Homework Answers
A)
| Event | Classification |
| 1 | OA |
| 2 | IA |
| 3 | NA |
| 4 | FA |
| 5 | FA |
| 6 | OA |
| 7 | IA |
| 8 | FA |
| 9 | OA |
| 10 | FA |
B)
| ALL STAR AUTOMATIVE COMPANY | ||
| Statement of Cash flows | ||
| For the year Ended December 31,2016 | ||
| Cash flows from Operating Activities | ||
| Cash Receipts from Revenue | 14,700.00 | |
| Cash Payment for Salary Expense | - 4,700.00 | |
| Cash payment for utilities Expense | - 5,000.00 | |
| Net cash flow from Operating Activities | 5,000.00 | |
| Cash fllow from investing Activities | ||
| Cash from Sale of Land | 9,400.00 | |
| Cash Paid to Purchase Land | - 7,700.00 | |
| Net Cash flow from Investing Activities | 1,700.00 | |
| Cash flows from Financing Activities | ||
| Cash Receipt from Stock Issue | 37,000.00 | |
| Cash Receipt from loan | 9,400.00 | |
| Cash Payment on loan | - 3,700.00 | |
| Cash Payments for Dividends | - 1,700.00 | |
| Net cash flow from Finanncing Activities | 41,000.00 | |
| Net increase in cash | 47,700.00 | |
| plus:Beginning Cash Balance | 9,700.00 | |
| Ending Cash Balance | 57,400.00 | |
Add Answer to:
All-Star Automotive Company experienced the following accounting events during 2018: 1. Performed services for $14,700 cash....
All-Star Automotive Company experienced the following accounting events during Year 2: 1. Performed services for $25,000...
All-Star Automotive Company experienced the following accounting events during Year 2: 1. Performed services for $25,000 cash. 2. Purchased land for $6,000 cash. 3. Hired an accountant to keep the books. 4. Received $50,000 cash from the issue of common stock 5. Borrowed $5,000 cash from State Bank 6. Paid $14,000 cash for salary expense. 7. Sold land for $9.000 cash. 8. Paid $2,000 cash on the loan from State Bank 9. Paid $2,800 cash for utilities expense. 10. Paid...
All-Star Automotive Company experienced the following accounting events during Year 1: 1. Performed services for $14,600...
All-Star Automotive Company experienced the following accounting events during Year 1: 1. Performed services for $14,600 cash 2. Purchased land for $7,600 cash. 3. Hired an accountant to keep the books. 4. Received $36.000 cash from the issue of common stock. 5. Borrowed $9,200 cash from State Bank. 6. Paid $4,600 cash for salary expense. 7. Sold land for $9,200 cash. 8. Pald $3,600 cash on the loan from State Bank. 9. Paid $4,800 cash for utilities expense. 10. Pald...
Saved All-Star Automotive Company experienced the following accounting events during Year 1: 1. Performed services for...
Saved All-Star Automotive Company experienced the following accounting events during Year 1: 1. Performed services for $14.400 cash. 2. Purchased land for $7,400 cash. 3. Hired an accountant to keep the books 4. Received $34,000 cash from the issue of common stock 5. Borrowed $8,800 cash from State Bank. 6. Paid $4,400 cash for salary expense. 7. Sold land for $8,800 cash. 8. Paid $3,400 cash on the loan from State Bank. 9. Paid $4,600 cash for utilities expense. 10....
help me with this please. All-Star Automotive Company experienced the following accounting events during Year...
help me with this please.
All-Star Automotive Company experienced the following accounting events during Year 1: 1. Performed services for $15,100 cash. 2. Purchased land for $8,100 cash. 3. Hired an accountant to keep the books. 4. Received $41,000 cash from the issue of common stock. 5. Borrowed $10,200 cash from State Bank. 6. Paid $5,100 cash for salary expense. 7. Sold land for $10,200 cash 8. Paid $4,100 cash on the loan from State Bank. 9. Paid $5,300...
The following transactions pertain to the operations of Ewing Company for 2018: 1. Acquired $30,000 cash...
The following transactions pertain to the operations of Ewing Company for 2018: 1. Acquired $30,000 cash from the issue of common stock. 2. Provided $65,000 of services on account. 3. Paid $22.000 cash on accounts payable. 4. Performed services for $8,000 cash. 5. Collected $51,000 cash from accounts receivable. 6. Incurred $37,000 of operating expenses on account 7. Paid $6,500 cash for one year's rent in advance 8. Paid a $4.000 cash dividend to the stockholders 9. Paid $1,200 cash...
Cordell Inc. experienced the following events in 2018, its first year of operation: Received $46,000 cash...
Cordell Inc. experienced the following events in 2018, its first
year of operation:
Received $46,000 cash from the issue of common stock.
Performed services on account for $74,000.
Paid a $4,600 cash dividend to the stockholders.
Collected $52,000 of the accounts receivable.
Paid $46,000 cash for other operating expenses.
Performed services for $15,000 cash.
Recognized $1,600 of accrued utilities expense at the end of the
year.
Required
a. & c. Identify the events that result in
revenue or expense recognition...
Cordell Inc experienced the following events in 2018, its first year of operation 1. Received $58.000...
Cordell Inc experienced the following events in 2018, its first year of operation 1. Received $58.000 cash from the issue of common stock 2. Performed services on account for $80,000 3. Paid a $5,800 cash dividend to the stockholders. 4. Collected $64,000 of the accounts receivable 5. Paid $58.000 cash for other operating expenses 6. Performed services for $17.000 cash 7. Recognized $2,800 of accrued utilities expense at the end of the year. Required a. & c. Identify the events...
the first photo is diresctions Saved Help Cordell Inc, experienced the following events in 2018, its...
the first photo is diresctions
Saved Help Cordell Inc, experienced the following events in 2018, its first year of operation: 1. Received $54,000 cash from the issue of common stock. 2. Performed services on account for $76,000. 3. Paid a $5,400 cash dividend to the stockholders. 4. Collected $60,000 of the accounts receivable. 5. Paid $54,000 cash for other operating expenses. 6. Performed services for $12,500 cash. 7. Recognized $2,400 of accrued utilities expense at the end of the year....
Cordell Inc. experienced the following events in 2018, its first year of operation: 1. Received $56,000...
Cordell Inc. experienced the following events in 2018, its first year of operation: 1. Received $56,000 cash from the issue of common stock. 2. Performed services on account for $78,000. 3. Paid a $5,600 cash dividend to the stockholders. 4. Collected $62,000 of the accounts receivable. 5. Paid $56,000 cash for other operating expenses. 6. Performed services for $18,500 cash. 7. Recognized $2,600 of accrued utilities expense at the end of the year. Required a. & c. Identify the events...
Dakota Company experienced the following events during 2018: 1. Acquired $25,000 cash from the issue of...
Dakota Company experienced the following events during 2018: 1. Acquired $25,000 cash from the issue of common stock. 2. Paid $20,000 cash to purchase land. 3. Borrowed $20,000 cash. 4. Provided services for $60,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Paid $40,000 cash for other operating expenses. 7. Paid a $5,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $25,000. Remuired innts in b-4. b-3....
All-Star Automotive Company experienced the following accounting events during Year 2: 1. Performed services for $25,000 cash. 2. Purchased land for $6,000 cash. 3. Hired an accountant to keep the books. 4. Received $50,000 cash from the issue of common stock 5. Borrowed $5,000 cash from State Bank 6. Paid $14,000 cash for salary expense. 7. Sold land for $9.000 cash. 8. Paid $2,000 cash on the loan from State Bank 9. Paid $2,800 cash for utilities expense. 10. Paid...
