Horngren's Financial & Managerial Accounting, The Managerial Chapters, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (5th Edition)
5th Edition
ISBN: 9780134078922
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 1, Problem 1.38E
Preparing the statement of
Bean Town Food Equipment Company had the following transactions for the month ending February 29, 2016. Bean Town’s cash balance on February 1, 2016, was $16,400.
| Feb. 1 | Common stock was issued to stockholders for $7,500 cash. |
| 7 | Purchased equipment for $2,500 on account. |
| 14 | Paid $18,000 cash for land. |
| 17 | Paid cash expenses: employees’ salaries, $1,500; office rent, $1,800; utilities, $500. |
| 23 | Paid cash dividends of $3,000. |
| 26 | Earned service revenue for the month, $8,000, receiving cash. |
Prepare the statement of cash flows of Bean Town Food Equipment Company for the month ended February 29, 2016.
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Baker Company had the following balances in its accounting records as of December 31,2016:
Assets
Liabilities and Equity
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$35,000
Accounts Payable
7,500
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The following accounting events apply to Baker Company’s 2017 fiscal year:
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Made cash payment on accounts payable of $5,500.
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Purchased $60,000 inventory on account.
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Paid $51,000 owed to the supplier.
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31
Received cash collections from accounts receivable amounting to $36,000.
Incurred other operating expenses on account during the year that amounted to $8,000.
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21,000
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Chapter 1 Solutions
Horngren's Financial & Managerial Accounting, The Managerial Chapters, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (5th Edition)
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