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Cash Accounts Receivable Supplies Prepaid Rent Merchandise Inventory (24 e $265; 1 e $260) Land $74,210 13,500 200 3,200 6,620 4,000 1,950 980 Accounts Payable Unearned Revenue Salaries Payable Common Stock Retained Earnings 1, eee 50, 800 47,880 During Year 6, Pacilio Security Services experienced the foliowing transactions: 1. Paid the salaries payable from Year 5. 2. On March 1, Year 6, Pacilio established a $100 petty cash fund to handle small expenditures. 3. Paid $4,800 on March 1, Year 6, for a one-year lease on the company van in advance. 4. Paid $7,200 on May 2, Year 6, for one year's office rent in advance. 5. Purchased $400 of supplies on account. 6. Purchased 100 alarm systems for $28,000 cash during the year. 7. Sold 102 alarm systems for $57,120. All sales were on account 8. Record the cost of goods sold related to the sale from Event 7 using the FIFO method. 9. Paid $2,100 on accounts payable during the year. O. Replenished the petty cash fund on August 1. At this time, the petty cash fund had only $7 of currency left. It contained the following receipts: office supplies expense, $23; cutting grass, $55; and miscellancous expense, $14. 11. Billed $52,000 of monitoring services for the year. 2. Paid installers and other employees a total of $25,000 cash for salaries f00 200 of arcounts receivable during the year.

Cash Accounts Receivable Supplies Prepaid Rent Merchandise Inventory (24 e $265; 1 e $260) Land $74,210 13,500 200 3,200 6,620 4,000 1,950 980 Accounts Payable Unearned Revenue Salaries Payable Common Stock Retained Earnings 1, eee 50, 800 47,880 During Year 6, Pacilio Security Services experienced the foliowing transactions: 1. Paid the salaries payable from Year 5. 2. On March 1, Year 6, Pacilio established a $100 petty cash fund to handle small expenditures. 3. Paid $4,800 on March 1, Year 6, for a one-year lease on the company van in advance. 4. Paid $7,200 on May 2, Year 6, for one year's office rent in advance. 5. Purchased $400 of supplies on account. 6. Purchased 100 alarm systems for $28,000 cash during the year. 7. Sold 102 alarm systems for $57,120. All sales were on account 8. Record the cost of goods sold related to the sale from Event 7 using the FIFO method. 9. Paid $2,100 on accounts payable during the year. O. Replenished the petty cash fund on August 1. At this time, the petty cash fund had only $7 of currency left. It contained the following receipts: office supplies expense, $23; cutting grass, $55; and miscellancous expense, $14. 11. Billed $52,000 of monitoring services for the year. 2. Paid installers and other employees a total of $25,000 cash for salaries f00 200 of arcounts receivable during the year.

Cornerstones of Financial Accounting
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 15CE: Classification of Cash Flows Patel Company reported the following items in its statement of cash...
