Business, 07.10.2020 23:01 JEThompson6416
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period: Performed $70,000 of services for clients on account. Performed $40,000 of services for cash. Incurred $36,000 of other operating expenses on account. Paid $10,000 cash to an employee for salary. Collected $47,000 cash from accounts receivable. Paid $16,000 cash on accounts payable. Paid an $8,000 cash dividend to the stockholders. Accrued salaries were $2,000 at the end of Year 1.Requireda. Show the effects of the events on the horizontal financial statements model like the following one. In the Statement of Cash Flows column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash The first event is recorded as an example..b. What is the amount of total assets at the end of Year 1?c. What is the balance of accounts receivable at the end of Year 1?d. What is the balance of accounts payable at the end of Year 1?f. What is net income for Year 1?g. What is the amount of net cash flow from operating activities for Year 1?
Answers: 2
Business, 22.06.2019 11:50, adrianmelchor146
The following are the current month's balances for abc financial services, inc. before preparing the trial balance. accounts payable $ 10,000 revenue 6,000 cash 3,000 expenses 17,500 furniture 10,000 accounts receivable 14,000 common stock ? notes payable 6,500 what amount should be shown for common stock on the trial balance? a. $48.000b. $12.500c. $27.000d. $28.000
Answers: 3
Business, 22.06.2019 12:40, notorius315
Evan company reports net income of $232,000 each year and declares an annual cash dividend of $100,000. the company holds net assets of $2,130,000 on january 1, 2017. on that date, shalina purchases 40 percent of evan's outstanding common stock for $1,066,000, which gives it the ability to significantly influence evan. at the purchase date, the excess of shalina’s cost over its proportionate share of evan’s book value was assigned to goodwill. on december 31, 2019, what is the investment in evan company balance (equity method) in shalina’s financial records?
Answers: 2
Business, 22.06.2019 16:10, boogerbuttday
Omnidata uses the annualized income method to determine its quarterly federal income tax payments. it had $100,000, $50,000, and $90,000 of taxable income for the first, second, and third quarters, respectively ($240,000 in total through the first three quarters). what is omnidata's annual estimated taxable income for purposes of calculating the third quarter estimated payment?
Answers: 1
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting...
Mathematics, 16.10.2020 17:01
Mathematics, 16.10.2020 17:01