Green Landscaping Inc. is preparing its budget for the first
quarter of 2020. The next step...
Green Landscaping Inc. is preparing its budget for the first
quarter of 2020. The next step in the budgeting process is to
prepare a cash receipts schedule and a cash payments schedule. To
that end the following information has been collected.
Prepare schedules for cash receipts and cash payments, and
determine ending balances for balance sheet.
Clients usually pay 60% of their fee in the month that service
is performed, 30% the month after, and 10% the second month after...
On August 31, 2017, the general ledger of Nass, Inc. showed the
following balances: Cash $4,400,...
On August 31, 2017, the general ledger of Nass, Inc. showed the
following balances: Cash $4,400, Accounts Receivable $1,650,
Supplies $550, Equipment $5,500, Accounts Payable $4,510, Common
Stock $3,850, and Retained Earnings $3,740. During August, the
following transactions occurred.
Aug. 3
Collected $1,320 of accounts
receivable due from customers.
5
Received $1,430 cash for
issuing common stock to new investors.
6
Paid $2,970 cash on accounts
payable.
7
Performed legal services of
$7,150, of which $3,300 was collected in cash...
On October 1, 2017, Santana Rey launched a computer services
company, Business Solutions, that is organized...
On October 1, 2017, Santana Rey launched a computer services
company, Business Solutions, that is organized as a corporation and
provides consulting services, computer system installations, and
custom program development. Rey adopts the calendar year for
reporting purposes and expects to prepare the company’s first set
of financial statements on December 31, 2017.
Oct.
1
S. Rey invested $46,000 cash, a $24,000 computer system, and
$12,500 of office equipment in the company in exchange for its
common stock.
3
The...
1. Yellow Mango Company had the following transactions during
2016:
• Sales of Php 4,500 on...
1. Yellow Mango Company had the following transactions during
2016:
• Sales of Php 4,500 on account
• Collected Php 2,000 for services to be performed in 2017
• Paid Php 1,625 cash in salaries
• Paid Php 5,000 for insurance effective 2017.
What is Yellow Mango’s 2016 net income/net loss using accrual
accounting?
2. On January 1, 2016, Ms. Scarlet set up a sole proprietorship.
She contributed cash of Php 1,500,000 and secured a loan of Php
220,000 ....
AMG Consultants Inc. commenced business operations on April 1,
2020. For each of the transactions listed...
AMG Consultants Inc. commenced business operations on April 1,
2020. For each of the transactions listed below, prepare the
required journal entries. Select appropriate account titles for
your journal entries. Please note that explanations for journal
entries are not required. If a journal entry is not required,
clearly indicate by stating “No Journal Entry Required”.
April 4 Purchased TRD Advisory Ltd. for $220,000. The price
consists of land $110,000; building $80,000; and equipment $30,000.
Paid cash of $60,000 and signed...
On November 1, 2017, Marin Inc. had the following account
balances. The company uses the perpetual...
On November 1, 2017, Marin Inc. had the following account
balances. The company uses the perpetual inventory method.
Debit
Credit
Cash
$9,180
Accumulated Depreciation—Equipment
$1,020
Accounts Receivable
2,285
Accounts Payable
3,468
Supplies
877
Unearned Service Revenue
4,080
Equipment
25,500
Salaries and Wages Payable
1,734
$37,842
Common Stock
20,400
Retained Earnings
7,140
$37,842
During November, the following summary transactions were
completed.
Nov.
8
Paid $3,621 for salaries due employees, of which $1,887 is for
November and $1,734 is for October.
10...
During 2019, Ocean Consulting had the following transactions
with it clients (customers):
On February 1, 2019,...
During 2019, Ocean Consulting had the following transactions
with it clients (customers):
On February 1, 2019, the company received cash of $10,000 from
clients in payment of their account balances as of December 31,
2018.
On November 1, 2019, the company received $4,000 cash as
payments in advance for services to be performed in 2020.
The company received a total of $26,000 in cash for services
that were performed during 2019.
The company sent bills totaling $8,000 to clients for...
Prepare a classified balance sheet at May 31, 2017.
(List current assets in order of liquidity)...
Prepare a classified balance sheet at May 31, 2017.
(List current assets in order of liquidity)
Nona Curry started her own consulting firm, Larkspur, Inc., on
May 1, 2017. The following transactions occurred during the month
of May.
May 1
Stockholders invested $20,550 cash in the business in exchange
for common stock.
2
Paid $822 for office rent for the month.
3
Purchased $685 of supplies on account.
5
Paid $205 to advertise in the County News.
9
Received $1,918...