ANSWER FOR NUMBER 4
Chapter 1 Homework eBook Calculator 1. EX.01.01 Financial Statements Jose Loder established Bronco Consulting on August 1, 20Y1. The effect of each transaction and the balances after each transaction for August follow: 2. EX.01.04 Assets = Liabilities + Stockholders' Equity 3. EX.01.06 Accounts Cash + Accounts Receivable + Supplies = Common - Dividends + Stock +75,000 Fees Earned Salaries Expense Rent Expense Auto Expense Supplies Expense Misc. Expense Payable 4. EX.01.08 a. +75,000 5. EX.01.11 +9,000 +9,000 9,000 9,000 75,000 6. EX.01.12 +92,000 Bal. 75,000 C. +92,000 Bal. 167,000 d. -27,000 7. EX.01.13 9,000 9,000 75,000 92,000 -27,000 8. EX.01.16 Bal. 140,000 9,000 75,000 92,000 -27,000 9,000 -6,000 9. EX.01.17 e. -6,000 Bal. 134,000 9,000 3,000 75,000 92,000 -27,000 10. EX.01.18 +33,000 +33,000 11. PR.01.03B 33,000 9,000 3,000 75,000 125,000 -27,000 -15,500 -7,500 Bal. 134,000 g. -23,000 Bal. 111,000 h. -58,000 Bal. 53,000 33,000 9,000 3,000 75,000 125,000 -27,000 -15,500 -7,500 -58,000 -58,000 33,000 3,000 75,000 125,000 -27,000 -15,500 -7,500 9,000 -6,100 -6,100 33,000 2,900 3,000 75,000 125,000 -58,000 -27,000 -15,500 -6,100 -7,500 Bal. 53,000 j. -5,000 Bal. 48,000 Required: -5,000 -5,000 33,000 2,900 3,000 75,000 125,000 -58,000 -27,000 -15,500 -6,100 -7,500 1. Prepare an income statement for the month ended August 31, 20Y1. Bronco Consulting Income Statement For the Month Ended August 31, 2041 $ Fees earned 125,000 Expenses: Check My Work Previous Progress: 11/11 items Chapter 1 Homework Calculator eBook Feedback 1. EX.01.01 Check My Work 2. EX.01.04 3. Follow Example Exercise 1-6. Recall that the balance sheet is a formal presentation of the accounting equation, such that total assets must equal total liabilities and stockholders' equity. Assets are items owned by the company, while liabilities are debts owed to creditors, and stockholders' equity represents the rights of the stockholder. 3. EX.01.06 4. EX.01.08 4. Prepare a statement of cash flows for the month ending August 31, 20Y1. For those boxes in which no entry is required, enter "0". Use the minus sign to indicate cash outflows, cash payments, and decreases in cash. 5. EX.01.11 6. EX.01.12 Bronco Consulting Statement of Cash Flows For the Month Ended August 31, 2011 Cash flows from (used for) operating activities: Cash received from customers 7. EX.01.13 Cash paid for expenses and to creditors 8. EX.01.16 Net cash flows used for operating activities 9. EX.01.17 10. EX.01.18 Cash flows from (used for) investing activities Cash flows from (used for) financing activities: Cash received from issuing common stock 11. PR.01.03B Cash paid for dividends Net cash flows from financing activities Net increase in cash Cash balance, August 1, 2011 Cash balance, August 31, 2011 Feedback Check My Work 4. Follow Example Exercise 1-7. Identify the sources of cash and determine the company's use of cash. Recall that there are three activity types of cash flows: operating, investing, and financing. Feedback Check My Work Partially correct Check My Work
