Part 1- Using the trial balance provided below prepare a Classified Balance Sheet for Useh Tele Solutions, Inc. Note: The trial balance below is available in EXCEL (see Acct 311-Lab 6 of 10- Student Excel- Trial Balance- Fall 2021) Note: The correct statement of retained earnings is provided below so that students will not need to complete the income statement to calculate ending retained earnings. Part 2- Prepare the Statement of Cash Flows for Xiong Corporation (see page 2 of this document)

Part 1- Using the trial balance provided below prepare a Classified Balance Sheet for Useh Tele Solutions, Inc. Note: The trial balance below is available in EXCEL (see Acct 311-Lab 6 of 10- Student Excel- Trial Balance- Fall 2021) Note: The correct statement of retained earnings is provided below so that students will not need to complete the income statement to calculate ending retained earnings. Part 2- Prepare the Statement of Cash Flows for Xiong Corporation (see page 2 of this document)

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter1: Introduction To Accounting And Business

Section: Chapter Questions

Problem 3PB: Jose Loder established Bronco Consulting on August 1, 2019. The effect of each transaction and the...

See similar textbooks

Similar questions

To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. paid balance due for accounts payable $6,900 B. charged clients for legal services provided $5,200 C. purchased supplies on account $1,750 D. collected legal service fees from clients for current month $3,700 E. issued stock in exchange for a note payable $10,000
Using a Spreadsheet to Prepare a Statement of Cash Flows Fleet Limousine Service Inc. began operations in late March 2019. At the end of 2019, the following balance sheet was prepared for Fleet. Required: 1. Using a spreadsheet, prepare a statement of cash flows for 2019. Assume Fleet Limousine uses the indirect method. 2. CONCEPTUAL CONNECTION Discuss whether Fleet Limousine appeals to have matched the timing of inflows and outflows of cash.
In which section of the statement of cash flows would each of the following transactions be included? For each, identify the appropriate section of the statement of cash flows as operating (O), investing (I), financing (F), or none (N). (Note: some transactions might involve two sections.) A. borrowed from the bank for business loan B. declared dividends, to be paid next year C. purchased treasury stock D. purchased a two-year insurance policy E. purchased plant assets
Financial statements Outlaw Realty, organized August 1. 20Y7, is owned and operated by Julie Baxter. How many errors can you find in the following financial statements for Outlaw Realty, prepared after its first month of operations? Assume that the cash balance on August 31, 20Y7, is $51,600 and that cash flows from operating activities is reported correctly.
Financial statements, including statement of cash flows Pendray Systems Corporation began operations on January 1, 20Y5 as an online retailer of computer software and hardware. The following financial statement data were taken from Pcndrays records at the end of its first year of operations. December 31, 20Y5. Instructions Prepare a statement of cash flows for the year ended December 31, 20Y5.
Assume a company has a $350 credit (not cash) sale. How would the transaction appear if the business uses accrual accounting? A. $350 would show up on the balance sheet as a sale. B. $350 would show up on the income statement as a sale. C. $350 would show up on the statement of cash flows as a cash outflow. D. The transaction would not be reported because the cash was not exchanged.
Financial statements, including statement of cash flows Pendray Systems Corporation began operations on January 1, 20Y5 as an online retailer of computer software and hardware. The following financial statement data were taken from Pendrays records at the end of its first year of operations. December 31, 20Y5. Instructions Prepare a balance sheet as of December 31. 20Y5.
Jose Loder established Bronco Consulting on August 1, 2019. The effect of each transaction and the balances after each transaction for August follow: Instructions 1. Prepare an income statement for the month ended August 31, 2019. 2. Prepare a statement of owners equity for the month ended August 31, 2019. 3. Prepare a balance sheet as of August 31, 2019. 4. (Optional) Prepare a statement of cash flows for the month ending August 31, 2019.
Financial statements Padget Home Services began its operations on January 1, 20Y7 (see Problem 2-3). After its second year of operations. the following amounts were taken from the accounting records of Padget Home Services, Inc., as of December 31, 20Y8. Instructions Prepare a statement of cash flows for the year ending December 31, 20Y8. (Hint: You should compare the asset and liability amounts of December 31. 20Y8, with those of December 31, 20Y7, to determine cash used in investing and financing activities. See Problem 2-3 for the December 31, 20Y7, balance sheet amounts.)
Financial statements Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow: Instructions 1. Prepare an income statement for the month ended July 31, 20Y2. 2. Prepare a statement of stockholders equity for the month ended July 31, 20Y2. 3. Prepare a balance sheet as of July 31, 20Y2. 4. (Optional) Prepare a statement of cash flows for the month ending July 31, 20Y2.
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?