Accounting

- 1-6 Show how receivables affect financial statements - 1-7 Show how payables affect financial statements In Year 1 , Lee Inc. billed its customers $57,500 for services performed. The company collected $41,600 of the amount billed. Lee incurred $37,600 of other operating expenses on account. Lee paid $23,800 of the accounts payable. Lee acquired $35,000 cash from the issue of common stock. The company invested $15,000 cash in the purchase of land. Required (Hint: Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting to answer the questions.) Use the preceding information to answer the following questions: a. What amount of revenue will Lee report on the Year 1 income statement? b. What amount of cash flow from revenue will be reported on the statement of cash flows? c. What is the net income for the period? d. What is the net cash flow from operating activities for the period? f. What is the amount of net cash flow from investing activities? g. What is the amount of net cash flow from financing activities? h. What amounts of total assets, liabilities, and equity will be reported on the year-end balance sheet? Complete this question by entering your answers in the tabs below. What is the net cash flow from investing activities, net cash flow from financing activities, total assets, liabilities, and equity for the period? (Enter cash outflows as negative amounts.) Problem: Module 1 Textbook Problem 7 Learning Objective: 1-7 Show how payables affect financial statements During Year 1 , Chung Corporation earned $6,500 of cash revenue and accrued $2,600 of salaries expense. Required Based on this information alone: a. Prepare the December 31, Year 1, balance sheet. b. Determine the amount of net income that Chung would report on the Year 1 income statement. c. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows Complete this question by entering your answers in the tabs below. Based on this information alone: (Not all cells require input. Enter any decreases to account balances with a minus sign.) Problem: Module 1 Textbook Problem 8 Learning Objective: 1-9 Show how accounting for supplies affects financial statements Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $21,500 cash. 2. Purchased $4,200 of supplies on account. 3. A physical count on December 31 , Year 1 , found that there was $1,010 of supplies on hand. Required Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. c. What is the balance in the Supplies account as of January 1, Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2? Complete this question by entering your answers in the tabs below. Record the events under an accounting equation. (Not all cells require input. Enter any decreases to account balances with a minus sign.) Problem: Module 1 Textbook Problem 7 Learning Objective: 1-7 Show how payables affect financial statements During Year 1 , Chung Corporation earned $6,500 of cash revenue and accrued $2,600 of salaries expense. Required Based on this information alone: a. Prepare the December 31, Year 1, balance sheet. b. Determine the amount of net income that Chung would report on the Year 1 income statement. c. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flow Complete this question by entering your answers in the tabs below. Prepare the December 31, Year 1, balance sheet. Problem: Module 1 Textbook Problem 7 Learning Objective: 1-7 Show how payables affect financial statements During Year 1 , Chung Corporation earned $6,500 of cash revenue and accrued $2,600 of salaries expense. Required Based on this information alone: a. Prepare the December 31, Year 1, balance sheet. b. Determine the amount of net income that Chung would report on the Year 1 income statement. c. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows Complete this question by entering your answers in the tabs below. Determine the amount of net income that Chung would report on the Year 1 income statement. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows. Problem: Module 1 Textbook Problem 6 Learning Objectives: - 1-6 Show how receivables affect financial statements - 1-7 Show how payables affect financial statements In Year 1 , Lee Inc. billed its customers $57,500 for services performed. The company collected $41,600 of the amount billed. Lee incurred $37,600 of other operating expenses on account. Lee paid $23,800 of the accounts payable. Lee acquired $35,000 cash from the issue of common stock. The company invested $15,000 cash in the purchase of land. Required (Hint: Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting to answer the questions.) Use the preceding information to answer the following questions: a. What amount of revenue will Lee report on the Year 1 income statement? b. What amount of cash flow from revenue will be reported on the statement of cash flows? c. What is the net income for the period? d. What is the net cash flow from operating activities for the period? f. What is the amount of net cash flow from investing activities? g. What is the amount of net cash flow from financing activities? h. What amounts of total assets, liabilities, and equity will be reported on the year-end balance sheet? Complete this question by entering your answers in the tabs below. Record the effects of each accounting event under the appropriate general ledger account headings. (Enter any decreases to account balances with a minus sign.) Problem: Module 1 Textbook Problem 6 Learning Objectives: - 1-6 Show how receivables affect financial statements - 1-7 Show how payables affect financial statements In Year 1 , Lee Inc. billed its customers $57,500 for services performed. The company collected $41,600 of the amount billed. Lee incurred $37,600 of other operating expenses on account. Lee paid $23,800 of the accounts payable. Lee acquired $35,000 cash from the issue of common stock. The company invested $15,000 cash in the purchase of land. Required (Hint: Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting to answer the questions.) Use the preceding information to answer the following questions: a. What amount of revenue will Lee report on the Year 1 income statement? b. What amount of cash flow from revenue will be reported on the statement of cash flows? c. What is the net income for the period? d. What is the net cash flow from operating activities for the period? f. What is the amount of net cash flow from investing activities? g. What is the amount of net cash flow from financing activities? h. What amounts of total assets, liabilities, and equity will be reported on the year-end balance sheet? Complete this question by entering your answers in the tabs below. What is the revenue, cash flow from revenue, net income, and net cash flow from operating activities for the