Loose Leaf for Financial Accounting: Information for Decisions
9th Edition
ISBN: 9781260158762
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter 1, Problem 9PSB
Summary Introduction
Introduction: Cash Flow Analysis is a technique used by the company to know the overall worth of the company as well as its subsidiary or branches. Cash flow analysis helps in analyzing the company’s
To determine: To create asset liability and equity table.
Expert Solution
Answer to Problem 9PSB
Balance of account receivable is 5000, Office Supplies 3700, Roofing equipment 5000, Office Equipment 2300, Account payable 7100, and revenue is 20,800.
Explanation of Solution
| Dated(July) | Assets | Liabilities | Owner’s capital | |||||||
| Date(July) | Cash | Account Receivable | Office Supplies | Roofing equipment | Office Equipment | Account payable | Capital | Revenue | Expenses | Net income |
| 1 | 80000 | 80000 | 0 | |||||||
| 2 | -700 | 700 | -700 | |||||||
| 3 | -10000 |
5000 | 4000 | 0 | ||||||
| 6 | -600 | 600 | 0 | |||||||
| 8 | 7600 | 7600 | 7600 | |||||||
| 10 | 2300 | 2300 | 0 | |||||||
| 15 | 8200 | 8200 | 8200 | |||||||
| 17 | 3100 | 3100 | 0 | |||||||
| 23 | -2300 | -2300 | 0 | |||||||
| 25 | 5000 | 5000 | 5000 | |||||||
| 28 | 8200 | -8200 | 0 | |||||||
| 30 | -1560 | -1500 | ||||||||
| 31 | -295 | -295 | ||||||||
| 31 | -1800 | -1800 | 0 | |||||||
| 5000 | 3700 | 5000 | 2300 | 7100 | 20800 | 18245 | ||||
Summary Introduction
Introduction: Cash Flow Analysis is a technique used by the company to know the overall worth of the company as well as its subsidiary or branches. Cash flow analysis helps in analyzing the company’s cash outflow and inflow through different activities like financing activities, investing activities, operating activities. This analysis shows the how company generates money or revenue for its working.
To prepare: Income statement and statement of
Expert Solution
Answer to Problem 9PSB
Net income account for $18,245, retain earning account for $13,335 and assets and liabilities account for $100,435.
Explanation of Solution
Income statement for the month of May
| R companyIncome statement for the month ended May 31 | ||
| Particular | Amount $ | Amount $ |
| Service revenue | 20,800 | |
| Gain on sale of equipment | 295 | |
| Total revenue | 21,095 | |
| Less: Expense | ||
| Rent expense | 700 | |
| Salaries Expense | 1,560 | |
| Total Expense | 5,960 | |
| Net income | 18,245 | |
Statement of retain earning
| Particular | Amount $ |
| Retain Earning July 1 | |
| Net income | 15135 |
| Dividend paid | 1800 |
| Retain earning on July 31st | 13335 |
Balance sheet
| R companyBalance sheetFor the month ended may 31 | |||
| Assets | Liability | ||
| Particular | Amount | Particular | Amount |
| Cash | 88,135 | Account payable | 3,100 |
| Accounts Receivable | 5,000 | Notes payable | 4,000 |
| Roofing equipment | 5,000 | Common Stock | 80,000 |
| Office equipment | 2,300 | Retained earning | 13,335 |
| Total Assets | 100,435 | Total Liabilities | 100,435 |
Summary Introduction
Introduction: Cash Flow Analysis is a technique used by the company to know the overall worth of the company as well as its subsidiary or branches. Cash flow analysis helps in analyzing the company’s cash outflow and inflow through different activities like financing activities, investing activities, operating activities. This analysis shows how the company generates money or revenue for its working.
To construct: The cash flow statement.
Expert Solution
Answer to Problem 9PSB
Balance of cash as on June 31st 87,545
Explanation of Solution
Company’s cash flow statement
| Particular | Particular | Dr. |
| Cash flow from operation g activities | 15800 | |
| Receipt of cash from customer | 700 | |
| Payment made for supplier | 600 | |
| Payment made for utilities | 295 | |
| Payment made to employee in cash | 1560 | |
| Net utilization of cash by activities | 12645 | |
| Cash flow from investing activities | ||
| Purchase of ofiice eq. | 100 | |
| POurchase roofing Eq. | 2300 | |
| Net utilization of cash activities | 3300 | |
| Cash flow from financing activities | ||
| Investment | 80,000 | |
| Dividend | 1,800 | |
| Net cash by financing | 78,200 | |
| Net increase in cash | 87,545 | |
| Balance of cash on july1 | 0 | |
| Balance of cash on july 31 | 87,545 |
Summary Introduction
Introduction: Cash Flow Analysis is a technique used by the company to know the overall worth of the company as well as its subsidiary or branches. Cash flow analysis helps in analyzing the company’s cash outflow and inflow through different activities like financing activities, investing activities, operating activities. This analysis shows how the company generates money or revenue for its working.
To create: Assets, liabilities and equity statement
Expert Solution
Answer to Problem 9PSB
Balance of balance sheet 100,935.
