Question

at wilma service company, the balance of cash account on january 1st, 2020 was $5,000. the following transactions are for year 2020: (1) issued $25,000 of common stock for cash. (2) paid wages expense of $10,000. (3) acquired land by issuing common stock of par value $50,000. (4) declared and paid a cash dividend of $1,000. (5) recorded cash sales of $20,000. (6) provided $20,000 services in cash. (7) disposed some of the old equipment of company for $3,000 in cash. (8) repaid a 6 year note payable in the amount of $11,000. (9) purchase new equipment – paid $6,000 cash and the rest was on account. compute net cash flows from financing activities. example of answer: 4000 or -4000 (no comma, space, decimal point, or $ sign. show negative with -)

Answer 1

the correct answer is $60,000

How Do I Open a Cash Account?

To balance an account, just add up its debit and credit sides, then subtract the smaller (with a lower total value) side from the bigger side. The balance of the account is the difference between the two sides.

Any securities transactions must be paid in full from monies in the account at the time of settlement if the account is a cash one with a brokerage company. Thus, with this form of account, short selling and buying on margin are prohibited. Cash accounts and margin purchases of securities are governed by Regulation T of the Federal Reserve. Investors have two business days to pay for security under this legislation. T+2 is the name of it.

A ledger in which all cash transactions are documented is referred to as a cash account or cash book in accounting. The cash account contains both the cash receipts and payments journals.

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