Cash 40,000 (2) 13,100 (3) Equipment 15,000 Dividends 1,500 (1) 4,000 (3) (9) (7) 5,000 (4) 6,175 (6) 6,000 (9) 1,500 Accounts Payable Service Revenue (5) Accounts Receivable (5) 20,500 (7) 13,100 (6) 6,000 (3) 10,000 20,500 Common Stock Operating Expenses Supplies 4,000 (8) (2) 2,200 (1) 40,000 (4) 6,175 (8) 2,200 Indicate for each debit and each credit: (a) whether an asset, liability, stockholders' equity, dividend, revenue, or expense account was affected and (b) whether the account was increased (+) or decreased (-). Present your answers in the following form, with transaction (1) given as an example: Account Credited Туре Account Debited Transaction Туре Effect Effect (1) asset stockholders' equity

Cash 40,000 (2) 13,100 (3) Equipment 15,000 Dividends 1,500 (1) 4,000 (3) (9) (7) 5,000 (4) 6,175 (6) 6,000 (9) 1,500 Accounts Payable Service Revenue (5) Accounts Receivable (5) 20,500 (7) 13,100 (6) 6,000 (3) 10,000 20,500 Common Stock Operating Expenses Supplies 4,000 (8) (2) 2,200 (1) 40,000 (4) 6,175 (8) 2,200 Indicate for each debit and each credit: (a) whether an asset, liability, stockholders' equity, dividend, revenue, or expense account was affected and (b) whether the account was increased (+) or decreased (-). Present your answers in the following form, with transaction (1) given as an example: Account Credited Туре Account Debited Transaction Туре Effect Effect (1) asset stockholders' equity

Name: Identifying transactionsRocky Mountain Tours Co. is a travel agency. T
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Description: Identifying transactionsRocky Mountain Tours Co. is a travel agency. The nine transactions recorded by Rocky Mountain Tours during June 20Y2, its first month of operations, are indicated in the following T accounts: Cash40,000 (2)13,100 (3)Equipment1

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 13MCQ

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Jarem Company showed 189,000 in prepaid rent on December 31, 20X1. On December 31, 20X2, the balance in the prepaid rent account was 226,800. Rent expense for 20X2 was 472,500. Required: 1. What amount of cash was paid for rent in 20X2? 2. CONCEPTUAL CONNECTION What adjustment in prepaid expenses is needed if the indirect method is used to prepare Jarems statement of cash flows?
1. Compute the current assets.Cash Php 25,867.00Barney’s drawing 50,485.00Accounts Payable 78,584.00Notes Receivable 45,051.00Building 1,500,125.00Inventory 33,669.002. Compute the Net Income.Service Income Php 356,867.00Prepaid Rent 16,800.00Interest Expense 1,523.00Barney’s drawing 21,786.00Taxes 4,544.00Utilities Expense 3,651.003. The liabilities of Bb Barn are equal to 1/3 of thetotal assets. The owner's equity is P 6,300,500. Whatis the amount of the liabilities?4. Prepare journal entries to the following transactionsfor the year 2020.Sept. 1 V Barney invested Php 150,000 in Barney repair ShopSept 3 Purchased equipment worth Php 80,000 on account.Sept. 12 Paid Php 25, 000 for the equipmentpurchased dated Sept. 3, 2020.Sept. 15 Rendered service amounting toPhp 45,000.Sept. 17 Paid salaries to employees, Php16,000
Year Net cashflows 0 -575,000 1 £125,000 2 £248,000 3 £176,000 4 £146,000
Accounts payable $281,700 Prepaid insurance $6,800 Property and equipment 672,500 Contributed capital 380,600 Cost of service expense 183,600 Other revenue 114,100 Supplies inventory 216,900 Deferred revenue 83,600 Service revenue 904,000 Depreciation expense 57,750 Bonds payable 229,600 Accounts receivable 607,550 Interest receivable 4,300 Rent expense 30,500 Retained earnings 187,400 Cash 351,340 Notes payable 356,040 Accrued liabilities 23,400 Investments 146,400 Prepaid rent 11,200 Accumulated depreciation 128,900 Administrative and general expense (includes interest, utilities, etc.) 64,300 Supplies expense 336,200 Income tax payable 0 Based on the following data for Checkmate Company, prepare a Statement of Retained Earnings and demonstrate that the accounting equation remains in balance after the retained earnings account has been updated. (Assume that the…
Accounts payable $281,700 Prepaid insurance $6,800 Property and equipment 672,500 Contributed capital 380,600 Cost of service expense 183,600 Other revenue 114,100 Supplies inventory 216,900 Deferred revenue 83,600 Service revenue 904,000 Depreciation expense 57,750 Bonds payable 229,600 Accounts receivable 607,550 Interest receivable 4,300 Rent expense 30,500 Retained earnings 187,400 Cash 351,340 Notes payable 356,040 Accrued liabilities 23,400 Investments 146,400 Prepaid rent 11,200 Accumulated depreciation 128,900 Administrative and general expense (includes interest, utilities, etc.) 64,300 Supplies expense 336,200 Income tax payable 0 Income tax rate is 40%Prepare adjusted trial balance and income statement
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Blum Services has the following unadjusted balances at year-end.Cash $12,900Prepaid insurance 2,000Office supplies 1,300Office equipment 10,500Accumulated depreciation–office equipment 3,500Accounts payable 2,900Salaries payable -0-Unearned service revenue 4,500A.L.Blum, capital 11,750A.L.Blum, drawing 5,600Service revenue 13,350Salary expense 3,700Depreciation expense -0-Supplies expense -0-Insurance expense -0-The following information is available to use in making adjusting entries.a. Office supplies on hand at year-end: $250b. Prepaid insurance expired during the year: $325c. Unearned revenue remaining at year-end: $2,500d. Depreciation expense for the year: $1,800e. Accrued salaries at year-end: $900From the above information prepare the adjusted trial balance for the company (NB.Worksheet must include unadjusted trial balance, adjustments, and the adjusted trialbalance.
Aug 1 Sold goods - 180k 2 loan from bank - 300k 5 collect from customers- 95k 6 Paid suppliers- 25k 10 Paid salaries 12,400 15 Purchase machineries-35k 1. What amount is the total cash inflow from operating activities? A. 575,000 B. 275,000 C. 180,000 D. 95,000 2. How much is the total net cash flow from investing activities? A. ₱35,000 B.( ₱35,000) C. ₱300,000 D. ₱395,000
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