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Cash $74,210 13,500 200 Accounts Receivable Supplies Prepaid Rent Merchandise Inventory (24 e $265; 1 @ $260) Land Accounts Payable Unearned Revenue Salaries Payable Common Stock 3,200 6,620 4,000 1,950 900 1,000 50,000 47,880 Retained Earnings During Year 6, Pacilio Security Services experienced the following transactions: 1. Pald the salaries payable from Year 5. 2. On March 1, Year 6, Pacilio established a $100 petty cash fund to handle small expenditures. 3. Paid $4,800 on March 1, Year 6, for a one-year leasc on the company van in advance. 4. Paid $7,200 on May 2, Year 6, for one year's office rent in advance. 5. Purchased $400 of supplies on account. 6. Purchased 100 alarm systems for $28,000 cash during the year. 7. Sold 102 alarm systems for $57,120. All sales were on account. 8. Record the cost of goods sold related to the sale from Event 7 using the FIFO method. 9. Paid $2,100 on accounts payable during the year. O. Replenished the petty cash fund on August 1. At this time, the petty cash fund had only $7 of currency left. It contained the following receipts: office supplies expense, $23; cutting grass, $55; and miscellancous expense, $14. 11. Billed $52,000 of monitoring services for the year. 12. Paid installers and other employees a total of $25,000 cash for salaries. 13. Collected $89,300 of accounts receivable during the year. 14. Paid $3,600 of advertising expense during the year. 15. Paid $2,500 of utilities expense for the year. 16. Paid a dividend of $10.000 to the shareholders. Adjustment 17. There was $160 of supplies on hand at the end of the year. 18. Recognized the expired rent for both the van and the office building for the year. (The rent for both the van and the office remained the same for Year 5 and Year 6.) 19. Recognized the balance of the revenue earned in Year 6 where cash had been collected in Year 5 0. Accrued salaries at December 31, Year 6, were $1.400. Next 18 of 18 ( Prev
Transcribed Image Text:Cash $74,210 13,500 200 Accounts Receivable Supplies Prepaid Rent Merchandise Inventory (24 e $265; 1 @ $260) Land Accounts Payable Unearned Revenue Salaries Payable Common Stock 3,200 6,620 4,000 1,950 900 1,000 50,000 47,880 Retained Earnings During Year 6, Pacilio Security Services experienced the following transactions: 1. Pald the salaries payable from Year 5. 2. On March 1, Year 6, Pacilio established a $100 petty cash fund to handle small expenditures. 3. Paid $4,800 on March 1, Year 6, for a one-year leasc on the company van in advance. 4. Paid $7,200 on May 2, Year 6, for one year's office rent in advance. 5. Purchased $400 of supplies on account. 6. Purchased 100 alarm systems for $28,000 cash during the year. 7. Sold 102 alarm systems for $57,120. All sales were on account. 8. Record the cost of goods sold related to the sale from Event 7 using the FIFO method. 9. Paid $2,100 on accounts payable during the year. O. Replenished the petty cash fund on August 1. At this time, the petty cash fund had only $7 of currency left. It contained the following receipts: office supplies expense, $23; cutting grass, $55; and miscellancous expense, $14. 11. Billed $52,000 of monitoring services for the year. 12. Paid installers and other employees a total of $25,000 cash for salaries. 13. Collected $89,300 of accounts receivable during the year. 14. Paid $3,600 of advertising expense during the year. 15. Paid $2,500 of utilities expense for the year. 16. Paid a dividend of $10.000 to the shareholders. Adjustment 17. There was $160 of supplies on hand at the end of the year. 18. Recognized the expired rent for both the van and the office building for the year. (The rent for both the van and the office remained the same for Year 5 and Year 6.) 19. Recognized the balance of the revenue earned in Year 6 where cash had been collected in Year 5 0. Accrued salaries at December 31, Year 6, were $1.400. Next 18 of 18 ( Prev
General General Income Changes in Balance Statement Analysis BRS Requirement Trial Balance of CF Journal Ledger Statement SE Sheet 18 Indicate whether the transaction increases (+), decreases (-), or increases and decreases (+/-) for each element of the financial statements. Also, in the Cash Flow column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity. The first transaction is recorded as an example. Skipped Pacilio Security Services, Inc. Effect of Transactions on Financial Statements - Year 6 Balange Sheet Income Statement Statement of Cash Flows Net Assets = Expenses = Liabilitios +S. Equity Revenue- Transaction Income OA 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18 19. 20.
Transcribed Image Text:General General Income Changes in Balance Statement Analysis BRS Requirement Trial Balance of CF Journal Ledger Statement SE Sheet 18 Indicate whether the transaction increases (+), decreases (-), or increases and decreases (+/-) for each element of the financial statements. Also, in the Cash Flow column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity. The first transaction is recorded as an example. Skipped Pacilio Security Services, Inc. Effect of Transactions on Financial Statements - Year 6 Balange Sheet Income Statement Statement of Cash Flows Net Assets = Expenses = Liabilitios +S. Equity Revenue- Transaction Income OA 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18 19. 20.
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