The following account balances are for Lisa Assaad, Certified Public Accountant, as of April 30, 20X1. Cash Accounts receivable Maintenance expense Advertising expense Fees earned Lisa Assaad, Capital, April 1 Salaries expense Machinery Accounts payable Lisa Assaad, Withdrawals for April $ 120,000 48,000 22,000 17,360 128,800 ? 61,000 93,000 52,800 32,600 Required: Determine the balance for Lisa Assaad, Capital, April 1, 20X1. Prepare an income statement and a statement of owner's equity for the month ended April 30, 20X1, and a balance sheet for April 30, 20X1. Analyze: What net change in owner's equity occurred during the month of April? Statement of Owners Equity X Answer is not complete. Complete this question by entering your answers in the tabs below. Lisa Assaad Income Statement Capital Determine the balance for Lisa Assaad, Capital, April 1, 20X1. Lisa Assaad, Capital, April 1, 20X1 Balance Sheet $ 128,640 x Analyze

The following account balances are for Lisa Assaad, Certified Public Accountant, as of April 30, 20X1. Cash Accounts receivable Maintenance expense Advertising expense Fees earned Lisa Assaad, Capital, April 1 Salaries expense Machinery Accounts payable Lisa Assaad, Withdrawals for April $ 120,000 48,000 22,000 17,360 128,800 ? 61,000 93,000 52,800 32,600 Required: Determine the balance for Lisa Assaad, Capital, April 1, 20X1. Prepare an income statement and a statement of owner's equity for the month ended April 30, 20X1, and a balance sheet for April 30, 20X1. Analyze: What net change in owner's equity occurred during the month of April? Statement of Owners Equity X Answer is not complete. Complete this question by entering your answers in the tabs below. Lisa Assaad Income Statement Capital Determine the balance for Lisa Assaad, Capital, April 1, 20X1. Lisa Assaad, Capital, April 1, 20X1 Balance Sheet $ 128,640 x Analyze

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Description: how to answer this question. Determine the balance for Lisa Assaad, Capital, April 1, 20X1. The following account balances are for Lisa Assaad, Certified Public Accountant, as of April 30, 20X1.CashAccounts receivableMaintenance expenseAdvertising ex

Financial Accounting

15th Edition

ISBN:9781337272124

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

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

Chapter4: Completing The Accounting Cycle

Section: Chapter Questions

Problem 5CP

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Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Paid $22,000 cash on bonds payable. B. Collected $12,600 cash for a note receivable. C. Declared a dividend to shareholders for $16,000, to be paid in the future. D. Paid $26,500 to suppliers for purchases on account. E. Purchased treasury stock for $18,000 cash.
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
For each of the following transactions, state which special journal (Sales Journal, Cash Receipts Journal, Cash Disbursements Journal, Purchases Journal, or General Journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, neither) would be used in recording the transaction. A. Sold inventory for cash B. Issued common stock for cash C. Received and paid utility bill D. Bought office equipment on account E. Accrued interest on a loan at the end of the accounting period F. Paid a loan payment G. Bought inventory on account H. Paid employees I. Sold inventory on account J. Paid monthly insurance bill
Prepare journal entries to record the following transactions. Create a T-account for Cash, post any entries that affect the account, and calculate the ending balance for the account. Assume a Cash beginning balance of $16,333. A. February 2, issued stock to shareholders, for cash, $25,000 B. March 10, paid cash to purchase equipment, $16,000
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. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750
From the following list, identify which items are considered original sources: A. accounts receivable B. receipt from post office for post office box C. purchase order D. general ledger E. adjusted trial balance F. statement of retained earnings G. electric bill H. packing slip I. company expense account J. statement of cash flows
Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected transactions were completed by Interstate Delivery during May: 1. Received cash in exchange for common stock, 18,000. 2. Paid advertising expense, 4,850. 3. Purchased supplies on account, 2,100. 4. Billed customers for delivery services on account, 14,700. 5. Received cash from customers on account, 8,200. Indicate the effect of each transaction on the following accounting equation elements: Assets, Liabilities, Common Stock, Dividends, Revenue, and Expense. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by 18,000; Common Stock increases by 18,000.
Provide journal entries to record each of the following transactions. For each, also identify *the appropriate section of the statement of cash flows, and s utility bill, $1,500
On December 31, Harrison Company reports the following assets: Which of these are included in, and excluded from, cash on the companys balance sheet?
Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.
Identify whether each of the following accounts would be considered a permanent account (yes/no) and which financial statement it would be reported on (Balance Sheet, Income Statement, or Retained Earnings Statement). A. Common Stock B. Dividends C. Dividends Payable D. Equipment E. Income Tax Expense F. Income Tax Payable G. Service Revenue H. Unearned Service Revenue I. Net Income
The accountant for Franklin Company prepared the followinglist of account balances from the company’s records for the year ended December 31, 2021:Fees Earned ‎₱165,000 Cash ‎₱30,000Accounts Receivable 14,000 Selling Expenses 44,000Equipment 64,000 Franklin, Capital 27,000Accounts Payable 12,000 Interest Income 3,000Salaries & Wages Expense 40,000 Prepaid Rent 2,000Income Taxes Payable 5,000 Income Taxes Expens18,000 Notes Payable 20,000 Rent Expense 20,000 3. Determine the total assets at the end of 2021 for Franklin Company. 4. Determine the total liabilities at the end of 2021 for Franklin Company. 5. Based on this information, is Franklin Company profitable? Explain your answer.