Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please someone help me with this too . iceys Piano Rebuilding Company has en operating for one year (2019). At the irt of 2020 ,

image text in transcribed

please someone help me with this too .

image text in transcribed

image text in transcribed

image text in transcribed

iceys Piano Rebuilding Company has en operating for one year (2019). At the irt of 2020 , its statement of earnings zounts had zero balances and the zount balances on its statement of ancial position were as follows: e following transactions occurred in uary 2020 : Received a \$560 deposit from a customer who wanted her piano rebuilt. Rented a part of the building to a bicycle repair shop; received $560 for rent in January. Rebuilt and delivered five pianos to customers who paid $16,600 in cash. Received $8,600 from customers as payment on their accounts. Received an electric and gas utility bill for $480 to be paid in February. Ordered $860 in supplies. Paid $2,500 on account to suppliers. Received from Sam Mensa, the major shareholder, a $910 tool (equipment) to b. Rented a part of the building to a bicycle repair shop; received $560 for rent in January. c. Rebuilt and delivered five pianos to customers who paid $16,600 in cash. d. Received $8,600 from customers as payment on their accounts. e. Received an electric and gas utility bill for $480 to be paid in February. f. Ordered $860 in supplies. g. Paid $2,500 on account to suppliers. h. Received from Sam Mensa, the major shareholder, a \$910 tool (equipment) to use in the business in exchange for the company's shares. i. Paid \$8,800 in wages to employees for work in January. j. Declared and paid a cash dividend of $3,300. k. Received and paid for the supplies ordered in (f). Required: Use the following chart to identify whether each of the transactions in results in a cash flow effect from operating (O), investing (I), or financing (F) activities, and indicate the effect on cash (+ for increase and - for decrease). If there is no cash flow effect, write "none." The first transaction is provided as an example. (Enter any decreases to account balances with a minus sign.) k. Received and paid for the supplies ordered in (f). Required: Use the following chart to identify whether each of the transactions in results in a cash flow effect from operating (O), investing (I), or financing (F) activities, and indicate the effect on cash (+ for increase and - for decrease). If there is no cash flow effect, write "none." The first transaction is provided as an example. (Enter any decreases to account balances with a minus sign.) 13,000 Accounts payable 53,000 Deferred revenue (deposits) 3,000 Note payable (due in three year 19,000 Contributed capital 15,000 Retained earnings 67,000 1

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

Auditing And Assurance Services

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley

12th Edition

0136128270, 9780136128274

More Books

Students also viewed these Accounting questions

Question

What is a software architecture assessment?

Answered: 1 week ago