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notsponge [240]
3 years ago
11

The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period: Performed $64,500 of

services for clients on account. Performed $41,000 of services for cash. Incurred $30,000 of other operating expenses on account. Paid $15,500 cash to an employee for salary. Collected $50,000 cash from accounts receivable. Paid $16,000 cash on accounts payable. Paid an $5,000 cash dividend to the stockholders. Accrued salaries were $2,200 at the end of Year 1.
Required
a. Show the effects of the events on the financial statements using a horizontal statements model like the following one. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, NC for net change in cash and NA to indicate the element is not affected by the event. The first event is recorded as an example. (Enter any decreases to account balances and cash outflows with a minus sign.)
b. What is the amount of total assets at the end of 2014?
c. What is the balance of accounts receivable at the end of 2014?
d. What is the balance of accounts payable at the end of 2014?
f. What is net income for 2014?
g. What is the amount of net cash flow from operating activities for 2014?
Business
1 answer:
charle [14.2K]3 years ago
8 0

Answer:

a) I used an excel spreadsheet since there is not enough room here.

b) $69,000

c) $14,500

d) $14,000

f) $57,800

g) $59,500  

Download pdf
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Explanation:

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Root and Vine is a gardening collective and local delivery service started by two friends. Their clientele has grown, and they w
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The countries that have made the least use of securities markets are ________ and ________; in these two countries finance from
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Answer:

<u>Germany</u> and <u>Japan</u>

Explanation:

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3 years ago
Speculator paid $25,000 net each for two 150 front-foot lots. Speculator split them into 3 lots with equal front footage. Specul
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Answer:

The answer is 80%

Explanation:

Profit = revenue - cost of sales

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3 years ago
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Answer:

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Explanation:

The Yield to Maturity(YTM) of the Bond is the cost of the debt. So, we need to find the YTM first.

Here i will use a Financial Calculator to enter and compute the YTM as follows :

N = 20× 2 = 40

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