Question.

April 1 R. Verrecchia invested $9,000 cash to begin the business in exchange for common stock.

2. Paid $2,850 cash for six months' lease on van for the business.

3.Borrowed $10,000 cash from bank and signed note payable agreeing to repay it in one year plus 10% interest,

4.Purchased $5,500 of cleaning equipment; the company paid $2,500 cash with the remainder due within 30 days.

5. Paid $4,300 cash for cleaning supplies.

7. Paid $350 cash for advertisements to run in the area newspaper during April.

21. Billed customers $3,500 for services performed.

23. Paid $3,000 casl toward the account for cleaning equipment (see April 4).

28. Collected $2,300 cash from customers on their accounts billed on April 21.

29.Paid $1,000 cash for dividends.

30.Paid $2,750 cash for April wages,

30. Paid $995 cash for gasoline used during April.

Verrechia Co. began operations on April 10. What was the balance in the cash account at end of April?

Question. D. Roulstone opened Roulstone Roofing Service on April 1. Transactions for April follow.

Apr. 1 Roulstone contributed $11,500 cash to the business in exchange for common stock.

2 Paid $6,100 cash for the purchase of a used truck.

2 Purchased $6,200 of ladders and other equipment; the company paid $1,000 cash, with the balance due in 30 days.

3 Paid $2,880 cash for two-year (or 24-month) premium toward liability insurance.

5 Purchased $1,200 of supplies on credit.

5 Received an advance of $1,800 cash from a customer for roof repairs to be done during April and May.

12 Billed customers $5,500 for roofing services performed.

18 Collected $4,900 cash from customers toward their accounts billed on April 12.

29 Paid $675 cash for truck fuel used in April.

30 Paid $100 cash for April newspaper advertising.

30 Paid $4,500 cash for assistants' wages earned.

30 Billed customers $4,000 for roofing services performed.

At the end of the month, what is the ending balance in the total accounts receivable account? Ignore any allowance related to receivables.

a) $4,000 b) $4,600 c) $5,500 .: d) $6,400 e) None of the above

Question. On March 15, 2014, Frankel Construction contracted to build a shopping center at a contract price of $125 mwon. The schedule of expected (which equals actual) cash collections and contract costs follows:

Year Cash Collections Cash Incurred

2014..... $ 30 million $20 million

2015..... 50 million 45million

2016 ...... 45 million 35million

__________ _______________

Total. .... $125 million $100 million

What net income is reported by the company in 2014 if the company uses percentage of completion method to calculate net income?

Question 25. At the beginning of a recent year, JetBlue's assets were $7,071 million and its equity was $1,757 million. During the year, assets decreased $1 million and liabilities decreased $132 million. What was JetBlue's equity at the end of the year?