Use the following information for Exercises 25-27 below. (Algo) [The following information applies to the questions displayed below.] Carmen Camry operates a consulting firm called Help Today, which began operations on December 1. On Decer the company's records show the following selected accounts and amounts for the month of December. Cash Accounts receivable Office supplies Office equipment Land Accounts payable C. Camry, Capital $ 25,350 C. Camry, Withdrawals $ 5,980 22,340 Consulting revenue 26,980 5,230 Rent expense 9,530 19,980 Salaries expense 5,590 43,990 Telephone expense 850 10,660 Miscellaneous expenses 500 101,700 xercise 2-25 (Algo) Preparing an income statement LO P1 se the above information to prepare a December income statement for the business. HELP TODAY Income Statement D

Use the following information for Exercises 25-27 below. (Algo) [The following information applies to the questions displayed below.] Carmen Camry operates a consulting firm called Help Today, which began operations on December 1. On Decer the company's records show the following selected accounts and amounts for the month of December. Cash Accounts receivable Office supplies Office equipment Land Accounts payable C. Camry, Capital $ 25,350 C. Camry, Withdrawals $ 5,980 22,340 Consulting revenue 26,980 5,230 Rent expense 9,530 19,980 Salaries expense 5,590 43,990 Telephone expense 850 10,660 Miscellaneous expenses 500 101,700 xercise 2-25 (Algo) Preparing an income statement LO P1 se the above information to prepare a December income statement for the business. HELP TODAY Income Statement D

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 6AP

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Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.
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Sales revenue for Hy Marx Tutoring was $620,000. The following data are from the accounting records of Marx: Accounts receivable, January 1 $ 106,000 Accounts receivable, December 31 75,000 The cash received from customers was: Multiple Choice 1. $545,000. 2. $651,000. 3. $589,000. 4. $620,000.
Home Office collected 100,000 from Branch’s customers on account. Requirements:a. Prepare the journal entries for both the Home Office and Branch books based on theabove transactions.