Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

More info Additional data: a. Acquisition of computer equipment was $232,000. Of this amount, $200,000 was paid in cash and $32,000 by signing a

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

More info Additional data: a. Acquisition of computer equipment was $232,000. Of this amount, $200,000 was paid in cash and $32,000 by signing a long-term note payable. Four Seasons Consulting Ltd. sold no computer equipment during fiscal year 2020. b. Cash received from sale of land, $29,000. c. Cash receipts from issuance of common shares, $96,000. d. Payment of long-term note payable, $48,000. e. Payment of dividends, $142,000. f. Change in cash balance, $?. g. From the comparative balance sheet at September 30: Four Seasons Consulting Ltd. Balance Sheet (partial) September 30, 2020 and 2019 fiscal year 2020: dditional data.) per 30, 2020, using the indirect method. Data table Four Seasons Consulting Ltd. Income Statement For the Year Ended September 30, 2020 Revenues Consulting revenue $ 564,000 Expenses Salaries expense $ 306,000 2020 2019 Amortization expense 68,000 Rent expense 18,000 Current assets Cash |$ 77,500||$ 52,000 Office supplies expense 32,000 Accounts receivable Office supplies Prepaid expenses Current liabilities Accounts payable 12,000 144,000 34,000 29,000 12,000 12,000 $ 80,000 $ 67,000 Net income Insurance expense 6,500 Interest expense 6,000 36,000 472,500 Income tax expense $ 91,500 Accrued liabilities 40,000 49,000 Print Done

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

Horngrens Accounting

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann Johnston, Peter R. Norwood

11th Canadian Edition Volume 2

0135359783, 978-0135359785

More Books

Students also viewed these Accounting questions

Question

Describe the benefits provided by the traditional Medicare program?

Answered: 1 week ago