Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help to classify and calculate the group Cashflow of the sole priorship company with the information : June 1 Began business the owner deposited

Please help to classify and calculate the group Cashflow of the sole priorship company with the information :
June 1 Began business the owner deposited $20,000 in a bank account in the name of the company.
1 Paid the rent for the store for current month, $1,700.
1 Paid the premium on a one-year insurance policy, $1,920.
2. I purchased repair equipment from Bilbao Company for $16,800. The terms were $2,400 down and $1,200 per month for one year. The first payment is due July 1.
5 Purchased repair supplies from Rusin Company on credit, $1,872.
8 Paid cash for an advertisement in a local newspaper, $240.
15 Received cash repair revenue for the first half of the month, $1,600.
21 Paid Rusin Company on account, $900.
30 Received cash repair revenue for the last half of May, S3,900.
30 Made a withdrawal of $1,200.
Additional information: one-month insurance has expired
The remaining inventory of unused repaired supplies is $676.
The estimated depreciation on repair equipment is $280

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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 Cost Accounting A Managerial Emphasis

Authors: Srikant M. Datar, Madhav V. Rajan

16th edition

134475585, 978-0134475998, 134475992, 978-0134475585

More Books

Students also viewed these Accounting questions

Question

T F Income and expenses flow through S corporations and LLCs.

Answered: 1 week ago