Explanation of Solution
Company’s cash flow statement
Balance sheet
| R companyBalance sheetFor the month ended may 31 | |||
| Assets | Liability | ||
| Particular | Amount | Particular | Amount |
| Cash | 88,135 | Account payable | 3,100 |
| Accounts Receivable | 5,000 | Notes payable | 4,000 |
| Roofing equipment | 5,000 | Common Stock | 80,000 |
| Office equipment | 2,300 | Retained earning | 13,335 |
| Roofing equipment of 1st July | 5000 | Common Stock purchased on 31st July | 5000 |
| Total Assets | 100,935 | Total Liabilities | 100,935 |
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Chapter 1 Solutions
Loose Leaf for Financial Accounting: Information for Decisions
Ch. 1 - Prob. 1DQCh. 1 - Technology is increasingly used to process...Ch. 1 - Identify four kinds of external users and describe...Ch. 1 - What are at least three questions business owners...Ch. 1 - Prob. 5DQCh. 1 - Describe the internal role of accounting for...Ch. 1 - Identify three types of services typically offered...Ch. 1 - Prob. 8DQCh. 1 - Why is accounting described as a service activity?Ch. 1 - What are some accounting-related professions?
Ch. 1 - Prob. 11DQCh. 1 - Prob. 12DQCh. 1 - What does the concept of objectivity imply for...Ch. 1 - Prob. 14DQCh. 1 - Prob. 15DQCh. 1 - Prob. 16DQCh. 1 - Define (a) assets, (b) liabilities, (c) equity,...Ch. 1 - Prob. 18DQCh. 1 - Prob. 19DQCh. 1 - What do accountants mean by the term revenue?Ch. 1 - Prob. 21DQCh. 1 - Prob. 22DQCh. 1 - Prob. 23DQCh. 1 - Prob. 24DQCh. 1 - Prob. 25DQCh. 1 - Prob. 26DQCh. 1 - Prob. 27DQCh. 1 - Define and explain return on assets.Ch. 1 - Define return and risk. Discuss the trade-off...Ch. 1 - Prob. 30DQCh. 1 - Prob. 31DQCh. 1 - Prob. 32DQCh. 1 - Choose from the following term or phrase a through...Ch. 1 - Prob. 2QSCh. 1 - Prob. 3QSCh. 1 - Identify each of the following terms or phrases as...Ch. 1 - Prob. 5QSCh. 1 - Prob. 6QSCh. 1 - Prob. 7QSCh. 1 - Prob. 8QSCh. 1 - Use Google's December 31. 2016, financial...Ch. 1 - Prob. 10QSCh. 1 - Prob. 11QSCh. 1 - Prob. 12QSCh. 1 - Prob. 13QSCh. 1 - Prob. 14QSCh. 1 - Prob. 15QSCh. 1 - Prob. 16QSCh. 1 - Prob. 17QSCh. 1 - Prob. 1ECh. 1 - Prob. 2ECh. 1 - Prob. 3ECh. 1 - Match each of the numbered descriptions I through...Ch. 1 - Prob. 5ECh. 1 - Enter the letter A through H for the principle or...Ch. 1 - Determine the missing amount from each of the...Ch. 1 - Prob. 10ECh. 1 - Prob. 11ECh. 1 - Prob. 12ECh. 1 - Prob. 13ECh. 1 - Prob. 14ECh. 1 - Prob. 15ECh. 1 - Use the information in Exercise 1-15 to prepare an...Ch. 1 - Prob. 17ECh. 1 - Prob. 18ECh. 1 - Prob. 19ECh. 1 - Prob. 20ECh. 1 - Prob. 21ECh. 1 - Prob. 22ECh. 1 - Prob. 23ECh. 1 - Identify how each of the following separate...Ch. 1 - Prob. 2PSACh. 1 - Prob. 3PSACh. 1 - Prob. 4PSACh. 1 - Prob. 5PSACh. 1 - Prob. 6PSACh. 1 - Gabi Gram started The Gram Co., a new business...Ch. 1 - Prob. 8PSACh. 1 - Sanyu Sony started a new business and completed...Ch. 1 - Prob. 10PSACh. 1 - Prob. 11PSACh. 1 - Prob. 12PSACh. 1 - Prob. 13PSACh. 1 - Prob. 14PSACh. 1 - Prob. 1PSBCh. 1 - Prob. 2PSBCh. 1 - Prob. 3PSBCh. 1 - Prob. 4PSBCh. 1 - Prob. 5PSBCh. 1 - Prob. 6PSBCh. 1 - Prob. 7PSBCh. 1 - Prob. 8PSBCh. 1 - Prob. 9PSBCh. 1 - Prob. 10PSBCh. 1 - Prob. 11PSBCh. 1 - Prob. 12PSBCh. 1 - Prob. 13PSBCh. 1 - Prob. 14PSBCh. 1 - On October 1, 2018, Santana Rey launched a...Ch. 1 - Prob. 1FSACh. 1 - comparative figures ($ millions) for both Apple...Ch. 1 - Prob. 3FSACh. 1 - Prob. 1BTNCh. 1 - Prob. 2BTNCh. 1 - Prob. 4BTNCh. 1 - Prob. 5BTNCh. 1 - Prob. 6BTN
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