Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i only need requirement #3. (indirect method statement of cash flows In this project, you will use skills and procedures presented in Chapters 1-3 together

i only need requirement #3. (indirect method statement of cash flows
image text in transcribed
In this project, you will use skills and procedures presented in Chapters 1-3 together as you complete journal entries and financial statements for NJW Corp. Follow all instructions and use the approaches presented in the chapters to create the journal entries and statements in good form Submit your work per your instructor's directions NJW Corp., located in Milwaukee, WI, repairs collectible toys, including model trains and cars for collectors of all ages. The company is owned and operated by Molly Spencer. As of August 31, 2026, the company had these account balances: Account Balance Cash $46,200 Accounts Receivable $7,500 Supplies $3,400 Furniture $11,000 Equipment $4,000 Accounts Payable $26,300 Interest Payable $1,200 Molly Spencer, Capital $????? In September, the company had these transactions: September 1, 2026: Provided repair services on account, $5,000, September 3, 2026: Purchased supplies on account, $1,300 September 4, 2026: Sold all the company's equipment for 54,000 cash September 6, 2026: Earned and received interest revenue, $300. September 8, 2026: Purchased furniture for $3,000 cash. September 12, 2026: Paid auto expense of $900. September 15, 2026: Molly Spencer withdrew $2,500 cash. September 18, 2026: Paid interest on account, $800. September 20, 2026: Paid creditor on account, $1,000. September 25, 2026: Received cash on account. $5,700 September 29, 2026: Paid utilities expense of $500 September 30, 2026: Determined that supplies on hand totaled $3,700. Project Requirements Requirement #1. Record journal entries for NIW Corp., ensuring each is recorded in proper form, including date and explanation. (Chapter 1) Requirement #2. Create an income statement, statement of owner's equity, and balance sheet for NW Corp. (Hint: You may want to use T-accounts to update the balances needed to create the statements, which can also be done in Excell) (Chapter 2) Requirement #3. Use the indirect method to create a statement of cash flows for NJW Corp. (Chapter 3)

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

Recommended Textbook for

Dynamic Business Law

Authors: Nancy Kubasek, M. Neil Browne, Daniel Herron, Lucien Dhooge, Linda Barkacs

6th Edition

1260733971, 978-1260733976

Students also viewed these Accounting questions