Use the following items to prepare a balance sheet and a cash flow statement. Determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows. (Omit the "$" sign in your response.) Rent for the month $ 1,030 Auto insurance $ 240 Monthly take-home salary 2,850 Household possessions 3,470 Cash in chequing account 1,020 Stereo equipment 3,140 Savings account balance 2,360 Payment for electricity 144 Spending for food 470 Lunches/parking

Use the following items to prepare a balance sheet and a cash flow statement. Determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows. (Omit the "$" sign in your response.) Rent for the month $ 1,030 Auto insurance $ 240 Monthly take-home salary 2,850 Household possessions 3,470 Cash in chequing account 1,020 Stereo equipment 3,140 Savings account balance 2,360 Payment for electricity 144 Spending for food 470 Lunches/parking

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter3: Journalizing Transactions

Section: Chapter Questions

Problem 1ANFS

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Use the following items to prepare a balance sheet and a cash flow statement Determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows. (Omit the "$" sign in your response.) Rent for the month Monthly take-home salary. Cash in chequing account Savings account balance. Spending for food. Balance of educational loan Current value of automobile Telephone bill paid for month Credit card balance Loan payment picture Click here for the Excel Data File Total assets Total liabilities Net worth Total cash inflows Total cash outflows $ $ $ $ $ $ 1,038 2,850 1,828 2,360 470 2,978 8,490 85 301 163 Auto insurance Household possessions stereo equipment Payment for electricity Lunches/parking at work. Donations Home computer Value of stock investment Clothing purchase Restaurant spending $ 248 3,478 3,148 144 199 135 2,220 1,080 157 227
Prepare a tabular analysis for any adjustments required to reach the adjusted cash balance per books. Be sure to include dates and explanations for any revenues or expenses. Use the provided templates to complete your work. Book Balance $28,600 Bank Balance $32,545 Deposits in transit $3,400 Outstanding checks $5,000, $1,800 and $975 Bank charges $35 Interest earned $55 Health insurance auto-draft $450
Based on the following data, determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows. Balance Sheet and Cash Flow Items Based on the following data, determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows. Balance Sheet and Cash Flow Items Rent for the month $ 1,520 Monthly take-home salary $ 4,070 Cash in checking account 920 Savings account balance 2,420 Spending for food 1,260 Balance of educational loan 2,340 Current value of automobile 7,820 Telephone bill paid for month 104 Credit card balance 307 Loan payment 84 Auto insurance 319 Household possessions 3,880 Home entertainment system 3,290 Payment for electricity 150 Lunches/parking at work 194 Donations 148 Computers 2,430 Value of stock investment 1,670 Clothing purchase 146 Restaurant spending 145
Based on the following data, determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows. Balance Sheet and Cash Flow Items Rent for the month Cash in checking account Spending for food Current value of automobile Credit card balance Auto insurance Home entertainment system Lunches/parking at work Computers Clothing purchase Balance Sheet and Cash Flows Total assets Total liabilities Net worth Total cash inflows Total cash outflows $ 1,450 630 1,000 8,760 238 304 3,010 181 1,590 163 Monthly take-home salary Savings account balance Balance of educational loan Telephone bill paid for month Loan payment Household possessions Payment for electricity Donations Value of stock investment Restaurant spending $ 3,820 2,110 3,100 74 174 3,770 111 149 910 214
Analyse the following information using a Cash T: Schedule C Cash Receipts: $120,000 Schedule C Cash Expenses: $135,000 Personal Living Expenses: $65,000 Is this preliminarly under or overstatement income and what is the amount?
Instructions: Use the below bank account receipts and payments summary to create a statement of cash flows. Use the direct method and follow the format in your textbook, chapter 6. Transaction Description Date 1/1/20 Cash deposit to start business 1/1/20 Three month's rent 1/1/20 Cash register paid for 1/1/20 Store furniture paid for 1/31/20 Receipts for sales in January 2020 2/7/20 Widgets supplied in January paid for 2/25/20 Cash withdrawn for your own expenses 2/29/20 Receipts for sales in February 2020 3/15/20 Widgets supplied in February paid for 3/16/20 Store utility charges for Jan, Feb, Mar 2020 3/31/20 Receipts for sales March 2020 3/31/20 Balance in bank on March 31st 2020 Receipts 10,000 6,500 9,000 12,000 37,500 Payments 2,400 450 8,500 4,500 3,000 6,000 300 12,350 37,500
(1) During Year 1, Hardy Merchandising Company purchased $15,000 of inventory on account. (2) Hardy sold inventory on account that cost $11,300 for $16,900. (3) Cash payments on accounts payable were $9,400. (4) There was $15,000 cash collected from accounts receivable. (5) Hardy also paid $3,500 cash for operating expenses. Assume that Hardy started the accounting period with $24,500 in both cash and common stock. Required: a. Identify the events described in the preceding paragraph and record them in a horizontal statements model like the following one. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA), b. What is the balance of accounts receivable at the end of Year 1? c. What is the balance of accounts payable at the end of Year 1? d. What are the amounts of gross margin and net income for Year 1? e. Determine the amount of net cash flow from operating activities. Complete this…
Based on the following data, determine the total liabilities Balance Sheet and Cash Flow Items Rent for the month Cash in checking account Spending for food Current value of automobile Credit card balance Auto insurance Home entertainment system Lunches/parking at work Computers Clothing purchase $2,713 $2,564 $2,300 $4,174 $2,891 $1,610 1,400 1,270 7,950 264 327 3,180 212 1,780 137 Monthly take-home salary Savings account balance Balance of educational loan Telephone bill paid for month Loan payment Household possessions Payment for electricity Donations Value of stock investment Restaurant spending $4,340 2,700 2,300 83 162 3,750 149 166 1,400 224
You are given the following information to do with Peters Hotel Balance b/f $20,164 Cash sale $284,300 Credit sale $400,000 Receipt from debtors $162,300 Cash payment Fuel $14,800 Refreshments $3,720 Wages $18,475 You are required to prepare a cash book in order to determine in new cash book balance.
Calculate the following: (a) Determine the cash receipts for May based on the following data: Cash payments during May $44,360 Cash account balance, May 1 4,090 Cash account balance, May 30 8,740 $________ fill in the blank (b) Determine the cash received from customers on account during May based on the following data: Accounts receivable account balance, May 1 $13,680 Accounts receivable account balance, May 30 7,900 Fees billed to customers during May 28,260 $_______fill in the blank
Determine whether the firm reports each of the following items as part of cash and cash equivalents in the balance sheet. Item Cash or Cash Equivalent? (yes/no) 1. Currency 2. Inventory for sale to customers 3. Balance in savings account 4. Checks 5. Accounts receivable 6. Investments purchased with maturities of less than three months 1. _________________ 2.__________________ 3.__________________ 4.__________________ 5.__________________ 6.__________________
Help Save A company's Cash account shows a balance of $3,410 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as bank service fees ($60), an NSF check from a customer ($330), a customer's note receivable collected by the bank $(1,500), and interest earned $(190). Prepare the necessary entries to adjust the balance of cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list А Record the entries that increase cash. Record the entries that decrease cash. Credit Note : = journal entry has been entered %3D Record entry Clear entry View general journal EX: