Mary Jane started her own service company. She invested 3,000,000 cash to open the business and has purchased building worth 2,000,000 and office furniture worth 100,000. During the year, 950,000 revenues were earned, 300,000 of which were on account. Salaries paid to employees amounted to 205,000, bonus given to the owner, Mary, amounted to 30,000, equipment rent payment is 100,000, and utilities paid amounted to 50,000. Receivables collected amounted to 200,000. Billie invested additional 110,000 for a additional funding. At the time when the carrying value of the furniture was 90,000, Ed sold it for 75,000 cash. 1. How much is the entity's cash flow from operating activities? 2. How much is the entity's cash flow from investing activities?. 3. How much is the entity's cash flow from financing activities?__ A
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- Johnson, Incorporated had the following transactions during the year: Purchased a building for $5,000,000 using a mortgage for financing Paid $2,000 for ordinary repair on a piece of equipment Sold product on account to customers for $1,500,600 Purchased a copyright for $5,000 cash Paid $20,000 cash to add a storage shed in the corner of an existing building Paid $360,000 in monthly salaries Paid $25,000 for routine maintenance on equipment Paid $110,000 for major repairs If all transactions were recorded properly, what amount did Johnson capitalize for the year, and what amount did Johnson expense for the year?Johnson, Incorporated, had the following transactions during the year: Purchased a building for $5,000,000 using a mortgage for financing Paid $2,000 for ordinary repair on a piece of equipment Sold product on account to customers for $1,500,600 Paid $20,000 cash to add a storage shed in the corner of an existing building Paid $360,000 in monthly salaries Paid $25,000 for routine maintenance on equipment Paid $110,000 for extraordinary repairs Depreciation expense recorded for the year is $15,000. If all transactions were recorded properly, what is the amount of increase to the Property, Plant, and Equipment section of Johnsons balance sheet resulting from this years transactions? What amount did Johnson report on the income statement for expenses for the year?Lita Lopez started Biz Consulting, a new business, and completed the following transactions during itsfirst year of operations.a. Lita Lopez invested $70,000 cash and office equipment valued at $10,000 in the company.b. The company purchased an office suite for $40,000 cash.c. The company purchased office equipment for $15,000 cash.d. The company purchased $1,200 of office supplies and $1,700 of office equipment on credit.e. The company paid a local newspaper $500 cash for printing an announcement of the office’s opening.f. The company completed a financial plan for a client and billed that client $2,800 for the service.g. The company designed a financial plan for another client and immediately collected a $4,000 cash fee.h. Lita Lopez withdrew $3,275 cash from the company for personal use.i. The company received $1,800 cash as partial payment from the client described in transaction f.j. The company made a partial payment of $700 cash on the equipment purchased in transaction d.k. The…
- Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operation. Lita Lopez invests $70,000 cash and office equipment valued at $10,000 in the company. The company purchased a $150,000 building to use as an office. Biz Consulting paid $20,000 in cash and signed a note payable promising to pay the $130,000 balance over the next 10 years. The company purchased office equipment for $15,000 cash. The company purchased $1,200 of office supplies and $1,700 of office equipment on credit. The company paid a local newspaper $500 cash for printing an announcement of the office’s opening. The company completed a financial plan for a client and billed that client for $2,800 for the service. The company designed a financial plan for another client and immediately collected a $4,000 cash fee. Lita Lopez withdrew $3,275 cash from the company for personal use. The company received $1,800 cash as partial payment from the…On March 1, Ms. Ann Joy established AJ Beauty Salon. She invested P750,000 in the business and a laptop worth P60,000. She paid rent of P10,000 and bought equipment for P30,000 cash. Cash collection from walk-in customers amounted to P150,000. She bought beauty supplies for P7,000 cash and bought salon furniture worth P80,000 on account. Ms. Ann had major repairs in her residence amounting to P550,000 which was paid by the business. Collections of accounts receivable totaled P90,000 and accounts payable paid totaled P45,000. At the end of the month, salaries of beauticians paid amounted to P30,000. Payments made to MERALCO and MAYNILAD are P12,000 and P3,400, respectively. Salon net income for the month is P180,000. Required: Give the cash balance at the end of the month. (Hint: Prepare the T-Account for cash to get the cash balance at the end of the month.)On March 1, Ms. Ann Joy established AJ Beauty Salon. She invested P750,000 in the business and a laptop worth P60,000. She paid rent of P10,000 and bought equipment for P30,000 cash. Cash collection from walk-in customers amounted to P150,000. She bought beauty supplies for P7,000 cash and bought salon furniture worth P80,000 on account. Ms. Ann had major repairs in her residence amounting to P550,000 which was paid by the business. Collections of accounts receivable totaled P90,000 and accounts payable paid totaled P45,000. At the end of the month, salaries of beauticians paid amounted to P30,000. Payments made to MERALCO and MAYNILAD are P12,000 and P3,400, respectively. Salon net income for the month is P180,000. Required: Give the cash balance at the end of the month. (Hint: Prepare the T-Account for cash to get the cash balance at the end of the month.) USE MS EXCEL AND SHOW FORMULAS USED
- Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. Lita Lopez invested $67,000 cash and equipment valued at $35,000 in the company in exchange for itscommon stock. The company purchased a building for $45,000 cash. The company purchased equipment for $5,500 cash. The company purchased $3,800 of supplies and $1,500 of equipment on credit. The company paid $880 cash for advertising expenses. The company completed a financial plan for a client and billed that client $4,500 for the service. The company designed a financial plan for another client and immediately collected a $8,300 cash fee. The company paid $1,500 cash in dividends to the owner (sole shareholder). The company received $3,500 cash as partial payment from the client described in transaction f. The company made a partial payment of $750 cash on the equipment purchased in transaction d. The company paid $1,700 cash for the secretary’s wages for this…Choy, after receiving her degree in Hotel and Restaurant Management began her own business called Choy Cakes and Pastries. She completed the following transactions: a. Choy began her business with a P150,000 cash investment, which she deposited in the bank and a laptop and printer worth P35,000. b. Paid one month's rent on a sales outlet space for her business. Rent is P10,000 per month. c. Purchased an oven worth P70,000 in cash. d. Purchased baking supplies on account worth P50,000. e. Purchased baking paraphernalia like pants, etc. worth P20,000 in cash. f. Received cash for cakes and pastries sold, P40,000 for the month. g. Billed a customer for the cakes and pastries ordered for a birthday party, P15,000. h. Paid utilities for the month worth P5,000. i. Paid her parents for the space being used as baking area at their home, P5,000. j. Determined that baking supplies is now worth P30,000 for the month. k. From letter D transaction, Choy paid P20,000. l. Customer from…Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. Lita Lopez invested $65,000 cash and equipment valued at $33,000 in the company. The company purchased a building for $40,000 cash. The company purchased equipment for $6,000 cash. The company purchased $3,800 of supplies and $1,600 of equipment on credit. The company paid $900 cash for advertising expenses. The company completed a financial plan for a client and billed that client $4,000 for the service. The company designed a financial plan for another client and immediately collected a $8,600 cash fee. L. Lopez withdrew $800 cash from the company for personal use. The company received $3,000 cash as partial payment from the client described in transaction f. The company made a partial payment of $800 cash on the equipment purchased in transaction d. The company paid $2,100 cash for the secretary’s wages for this period. Required:1. Enter the amount of…
- On June 1, C invested 800,000,000 VND cash in the company and received from the supplier some spare equipment worth 10,000,000 VND as a gift. The company rents a building that focuses on evaluating the operation as well as a warehouse for 350,000,000 VND per month, and the company prepaid it in cash. (1) On June 2, KCt spends 2,600,000 VND to purchase stationary equipment and paid in cash. The company provides consulting services of 28,000,000 VND and rents its test facilities for 200,000,000 VND to a podiatric services center. (3) KCt company purchased wood, paint from a supplier for 28,000,000 VND on July 3 on credit terms from PenFur Supply Company. (3) On June 4, KCt has used the housing cleaning service of Housing Services Company to clean and decorate the office for 70,000,000 VND. By prearrangement, KCt company delayed the payment in two installments, one June 12 and on June 18. (4) KCt Company purchased furniture from Furniture Company for 27,000,000 vnd on June 5 under Credit…Ming Chen started a business and had the following transactions in June. Owner invested $66,000 cash in the company along with $10,000 of equipment. The company paid $1,100 cash for rent of office space for the month. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). The company completed work for a client and immediately collected $1,700 cash. The company completed work for a client and sent a bill for $8,200 to be received within 30 days. The company purchased additional equipment for $6,300 cash. The company paid an assistant $2,900 cash as wages for the month. The company collected $4,500 cash as a partial payment for the amount owed by the client in transaction e. The company paid $10,000 cash to settle the liability created in transaction c. The owner withdrew $1,200 cash from the company for personal use. Required:Complete the table using additions and subtractions to show the dollar effects of the transactions on individual items of…The owner of ABC Company invested cash to the business amounting ₱500,000 and office furniture and equipment which has a fair market value of ₱210,000. During the year, the owner made an additional investment of ₱150,000 to increase the working capital of the firm. On December 1, the owner issued a company check for ₱250,000 to settle his personal loan from Union Bank. Revenues in 2021 totaled ₱305,000 and expenses amounted to ₱420,200. How much was owner’s capital as of December 31, 2021?