Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Short Jom Investments, net Accounts Receivabla, net Merchandise Inventery Office Supplies Prepaid Rent 34,000 Cash Flows Fro Net Income Adjustments to Reconcile Net Inoome to

image text in transcribed
Short Jom Investments, net Accounts Receivabla, net Merchandise Inventery Office Supplies Prepaid Rent 34,000 Cash Flows Fro Net Income Adjustments to Reconcile Net Inoome to Net Cash Provided by (Used for) Operating Activities Property, Pliant, and Equipment s 29,540 Amortization Expense Decrease in Accounts Receivable norease in Menchandise Inventory Decroase in Office Suppes 945,000 195,000 12,960 12.960 70,000 Ofice Fumiture and Equipment Aooumulated Depreoiation-PP Increase in Accounts Payable Increase in Ulities Payable norease in Telephone Payable ncrease in Wages Payable ncrease in Iinterest Payable Current Liables 4,70 s 2240 610 200 Acoounts Payable Ueities Payable Wages Payable Intenest Payablo 3,700 1 1,500 Unearned Revenue 6720 6720 More into Discount on Bonds Payable Tetal Liabilities (1,800) 505,770 11,420 b. Depreciation expense for the year $29,540 on the bonds pryable, $200 Paid-in Capital 2. There were no disposals of plant and equipment cuting the year A acquisitions of PP&E were for cash except the land, which was aoquired by issuing preferred stock 3. The company issued bonds payable with a face value of $000,000, recalving 4. The company distrbuted 10,000 s.The common stockancoplforthe stock dividend,was sued fr cash Common Stook 470,000 270,000 n a sock dividend Retained Eamings Total Stockhalderns Equity ,144.20 273,290 G. The cash receipt from the notes

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions