FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Answer statement of cf
(4) A credit memo for $30 for interest earned on the checking account. (5) An NSF check for $120. (6) The balance shown on the bank statement was $80,822. General General Changes in SE Income Balance Sheet Statement Requirement Trial Balance Analysis BRS Journal Ledger Statement of CF Prepare the statement of cash flow for year ended December 31, Year 6. (Amounts to be deducted should be indicated with a minus sign.) Pacilio Security Services, Inc. Statement of Cash Flows For the Year Ended December 31, Year 6 Cash flows from operaling activities: Net cash flow from operating activities Cash flows from investing activities Net cash flows from investing activities: Cash flows from financing activities: Net cash flow from financing activities Ending Cash Balance includina petty cash
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Transcribed Image Text:(4) A credit memo for $30 for interest earned on the checking account. (5) An NSF check for $120. (6) The balance shown on the bank statement was $80,822. General General Changes in SE Income Balance Sheet Statement Requirement Trial Balance Analysis BRS Journal Ledger Statement of CF Prepare the statement of cash flow for year ended December 31, Year 6. (Amounts to be deducted should be indicated with a minus sign.) Pacilio Security Services, Inc. Statement of Cash Flows For the Year Ended December 31, Year 6 Cash flows from operaling activities: Net cash flow from operating activities Cash flows from investing activities Net cash flows from investing activities: Cash flows from financing activities: Net cash flow from financing activities Ending Cash Balance includina petty cash
18 Cash Accounts Receivable S74,210 13,500 Supplies Prepaid Rent Merchandise Inventory (24 @ $265; 1 @ $260) Land Accounts Payab le Unearned Revenue Salaries Payable Common Stock Retained Earnings 200 3,200 6,620 4,000 1,950 900 1,000 50,000 47,880 During Year 6, Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 5. 2. On March 1, Year 6, Pacilio established a $100 petty cash fund to handle small expenditures. 3. Paid $4,800 on March 1, Year 6, for a one-year lease on the company van in advance. 4. Paid $7,200 on May 2, Year 6, for one year's office rent in advance. 5. Purchased $400 of supplies on account. 6. Purchased 100 alarm systems for $28,000 cash during the year. 7. Sold 102 alarm systems for $57,120. All sales were on account. 8. Record the cost of goods sold related to the sale from Event 7 using the FIFO method. 9. Paid $2,100 on accounts payable during the year. O. Replenished the petty cash fund on August 1. At this time, the petty cash fund had only $7 of currency left. It contained the following receipts: office supplies expense, $23; cutting grass, $55; and miscellaneous expense, $14. 11. Billed $52,000 of monitoring services for the year. 12, Paid installers and other employees a total of $25,000 cash for salaries. 13. Collected $89,300 of accounts receivable during the year. 14. Paid $3,600 of advertising expense during the year. 15. Paid $2,500 of utilities expense for the year. 16. Paid a dividend of $10,000 to the shareholders. Adjustment 17. There was $160 of supplies on hand at the end of the year. 18. Recognized the expired rent for both the van and the office building for the year. (The rent for both the van and the office remained the same for Year 5 and Year 6.) 19. Recognized the balance of the revenue earned in Year 6 where cash had been collected in Year 5. 0. Accrued salaries at December 31, Year 6, were $1,400.
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Transcribed Image Text:18 Cash Accounts Receivable S74,210 13,500 Supplies Prepaid Rent Merchandise Inventory (24 @ $265; 1 @ $260) Land Accounts Payab le Unearned Revenue Salaries Payable Common Stock Retained Earnings 200 3,200 6,620 4,000 1,950 900 1,000 50,000 47,880 During Year 6, Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 5. 2. On March 1, Year 6, Pacilio established a $100 petty cash fund to handle small expenditures. 3. Paid $4,800 on March 1, Year 6, for a one-year lease on the company van in advance. 4. Paid $7,200 on May 2, Year 6, for one year's office rent in advance. 5. Purchased $400 of supplies on account. 6. Purchased 100 alarm systems for $28,000 cash during the year. 7. Sold 102 alarm systems for $57,120. All sales were on account. 8. Record the cost of goods sold related to the sale from Event 7 using the FIFO method. 9. Paid $2,100 on accounts payable during the year. O. Replenished the petty cash fund on August 1. At this time, the petty cash fund had only $7 of currency left. It contained the following receipts: office supplies expense, $23; cutting grass, $55; and miscellaneous expense, $14. 11. Billed $52,000 of monitoring services for the year. 12, Paid installers and other employees a total of $25,000 cash for salaries. 13. Collected $89,300 of accounts receivable during the year. 14. Paid $3,600 of advertising expense during the year. 15. Paid $2,500 of utilities expense for the year. 16. Paid a dividend of $10,000 to the shareholders. Adjustment 17. There was $160 of supplies on hand at the end of the year. 18. Recognized the expired rent for both the van and the office building for the year. (The rent for both the van and the office remained the same for Year 5 and Year 6.) 19. Recognized the balance of the revenue earned in Year 6 where cash had been collected in Year 5. 0. Accrued salaries at December 31, Year 6, were $1,400.
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