Please help me 1 Issued 100,000 HK$50 par value ordinary shares for HK$8,000,000 cash.2 Borrowed HK$2,000,000 from Castle Bank, signing a 5-year note bearing 8% interest.3 Purchased two semi-trailer trucks for HK$1,700,000 cash.4 Paid employees HK$120,000 for salaries and wages.5 Collected HK$200,000 cash for services performed.- Nm tin12During its first week, Hu Na Ltd. had these transactions45Classify each of these transactions by type of cash flow activity.A operating activitiesB Investing activitiesC financing activities

There are Three types of Activities under Cash Flow Operating Activity: The activities performed by…

Answered: Classify each of these transactions by…

Business

Accounting

Classify each of these transactions by type of cash flow activity.

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter3: The Financial Environment: Markets, Institutions And Investment Banking

Section: Chapter Questions

Problem 20PROB

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On March 30, 20XX, the company issued ordinary share capital worth of P 500,000, payment received and deposited on its GBP Bank Account 1 Dr. GBP Bank Account 1P 500,000 Cr. Ordinary Share CapitalP 500,000 On April 15 , 20XX, the company recorded a Salary Expense worth of P 250,000, paid for through the company’s GBP Bank Account 1. Dr. Salaries and WagesP 250,000 Cr. GBP Bank Account 1P 250,000 On April 10,20XX, the company will pay a total of P 15,000 from the Petty Cash fund for transportation related expenses. This transaction is still subject to supervisor’s approval. Dr. Travel Costs – OtherP 15,000 Cr. Petty Cash FundP 15,000 1. GENERATE THE GENERAL LEDGER AS OF THE DATE OF THE LATEST TRANSACTION . 2. GENERATE THE BALANCE SHEET AS OF THE END OF THE YEAR 3. GENERATE THE INCOME STATEMENT AS OF THE END OF THE YEAR 4. PERFORM PERIOD END CLOSING FOR THE YEAR 20XX
3) Goodwill Ltd. was registered with a Nominal capital of Rs. 5000000 divided into Equity shares of Rs. 100 each. The following Trial Balance is extracted from the books on 31st March,2021 Debits Rs Credits Rs Buildings 2900000 Sales 5200000 Machinery 1000000 Outstanding Salaries 20000 Closing Stock 900000 Provision for Bad Debts 30000 Purchases (adjusted) 2100000 Equity share Capital 2000000 Salaries 600000 General Reserve 450000 Staff Welfare Expenses 100000 Profit & Loss 250000 Rent 260000 Sundry Creditors 920000 Depreciation on building 80000 Accumulated depreciation on building 500000 Depreciation on machinery 120000 Accumulated depreciation on machinery 550000 Bad Debts 60000 14% Debentures 2000000 Accrued interest on investment 20000 Interest on investment 260000 Investment 1200000 Interest on Debentures 280000 Loose Tools 230000 Advance Tax (AY 2011-12) 600000 Misc Expenses 180000 Sundry Debtors 1250000 Cash…
2. The ABC Co. was organized with an authorized Php100,000 no par ordinary shares. The board of directors fixed the stated value at Php10 per share. The following transactions were completed: Jan. 2 – Sold 2,000 shares at Php11 per share. Sold 1,000 shares at Php12, collecting 50% down payment. Feb. 1 – Received subscriptions to 4,000 shares at Php12 per share and received 20% down payment. March 1 - Sold 300 shares at Php10 in cash. April 1 – Collected the balance of the subscription on January 2. April 15 – Collected the balance of the subscription of February 1. May 6 – Sold the balance of the remaining shares at Php12 per share and received 20% down payment. Required: Journal entries to record the above transactions using the following assumptions 1. Shares are recorded at issue price. 2. Shares are recorded at par value.
12. ABC was formed by an investor who exchanged 2,000,000 for 100,000 shares of stock on August 1. ABC prepaid 12 months of rent by paying $96,000. ABC hired 3 employees and agreed to pay each $100,000/year. ABC agreed to pay on the first of each month after the services are performed. ABC withholds 20% for federal tax; 5% for state tax; and 7.65% for FICA. ABC sold services over the year for $1,200,000 on account. They warranty their work for 1 year. ABC estimated 1% for bad debts using the percent of sales method. ABC estimated $100,000 in warranty work, but only paid out $20,000 (as cash back) in warranties through the end of the year. ABC received $400,000 in cash against the receivable by year-end. On 8/15 ABC purchased equipment signing a note for $300,000. ABC depreciated the equipment by $30,000 for book purposes and $50,000 for tax purposes. ABC accrued $5,000 in interest expense. On 8/1 ABC invested $100,000 into muni-bonds. The bonds were valued at 102,000 by year-end and…
13. On June 1, Cline Co. paid $800,000 cash for all of the issued and outstanding common stock of Renn Corp. The carrying values for Renn’s assets and liabilities on June 1 follow: Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $150,000 Accounts receivable . . . . . . . . . . . . . . . . . . . 180,000 Capitalized software costs. . . . . . . . . . . . . . . 320,000 Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . (130,000) Net assets . . . . . . . . . . . . . . . . . . . . . . . . . … $620,000 On June 1, Renn’s accounts receivable had a fair value of $140,000. Additionally, Renn’s in process research and development was estimated to have a fair value of $200,000. All other items were stated at their fair values. On Cline’s June 1 consolidated balance sheet, how much is reported for goodwill? A. $320,000. B. $120,000. C. $80,000. D. $20,000.
