Karen Noonan opened Sage Hill Cleaning Services Inc. on February 1, 2022. During February, the following transactions were completed: Feb. 1 Issued 4,100 shares of Sage Hill Cleaning Services common stock for $10,660. Each share has a $1.50 par. 1 Borrowed $6,560 on a 2-year, 6% note payable. 1 Paid $7,400 to purchase used floor and window cleaning equipment from a company going out of business ($3,950 was for the floor equipment and $3,450 for the window equipment). Paid $180 for February Internet and phone services. 3 Purchased cleaning supplies for $800 on account. 4 Hired 4 employees. Each will be paid $390 per 5-day work week (Monday- Friday). Employees will begin working Monday, February 9. 5 Obtained insurance coverage for $8,070 per year. Coverage runs from February 1, 2022, through January 31, 2023. Karen paid $2,018 cash for the first quarter of coverage. 5 Discussions with the insurance agent indicated that providing outside window cleaning services would cost too much to insure. Karen sold the window dleaning equipment for $3,240 cash. 16 Billed customers $3,200 for cleaning services performed through February 13, 2022. Received $432 from a customer for 4 weeks of deaning services to begin February 21, 2022. (By paying in advance, this customer received 10% off the normal weekly fee of $120.) 17 18 Paid $250 on amount owed on cleaning supplies. 20 Paid $3 per share to buy 250 shares of Sage Hill Cleaning Services common stock from a shareholder who disagreed with management goals. The shares will be held as treasury shares. 23 Billed customers $3,530 for cleaning services performed through February 20. 24 Paid cash for employees' wages for 2 weeks (February 9-13 and 16-20). 25 Collected $2,050 cash from customers billed on February 16. 27 Paid $180 for Internet and phone services for March. 28 Declared and paid a cash dividend of $0.20 per share.

Cypress Corp. went into business on October 1, 2020. Cypress had the following transactions during 2020: Oct. 1 - Issued a total of 20 shares of stock to two stockholders for a total of $6,00O. • Oct. 1 - Borrowed $20,000 from the bank. No payments will be made on this loan until October 1, 2022, when $24,000 will be due. Oct. 12 - Purchased land for $8,000 in cash. • Nov. 1 - Purchased equipment for $12,000 in cash. The equipment is expected to last for four years with no salvage value. • Nov. 15 - Purchased $5,000 inventory, half in cash and half on account. • Dec. 1 - Purchased six months of insurance for $1,200. Dec. 10 - Sold $2,000 of inventory for $4,500 in cash. • Dec. 12 - Sold one-half of land for $5,000 in cash. Dec. 13 - Paid balance owed on accounts payable. Dec. 18 - Sold $1,500 of inventory for $2,500 on account. • Dec. 31 - Paid $1,000 in dividends. What were the net operating cash flows for Cypress during 2020? O $3,300 $800 O ($600) O ($1,700) None of the above

Yard Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January 31 of the current year, Yard Spray Ino reacquired 19,700 shares of its common stock at $19 per share. On June 14, 13,400 of the reacquired shares were sold at $25 per share, and on November 23, 5,300 of the reacquired shares were sold at $20. Required: a. Journalize the transactions of January 31, June 14, and November 23. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. c. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? b. What is the balance in Treasury Stock on December 31 of the current year? d. How will the balance in Treasury Stock be reported on the balance sheet?

Rios Financial Co. is a regional insurance company that began operations on January 1, Year 1. The following transactions relate to trading securities acquired by Rios Financial Co., which has a fiscal year ending on December 31: Record these transactions on page 10: Year 1     Feb. 1. Purchased 4,700 shares of Caldwell Inc. as a trading security at $36 per share plus a brokerage commission of $470. May 1. Purchased 1,800 shares of Holland Inc. as a trading security at $48 plus a brokerage commission of $198. July 1. Sold 2,440 shares of Caldwell Inc. for $34 per share less a $105 brokerage commission.   31. Received an annual dividend of $0.35 per share on Caldwell Inc. stock. Dec. 31. The portfolio of trading securities was adjusted to fair values of $34 and $47 per share for Caldwell Inc. and Holland Inc., respectively.   Record these transactions on page 11: Year 2     Apr. 1. Purchased 3,500 shares of Fuller Inc. as a trading security at $31…