Mar 1 owner deposited personal cash into the business bank account Mar 2 owner borrowed cash for the business & deposited in bank Mar 3 Bought Dental Xray Machine from cash in bank $5,200 $6,500 $10,000 $4,800 $2,850 $975 $1,000 $15 $250 $900 $750 $2,250 $600 $320 $350 $500 $375 $1,425 $475 Mar 4 Receive cash from previous work for clients - deposit in bank Mar 5 Paid rent for the month (wrote cheque from bank) Mar 6 Paid salaries from bank account (wrote cheques) Mar 8 Paid portion of the accounts payable (etransfer from bank) Mar 9 Received interest on the bank account Mar 12 Purchased supplies on account (expense them) Mar 14 Received cash from client for previous work - deposit to bank Mar 16 Purchased gasoline for the company car using line of credit Mar 19 Sold services on account receivable (Insurance claims) Mar 22 Reorder car insurance used this period - from prepaid Mar 26 Received an advertising bill that will be paid next month Mar 28 Paid bank loan principle (from business bank) Mar 28 Paid line of credit (from business bank) Mar 29 Paid interest on the bank loan/ line of credit (from business bank) Mar 30 owner withdrew cash for personal use from bank Mar 31 Recognized one month of depreciation

Mar 1 owner deposited personal cash into the business bank account Mar 2 owner borrowed cash for the business & deposited in bank Mar 3 Bought Dental Xray Machine from cash in bank $5,200 $6,500 $10,000 $4,800 $2,850 $975 $1,000 $15 $250 $900 $750 $2,250 $600 $320 $350 $500 $375 $1,425 $475 Mar 4 Receive cash from previous work for clients - deposit in bank Mar 5 Paid rent for the month (wrote cheque from bank) Mar 6 Paid salaries from bank account (wrote cheques) Mar 8 Paid portion of the accounts payable (etransfer from bank) Mar 9 Received interest on the bank account Mar 12 Purchased supplies on account (expense them) Mar 14 Received cash from client for previous work - deposit to bank Mar 16 Purchased gasoline for the company car using line of credit Mar 19 Sold services on account receivable (Insurance claims) Mar 22 Reorder car insurance used this period - from prepaid Mar 26 Received an advertising bill that will be paid next month Mar 28 Paid bank loan principle (from business bank) Mar 28 Paid line of credit (from business bank) Mar 29 Paid interest on the bank loan/ line of credit (from business bank) Mar 30 owner withdrew cash for personal use from bank Mar 31 Recognized one month of depreciation

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Problem 10-4 (AICPA Adapted) Os December 31, 2020, Kale Company had the following balances in the accounts maintained st First Besk Checking account #201 out 201 Checking Time deponit 1,750,000 (200,000) 250,000 Money market placement 1,000,000 90-day treasury bill du February 28, 201 180-day treasury bill, due March 15, 2001 500,000 900.000 The entity classified investments with original maturities of three months or less as cash equivalents On December 31, 2020, what amount should be reported an cash and cash equivalents? 3,400,000 & 2,000,000 2,400,000 d. 3,200,000
Assets ($) 2019 2018 2017 Cash on Hand & at Banks 5936423 4037185 5960614 Accounts Receivable Net 1470879 1404974 1582153 Notes Receivable 0 0 0 Post Dated Cheques 29875 494480 400000 Short Term Investments 79029 79635 77462 Inventory 2480573 3663516 2230840 Spare Parts 296355 302883 325156 Total Current Assets 10648691 10431007 10628454 Long Term Investments 24000 24000 24000 Fixed Assets Net 1209909 1078634 1148657 Lands 151173 151173 0 Projects in Progress 5356 4378 0 Total Fixed Assets 1366438 1234185 1148657 Other Assets 0 0 0 Total Assets 12039129 11689192 11801111 Liabilities ($) 2019 2018 2017 Accounts and Notes Payable 989423 528431 423042 Credit Banks 0 88265 0 Short Term Loans 0 0 0 Accrued Part of Long Term Loans 0 0 0 Total Current Liabilities 1766230 1338167 1218900 Long Term Loans & Notes Payable 0 0 0 Corporate Bonds 0 0 0 Other Liabilities 0 0 0 Total Liabilities 1766230 1338167 1218900 Shareholders…
