FINANCIAL ACCTNG (W/MYACCTGLAB) >IC<
17th Edition
ISBN: 9781323470923
Author: Harrison
Publisher: PEARSON C
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Chapter 1, Problem 1.27AE
LO 4
(Learning Objective 4: Construct an income statement and a statement of
| Payments of cash: | |||
| Acquisition of equipment....... | $201,500 | Cash balance, August 1,2019.... | $ 0 |
| Dividends............................... | 2,800 | Cash balance, August 31, 2019….. | 5,300 |
| Retained earnings | Cash receipts: | ||
| August 1, 2019....................... | 0 | Issuance (sale) of stock to owners........................... | 14,900 |
| Retained earnings | Rent expense.............................. | 1,800 | |
| August 31, 2019..................... | 5 | Common stock........................... | 14.900 |
| Utilities expense......................... | 5,100 | Equipment.................................. | 201,500 |
| Adjustments to reconcile | Office supplies............................ | 7,400 | |
| net income to net cash | Accounts payable...................... | 8,800 | |
| provided by operations........... | 1,400 | Service revenue........................... | 278,700 |
| Salary expense............................ | 78,500 |
Requirement
- 1. Prepare the income statement and the statement of retained earnings for Giada Coffee Roasters Corp., for the month ended August 31, 2019.
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Chapter 1 Solutions
FINANCIAL ACCTNG (W/MYACCTGLAB) >IC<
Ch. 1 - Financial statements can be used by which of the...Ch. 1 - Prob. 2QCCh. 1 - Hoot Enterprises buys a warehouse for 590,000 to...Ch. 1 - Prob. 4QCCh. 1 - Prob. 5QCCh. 1 - The accounting equation can be expressed as a....Ch. 1 - Prob. 7QCCh. 1 - Alliance Corporation holds cash of 8,000 and owes...Ch. 1 - During the year, ChemClean Corporation has 280,000...Ch. 1 - Prob. 10QC
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