Homework Answers
Solution:
| HART, ATTORNEY AT LAW | ||||||||||||||||
| Effect of Transactions on the Financial Statements for Year 1 | ||||||||||||||||
| Transaction | Income Statement | Statement of Cash Flows | ||||||||||||||
| Assets | Liabilities | = | Stockholders` EquityEquity | Revenue | - | Expense | = | Net Income | ||||||||
| Cash | + | Supplies | = | Accounts Payable | + | Unearned Revenue | = | Retained Earnings | ||||||||
| 1 | $ 16,700 | + | $ - | = | $ - | + | $ 16,700 | = | $ - | $ - | - | $ - | = | $ - | $ 16,700 | OA |
| 2 | $ 69,000 | + | $ - | = | $ - | + | $ - | = | $ 69,000 | $ 69,000 | - | $ - | = | $ 69,000 | $ 69,000 | OA |
| 3 | $ - | + | $ 1,500 | = | $ 1,500 | + | $ - | = | $ - | $ - | - | $ - | = | $ - | $ - | NC |
| 4 | $ (1,350) | + | $ - | = | $ (1,350) | + | $ - | = | $ - | $ - | - | $ - | = | $ - | $ (1,350) | OA |
| 5 | $ (4,500) | + | $ - | = | $ - | + | $ - | = | $ (4,500) | $ - | - | $ - | = | $ - | $ (4,500) | FA |
| 6 | $ (21,800) | + | $ - | = | $ - | + | $ - | = | $ (21,800) | $ - | - | $ (21,800) | = | $ (21,800) | $ (21,800) | OA |
| 7 | $ - | + | $ (1,365) | = | $ - | + | $ - | = | $ (1,365) | $ - | - | $ (1,365) | = | $ (1,365) | $ - | NC |
| 8 | $ - | + | $ - | = | $ - | + | $ (12,525) | = | $ 12,525 | $ 12,525 | - | $ - | = | $ 12,525 | $ - | NC |
| Total | $ 58,050 | + | $ 135 | = | $ 150 | + | $ 4,175 | = | $ 53,860 | $ 81,525 | - | $ (23,165) | = | $ 58,360 | $ 58,050 | NC |
Add Answer to:
Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations:...
Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations:...
Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations: 1. Accepted $36,000 on April 1, Year 1, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $54,000. 3. Purchased $2,800 of office supplies on account 4. Paid $2,400 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $5,000. 6. Paid cash for operating expenses...
Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations:...
Hart, Attorney at Law, experienced the following transactions in
Year 1, the first year of operations:
Accepted $16,900 on April 1, Year 1, as a retainer for services
to be performed evenly over the next 12 months.
Performed legal services for cash of $69,500.
Purchased $1,450 of office supplies on account.
Paid $1,305 of the amount due on accounts payable.
Paid a cash dividend to the stockholders of $5,500.
Paid cash for operating expenses of $19,800.
Determined that at the...
Hart, Attorney af Law, experienced the following transactions in year 1, the first year of operations:...
Hart, Attorney af Law, experienced the following transactions in
year 1, the first year of operations:
1. Accepted $18,200 on April 1, year 1, as a retainer for
services to be performed evenly over the next 12 months.
2. Performed legal services for cash of $61,500.
3. Purchased $1,400 of office supplies on account.
4. Paid $1,260 of the amount due on accounts payable.
5. Paid a cash dividend to the stockholders of $4,900.
6. Paid cash for operating expenses...
Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations:...
Hart, Attorney at Law,
experienced the following transactions in Year 1, the first year of
operations:
Accepted $36,000 on April 1, Year 1, as a retainer for services
to be performed evenly over the next 12 months.
Performed legal services for cash of $54,000.
Purchased $2,800 of office supplies on account.
Paid $2,400 of the amount due on accounts payable.
Paid a cash dividend to the stockholders of $5,000.
Paid cash for operating expenses of $31,000.
Determined that at the...
Check Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of...
Check Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations: for Services to be perform es for cash of $66.000 3. Purchased $1500 1. Accepted $17,600 on April 1, Year 1, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $66,000. 3. Purchased $1,500 of office supplies on account. 4. Paid $1,350 of the amount due on accounts payable. 5. Paid...
Hart, Attorney at Law, experienced the following transactions in 2016, the first year of operatore 1....
Hart, Attorney at Law, experienced the following transactions in 2016, the first year of operatore 1. Accepted $38,000 on Apr 1, 2016, as a retainer for services to be performed everly over the rest 12 2. Performed legal services for cash of $54.000 3. Purchased $2.800 of office supplies on account 4. Paid $2.400 of the amount due on accounts payable 5. Paid a cash dividend to the stockholders of $5.000 6. Paid cash for operating expenses of $31,000 7....
Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations:...
Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations: 1. Accepted $19,200 on April 1. Year 1, as a retainer for services to be performed evenly over the next 12 months. 2. Also performed legal services for cash of $62,000. 3. Purchased $1,050 of office supplies on account. 4. Paid $945 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $5,000. 6. Paid cash for operating...
Seved Chapter 2 Quiz Hart. Attorney at Law, experienced the following transactions in 2018, the first...
Seved Chapter 2 Quiz Hart. Attorney at Law, experienced the following transactions in 2018, the first year of operations 1 1. Accepted $15.500 on April 1. 2018, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $66,000. 3. Purchased $1,100 of office supplies on account. 4. Paid $990 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $4,600. 6. Paid cash...
Supplies, unearned revenue, and the financial statements model Hart, Attorney at Law, experienced the following transactions...
Supplies, unearned revenue, and the financial statements model Hart, Attorney at Law, experienced the following transactions in 2018, the first year of operations: 1. Accepted $36,000 on April 1, 2018, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $54,000. 3. Purchased $2,800 of office supplies on account. 4. Paid $2,400 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $5,000....
no Attorney at Low, experienced the Tonowing uransactions in 2016, the rst year UI per un...
no Attorney at Low, experienced the Tonowing uransactions in 2016, the rst year UI per un 1. Accepted $15,200 on April 1, 2018, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $61,500. 3. Purchased $1,000 of office supplies on account. 4. Paid $900 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $4,000. 6. Paid cash for operating expenses of...
Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations: 1. Accepted $36,000 on April 1, Year 1, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $54,000. 3. Purchased $2,800 of office supplies on account 4. Paid $2,400 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $5,000. 6. Paid cash for operating expenses...
Hart, Attorney at Law, experienced the following transactions in
Year 1, the first year of operations:
Accepted $16,900 on April 1, Year 1, as a retainer for services
to be performed evenly over the next 12 months.
Performed legal services for cash of $69,500.
Purchased $1,450 of office supplies on account.
Paid $1,305 of the amount due on accounts payable.
Paid a cash dividend to the stockholders of $5,500.
Paid cash for operating expenses of $19,800.
Determined that at the...
Hart, Attorney af Law, experienced the following transactions in
year 1, the first year of operations:
1. Accepted $18,200 on April 1, year 1, as a retainer for
services to be performed evenly over the next 12 months.
2. Performed legal services for cash of $61,500.
3. Purchased $1,400 of office supplies on account.
4. Paid $1,260 of the amount due on accounts payable.
5. Paid a cash dividend to the stockholders of $4,900.
6. Paid cash for operating expenses...
Hart, Attorney at Law,
experienced the following transactions in Year 1, the first year of
operations:
Accepted $36,000 on April 1, Year 1, as a retainer for services
to be performed evenly over the next 12 months.
Performed legal services for cash of $54,000.
Purchased $2,800 of office supplies on account.
Paid $2,400 of the amount due on accounts payable.
Paid a cash dividend to the stockholders of $5,000.
Paid cash for operating expenses of $31,000.
Determined that at the...
Check Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations: for Services to be perform es for cash of $66.000 3. Purchased $1500 1. Accepted $17,600 on April 1, Year 1, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $66,000. 3. Purchased $1,500 of office supplies on account. 4. Paid $1,350 of the amount due on accounts payable. 5. Paid...
Hart, Attorney at Law, experienced the following transactions in 2016, the first year of operatore 1. Accepted $38,000 on Apr 1, 2016, as a retainer for services to be performed everly over the rest 12 2. Performed legal services for cash of $54.000 3. Purchased $2.800 of office supplies on account 4. Paid $2.400 of the amount due on accounts payable 5. Paid a cash dividend to the stockholders of $5.000 6. Paid cash for operating expenses of $31,000 7....
Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations: 1. Accepted $19,200 on April 1. Year 1, as a retainer for services to be performed evenly over the next 12 months. 2. Also performed legal services for cash of $62,000. 3. Purchased $1,050 of office supplies on account. 4. Paid $945 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $5,000. 6. Paid cash for operating...
Seved Chapter 2 Quiz Hart. Attorney at Law, experienced the following transactions in 2018, the first year of operations 1 1. Accepted $15.500 on April 1. 2018, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $66,000. 3. Purchased $1,100 of office supplies on account. 4. Paid $990 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $4,600. 6. Paid cash...
Supplies, unearned revenue, and the financial statements model Hart, Attorney at Law, experienced the following transactions in 2018, the first year of operations: 1. Accepted $36,000 on April 1, 2018, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $54,000. 3. Purchased $2,800 of office supplies on account. 4. Paid $2,400 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $5,000....
no Attorney at Low, experienced the Tonowing uransactions in 2016, the rst year UI per un 1. Accepted $15,200 on April 1, 2018, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $61,500. 3. Purchased $1,000 of office supplies on account. 4. Paid $900 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $4,000. 6. Paid cash for operating expenses of...
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