Assets ($) 2019 2018 2017 Cash on Hand & at Banks 5936423 4037185 5960614 Accounts Receivable Net 1470879 1404974 1582153 Notes Receivable 0 0 0 Post Dated Cheques 29875 494480 400000 Short Term Investments 79029 79635 77462 Inventory 2480573 3663516 2230840 Spare Parts 296355 302883 325156 Total Current Assets 10648691 10431007 10628454 Long Term Investments 24000 24000 24000 Fixed Assets Net 1209909 1078634 1148657 Lands 151173 151173 0 Projects in Progress 5356 4378 0 Total Fixed Assets 1366438 1234185 1148657 Other Assets 0 0 0 Total Assets 12039129 11689192 11801111 Liabilities ($) 2019 2018 2017 Accounts and Notes Payable 989423 528431 423042 Credit Banks 0 88265 0 Short Term Loans 0 0 0 Accrued Part of Long Term Loans 0 0 0 Total Current Liabilities 1766230 1338167 1218900 Long Term Loans & Notes Payable 0 0 0 Corporate Bonds 0 0 0 Other Liabilities 0 0 0 Total Liabilities 1766230 1338167 1218900 Shareholders…
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Balance Sheets Liabilities and Owners' Assets Equity 2020 2021 2020 2021 Current Assets Current liabilities $ 32,653 $ $ 16,911 $ 2$ 34,495 $ $ 84,059 $ Accounts payable Notes payable $ 34,886 $ $ 18,058 $ 2$ 18,871 $ $ 71,815 $ $ 110,000 $ Cash 39,350 44,285 Accounts receivable 28,877 16,848 Inventory 44,336 Other 25,619 Total 112,563 Total 86,752 Long-term debt Owners' equity Common stock and pai $ Accumulated retained $ 140,000 Fixed assets Net plant and equipment $ 441,099 $ 55,000 $ 288,343 $ 502,872 55,000 333,683 Total $ 343,343 $ 388,683 Total liabilities and Total assets 525,158 $ 615,435 owners' equity 24 525,158 $ 615,435 2019 Income Statement Sales $ 531,750 Costs of goods sold Depreciation 377,294 $ 46,686 Earnings before interest and taxes 107,770 Interest paid 20,650 Taxable income 87,120 Texes (25%) 21,780 Net income $ 65,340 Dividends 20,000 Retained earnings 45,340
! Required information Exercise 9-24 (Algo) Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Debit $ 11,300 34,200 Credit $ 1,900 152,100 Land Buildings Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals 68,300 121,000 9,700 18,800 201,000 155,500 $ 386,900 $ 386,900 During January 2024, the following transactions occur: January 1 Borrow $101,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $1,953 are required at the end of each month for 60 months. January 4 January 10 Pay cash on accounts payable, $12,000. Receive $31,100 from customers on accounts receivable. January 15 Pay cash for salaries, $29,000.…
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D Question 6 An entity reported the following data on December 31,2019: Cash in bank, net of bank overdraft of 100,000 1200,000 PCF, including unreplenished expenses of 10,000 50,000 Notes receivables 750,000 A/R net customers account with credit balances of 200K 2,000,000 Inventory, excluding unrecorded purchase of 300,000 on account in transit shipped FOB SP on 12/31/19 2500,000
Account$ 51,000Accounts payable$33, 700 Land Notes payable49,000Accounts receivable 71, 2000perating expenses 102,000Building86, 500Prepaid insurance3.100Cash3, 200Service revenue172.000Equipment35, 700Unearned revenue 3,000J. Koizumi, capitalJ. Koizumi, drawings99, 0004, 000(c) Determine the amount overKoizumi Kollections has the following alphabetical list of accounts and balances at July 31. 2017:
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