Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Huimin Ltd. had the following account balances at December 31, 2021: Account Name Amount Dividends $2,5001 Prepaid expenses 1,500 Interest expense 750 Website expense 6001

image text in transcribedimage text in transcribedimage text in transcribed

Huimin Ltd. had the following account balances at December 31, 2021: Account Name Amount Dividends $2,5001 Prepaid expenses 1,500 Interest expense 750 Website expense 6001 Accounts receivable 17,300 Deferred revenue 8501 Income tax expense 3,7501 Collections from customers 37,945 Purchase of intangibles 1,020 Payments to suppliers 35,600 Travel expense 1,8001 Retained earnings (beginning of year) 3,700 Payment of dividends 2,500 Insurance expense 2,400 Office supplies expense 3501 Cash (beginning of year) 31,550 Service revenue 33,720 Cash received from debt 10,000 Prepaid insurance 1,200 Office supplies 975 Business licence 60 Cash (end of year) 47,875 Income tax payable 5001 Owner's capital 21,000 Website design 960 Telephone expense 375 Contributions by owners 7,500 Accounts payable 12,625 Bank loan payable, due in 2025 10,000 Using the above information create the following: income statement, statement of retained earnings, balance sheet and the statement of cash flows. Then use the information to answer the following questions. Question 49 (1 point) What is the correct order for the sections of this company's statement of cash flows? a) Investing, Operating, Financing, Change in cash b) Operating, Investing, Financing, Change in cash c) Financing, Investing, Operating, Change in cash d) Investing, Operating, Financing e) Change in cash, Investing, Operating, Financing Question 50 (2 points) What is total cash flow from investing activities on this company's statement of cash flows? If the amount is an INFLOW enter the amount with a '+' sign. For example, inflow of $12,682 enter as +12682 If the amount is an OUTFLOW enter the amount with a'- sign. For example, outflow of $10,485 enter as - 10485 Question 51 (2 points) What is total cash flow from operating activities on this company's statement of cash flows? If the amount is an INFLOW enter the amount with a '+' sign. For example, inflow of $12,682 enter as +12682 If the amount is an OUTFLOW enter the amount with a 'sign. For example, outflow of $10,485 enter as - 10485 Question 52 (2 points) What is total cash flow from financing activities on this company's statement of cash flows? If the amount is an INFLOW enter the amount with a '' sign. For example, inflow of $12,682 enter as +12682 If the amount is an OUTFLOW enter the amount with a '-' sign. For example, outflow of $10,485 enter as - 10485 A Question 53 (2 points) What is the net change in cash on this company's statement of cash flows? If the amount is an INFLOW enter the amount with a '+' sign. For example, inflow of $12,682 enter as +12682 If the amount is an OUTFLOW enter the amount with a '-' sign. For example, outflow of $10,485 enter as -10485

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