Question

The Bloom Company issued stock for $53,500 cash on January 20, 2011. During 2011, the company...

The Bloom Company issued stock for $53,500 cash on January 20, 2011. During 2011, the company recorded revenue on account of $18,700 and expenses for which cash was paid of $10,280. Bloom received $10,550 cash from accounts receivable. The company also purchased land for $6,175 cash. Based on this information, the amount of change in cash for 2011 was Multiple Choice

$57,875

$53,770

$47,595

$66,295

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Ans Statement of change in cash for 2011:
Particulars Amt.($) Amt.($)
Add:
Received from issue of stock            53,500
Received from Accounts receivable            10,550          64,050
Less:
Paid for expenses            10,280
Purchase of Land              6,175          16,455
Amount of Change in cash          47,595
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The Bloom Company issued stock for $52,300 cash on January 20, 2011. During 2011, the company...
The Bloom Company issued stock for $52,300 cash on January 20, 2011. During 2011, the company recorded revenue on account of $17,800 and expenses for which cash was paid of $10,500. Bloom received $10,540 cash from accounts receivable. The company also purchased land for $6,425 cash. Based on this information, the amount of change in cash for 2011 was
8. Brighton Company received $32,000 cash from the issue of common stock on January 1, 2019,...
8. Brighton Company received $32,000 cash from the issue of common stock on January 1, 2019, its first date of operations. During 2019, Brighton earned $14,500 of revenue on account. The company also collected $4,500 cash from accounts receivable and paid $2,000 cash for rent expense during 2019. The company also accrued $5,000 for salaries expense during 2019, payable in 2020. Based on this information alone, the cash balance at December 31, 2019 was a. $ 29,500. b. $ 34,500....
The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the...
The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances:     Account Title Debits Credits Cash 28,700 Accounts receivable 18,000 Equipment 31,000 Accumulated depreciation 9,300 Salaries payable 10,000 Common stock 49,000 Retained earnings 9,400 Total 77,700 77,700 The following is a summary of the transactions for the year: Service revenue, $134,000, of which $40,200 was on account and the balance was received in cash. Collected on accounts receivable, $26,800. Issued shares...
Zachary Company began operations on January 1, 2018, by issuing common stock for $37,000 cash. During...
Zachary Company began operations on January 1, 2018, by issuing common stock for $37,000 cash. During 2018, Zachary received $56,200 cash from revenue and incurred costs that required $37,200 of cash payments. Prepare a GAAP-based income statement and balance sheet for Zachary Company for 2018, under each of the following independent scenarios: Zachary is in the car rental business. The $37,200 was paid to purchase automobiles. The automobiles were purchased on January 1, 2018, and have three-year useful lives, with...
On January 1, 2011 Big Company purchased 90% of Small company for $2,700,000. On January 1,...
On January 1, 2011 Big Company purchased 90% of Small company for $2,700,000. On January 1, Small had the following balance sheet Assets: Cash 500,000 Inventory 500,000 Equipment 2,000,000 a/d equipment 1,000,000 liabilities: accounts payable 200,000 equity: common stock 1,000,000 retained earnings 800,000 The equipment with a 10 year life (no salvage) has a fair market value of $1,600,000 On January 1, 2011 (just before the purchase) Big had the following balance sheet: Cash $4,000,000 Equipment $5,000,000 a/d equipment $3,000,000...
TASK 1 : 1. Hani owns a consulting firm named Hani Consultancy on January 2019. The...
TASK 1 : 1. Hani owns a consulting firm named Hani Consultancy on January 2019. The following transactions occurred during the month of January 2019. January Transactions 1 Lina invested RM50,000 cash in the business. 2 Paid office rental for the month for RM6000. 3 Purchased supplies worth RM4000 on account. 5 Paid RM300 for advertisement purposes in a newspaper. 7 Interviewed candidates for job vacancy with monthly salary of RM2,700. 9 Received RM27,000 cash for services provided. 12 Office...
The following selected transactions were completed by Air Systems Company during January of the current year....
The following selected transactions were completed by Air Systems Company during January of the current year. Air Systems Company uses the periodic inventory system. Jan. 2 Purchased $18,200 of merchandise on account, FOB shipping point, terms 2/15, n/30. 5 Paid freight of $190 on the January 2 purchase. 6 Returned $2,750 of the merchandise purchased on January 2. 13 Sold merchandise on account, $37,300, FOB destination, 1/10, n/30. The cost of goods sold was $22,400. 15 Paid freight of $215...
On January 2, Cohan Company acquired 37% of the outstanding stock of Sanger Company for $715,500....
On January 2, Cohan Company acquired 37% of the outstanding stock of Sanger Company for $715,500. For the year ended December 31, Sanger Company earned income of $108,700 and paid dividends of $26,400. Prepare the entries for Cohan Company for the purchase of the stock, the share of Sanger income, and the dividends received from Sanger Company. Refer to the Chart of Accounts for exact wording of account titles. On January 2, Cohan Company acquired 37% of the outstanding stock...
X Company prepares monthly financial statements. In January, it purchased inventory on account. The accountant recorded...
X Company prepares monthly financial statements. In January, it purchased inventory on account. The accountant recorded the transaction as an increase in Inventories and an increase in Retained Earnings. As a result, which of the following is true regarding the January financial statements? Retained Earnings was understated. Revenue was understated. Accounts Payable was understated. Expenses were understated. Accounts Receivable was overstated. Inventories were understated.
X Company prepares monthly financial statements. In January, it purchased inventory on account. The accountant recorded...
X Company prepares monthly financial statements. In January, it purchased inventory on account. The accountant recorded the transaction as an increase in Inventories and an increase in Retained Earnings. As a result, which of the following is true regarding the January financial statements? - Inventories were understated. - Retained Earnings was understated. -Revenue was understated. - Expenses were understated. - Accounts Receivable was overstated. - Accounts Payable was understated.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT