Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can you please provide in depth explination to the solutions thank you 4 Stacey's Piano Rebuilding Company has been operating for one year (2019). At

image text in transcribed
can you please provide in depth explination to the solutions
thank you
4 Stacey's Piano Rebuilding Company has been operating for one year (2019). At the start of 2020, its statement of earnings accounts had zero balances and the account balances on its statement of financial position were as follows: Cash Accounts receivable Supplies Equipment Land $ 10,500 Accounts payable 50.500 Deferred revenue (deposita) 2,500 Note payable (die in three years) 16,500 Contributed capital 12,500 Retained earning $ 16,500 80,500 16,500 37,000 10 points Sunod The following transactions occurred in January 2020 a Received a $510 deposit from a customer who wanted her plano rebullt. b. Rented a part of the building to a bicycle repair shop: received $510 for rent in January c. Rebuilt and delivered five planos to customers who paid $16100 in cash. d Received $8.100 from customers as payment on their accounts e. Received an electric and gas utility bill for $430 to be paid in February Ordered $810 in supplies. g. Pald $2,000 on account to suppliers. h. Received from Sam Mensa, the major shareholder, a $860 tool (equipment) to use in the business in exchange for the company's shares Paid $8,550 in wages to employees for work in January Declared and paid a cash dividend of $3,050 k Received and paid for the supplies ordered in on References Required: Use the following chart to identify whether each of the transactions in results in a cash flow effect from operating (O), investing or financing (f) activities, and indicate the effect on cash (+ for increase and for decrease). If there is no cash flow effect, write "none" The first transaction is provided as an example (Enter any decreases to account balances with a minus sign.) Transaction Type of Activity Effect on Cash (0, 1, or Flows 5 510

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions