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Exercise 2-4 Effect of accounts receivable and accounts payable transactions on financial statements LO 2-1, 2-2 The following events apply to Lewis and Harper, a public accounting firm, for the 2018 accounting period: 1. Performed $89,500 of services for clients on account. 2. Performed $51,000 of services for cash. 3. Incurred $50,000 of other operating expenses on account. 4. Paid $20,500 cash to an employee for salary. 5. Collected $65,000 cash from accounts receivable. 6. Paid $19,000 cash on accounts payable. 7. Paid a $8,000 cash dividend to the stockholders. 8. Accrued salaries were $4,200 at the end of 2018. Required a. Show the effects on the financial statements using a horizontal statements model like the following one. In the cash flow column, use OA to designate operating activity, IA for investing activity, FA for financing activity, or NC for net change. If the element is not affected by the event, leave the cell blank. The first transaction is shown as an example. b. What is the amount of total assets at the end of 2018? c. What is the balance of accounts receivable at the end of 2018? d. What is the balance of accounts payable at the end of 2018? e. What is the net income for 2018? f. What is the amount of net cash flow from operating activities for 2018? Return to question Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req B to G Show the effects on the financial statements using a horizontal statements model like the following one. In the cash flow column, use OA to designate operating activity, IA for in activity, FA for financing activity, or NC for net change. If the element is not affected by the event, leave the cell blank. The first transaction is shown as an example. (Not all cell input.) LEWIS AND HARPER Assets Liabilities Income Statement Event No. Statement of Cash Flow Cash Accounts Payable + Accounts Receivable 89.500 Revenue = Statements Model For Accounting Year 2018 Stockholders + Equity Salaries Retained + Payable Earnings 89.500 51,000 + (50,000) + (20,500) Expense + II + 1. 2. 51,000+ 89,500 51,000 = Net Income 89,500 51,000 (50,000) (20,500) + = 51,000 OA 3. 50,000 50,000 - (20,500) E OA 4. 5. (20,500) 65,000 (19.000) + (65,000) = + OA (20,500) 65,000 (19.000) (8,000) 6. (19.000) + = OA 7. (8,000) + + FA 8. + = - + 4,200 4,200 (8,000) (4,200) 57.800 4.200= 33,700 (4,200) 65.800 Totals 68,500 24.500 = 31,000 + + 140,500 - 68,500 X Answer is not complete. Complete this question by entering your answers in the tabs below. Reg A Req B to G What is the amount of total assets, balance of accounts receivable, accounts payable, net income and net cash flow from operating activities at the end of 2018? b. Total assets $ C. Accounts receivable $ d. Accounts payable $ 93,000 24,500 31,000 65,800 76,500 f. Net income g. Net cash flow from operating activities for 2018 $ X Answer is not complete. Complete this question by entering your answers in the tabs below. Reg A Req B to G What is the amount of total assets, balance of accounts receivable, accounts payable, net income and net cash flow from operating activities at the end of 2018? b. Total assets $ C. Accounts receivable $ d. Accounts payable $ 93,000 24,500 31,000 65,800 76,500 f. Net income g. Net cash flow from operating activities for 2018 $
