1. Bledsoe Company received $25,000 cash from the issue of stock on January 1, 2013. During 2013 Bledsoe earned $9,500 of revenue on account. The company collected $8,000 cash from accounts receivable and paid $6,400 cash for operating expenses. Based on this information alone, during 2013.
2. Revenue on account amounted to $7,600. Cash collections of accounts receivable amounted to $5,000. Expenses for the period were $3,900. The company paid dividends of $1,350. Net income for the period was
3. Franklin Trash Removal Company received a cash advance of $10,500 on December 1, 2013 to provide services during the months of December, January, and February. The year-end adjustment to recognize the partial expiration of the contract will
4. Prior to closing, XYZ Company’s accounting records showed the following balances:
After closing, XYZ’s retained earnings balance would be
Retained earnings 5900
Service revenue 7,450
Interest revenue 700
Salaries expense 4,300
Operating expenses 1,250
Interest expense 400 2200
Dividends 1,000 -1000
Closing Balance RE 7100
1. James Company paid $5,100 for one year’s rent in advance beginning on October 1, 2013. James’s 2013 income statement would report rent expense, and its statement of cash flows would report cash outflow for rent, respectively, of
1. Revenue on account amounted to $6,400. Cash collections of accounts receivable amounted to $6,100. Cash paid for expenses was $4,200. The amount of employee salaries accrued at the end of the year was $2,000. Cash flow from operating activities was
7.Woodward Enterprises had the following events during 2013:
The business issued $21,000 of common stock to its stockholders.
The business purchased land for $13,000 cash.
Services were provided to customers for $17,000 cash.
Services were provided to customers for $6,000 on account.
The company borrowed $17,000 from the bank.
Operating expenses of $13,000 were incurred and paid in cash.
Salary expense of $900 was accrued.
A dividend of $5,000 was paid to the owners of Woodward Enterprises.
Assuming the company began operations during 2013, the amount of retained earnings as of December 31, 2013 would be
8. The following accounts and balances were drawn from the records of Hoover Company on December 31, 2013:
The amount of retained earnings as of January 1, 2014 was:
9.Norris Company experienced the following transactions during 2013, its first year in operation.
1. Issued $7,600 of common stock to stockholders.
2. Provided $3,900 of services on account.
3. Paid $2,000 cash for operating expenses.
4. Collected $2,700 of cash from accounts receivable.
5. Paid a $180 cash dividend to stockholders.
9.The amount of retained earnings appearing on Norris Company’s December 31, 2013 balance sheet is:
10 Gonzales Company collected $20,100 on September 1, 2013 from a customer for services to be provided over a one-year period beginning on that date. How much revenue would Gonzales Company report related to this contract on its income statement for the year ended December 31, 2013? How much would it report as cash flows from operating activities for 2013?.
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