Homework Answers
a & c)
| Event | Revenue | Expense | Statement of Cash Flows | |
| 1. | $56000 | FA | ||
| 2. | $78000 | |||
| 3. | -5600 | FA | ||
| 4. | 62000 | OA | ||
| 5. | -56000 | -56000 | OA | |
| 6. | 18500 | 18500 | OA | |
| 7. | -2600 | |||
b) Revenue= $78000+18500= $96500
Expenses= $56000+2600= $58600
Net income= Revenue-Expenses
= $96500-58600= $37900
d) Cash received from revenue= $62000+18500= $80500
Net cash flow from operating activities= Cash received from revenue-Cash paid for expenses
= $80500-56000= $24500
e) Balance of Retained earnings= Net income-Dividends
= $37900-5600= $32300
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Cordell Inc, experienced the following events in Year 1, its first year of operation:...
Cordell Inc. experienced the following events in Year 1, its first year of operation: 1. Received...
Cordell Inc. experienced the following events in Year 1, 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...
Cordell Inc. experienced the following events in Year 1, its first year of operation: Received $49,000...
Cordell Inc. experienced the following events in Year 1, its
first year of operation:
Received $49,000 cash from the issue of common stock.
Performed services on account for $77,000.
Paid a $4,900 cash dividend to the stockholders.
Collected $55,000 of the accounts receivable.
Paid $49,000 cash for other operating expenses.
Performed services for $15,500 cash.
Recognized $1,900 of accrued utilities expense at the end of
the year.
Required
a. & c. Identify the events that result in
revenue or expense...
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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 $43,000...
Cordell Inc, experienced the following events in 2018, its first year of operation: 1. Received $43,000 cash from the issue of common stock. 2. Performed services on account for $71,000. 3. Paid a $4,300 cash dividend to the stockholders. 4. Collected $49,000 of the accounts receivable. 5. Pald $43,000 cash for other operating expenses. 6. Performed services for $14,500 cash. 7. Recognized $1,300 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
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Cordell Inc. experienced the following events in Year 1, its first year of operation: Received $45,000...
Cordell Inc. experienced the following events in Year 1, its
first year of operation:
Received $45,000 cash from the issue of common stock.
Performed services on account for $73,000.
Paid a $4,500 cash dividend to the stockholders.
Collected $51,000 of the accounts receivable.
Paid $45,000 cash for other operating expenses.
Performed services for $11,000 cash.
Recognized $1,500 of accrued utilities expense at the end of
the year.
Required
a. & c. Identify the events that result in
revenue or expense...
2,000 cash from the issue of common stock Cordell Inc, experienced the following events in 2018,...
2,000 cash from the issue of common stock Cordell Inc, experienced the following events in 2018, its first year of operation: 1. Received $52,000 cash from the issue of common stock. 2. Performed services on account for $80,000 3. Pald a $5,200 cash dividend to the stockholders. 4. Collected $58,000 of the accounts receivable. 5. Paid $52,000 cash for other operating expenses. 6. Performed services for $16,000 cash. 7. Recognized $2,200 of accrued utilities expense at the end of the...
i need explanations and answers please ! thumbs up! E2-6 Cordell Inc. experienced the following events...
i
need explanations and answers please ! thumbs up!
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Cordell Inc. experienced the following events in Year 1, 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...
Cordell Inc. experienced the following events in Year 1, its
first year of operation:
Received $49,000 cash from the issue of common stock.
Performed services on account for $77,000.
Paid a $4,900 cash dividend to the stockholders.
Collected $55,000 of the accounts receivable.
Paid $49,000 cash for other operating expenses.
Performed services for $15,500 cash.
Recognized $1,900 of accrued utilities expense at the end of
the year.
Required
a. & c. Identify the events that result in
revenue or expense...
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...
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...
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 $43,000 cash from the issue of common stock. 2. Performed services on account for $71,000. 3. Paid a $4,300 cash dividend to the stockholders. 4. Collected $49,000 of the accounts receivable. 5. Pald $43,000 cash for other operating expenses. 6. Performed services for $14,500 cash. 7. Recognized $1,300 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 Year 1, its
first year of operation:
Received $45,000 cash from the issue of common stock.
Performed services on account for $73,000.
Paid a $4,500 cash dividend to the stockholders.
Collected $51,000 of the accounts receivable.
Paid $45,000 cash for other operating expenses.
Performed services for $11,000 cash.
Recognized $1,500 of accrued utilities expense at the end of
the year.
Required
a. & c. Identify the events that result in
revenue or expense...
2,000 cash from the issue of common stock Cordell Inc, experienced the following events in 2018, its first year of operation: 1. Received $52,000 cash from the issue of common stock. 2. Performed services on account for $80,000 3. Pald a $5,200 cash dividend to the stockholders. 4. Collected $58,000 of the accounts receivable. 5. Paid $52,000 cash for other operating expenses. 6. Performed services for $16,000 cash. 7. Recognized $2,200 of accrued utilities expense at the end of the...
i
need explanations and answers please ! thumbs up!
E2-6 Cordell Inc. experienced the following events in 2018. its first year of operation 1. Received $40.000 cash from the issue of common stock 2. Performed services on account for $82.000 3. Paid a $6.000 cash dividend to the stockholders. 4. Collected $76,000 of the accounts receivable. 5. Paid $53.000 cash for other operating expenses. 6. Performed services for $19.000 cash. 7. Recognized $3.500 of accrued utilities expense at the end...
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