Answered step by step
Verified Expert Solution
Question
1 Approved Answer
From Financial Accounting class. Please also include explanations. 1) ABC Company acquired $18,000 cash by issuing common stock on January 1, Year 1. During Year
From Financial Accounting class. Please also include explanations.
1) ABC Company acquired $18,000 cash by issuing common stock on January 1, Year 1. During Year 1, Bledsoe earned $9,000 of revenue on account. The company collected $7,600 cash from customers in partial settlement of its accounts receivable and paid $8,400 cash for operating expenses, purchased $4,000 of supplies on account, accrued $1,600 of interest expense. Based on this information alone, what was the impact on total assets during Year 1? 2) On January 1, Year 2, BCD Company had beginning balances as follows: total assets of $10,500, total liabilities of $3,500, and common stock of $5,000. During Year 2, Chavez paid dividends to its stockholders of $3,000. If net income during year 2 was $4,000 what was the amount of retained earnings at the end of Year 2? 3)CDE Company earned Revenue on account which amounted to $10,000. Cash collections of accounts receivable amounted to $9,000. Cash received on October 1 of $3,600 was for services to be provided for the next 12 months. Cash paid for operating expenses was $6,000. The amount of employee salaries accrued at the end of the year was $900. Interest incurred and paid was $500. What was the net cash flow from operating activities? What was the amount of net incomeStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started