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Kruka [31]
3 years ago
13

Use the following items to prepare a balance sheet and a cash flow statement.

Business
1 answer:
Natali5045456 [20]3 years ago
8 0

Answer:

Total Assets=$18,170     Networth=Assets-Liabilites=$15,855

Total Liabilties=$2,315         Cash Outflows =$3,925  

Cash Inflows=$0

Explanation:

Total Assets  

Checking Account   450.00  

Savings Account   1,890.00  

Automobile   7,800.00  

Loan payment   (80.00)

Household Possession   3,400.00  

Stereo Equipment   2,350.00  

Computer                 1,500.00  

Stock Investment         860.00  

                       18,170.00  

Total Liabilties  

Loan                  2,160.00  

Credit balance   235.00  

Loan payment   (80.00)

                    2,315.00  

Networth=$18,170-$2.315=$15,855

 Cash Outflows  

Rent   650.00  

Salaries   1,950.00  

Food   450.00  

telephone    65.00  

Insurance   230.00  

Electricity   90.00  

Lunch/Parking   180.00  

Donation              70.00  

Purchase             110.00  

Restaurant Spending   130.00  

                          3,925.00  

Cash Inflows=$0

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3 years ago
Following are selected transactions Danica Company for 2014:
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Answer:

Explanation:

Answer:

On Dec 31, 2012 Lee's liability would be $9,500 (principal amount) and $38 (accrued interest)

Explanation:

Lees notes:

Dec. 13 Accepted a $9,500, 45-day, 8% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable.

First interest due = $9,500 x 8% x 45/360 = $95

On the 31st 18 days would have accrued of the 45days = 18/45 x $95 = $38

On Dec 31, 2012 Lee's liability would be $9,500 (principal amount) and $38 (accrued interest)

Debit Miranda Lee with $9,538

Credit interest on Receivables $38

Credit Account receivables account with $9,500

When the full interest became due we will pass an additional entry:

Dr. Lee with $58

Cr. Interest on receivables with $58

(Being the balance interest on receivables due )

On Jan 27 when Lee paid her interest and principal amount, we will:

Debit Account receivables with $9,500

Debit interest on receivables Account with $95

Credit Tomas account with $9,595

( being liquidation of Lee's indebtedness)

Tomas notes:

Mar 3, Accepted a $5,000, 10%, 90-day note dated March 3 in granting a time extension on the past-due account receivable of Tomas Company.

Let's recognize the full interest due first:

$5,000 x 10% x 90/360 = $125

At this time we will:

Debit Tomas with $5,125

Credit interest on receivables with $125

Credit Account Receivables account with $5,000

On June 1 when Tomas paid his interest and principal amount, we will:

Debit Accounts receivable with $5,000

Debit interest on receivables with $125

Credit Tomas account with $5,125

( being liquidation of Tomas indebtedness)

Hiroshi Cheng notes:

Accepted a $2,000, 30-day, 9% note dated March 17 in granting Hiroshi Cheng a time extension on his past-due account receivable.

Interest = $2,000 x 9% x 30/360 = $15

The entries recognizing this liability will be to :

Debit Cheng Account with $2,015

Credit interest on receivables with $15

Credit Accounts receivable with $2,000

(Being receivables payable balance and interest on balance owed by Cheng)

However Cheng failed in paying up. It was decided to write off the debt.

The entries would be:

Dr. Accounts receivables $2,000

Dr. Interest on Accounts receivables with $15

Cr. Cheng's Account with $2,015

(Being debt owed by Cheng written off)

8 0
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Answer:

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                           To Deferred tax asset                   $29.50

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                    (To record income tax expense and reversal of Deferred

                      tax asset)

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