period? - 1-6 Show how receivables affect financial statements - 1-7 Show how payables affect financial statements In Year 1 , Lee Inc. billed its customers $57,500 for services performed. The company collected $41,600 of the amount billed. Lee incurred $37,600 of other operating expenses on account. Lee paid $23,800 of the accounts payable. Lee acquired $35,000 cash from the issue of common stock. The company invested $15,000 cash in the purchase of land. Required (Hint: Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting to answer the questions.) Use the preceding information to answer the following questions: a. What amount of revenue will Lee report on the Year 1 income statement? b. What amount of cash flow from revenue will be reported on the statement of cash flows? c. What is the net income for the period? d. What is the net cash flow from operating activities for the period? f. What is the amount of net cash flow from investing activities? g. What is the amount of net cash flow from financing activities? h. What amounts of total assets, liabilities, and equity will be reported on the year-end balance sheet? Complete this question by entering your answers in the tabs below. What is the net cash flow from investing activities, net cash flow from financing activities, total assets, liabilities, and equity for the period? (Enter cash outflows as negative amounts.) Problem: Module 1 Textbook Problem 7 Learning Objective: 1-7 Show how payables affect financial statements During Year 1 , Chung Corporation earned $6,500 of cash revenue and accrued $2,600 of salaries expense. Required Based on this information alone: a. Prepare the December 31, Year 1, balance sheet. b. Determine the amount of net income that Chung would report on the Year 1 income statement. c. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows Complete this question by entering your answers in the tabs below. Based on this information alone: (Not all cells require input. Enter any decreases to account balances with a minus sign.) Problem: Module 1 Textbook Problem 8 Learning Objective: 1-9 Show how accounting for supplies affects financial statements Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $21,500 cash. 2. Purchased $4,200 of supplies on account. 3. A physical count on December 31 , Year 1 , found that there was $1,010 of supplies on hand. Required Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. c. What is the balance in the Supplies account as of January 1, Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2? Complete this question by entering your answers in the tabs below. Record the events under an accounting equation. (Not all cells require input. Enter any decreases to account balances with a minus sign.) Problem: Module 1 Textbook Problem 7 Learning Objective: 1-7 Show how payables affect financial statements During Year 1 , Chung Corporation earned $6,500 of cash revenue and accrued $2,600 of salaries expense. Required Based on this information alone: a. Prepare the December 31, Year 1, balance sheet. b. Determine the amount of net income that Chung would report on the Year 1 income statement. c. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flow Complete this question by entering your answers in the tabs below. Prepare the December 31, Year 1, balance sheet. Problem: Module 1 Textbook Problem 7 Learning Objective: 1-7 Show how payables affect financial statements During Year 1 , Chung Corporation earned $6,500 of cash revenue and accrued $2,600 of salaries expense. Required Based on this information alone: a. Prepare the December 31, Year 1, balance sheet. b. Determine the amount of net income that Chung would report on the Year 1 income statement. c. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows Complete this question by entering your answers in the tabs below. Determine the amount of net income that Chung would report on the Year 1 income statement. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows. Problem: Module 1 Textbook Problem 6 Learning Objectives: - 1-6 Show how receivables affect financial statements - 1-7 Show how payables affect financial statements In Year 1 , Lee Inc. billed its customers $57,500 for services performed. The company collected $41,600 of the amount billed. Lee incurred $37,600 of other operating expenses on account. Lee paid $23,800 of the accounts payable. Lee acquired $35,000 cash from the issue of common stock. The company invested $15,000 cash in the purchase of land. Required (Hint: Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting to answer the questions.) Use the preceding information to answer the following questions: a. What amount of revenue will Lee report on the Year 1 income statement? b. What amount of cash flow from revenue will be reported on the statement of cash flows? c. What is the net income for the period? d. What is the net cash flow from operating activities for the period? f. What is the amount of net cash flow from investing activities? g. What is the amount of net cash flow from financing activities? h. What amounts of total assets, liabilities, and equity will be reported on the year-end balance sheet? Complete this question by entering your answers in the tabs below. Record the effects of each accounting event under the appropriate general ledger account headings. (Enter any decreases to account balances with a minus sign.) Problem: Module 1 Textbook Problem 6 Learning Objectives: - 1-6 Show how receivables affect financial statements - 1-7 Show how payables affect financial statements In Year 1 , Lee Inc. billed its customers $57,500 for services performed. The company collected $41,600 of the amount billed. Lee incurred $37,600 of other operating expenses on account. Lee paid $23,800 of the accounts payable. Lee acquired $35,000 cash from the issue of common stock. The company invested $15,000 cash in the purchase of land. Required (Hint: Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting to answer the questions.) Use the preceding information to answer the following questions: a. What amount of revenue will Lee report on the Year 1 income statement? b. What amount of cash flow from revenue will be reported on the statement of cash flows? c. What is the net income for the period? d. What is the net cash flow from operating activities for the period? f. What is the amount of net cash flow from investing activities? g. What is the amount of net cash flow from financing activities? h. What amounts of total assets, liabilities, and equity will be reported on the year-end balance sheet? Complete this question by entering your answers in the tabs below. What is the revenue, cash flow from revenue, net income, and net cash flow from operating activities for the period