Accounting Services Corporation entered into the following transactions during 2010 a The company started as a corporation with a $14,700 cash contribution from the owners in exchange for common stock b Service revenues on account amounted to $8,250 c Cash collections of accounts receivable amounte...

a 14700 Cash Total Assets b 8250 Accounts receivable c 6875 Cash 6875 Accounts re ...

Accounting Services Corporation entered into the following transactions during 2010: a. The company started as a corporation

Question:

Accounting Services entered into the following transactions during 2010:
a. The company started as a with a $14,700 cash contribution from the owners in exchange for common stock.
b. Service revenues on account amounted to $8,250.
c. Cash collections of amounted to $6,875.
d. Purchased supplies on account for $125 and used all of them.
e. On December 15, 2010, the company paid $6,000 in advance for leased office space. The lease does not go into effect until 2011.

Requirements
Put each of the transactions in an accounting equation worksheet. Then, answer the following questions:
1. What is the amount of cash flow from operating activities for 2010?
2. What amount of total liabilities would appear on the December 31, 2010, balance sheet?
3. What is the amount of contributed capital as of December 31, 2010?
4. What amount of net income would appear on the income statement for the year ended December 31, 2010?

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...