Accounting

Problem: Module 1 Textbook Problem 3 Learning Objective: 1-5 Prepare a statement of cash flows All-Star Automotive Company experienced the following accounting events during Year 3: 1. Performed services for $14,300 cash. 2. Purchased land for $7,300 cash. 3. Hired an accountant to keep the books. 4. Received $33,000 cash from the issue of common stock. 5. Borrowed $8,600 cash from State Bank. 6. Paid $4,300 cash for salary expense. 7. Sold land for $8,600 cash. 8. Paid $3,300 cash on the loan from State Bank. 9. Paid $4,500 cash for utilities expense. 10. Paid a cash dividend of $1,300 to the stockholders. Required a. Indicate how each of the events would be classified on the statement of cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). b. Prepare a statement of cash flows. Assume All-Star Automotive had a beginning cash balance of $9,300. Complete this question by entering your answers in the tabs below. Indicate how each of the events would be classified on the statement of cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). (If the event would not appear on the statement of cash flows, leave the cell blank.) Problem: Module 1 Textbook Problem 4 Learning Objective: 1-6 Show how receivables affect financial statements Holloway Company earned $8,900 of service revenue on account during Year 1. The company collected $7,565 cash from accounts receivable during Year 1. Required Based on this information alone, determine the following for Holloway Company. a. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. b. The amount of net income that would be reported on the Year 1 income statement. c. The amount of net cash flow from operating activities that would be reported on the Year 1 statement of cash flows. d. The amount of retained earnings that would be reported on the Year 1 balance sheet. Complete this question by entering your answers in the tabs below. Based on this information alone, determine the following for Holloway Company. (Not all cells require input. Enter any decreases to account balances with a minus sign.) Problem: Module 1 Textbook Problem 3 Learning Objective: 1-5 Prepare a statement of cash flows All-Star Automotive Company experienced the following accounting events during Year 3: 1. Performed services for $14,300 cash. 2. Purchased land for $7,300 cash. 3. Hired an accountant to keep the books. 4. Received $33,000 cash from the issue of common stock. 5. Borrowed $8,600 cash from State Bank. 6. Paid $4,300 cash for salary expense. 7. Sold land for $8,600 cash. 8. Paid $3,300 cash on the loan from State Bank. 9. Paid $4,500 cash for utilities expense. 10. Paid a cash dividend of $1,300 to the stockholders. Required a. Indicate how each of the events would be classified on the statement of cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). b. Prepare a statement of cash flows. Assume All-Star Automotive had a beginning cash balance of $9,300. Complete this question by entering your answers in the tabs below. Prepare a statement of cash flows. Assume All-Star Automotive had a beginning cash balance of $9,300. (Cash Outflows should be indicated with a minus sign.) Problem: Module 1 Textbook Problem 4 Learning Objective: 1-6 Show how receivables affect financial statements Holloway Company earned $8,900 of service revenue on account during Year 1 . The company collected $7,565 cash from accour receivable during Year 1. Required Based on this information alone, determine the following for Holloway Company. a. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. b. The amount of net income that would be reported on the Year 1 income statement. c. The amount of net cash flow from operating activities that would be reported on the Year 1 statement of cash flows. d. The amount of retained earnings that would be reported on the Year 1 balance sheet. Complete this question by entering your answers in the tabs below. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. The amount of net income that would be reported on the Year 1 income statement. The amount of net cash flow from operating activities that would be reported on the Year 1 statement of cash flows. The amount of retained earnings that would be reported on the Year 1 balance sheet. Problem: Module 1 Textbook Problem 2 Learning Objective: 1-4 Prepare an income statement, a statement of changes in stockholders' equity, and a balance sheet Mijka Company was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events: (1) earned cash revenues of $34,000, (2) paid cash expenses of $15,000, and (3) paid a $3,300 cash dividend to its stockholders. These were the only events that affected the company during Year 1. Required a. Record the effects of each accounting event under the appropriate general ledger account headings. b. Prepare an income statement, statement of changes in stockholders' equity, and a balance sheet dated December 31, Year 1, for Mijka Company. Complete this question by entering your answers in the tabs below. Prepare a balance sheet dated December 31 , Year 1, for Mijka Company