Homework Answers
a)
| Date | General Journal | Debit | Credit |
| 3/1 | Prepaid Rent | 76050 | |
| Cash | 76050 |
b)
| Date | General Journal | Debit | Credit |
| 12/31 | Rent expense | 63,375 | |
| Prepaid Rent | 63,375 |
c) Amount of Net income that washington mining report on the 2013 income statement =
| Income Statement | |
| Revenue | 97175 |
| Less- Expense | 63375 |
| Net income | 33800 |
d) Net csah flow from operaing activities for 2013 =
= 97,175 - 76,050
= 21,125
e) Amount of Prepaid Rent washington mining would report on the December 31, 2013 Balancesheet
= 12675
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| |Washington Mining began operations by issuing common stock for $84,500. The company 2 paid $76,050...
On December 31, Year 1, BIG Company had accrued salaries of $10.300. Required a. Record in...
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Exercise 3-9
Davos Company performed services on account for $160,000 in
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2016, and the remaining $40,000 was collected in cash dur- ing
2017.
Required
a. Record the 2016 transactions in T-accounts. b. Record the
2016 transactions in a horizontal statements model like the
following one:
c. Determine the amount of revenue Davos would report on the
2016 income statement. d. Determine the amount of cash flow from
operating activities Davos would...
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Suppose your company sells services of $180 in exchange for $110 cash and $70 on account....
Suppose your company sells
services of $180 in exchange for $110 cash and $70 on
account.
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simplify):
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acquired was immediately used to purchase equipment for $26,400
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stream (assume all revenue transactions are for cash). At the
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Exercise 3-9
Davos Company performed services on account for $160,000 in
2016. Davos collected $120,000 cash from accounts receivable during
2016, and the remaining $40,000 was collected in cash dur- ing
2017.
Required
a. Record the 2016 transactions in T-accounts. b. Record the
2016 transactions in a horizontal statements model like the
following one:
c. Determine the amount of revenue Davos would report on the
2016 income statement. d. Determine the amount of cash flow from
operating activities Davos would...
Exercise 11-8A Effect of issuing common stock on the
balance sheet LO 11-4
Newly formed S&J Iron Corporation has 151,000 shares of $7
par common stock authorized. On March 1, Year 1, S&J Iron
issued 8,500 shares of the stock for $12 per share. On May 2, the
company issued an additional 17,000 shares for $20 per share.
S&J Iron was not affected by other events during Year 1.
Required
a. Record the transactions in a horizontal
statements model. In...
In 2020, Frost Company, which began operations in 2018, decided to change from LIFO to FIFO because management believed that FIFO better represented the flow of their inventory. Management prepared the following analysis showing the effect of this change: CHART OF ACCOUNTS Frost Company Ending Inventory LIFO FIFO Cumulative Difference General Ledger 12/31/2018 $239,600 $271,600 $32,000 12/31/2019 246,400 301,800 55,400 ASSETS REVENUE 12/31/2020 255,000 328,700 73.700 111 Cash 411 Sales Revenue 121 Accounts Receivable Frost reported net income of $2,487,000,...
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Suppose your company sells
services of $180 in exchange for $110 cash and $70 on
account.
view transaction list view general journal Journal Entry worksheet Record the service revenue of $110 for cash and $70 on account. ransact Debit Credit General Journal Ion *Enter debits before credits ear entr Lrecordentry done identify the amount that should be reported as net cash flow from operating activities. Net Cash low 3. Identify the amount that would be included in net income. et...
Northwest Paperboard Company, a paper and allied products manufacturer, was seeking to gain a foothold in Canada. Toward that end, the company bought 40% of the outstanding common shares of Vancouver Timber and Milling, Inc., on January 2, 2018, for $530 million. At the date of purchase, the book value of Vancouver's net assets was $840 million. The book values and fair values for all balance sheet items were the same except for inventory and plant facilities. The fair value...
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machine shop (H & H Tool, Inc.) on January 1, 2016. The annual
reporting period ends December 31. The trial balance on January 1,
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simplify):
Transactions and events during 2018 (summarized in thousands of
dollars) follow:
Borrowed $12 cash on March 1 using a short-term note.
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Issued additional...
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years. The equipment was used to produce the following revenue
stream (assume all revenue transactions are for cash). At the
beginning of the fifth year, the equipment was sold for $3,100
cash. Bensen uses straight-line depreciation.
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