All-Star Automotive Company experienced the following accounting events during Year 1: 1. Performed services for $14,600 cash 2. Purchased land for $7,600 cash. 3. Hired an accountant to keep the books. 4. Received $36.000 cash from the issue of common stock. 5. Borrowed $9,200 cash from State Bank. 6. Paid $4,600 cash for salary expense. 7. Sold land for $9,200 cash. 8. Pald $3,600 cash on the loan from State Bank. 9. Paid $4,800 cash for utilities expense. 10. Pald...
Saved All-Star Automotive Company experienced the following accounting events during Year 1: 1. Performed services for $14.400 cash. 2. Purchased land for $7,400 cash. 3. Hired an accountant to keep the books 4. Received $34,000 cash from the issue of common stock 5. Borrowed $8,800 cash from State Bank. 6. Paid $4,400 cash for salary expense. 7. Sold land for $8,800 cash. 8. Paid $3,400 cash on the loan from State Bank. 9. Paid $4,600 cash for utilities expense. 10....
help me with this please.
All-Star Automotive Company experienced the following accounting events during Year 1: 1. Performed services for $15,100 cash. 2. Purchased land for $8,100 cash. 3. Hired an accountant to keep the books. 4. Received $41,000 cash from the issue of common stock. 5. Borrowed $10,200 cash from State Bank. 6. Paid $5,100 cash for salary expense. 7. Sold land for $10,200 cash 8. Paid $4,100 cash on the loan from State Bank. 9. Paid $5,300...
The following transactions pertain to the operations of Ewing Company for 2018: 1. Acquired $30,000 cash from the issue of common stock. 2. Provided $65,000 of services on account. 3. Paid $22.000 cash on accounts payable. 4. Performed services for $8,000 cash. 5. Collected $51,000 cash from accounts receivable. 6. Incurred $37,000 of operating expenses on account 7. Paid $6,500 cash for one year's rent in advance 8. Paid a $4.000 cash dividend to the stockholders 9. Paid $1,200 cash...
Cordell Inc. experienced the following events in 2018, its first
year of operation:
Received $46,000 cash from the issue of common stock.
Performed services on account for $74,000.
Paid a $4,600 cash dividend to the stockholders.
Collected $52,000 of the accounts receivable.
Paid $46,000 cash for other operating expenses.
Performed services for $15,000 cash.
Recognized $1,600 of accrued utilities expense at the end of the
year.
Required
a. & c. Identify the events that result in
revenue or expense recognition...
Cordell Inc experienced the following events in 2018, its first year of operation 1. Received $58.000 cash from the issue of common stock 2. Performed services on account for $80,000 3. Paid a $5,800 cash dividend to the stockholders. 4. Collected $64,000 of the accounts receivable 5. Paid $58.000 cash for other operating expenses 6. Performed services for $17.000 cash 7. Recognized $2,800 of accrued utilities expense at the end of the year. Required a. & c. Identify the events...
the first photo is diresctions
Saved Help Cordell Inc, experienced the following events in 2018, its first year of operation: 1. Received $54,000 cash from the issue of common stock. 2. Performed services on account for $76,000. 3. Paid a $5,400 cash dividend to the stockholders. 4. Collected $60,000 of the accounts receivable. 5. Paid $54,000 cash for other operating expenses. 6. Performed services for $12,500 cash. 7. Recognized $2,400 of accrued utilities expense at the end of the year....
Cordell Inc. experienced the following events in 2018, its first year of operation: 1. Received $56,000 cash from the issue of common stock. 2. Performed services on account for $78,000. 3. Paid a $5,600 cash dividend to the stockholders. 4. Collected $62,000 of the accounts receivable. 5. Paid $56,000 cash for other operating expenses. 6. Performed services for $18,500 cash. 7. Recognized $2,600 of accrued utilities expense at the end of the year. Required a. & c. Identify the events...
Dakota Company experienced the following events during 2018: 1. Acquired $25,000 cash from the issue of common stock. 2. Paid $20,000 cash to purchase land. 3. Borrowed $20,000 cash. 4. Provided services for $60,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Paid $40,000 cash for other operating expenses. 7. Paid a $5,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $25,000. Remuired innts in b-4. b-3....
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