Redlands Inc. began business on January 1, 2020. Redlands had the following four transactions during 2020. 1.      Purchased equipment for $20. 2.      Earned $30 of service revenue and collected it all in cash. 3.      Incurred $20 of operating expenses. Paid $5 in cash and set up an account payable for the remaining $15. 4.      Recorded $5 of depreciation on the equipment. Complete the income statement and balance sheet effects for the above transactions in the following table. Negative numbers are in parentheses () indicating the element is decreasing (note that an increase in an expense would be positive). Select "0" for all cells unaffected by the transaction. The first transaction has been completed for you.   Trans Assets Liabilities S/Equity   Revenues Expenses Net Income 1. 20 (20)  0  0    0  0  0 2.                 3.                4.

A business had non-current assets with a carrying amount of $50,000 at the start of the financial year. During the year the business sold assets that had cost $4,000 and had been depreciated by $1,500. Depreciation for the year was $9,000. The carrying amount of assets at the end of the financial year was $46,000. How much cash has been invested in non-current assets during the year?

The following financial information is from Cook Company: Accounts Payable Land Inventory Accounts Receivable Equipment Deferred Revenue Short-Term Investments Notes Receivable (due in 8 months) Interest Payable Patents $ 55,000 90,000 10,500 7,500 8,000 58,500 20,000 45,500 2,000 75,000 What is the total amount of property, plant, and equipment assuming the accounts above reflect normal activity?

For the year just completed, Hanna Company had net income of $37,500. Balances in the company’s current asset and current liability accounts at the beginning and end of the year were as follows:   December 31 End of Year Beginning of Year Current assets:   Cash and cash equivalents $ 56,000 $ 83,000 Accounts receivable $ 164,000 $ 200,000 Inventory $ 436,000 $ 364,000 Prepaid expenses $ 11,000 $ 13,000 Current liabilities:  Accounts payable $ 354,000 $ 384,000 Accrued liabilities $ 9,000 $ 12,000 Income taxes payable $ 34,000 $ 26,000 The Accumulated Depreciation account had total credits of $58,000 during the year. Hanna Company did not record any gains or losses during the year.   Required:   Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash outflows as negative amounts.)

Simpson Auto Body Repair purchased $19,460 of Machinery. The company paid $3,959 in cash at the time of the purchase and the remainder was purchased on account to be paid in four monthly installments. a. How will the purchase affect the accounting equation? liabilities by $ v total assets by a net amount of $ and b. How will the payment of the first monthly installment affect the accounting equation (ignore interest)? v liabilities by $ v assets by $ and