Answered step by step
Verified Expert Solution
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
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
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