5. Kiwi Company was incorporated on July 1, 2021, with P8,000,000 from the issuance of shares and borrowed funds of P1,200,000. During the remainder of 2021, the company profit was P400,000. On December 15, Kiwi paid P32,000 cash dividends. No additional activities affected the owner’s equity in 2021. On December 31, 2021, Kiwi Company’s liabilities had increased to P1,504,000. In Kiwi’s December 31, 2021 statement of financial position, total assets should be reported at a. P12,576,000 b. P9,600,000 c. P9,872,000 d. P11,072,000
A limited was registered with an authorized capital of Rs. 6,00,000 in equity shares of Rs. 10 each. The following is its Trial balance on 31st March 2008 Debit Credit Rs. Rs. Goodwill 25,000 Cash 750 Bank 39,900 Purchases 1,85,000 Preliminary expenses 5,000 Share capital 4,00,00012% Debentures 3,00,000P and L account 26,250Calls-in-arrears 7,500Premises 3,00,000Plant and Machinery 3,30,000Interim dividend 39,250Sales 4,15,000Opening stock 75,000Furniture 7,200Sundry debtors 87,000
A. Journalized the following transactions and prepare the Trail Balance:January, 2021 1 Pak Wheel corporation issued 10,000 shares of common stock of Rs5 par value and received Rs53,000 cash. The company then purchased back 900 shares out of those at Rs6 per share. The company then resold 500 shares from treasury stock at Rs6.50 per share. 3 Pak Wheel corporation Company A issued 100,000 shares of preferred stock of $30 par value against $1,000,000 in cash and $2,000,000 worth of property, plant and equipment. They carry dividend of $3 per share. 7 Pak Wheel corporation took over the assets of Rs 19,00,000 and liabilities of R 3,00,000 from Shah Ltd. for a purchase consideration of Rs15,19,000. Pak Wheel corporation issued a promissory note of Rs 17,000 payable after 60 days in favour of Shah Ltd. and the balance amount was paid by issue of equity shares of Rs 100 each at a premium of Rs 25 per share. 16 The owner takes Rs10000 of goods out of the business for his own use.
A. Journalized the following transactions and prepare the Trail Balance:January, 2021 1 Pak Wheel corporation issued 10,000 shares of common stock of Rs5 par value and received Rs53,000 cash. The company then purchased back 900 shares out of those at Rs6 per share. The company then resold 500 shares from treasury stock at Rs6.50 per share. 3 Pak Wheel corporation Company A issued 100,000 shares of preferred stock of $30 par value against $1,000,000 in cash and $2,000,000 worth of property, plant and equipment. They carry dividend of $3 per share. 7 Pak Wheel corporation took over the assets of Rs 19,00,000 and liabilities of R 3,00,000 from Shah Ltd. for a purchase consideration of Rs15,19,000. Pak Wheel corporation issued a promissory note of Rs 17,000 payable after 60 days in favour of Shah Ltd. and the balance amount was paid by issue of equity shares of Rs 100 each at a premium of Rs 25 per share.
Capital Financial Advisors Limited had the following transactions during January, its first month of operations: a Issued to Marvin Tycoon 9,000 shares of share capital in exchange for his investment of $45,000 cash. b Borrowed $30,000 from a bank and signed a note payable due in three months. c Purchased office furniture costing $19,750; paid $6,000 cash and charged the balance on account. d Paid $6,000 of the amount owed for office furniture. e Issued an additional 2,000 shares to an individual who invests $10,000 in the business. INSTRUCTIONS: Record the above transactions directly in the T accounts below. Identify each entry in a T account with the letter shown for the transaction.
Journal entries a. $30,000 cash was borrowed on a five-year 10% note payable, dated 5/1/2021. b. $13,000 cash was paid for land. c. Earned $118,000 in service revenues for 2020. $53,000 on account and the remainder in cash. d. Purchased Inventory with $15,000 cash. e. Sold $12,000 of inventory for $17,000 cash. f. Issued 4,000 additional shares of $0.50 par value common stock for cash at $1 per share on 1/2/2021. g. Incurred $114,000 in miscellaneous operating expenses for 2021, $20,000 on credit and the rest paid in cash. h. Collected $34,000 owned on account. i. Purchased $17,000 supplies on account. j. Paid $26,000 accounts payable. k. A piece of equipment costing $3,000 was stolen. The insurance company reimbursed the company $1,000. The accumulated depreciation on the equipment amounted to $1,000 l. Bid on a $2,000 one-year service contract. If accepted, work is to begin on 2/1/2022. m. $103,000 was paid for employee wages. This included wages owed from 2021. n. Declared and paid…
Sep. 6 Issued 500 shares of common stock to the promoters who organized the corporation, receiving cash of $15,000. Sep. 12 Issued 700 shares of preferred stock for cash of $29,000. Sep. 14 Issued 1,400 shares of common stock in exchange for land with a market value of $23,000. Assume KVIP−TV, Inc. had net income of $31,000 for the month. Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Sep. 6: Issued 500 shares of common stock to the promoters who organized the corporation, receiving cash of $15,000. Date Accounts and Explanation Debit Credit Sep. 6 Part 2 Sep. 12: Issued 700 shares of preferred stock for cash of $29,000. Date Accounts and Explanation Debit…