The following accounts and balances were drawn from the records of barnes company:

Related Questions

• Q132:

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  • Related Questions
  • Which account does not appear on the balance sheet?
  • Which of the following accounts normally has a debit balance?
  • Which account does not appear on the balance sheet quizlet?
  • What concept does the balance sheet really explain based on the information contained in it quizlet?

  Jenna Fisk started her business by issuing $8,000 of common stock on January 1,2016.Jenna performed $18,500 of service on account in 2016,and she collected $16,200 of this amount by year end.She paid operating expenses of $14,900 and paid a $600 dividend to the stockholders. Required: a)What is the amount of total assets at the end of 2016? b)What is the amount of cash on hand at the end of 2016? c)What is net income for 2016? d)Prepare a balance sheet for December 31,2016.

• Q133:

  Kiscaden Corporation began business operations and experienced the following transactions during 2016: 1)Issued common stock for $20,000 cash. 2)Provided services to customers for $80,000 on account. 3)Incurred $36,000 of operating expenses on account. 4)Collected $46,000 cash from customers. 5)Paid $30,000 on accounts payable. Required: Record the above transactions on a horizontal statements model to reflect their effect on Kiscaden's financial statements.Precede the amount with a minus sign if the transaction reduces that section of the equation.Enter 0 for items not affected.In the last column,enter OA,IA,FA for the type of cash flow activity,or NA if there is no activity.

  

• Q134:

  The following transactions apply to Kellogg Company. 1)Issued common stock for $20,000 cash 2)Provided services to customers for $38,000 on account 3)Purchased land for $15,000 cash 4)Incurred $29,000 of operating expenses on account 5)Collected $35,000 cash from customers for services provided in event #2 6)Paid $27,000 on accounts payable 7)Paid $2,000 dividends to stockholders Required: a)Identify the dollar amount effect on the Statement of Cash Flows,if any,for each of the above transactions.Precede a cash outflow amount with a minus sign.Enter NA for items not affected. b)Indicate whether each transaction involves operating,investing,or financing activities.Enter NA for items not affected. c)Classify the above accounting events into one of four types of transactions (asset source,asset use,asset exchange,claims exchange).

  

• Q135:

  Grant Hylton started a consulting business,Grant Consulting,on January 1,2016,and the business engaged in the following transactions during the year: 1.Issued $40,000 of common stock for cash 2.Provided services on account,$46,500 3.Incurred $37,500 of operating expense,but only paid $32,000 of this amount 4.Collected $39,000 of the revenue that was previously recorded on account 5.Paid a cash dividend of $4,000 to the stockholders Required: a)Show the effects of the above transactions on the accounting equation.Precede the amount with a minus sign if the transaction reduces that section of the equation.Enter 0 for items not affected.

  
  b)Prepare an income statement and statement of cash flows for 2016.Precede a cash outflow amount with a minus sign.

• Q136:

  Indicate how each event affects the elements of financial statements.Use the following letters to record your answer in the box shown below each element.You do not need to enter amounts.

  
  -Venture Company paid $50 of accrued interest expense.
  

• Q138:

  Which of the following would be included in the "cash flow from operating activities" section of the statement of cash flows? A)Accrual of salary expense at year-end. B)Purchase of equipment for cash. C)Payments of cash dividends to the owners of the business. D)Cash paid for interest on a note payable.

• Q139:

  Classify each of the following transactions for the purpose of the statement of cash flows as operating activities (OA),investing activities (IA),financing activities (FA),or not reported on the statement of cash flows (NA). 1)_____Collected accounts receivable 2)_____Made adjusting entry to accrue salary expense at the end of the year 3)_____Borrowed funds from the bank 4)_____Paid rent for the month 5)_____Paid cash to settle accounts payable 6)_____Issued common stock for $30,000 cash 7)_____Paid cash to acquire land

• Q140:

  In a company's annual report,the reader will find a company's income statement,statement of changes in stockholders' equity,balance sheet,and statement of cash flows.These financial statements can help the reader to answer specific questions.Identify which financial statement would be most useful in answering the following questions.If more than one financial statement can answer the question,please identify all applicable statements. 1)What was the ending balance of retained earnings? 2)What was the amount of cash dividends paid to the stockholders during the most recent year? 3)What was the total amount of land owned by the company? 4)What was the total amount of cash borrowed by the company during the most recent year? 5)What were the types of claims that the company had against its assets? 6)What was the total amount of cash received by the issuance of common stock in the current year? 7)Was the company profitable during the most recent year? 8)How much cash was collected from accounts receivable during the current year? 9)What was the total revenue earned by the company during the most recent year? 10)What was the amount of change in the cash balance during the current year?

• Q141:

  Thurston Company started its business on January 1,2016 by issuing $15,000 of common stock.On January 1,the company purchased equipment for $10,500.The equipment is estimated to have a 3-year useful life and a $1,500 salvage value.On March 1,Thurston issued a $27,000,6% 5-year note to Community Bank.Customers paid Thurston $54,000 for services performed in 2016.The company paid $33,000 for operating expenses,and paid a $900 dividend to the stockholders.At year-end,Thurston recognized interest expense on the note and depreciation expense on the computer. Required: a)What is the amount of interest expense Thurston will recognize in 2016? b)What is the book (carrying)value of the computer at the end of 2016? c)What is the net income for 2016? d)Prepare a balance sheet for 2016.

• Q142:

  Chester Company began 2016 with a note payable of $20,000 and interest payable of $800.During the year,the company accrued an additional $400 of interest expense,and paid off the note with interest.On the company's 2016 income statement,cash flows for financing activities related to the note would be: A)$1,200 outflow B)$20,000 outflow C)$20,400 outflow D)$21,200 outflow

Which account does not appear on the balance sheet?

Which of the following accounts normally has a debit balance?

Which account does not appear on the balance sheet quizlet?

What concept does the balance sheet really explain based on the information contained in it quizlet?