL BALANCE Debit Credit Cash 80,000 Accounts Receivable 12,000 Prepaid Insurance 2,000 Equipment 4,000 Accumulated Depreciation 100 Supplies 400 Accounts Payable 800 Wages Payable 200 200 Unearned Revenue 1,200 Contributed Capital 82,400 Retained Earnings…Please help me solve questions 1-5 listed on the screen shot. Below are the financial statements. Thank you The financial statements for Castile Products, Inc., are given below: Castile Products, Inc.Balance SheetDecember 31 Assets Current assets: Cash $ 21,000 Accounts receivable, net 210,000 Merchandise inventory 400,000 Prepaid expenses 9,000 Total current assets 640,000 Property and equipment, net 870,000 Total assets $ 1,510,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 280,000 Bonds payable, 10% 370,000 Total liabilities 650,000 Stockholders’ equity: Common stock, $10 par value $ 110,000 Retained earnings 750,000…
- 1. Prepare and income statement, statement of owners equity and balance sheet for Rabid Insect based on the information below Salary Expense 28,500.00 Rent Expense 14,250.00 Insurance Expense 9,500.00 Depreciation Expense 4,750.00 Miscellaneous Expense 1,900.00 Sales Returns/Allowance 5,000.00 Sales Discounts 7,500.00 Cost of Goods Sold 142,500.00 Accts Payable 30,000.00 Note Payable (solve) Equipment 400,000.00 Accum Depreciation (160,000.00) Accts Receivable 20,000.00 Mdse Inventory 60,000.00 Prepiaid Insurance 10,000.00 Cash 100,000.00 Capital 1/1 (beginning) 187,500.00 Drawing (5,415.00) Cost of Goods Sold 142,500.00…How do you make a balance sheet? POST COMPANYADJUSTED TRIAL BALANCE Debit Credit Cash 80,000 Accounts Receivable 12,000 Prepaid Insurance 2,000 Equipment 4,000 Accumulated Depreciation 100 Supplies 400 Accounts Payable 800 Wages Payable 200 200 Unearned Revenue 1,200 Contributed Capital 82,400 Retained Earnings…Please help me solve questions 1-5 listed on the screen shot. Below are the financial statments. Thank you The financial statements for Castile Products, Inc., are given below: Castile Products, Inc.Balance SheetDecember 31 Assets Current assets: Cash $ 23,000 Accounts receivable, net 180,000 Merchandise inventory 310,000 Prepaid expenses 8,000 Total current assets 521,000 Property and equipment, net 900,000 Total assets $ 1,421,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 260,000 Bonds payable, 9% 340,000 Total liabilities 600,000 Stockholders’ equity: Common stock, $10 par value $ 170,000 Retained earnings 651,000…
- The following summarized transactions occurred in December 2020 in Syco Co. Dec 1 Purchased plant and equipment for $515 in cash. 2 Borrowed $758 from a bank, signing a note payable. 5 Provided $37,522 in service to customers, with $27,250 on account and the rest received in cash. 9 Paid $4,300 cash on accounts payable. 14 Purchased $30,449 inventory on account. 18 Paid salaries, $3,500. 22 Received $37,410 on account paid by customers. 26 Purchased and used fuel of $750 in delivery vehicles during the year (paid for in cash). 31 Incurred $68 in utility usage during the year; paid $55 in cash and owed the rest on account. Required: Prepare journal entries for those transactions.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.$1,618,032I am assuming here some of the business transactions as below: Aug 1 Business started with Capital $ 100,000 Aug 5 Equipment purchased with cash $ 20,000 Aug 10 Goods purchased on account $ 20,000 Aug 15 Goods sold on cash $ 25,000 Aug 20 Cash Paid for Goods purchased on 10 august $ 20,000 Aug 25 Cash paid for Rent $ 10,000 Aug 30 Salaries paid to staff $ 10,000 now lets see impact on accounting Equation of above transactions. Accounting Equation Assets = Equity + Liability Cash + Account receivables + Equipment = Capital + Retained earnings + Accounts payable Aug-01 1,00,000 + + = 1,00,000 + + Aug-05 -20000 + + 20,000 = + + Aug-10 + + = + -20,000 + 20,000 Aug-15 25,000 + + = + 25000 + Aug-20 -20,000 + + = + + -20000 Aug-25 -10,000 + + = + -10000 + Aug-30 -10000 + + = + -10000 + Total 65,000 + 0 20,000 = 1,00,000 -15,000…
