Case Problem 1: Covid Repair Shop provided the information in the ledger. Using the ledger, under the cash account, prepare the Statement of Cash Flows using the Direct Method. COVID REPAIR SHOP General Ledger Account No. 110 Account: Cash Date Balance Explanation J.R. Debit Credit Debit Credit 2020 25,000 00 Initial investments of the owner. Paid the newspaper advertising announcing the 2 opening of his shop. Completed repair work for Soriano, received partial payment and a promise to pay the balance after 5 9 days. 15 Paid the wages of the shop helper. Paid one-half of the account due to Cruz Furniture 18 and issued a promissory note for the other half. Jul GJ1 25,000 00 GJ1 1,500 00 23,500 00 24,500 23,500 GJ1 1,000 00 00 GJ1 1,000 00 00 GJ1 8,250 00 15,250 00 20 Gil paid his account in full. GJ1 1,200 00 16,450 00 3,500 00 00 25 Withdrew cash for personal use. Received cash from various customers for repair 28 service rendered. 30 Paid the monthly utility bills. 30 Paid the rent of the shop for five months. 30 Paid the wages of the shop helper. GJ1 12,950 GJ1 25,000 00 37,950 00 1,500 00 2,000 00 1,000 00 GJ2 36,450 00 GJ2 34,450 00 GJ2 33,450 00 88 8888
Case Problem 1: Covid Repair Shop provided the information in the ledger. Using the ledger, under the cash account, prepare the Statement of Cash Flows using the Direct Method. COVID REPAIR SHOP General Ledger Account No. 110 Account: Cash Date Balance Explanation J.R. Debit Credit Debit Credit 2020 25,000 00 Initial investments of the owner. Paid the newspaper advertising announcing the 2 opening of his shop. Completed repair work for Soriano, received partial payment and a promise to pay the balance after 5 9 days. 15 Paid the wages of the shop helper. Paid one-half of the account due to Cruz Furniture 18 and issued a promissory note for the other half. Jul GJ1 25,000 00 GJ1 1,500 00 23,500 00 24,500 23,500 GJ1 1,000 00 00 GJ1 1,000 00 00 GJ1 8,250 00 15,250 00 20 Gil paid his account in full. GJ1 1,200 00 16,450 00 3,500 00 00 25 Withdrew cash for personal use. Received cash from various customers for repair 28 service rendered. 30 Paid the monthly utility bills. 30 Paid the rent of the shop for five months. 30 Paid the wages of the shop helper. GJ1 12,950 GJ1 25,000 00 37,950 00 1,500 00 2,000 00 1,000 00 GJ2 36,450 00 GJ2 34,450 00 GJ2 33,450 00 88 8888
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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