Question
problem the following events apply to sam's restaurant for the year ended Dec 31,2016 it's the first year of operation 1- The company acquired 50,000
problem
the following events apply to sam's restaurant for the year ended Dec 31,2016 it's the first year of operation
1- The company acquired 50,000 cash by common stock
2- purchased new cook top that cost 35,000 cash
3- earned 36,000 in cash revenue
4- paid 12,000 cash for salary expense
5- recorded depreciation expense on the cook top for 2016 using straight-line depreciation. the cook top was purchased on January 1,2016, the expected useful life of it is four years, and the estimated salvage value is 3,000
STEP1; recored the jurnal entery format and post all transications to T-account
STEP2; prepare a balance sheet and a statment of cash flow for the acoount period
STEP3; answer the following questions
q1- what is the net income ?
q2- what is sthe amount depreciation expense would the resturant report on 2017 income statment
q3- what amount of accumulated depreciation would sam report in Dec31 , 2017, balance sheet
q4- would the cash flow from operating activities be affected by depreciation in 2017
Please i need help with my homework
Thank you
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