I ne transactions of Spade Company appear below. a. K. Spade, owner, invested $17,500 cash in the company." b. The company purchased supplies for $508 cash. c. The company purchased $9,678 of equipment on credit. d. The company received $2,065 cash for services provided to a customer. e. The company paid $9,678 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $3,710 for services provided. g. The company paid $530 cash for the monthly rent. h. The company collected $1,558 cash as partial payment for the account receivable created in transaction f i. K. Spade withdrew $1,000 cash from the company for personal use. ercise 2-14 (Algo) Preparing a trial balance LO P1

I ne transactions of Spade Company appear below. a. K. Spade, owner, invested $17,500 cash in the company." b. The company purchased supplies for $508 cash. c. The company purchased $9,678 of equipment on credit. d. The company received $2,065 cash for services provided to a customer. e. The company paid $9,678 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $3,710 for services provided. g. The company paid $530 cash for the monthly rent. h. The company collected $1,558 cash as partial payment for the account receivable created in transaction f i. K. Spade withdrew $1,000 cash from the company for personal use. ercise 2-14 (Algo) Preparing a trial balance LO P1

Name: The transactions of Spade Company appear below.a. K. Spade, owner, in
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: The transactions of Spade Company appear below.a. K. Spade, owner, invested $17,500 cash in the company."b. The company purchased supplies for $508 cash.c. The company purchased $9,678 of equipment on credit.d. The company received $2,065 cash for s

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following transactions occurred in Nanon Company:a. Nanon, the owner, invested P25,000,000 and obtained P100,000,000 loan from a bank.b. The company purchased a manufacturing plant for business amounting to P152,000,000 for cash.c. It also purchased goods for sale on cash amounting to P250,000.d. There were sales of goods on credit amounting to P550,000.e. The company purchased goods for sale on credit amounting to P450,000.f. The company returned goods to the supplier amounting to P50,000 which was evidence by a credit memo from the supplier.g. Various accruals were recorded at the end of the period amounting to P30,000. From the above transactions, what is the total amount to be recorded in the Cash Receipts Journal? P150,250,000P150,000,000P150,300,000P125,000,000
Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing $13,100 of common stock for cash. 2) The company paid cash to purchase $7,900 of inventory. 3) The company sold inventory that cost $5,300 for $10,900 cash. 4) Operating expenses incurred and paid during the year, $4,800. Sanchez Company engaged in the following transactions during Year 2: 1) The company paid cash to purchase $11,400 of inventory. 2) The company sold inventory that cost $9,500 for $17,500 cash. 3) Operating expenses incurred and paid during the year, $5,800. Note: Sanchez uses the perpetual inventory system. What is Sanchez's gross margin for Year 2? Multiple Choice $9,500 $2,200 $6,100 $8,000
The following information pertains to an entity’s cash account: Cash balance, beginning 880,000 Cash receipts from the sale of goods 8,000,000 Cash receipts from dividends and interest 80,000 Cash payments for interest 250,000 Cash payments to suppliers of goods 6,000,000 Cash payments to employees 800,000 Cash payments to acquire property, plant and equipment 1,200,000 Cash receipts from sales of property, plant and equipment 280,000 Cash payments to acquire equity or debt instruments of other entities 520,000 Cash receipts from sales equity or debt instruments of other entities 430,000 Cash proceeds from issuing shares 1,600,000 Cash payments to owners to redeem the entity’s shares 340,000 Cash proceeds from borrowings 2,100,000 Cash repayments of amounts borrowed 1,700,000 The entity’s cash balance at the end of the period is a. 2,560,000 b. 2,650,000 c. 2,480,000 d. 2,840,000
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,650 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable office supplies office equipment Land Accounts payable Common stock $ 15,200 Cash dividends 12,410 1,770 16,450 Consulting revenue Rent expense Salaries expense 46,080 Telephone expense 6,060 Miscellaneous expenses 82,650 $ 460 12,410 2,140 5,300 750 560
In Year 1, Lee Incorporated billed its customers $56,300 for services performed. The company collected $40,600 of the amount billed. Lee incurred $37,900 of other operating expenses on account. Lee paid $24,400 of the accounts payable. Lee acquired $21,000 cash from the issue of common stock. The company invested $18,000 cash in the purchase of land. d. what is the net cash flow from operating activities for the period? e. what is amount of net cash flow from investing activities? f. what is the amount of net cash flow from financing activities? g. what amounts of total assets, liabilities, and equity will be reported on the year-end sheet?
Park & Company was recently formed with a $6,000 investment in the company by stockholders in exchange for common stock. The company then borrowed $3,000 from a local bank, purchased $1,100 of supplies on account, and also purchased $6,000 of equipment by paying $2,100 in cash and signing a promissory note for the balance. Based on these transactions, the company's total assets are
Below are cash transactions for Goldman Incorporated, which provides consulting services related to mining of precious metals. Cash used for purchase of office supplies, $2,150. Cash provided from consulting to customers, $48,100. Cash used for purchase of mining equipment, $78,000. Cash provided from long-term borrowing, $65,000. Cash used for payment of employee salaries, $24,500. Cash used for payment of office rent, $12,500. Cash provided from sale of equipment purchased in c. above, $23,000. Cash used to repay a portion of the long-term borrowing in d. above, $42,500. Cash used to pay office utilities, $4,800. Purchase of company vehicle, paying $10,500 cash. Required: Calculate cash flows from operating activities. (List cash outflows as negative amounts.) Next Visit question map Question 5 of 8 Total5 of 8 Prev
Park & Company was recently formed with a $6,400 investment in the company by stockholders in exchange for common stock. The company then borrowed $3,400 from a local bank, purchased $1,140 of supplies on account, and also purchased $6,400 of equipment by paying $2,140 in cash and signing a promissory note for the balance. Based on these transactions, the company's total assets are: Multiple Choice $9,800. $15,200. $12,800. $11,940.
Below are cash transactions for Goldman Incorporated, which provides consulting services related to mining of precious metals. Cash used for purchase of office supplies, $2,150. Cash provided from consulting to customers, $48,100. Cash used for purchase of mining equipment, $78,000. Cash provided from long-term borrowing, $65,000. Cash used for payment of employee salaries, $24,500. Cash used for payment of office rent, $12,500. Cash provided from sale of equipment purchased in c. above, $23,000. Cash used to repay a portion of the long-term borrowing in d. above, $42,500. Cash used to pay office utilities, $4,800. Purchase of company vehicle, paying $10,500 cash. Required: Calculate cash flows from investing activities. (List cash outflows as negative amounts.) Next Visit question map Question 6 of 8 Total6 of 8 Prev
Holloway Company earned $6,200 of service revenue on account during Year 1. The company collected $5,270 cash from accounts recievable during Year 1. a. the balance of the accounts recievable that would be reported on the Decmeber 31,Year1,balance sheet b. the amount of net income that would be reported on the Year 1 income statement. c. the amount of net cash flow from operating activites that would be reported on the Year 1 statement of cash flows d. the amount of retained earnings that would be reported on the Year 1 balance sheet
Garcia Co. owns equipment that costs $76,800, with accumulated depreciation of $40,800. Garciasells the equipment for cash. Record the journal entry for the sale of the equipment if Garcia were to sell theequipment for the following amounts:A. $47,000 cashB. $36,000 cashC. $31,000 cash
Presented below are accounts of Cutie Company Additional: During the year, the owner made an additional investment of 20,000 and withdrawals of 50,000. Cutie company beginning capital is 617,600 and its net income for the year is 75,000. Instructions: Prepare the Statement of Financial Position in account form and report form and determine the amount of cash. Prepare the supporting notes.