FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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During Yeor 1, Hardy Merchandising Compony purchased $40,000 of inverntory on account Hardy sold inwentory on account that cost $24,500 for $38,000. Cash payments on occounts payable were $22,000. There wos $26,000 cash collected from accounts receivoble. Hardy also paid $5,100 cosh for operating expenses. Assume that Hardy started the occounting period with $20,000 in both cash ond common stock Required a Record the events in o horizontol stotement model. In the Cash Aow column, use OA to designate operating octivity, IA for investment acivity, FA for finoncing activity, or NC for net change in cosh. If the element is not offected by the event, leave the cell blonk b. Whot is the balonce of occounts receivoble at the end of Year 1? c Whot is the balance of occounts payable at the end of Year 1? d What are the amounts of gross margin and net income for Year 1? e Determine the omount of net cash flow from operating activities. Complete this question by entering your ånswers in the tabs below. Reg A Reg B to E Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, or NC for cash. If the element is not affected by the event, leave the cell blank. (Not every cell will require entry. Enter any decreases to sccount balances and cash outflows with a minus HARDY MERCHANDISING COMPANY Effect of Events on the Financlal Statements Income Statement Balance Sheet statement of Cash Flows = Liablites+ stockholders Equity Net Assets Accounts Recelvable Retained Revenue - = Earnings Event Expenses Common stock Income Accounts Cash + Inventory Payable 20.000+ 20.000+ Beg bal 2a 3 4. 15 End bl Req B to E >
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Transcribed Image Text:During Yeor 1, Hardy Merchandising Compony purchased $40,000 of inverntory on account Hardy sold inwentory on account that cost $24,500 for $38,000. Cash payments on occounts payable were $22,000. There wos $26,000 cash collected from accounts receivoble. Hardy also paid $5,100 cosh for operating expenses. Assume that Hardy started the occounting period with $20,000 in both cash ond common stock Required a Record the events in o horizontol stotement model. In the Cash Aow column, use OA to designate operating octivity, IA for investment acivity, FA for finoncing activity, or NC for net change in cosh. If the element is not offected by the event, leave the cell blonk b. Whot is the balonce of occounts receivoble at the end of Year 1? c Whot is the balance of occounts payable at the end of Year 1? d What are the amounts of gross margin and net income for Year 1? e Determine the omount of net cash flow from operating activities. Complete this question by entering your ånswers in the tabs below. Reg A Reg B to E Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, or NC for cash. If the element is not affected by the event, leave the cell blank. (Not every cell will require entry. Enter any decreases to sccount balances and cash outflows with a minus HARDY MERCHANDISING COMPANY Effect of Events on the Financlal Statements Income Statement Balance Sheet statement of Cash Flows = Liablites+ stockholders Equity Net Assets Accounts Recelvable Retained Revenue - = Earnings Event Expenses Common stock Income Accounts Cash + Inventory Payable 20.000+ 20.000+ Beg bal 2a 3 4. 15 End bl Req B to E >
Seved During Year 1, Hardy Merchandising Company purchased $40,000 of Irventory on account Hardy sold Inverntory on account that cost $24,500 for $38,000. Cash payments on accounts payable were $22,000. There was $26,000 cash collected from accounts recelvable. Hardy also pald $5,100 cash for operating expenses. Assume that Hardy started the accounting perlod with $20,000 In both cash and common stock Required a. Record the events In a horlzontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for Investment activity, FA for financing activty, or NC for net change In cash. If the element Is not affected by the event, leave the cell blank. b. What Is the balance of accounts recelvable at the end of Year 1? c What Is the balance of accounts payable at the end of Year 1? d. What are the amounts of gross margin and net Income for Year 1? e Determine the amount of net cash flow from operating activitles. Complete this question by entering your answers in the tabs below. Req A Req B to E what is the balance of accounts receivable, accounts payable, amounts of gross margin, net income and net cash flow from operating activities at the end of Year 1? (Indicate cash outflows with mínus sign.) b. Accounts receivable c. Accounts payable d. Gross margin Net income e. Net cash flow from operating activities < Req A
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Transcribed Image Text:Seved During Year 1, Hardy Merchandising Company purchased $40,000 of Irventory on account Hardy sold Inverntory on account that cost $24,500 for $38,000. Cash payments on accounts payable were $22,000. There was $26,000 cash collected from accounts recelvable. Hardy also pald $5,100 cash for operating expenses. Assume that Hardy started the accounting perlod with $20,000 In both cash and common stock Required a. Record the events In a horlzontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for Investment activity, FA for financing activty, or NC for net change In cash. If the element Is not affected by the event, leave the cell blank. b. What Is the balance of accounts recelvable at the end of Year 1? c What Is the balance of accounts payable at the end of Year 1? d. What are the amounts of gross margin and net Income for Year 1? e Determine the amount of net cash flow from operating activitles. Complete this question by entering your answers in the tabs below. Req A Req B to E what is the balance of accounts receivable, accounts payable, amounts of gross margin, net income and net cash flow from operating activities at the end of Year 1? (Indicate cash outflows with mínus sign.) b. Accounts receivable c. Accounts payable d. Gross margin Net income e. Net cash flow from operating activities < Req A
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Account Receivables: It is amount remaining uncollected from debtors at the period end.
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a) Record events in horizontal statement model as follows: -
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b) Computation for the balance of account receivables:
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