A sole proprietorship was started on January 1, Year 1, when it received $64,500 cash from Marlin Jones, the owner. company earned $35,400 in cash revenues and paid $22,580 in cash expenses. Jones withdrew $4,300 cash from during Year 1.
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- ascade Company was started on January 1, Year 1, when it acquired $167,000 cash from the owners. During Year 1, the company earned cash revenues of $94,600 and incurred cash expenses of $66,500. The company also paid cash distributions of $13,000. Required Prepare a Year 1 income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows under each of the following assumptions. (Consider each assumption separately.) CASCADE COMPANY Balance Sheet As of December 31, Year 1 Assets Total Assets 0 Liabilities Equity Total liabilities and equity $0 STATEMENT OF CASH FLOWS!! CASCADE COMPANYStatement of Cash FlowsFor the Year Ended December 31, Year 1Cash flows from operating activities:Net cash flow from operating activities$0Cash flows from investing activitiesCash flows from financing activities:Net cash flow from financing activities0Net change in…Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.) 1) Acquired $950 cash from the issue of common stock. 2) Borrowed $420 from a bank. 3) Earned $650 of revenues. 4) Paid expenses of $250. 5) Paid a $50 dividend. During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions.) 1) Issued an additional $325 of common stock. 2) Repaid $220 of its debt to the bank. 3) Earned revenues of $750. 4) Incurred expenses of $360. 5) Paid dividends of $100. The amount of assets on Packard's Year 2 balance sheet is Multiple Choice O O O $440. $2,115. $2,215. $395.At the beginning of Year 2, Better Corporation’s accounting records had the following general ledger accounts and balances.BETTER CORPORATIONAccounting EquationEvent Assets = Liabilities + Stockholders’ Equity Accounts Titles for Retained EarningsCash Land Notes Payable Common Stock Retained EarningsBeginning Balance 01/01/Year 2 23,000 33,000 13,300 8,300 34,400Better Corporation completed the following transactions during Year 2:1. Purchased land for $11,500 cash.2. Acquired $38,000 cash from the issue of common stock.3. Received $77,000 cash for providing services to customers.4. Paid cash operating expenses of $40,700.5. Borrowed $23,000 cash from the bank.6. Paid a $11,500 cash dividend to the stockholders.7. Determined that the market value of the land purchased in event 1 is $48,000. Requireda. Record the transactions in the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column.Provide the appropriate titles…
- Cascade Company was started on January 1, Year 1, when it acquired $165,000 cash from the owners. During Year 2, the company earned cash revenues of $90,900 and incurred cash expenses of $65,200. The company also paid cash distributions of $9,000. RequiredPrepare a Year 1 income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows under each of the following assumptions. (Consider each assumption separately.) Required a-1. Prepare a Year 1 income statement.a-2. Prepare a Year 1 capital statement (statement of changes in equity).a-3. Prepare a Year 1 balance sheet.a-4. Prepare a Year 1 statement of cash flows. Assume Cascade is a sole proprietorship owned by Carl Cascade.Packard Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.) 1) Acquired $950 cash from the issue of common stock. 2) Borrowed $420 from a bank. 3) Earned $650 of revenues cash. 4) Paid expenses of $250. 5) Paid a $50 dividend. During Year 2, Packard engaged in the following transactions. (Assume all transactions are cash transactions.) 1) Issued an additional $325 of common stock. 2) Repaid $220 of its debt to the bank. 3) Earned revenues of $750 cash. 4) Incurred expenses of $360. 5) Paid dividends of $100. Packard Company's net cash flow from financing activities for Year 2 is:Lexington Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.) 1) Acquired $4,600 cash from issuing common stock. 2) Borrowed $3,000 from a bank. 3) Earned $3,900 of revenues. 4) Incurred $2,560 in expenses. 5) Paid dividends of $560. Lexington Company engaged in the following transactions during Year 2: 1) Acquired an additional $1,300 cash from the issue of common stock. 2) Repaid $1,860 of its debt to the bank. 3) Earned revenues, $5,300. 4) Incurred expenses of $3,070. 5) Paid dividends of $1,600. Total liabilities on Lexington's balance sheet at the end of Year 1 equal:
