FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Austin Land Company sold land for $59,930 in cash. The land was originally purchased for $34,230. At the time of the sale, $12,300 was still owed to Regions Bank. After the sale, Austin Land Company paid off the loan. Explain the effect of the sale and the payoff of the loan on the accounting equation. Enter all dollar amounts as positive numbers. Line Item Description Effect Amount Total assets Total liabilities Stockholders' equityarrow_forwardSharpe Corporation has provided the following information: Cash sales totaled $125,000. Credit sales totaled $279,000. Cash collections from customers for services yet to be provided totaled $38,000. An $11,000 gain from the sale of plant and equipment occurred. Interest income totaled $7,700. How much was Sharpe's operating revenue? Group of answer choices a)$404,000 b)$411,700 c)$442,000 d)$460,700 e)None of the abovearrow_forwardPark & Company was recently formed with a $6,400 investment in the company by stockholders in exchange for common stock. The company then borrowed $3,400 from a local bank, purchased $1,140 of supplies on account, and also purchased $6,400 of equipment by paying $2,140 in cash and signing a promissory note for the balance. Based on these transactions, the company's total assets are: Multiple Choice $9,800. $15,200. $12,800. $11,940.arrow_forward
- Multiple Choice $1,095 $990 $5,665 $5,365arrow_forwardRequired information [The following information applies to the questions displayed below.] The transactions of Spade Company appear below. a. K. Spade, owner, invested $19,750 cash in the company in exchange for common stock. b. The company purchased supplies for $573 cash. c. The company purchased $10,922 of equipment on credit. d. The company received $2,331 cash for services provided to a customer. e. The company paid $10,922 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $4,187 for services provided. g. The company paid $510 cash for the monthly rent. h. The company collected $1,759 cash as partial payment for the account receivable created in transaction f. i. The company paid a $1,100 cash dividend to the owner (sole shareholder). Required: 1. Prepare general journal entries to record the transactions of Spade Company by using the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Common…arrow_forwardThe following transactions were completed by the company: a. The owner invested $17,600 cash in the company. b. The company purchased supplies for $1,150 cash. c. The owner invested $11,300 of equipment in the company in exchange for more common stock. d. The company purchased $330 of additional supplies on credit. e. The company purchased land for $10,300 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. a. b. Balance after a and b C. Transactions Number Balance after c d. Balance after d e. Balance after e Cash 0 0 + 0 + + + + + + 0 + + Assets Supplies 0 0 + Equipment + 0 + + + 0 + + + + + + 0 0 + 0 + + + + 0 + + + Land 0 0 = II 0 11 11 11 0 = 11 || 11 || Liabilities + Accounts Payable 0 + + 0 + + + 0 + + 0 + + + Common Stock 0 0 0 0 I - - 1 I 1 Equity Dividends 0 + 0 + + + + 0 + + + + 0 + Revenue 0 0 0 0 - T - I I F Expenses 0 0 0 0arrow_forward
- Need Answer please providearrow_forwardGarcia Trade has the following cash transactions for the period. Accounts Amounts Cash received from sale of products to customers $31,000 Cash received from the bank for long-term loan 36,000 Cash paid to purchase factory equipment (41,000) Cash paid to merchandise suppliers (10,200) Cash received from the sale of an unused warehouse 11,200 Cash paid to workers (22,200) Cash paid for advertisement (2,200) Cash received for sale of services to customers 21,000 Cash paid for dividends to stockholders (4,200) Assume the balance of cash at the beginning of the period is $3,200. Required: 1. Calculate the ending balance of cash.2. Prepare a statement of cash flows.arrow_forwardHusky Company has provided the following information for its most recent year of operation: Cash collected from customers totaled $90,000. Cash borrowed from banks totaled $33,100. Cash paid to employees for salaries totaled $32,800. Cash received from selling Husky common stock to stockholders totaled $48,000. Cash payments to banks for repayment of money borrowed totaled $8,200. Cash paid to suppliers totaled $8,600. Land costing $26,000 was sold for $26,000 cash. Cash paid for dividends to stockholders totaled $4,000. How much was Husky's cash flow from operating activities?arrow_forward
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