Question

Jay Corp., a startup company, provided services to its customers and billed those customers for $350,000 in 2017. However, Jay collected only $280,000 in cash in 2017 and the remaining 100 was collected in 2018. The company's employees earned $200.000 in 2017 wages that were not paid until the first week in 2018. What was the company's net income for 2017?

Question.

On January 1st, Jallah company's beginning balance in supplies account was $1,930. During the month, the company purchased $2,000 and recorded a supplies expense of $31,00. What was the ending balance in the supplies account at the end of the month?

Question

On January 1, Sam's company collected $5,250 for six months' rent in advance from a tenant renting space for $875 per month. At the end of the first month (January 31s), the company will record:

a) Record $875 of revenue and record $875 of rent expense

b) Record $5,250 as unearned revenue and record the same amount as revenue

c) Record $5,250 as unearned rent revenue and reduce the revenue account by $5,250

d) Record $875 as revenue and reduce the same amount from unearned rent revenue

e) None of the above

Question.

At the beginning of the current period, Blake carried 1,000 units of its product with a unit cost of $21. A summary of purchases during the current period follows. During the period, Blake sold 2,800 units.

Units Unit Cost Cost

Beginning Inventory 1,000 $21 $ 21,000

Purchase #1 1,800 23 41,400

Purchase #2 800 27 21,600

Purchase #3 1,200 30 36,000

Assume that Chen uses the FIFO method. What is the cost of goods sold?

What is the ending inventory value if Blake uses the LIFO method?

Question.

The 2012 annual report of Genesis Corporation included the following information relating to their allowance for doubtful accounts: Balance in allowance account related to receivables at the beginning of the year was $372 million and ending balance in allowance account was $393 million. There were no writeofts. What did Genesis Corporation report as bad debt expense for the year?

Question.

LaFond Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible.

Age Group Accounts Receivable Estimated Loss %

0-30 days past due $ 80,000 1%

31-60 days past due 20,000 2

61-120 days past due 14,000 5

121-180 days past due 6,000 10

Over 180 days past due 4,000 25

________

Total accounts receivable $ 124,000

The unused balance of the allowance for uncollectible accounts is $450 on December 31, before any adjustments.

What amount of bad debts expense will LaFond report in its income statement for the year? Assume there are no writeoffs.

Question.

2012 2013

Beginning retained earnings. .... $189,089 ?

Net income (loss) ............. ? 48,192

Dividends................... 0 15,060

Ending retained earnings ....... 169,634 ?

What were the ending retained earnings of the company in 2013?

Question.

Jayjay Company reports the following selected results for its current calendar year,

Net income $130,000

Depreciation expense 28,000

Accounts receivable increase 10,000

Accounts payable increase 6,000

Prepaid expenses decrease 3,000

Wages payable decrease 4,000

What is the operating cash flow of the company?

Question

Consider the following transactions of a company during the current.

1. Shareholders contribute $10,000 cash to the business in exchange for common stock. 2. Employees earn $500 in wages that have not been paid at period-end. 3. Inventory of $3,000 is purchased on credit. 4. The inventory purchased in transaction 3 is sold for $4,500 on credit. 5. The company collected the $4,500 owed to it per transaction 4. 6. Equipment is purchased for $5,000 cash. 7. Depreciation of $1,000 is recorded on the equipment from transaction 6. 8. The Supplies account had a $3,800 balance at the beginning of this period; a physical count at period-end shows that $800 of supplies are still available. No supplies were purchased during this period. 9. The company paid $12,000 cash toward the principal on a note payable; also, $500 cash is paid to cover this note's interest expense for the period. 10. The company received $8,000 cash in advance for services to be delivered next period.

Consider the transactions of Mogg company during the current period. What is the total revenue reportable for the current period?

Question.

Following is selected financial information from Cisco Systems, Inc., for the year ended July 27, 2013 ($ millions).

Cash, ending year ......... $ 7,925

Cash from operating activities. Sales......... 12,894

Sales..........48,607

Stockholders' equity .............. 59,128

Cost of goods sold......... 19,167

Cash from financing activities, Total liabilities, ........ (3,000)

Total liabilities..................42,063

Total expenses (other than cost of goods sold)......... 19,457

Noncash assets ............ 93,266

Cash from investing activities. ....... (11,768)

Net income.....: 9,983

Cash, beginning year ... 9,799

What were the total assets reported by the company on its balance sheet?

Question.

a. Carter (owner) invested in the company, $100,000 cash and $20,000 in property and equipment. The company issued common stock to Carter. b. The company paid $3,200 cash for rent of office furnishings and facilities for March. c. The company performed services for clients and immediately received $4.000 cash earned. d. The company performed services for clients and sent a bill for $24,000 with payment due within 60 days. e. The company compensated an office employee with $4,800 cash as salary for March. f. The company received $10,000 cash as partial payment on the amount owed from clients in transaction d. g. The company paid $935 cash in dividends to Carter (owner).

Consider the transactions above during the month of March for M.E. Carter company. Transaction f resulted in a NET:

a) Increase in assets b) Decrease in assets c) Decrease in liabilities d). Increase in Equity e) None of the above

Question

June 1 M. DeFond invested $12,000 cash to begin the business in exchange for common stock,

2. Paid $950 cash for June rent.

3. Purchased $6,400 of office equipment on credit.

6. Purchased $3,800 of art materials and other supplies; the company paid $1,800 cash with the remainder due within 30 days.

11. Billed clients $4,700 for services rendered.

17.Collected $3,250 cash from clients on their accounts billed on June 11.

19.Paid $5,000 cash toward the account for office equipment (see June 3).

25.Paid $900 cash for dividends.

30. .Paid $350 cash for June utilities.

30. Paid $2,500 cash for June wages.

Defond company began operations on June 18. Accounts payable are recorded when a company buys things on credit instead of paying cash. What was the ending balance in the accounts payable account at the end of the month?