- Cascade Company was started on January 1, Year 1, when it acquired $167,000 cash from the owners. During Year 1, the company earned cash revenues of $94,600 and incurred cash expenses of $66,500. The company also paid cash distributions of $13,000. Required Prepare a Year 1 income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows under each of the following assumptions. (Consider each assumption separately.) Cascade is a corporation. It issued 10,000 shares of $10 par common stock for $167,000 cash to start the business.Entity A reported the following items on its balance sheet at the end of the current year. All accounts are listed. Cash $ 53,000 1,500 Accounts payable $ 15,000 Taxes payable Supplies Property, plant, & equip. 65,000 5,500 Long-term debt 48,000 Accounts receivable 40,000 Inventory 15,000 Common stock 60,000 Retained earnings ? What amount will Entity A report on its balance sheet for Total Assets? $108,000 $109,500 $68,500 $174,500Cascade Company was started on January 1, Year 1, when it acquired $167,000 cash from the owners. During Year 1, the company earned cash revenues of $94,600 and incurred cash expenses of $66,500. The company also paid cash distributions of $13,000. Required Prepare a Year 1 income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows under each of the following assumptions. (Consider each assumption separately.) a. CASCADE COMPANY Income Statement For the Year Ended December 31, Year 1 $0 b. Cascade company Capital statement For the Year Ended December 31, Year 1 $ 0
- In alphabetical order below are balance sheet items for Robinson Company at December 31, 2022. Sandra Robinson is the owner of Robinson Company. Accounts payable Accounts receivable Cash Owner's capital Total Assets Liabilities $94,600 Prepare a balance sheet. (List Assets in order of liquidity.) Owner's Equity 72,400 45,700 23,500 ROBINSON COMPANY Balance Sheet For the Year Ended December 31, 2022 Assets Liabilities and Owner's Equity Total Liabilities and Owner's Equity $ $ $ 118,100 94,600 23,500 118,100Ritter Corporation's accountants prepared the following financial statements for year-end. RITTER CORPORATION Income Statement Revenue Expenses Depreciation. EBT Taxes Net income Dividends 2823 Assets Cash Other current assets Net fixed assets Total assets $ 1,050 720 78 $268 104 $ 156 $ 21 RITTER CORPORATION Balance Sheets December 31 Liabilities and Equity Accounts payable Long-term debt Stockholders' equity Total liabilities and equity a. Change in cash b. Change in net working capital c. Cash flow from assets 2022 $69 217 675 $ 961 $ 269 8 692 $ 961 2023 $90 270 820 $ 1,180 $ 283 78 827 $ 1,180 a. What is the change in cash during the year 2023. Note: Do not round Intermediate calculations. b. Determine the change in net working capital in 2023. Note: Do not round Intermediate calculations. c. Determine the cash flow generated by the firm's assets during the year 2023. Note: A negative answer should be Indicated by a minus sign. Do not round Intermediate calculations.The following transactions pertain to the operations of Ewing Company for Year 1: Acquired $22, 300 cash from the issue of common stock. Provided $19, 100 of services on account. Paid $14, 400 cash on accounts payable. Performed services for $40, 500 cash. Collected $5, 650 cash from accounts receivable. Incurred $7, 600 of operating expenses on account. Paid $24,000 cash for one year's rent in advance. Paid $7,200 cash dividend to the stockholders. Paid $2,000 cash for supplies to be used in the future. Recognized $34,500 of accrued salaries expense. Required: Classify the cash flows from these transactions as operating activities (OA), investing activities (IA), or financing activities (FA). Prepare a statement of cash flows. (There is no beginning cash balance.)