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Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets. Cash Accounts Receivable. Land Totals The following $ 46,000 50,000 28,000 $ 124,000 Liabilities and Stockholders' Equity Accounts Payable Common Stock Retained Earnings $ 29,000 79,000 16,000 $ 124,000

Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets. Cash Accounts Receivable. Land Totals The following $ 46,000 50,000 28,000 $ 124,000 Liabilities and Stockholders' Equity Accounts Payable Common Stock Retained Earnings $ 29,000 79,000 16,000 $ 124,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please answer c. “What amount of net cash flow from operating activities would be reported”
e.edu Homework - New O 02:03:54 ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com% Book Print erences N X Ch 2 Homework - New Problem 2-35A (Algo) Effect of events on financial statements LO 2-3, 2-5, 2-6, 2-7, 2-8 X M Question 10 - Ch 2 Homework X + Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Cash Accounts Receivable Land Totals here to search $ 46,000 50,000 28,000 $ 124,000 Saved Liabilities and Stockholders' Equity Accounts Payable Common Stock Retained Earnings B1 Сп The following accounting events apply to Waddell Company's Year 2 fiscal year: January 1 Acquired $54,000 cash from the issue of common stock. February 1 Paid $5,400 cash in advance for a one-year lease for office space. March 1 Paid a $1,600 cash dividend to the stockholders. April 1 Purchased additional land that cost $28,000 cash. May 1 Made a cash payment on accounts payable of $14,000. July 1 Received $7,000 cash in advance as a retainer for services to be performed monthly over the coming year. September 1 Sold land for $23,000 cash that had originally cost $23,000. October 1 Purchased $940 of supplies on account. December 31 Earned $67,000 of service revenue on account during the year. December 31 Received cash collections from accounts receivable amounting to $59,000. December 31 Incurred other operating expenses on account during the year that amounted to $10,000. December 31 Recognized accrued salaries expense of $5,100. December 31 Had $130 of supplies on hand at the end of the period. December 31 The land purchased on April 1 had a market value of $40,000. December 31 Recognized $123 of accrued interest revenue. $ 29,000 79,000 16,000 $ 124,000 Required: Based on the preceding information, answer the following questions for Waddell Company. All questions pertain to the Ye statements (Hint: Enter items in general ledger accounts under the accounting equation before answering the questions L < Prev 10 of 12 100 h Next >
Transcribed Image Text:e.edu Homework - New O 02:03:54 ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com% Book Print erences N X Ch 2 Homework - New Problem 2-35A (Algo) Effect of events on financial statements LO 2-3, 2-5, 2-6, 2-7, 2-8 X M Question 10 - Ch 2 Homework X + Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Cash Accounts Receivable Land Totals here to search $ 46,000 50,000 28,000 $ 124,000 Saved Liabilities and Stockholders' Equity Accounts Payable Common Stock Retained Earnings B1 Сп The following accounting events apply to Waddell Company's Year 2 fiscal year: January 1 Acquired $54,000 cash from the issue of common stock. February 1 Paid $5,400 cash in advance for a one-year lease for office space. March 1 Paid a $1,600 cash dividend to the stockholders. April 1 Purchased additional land that cost $28,000 cash. May 1 Made a cash payment on accounts payable of $14,000. July 1 Received $7,000 cash in advance as a retainer for services to be performed monthly over the coming year. September 1 Sold land for $23,000 cash that had originally cost $23,000. October 1 Purchased $940 of supplies on account. December 31 Earned $67,000 of service revenue on account during the year. December 31 Received cash collections from accounts receivable amounting to $59,000. December 31 Incurred other operating expenses on account during the year that amounted to $10,000. December 31 Recognized accrued salaries expense of $5,100. December 31 Had $130 of supplies on hand at the end of the period. December 31 The land purchased on April 1 had a market value of $40,000. December 31 Recognized $123 of accrued interest revenue. $ 29,000 79,000 16,000 $ 124,000 Required: Based on the preceding information, answer the following questions for Waddell Company. All questions pertain to the Ye statements (Hint: Enter items in general ledger accounts under the accounting equation before answering the questions L < Prev 10 of 12 100 h Next >
X vork - New i _mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252F Ch 2 Homework - New search Accounting 1 Equation Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It do X M Question 10 - Ch 2 Homework X + Complete this question by entering your answers in the tabs below. Req A Req B to M X Answer is not complete. Refer to the Accounting Equation and transaction information to answer questions B to M. Note: Do not round intermediate calculations. Enter cash outflows as negative amounts. en Saved b. What amount would Waddell report for land on the balance sheet? c. What amount of net cash flow from operating activities would be reported on the statement of cash flows? d. What amount of rent expense would be reported on the income statement? e. What amount of total liabilities would be reported on the balance sheet? f. What amount of supplies expense would be reported on the income statement? g. What amount of unearned revenue would be reported on the balance sheet? h. What amount of net cash flow from investing activities would be reported on the statement of cash flows? i. What amount of total expenses would be reported on the income statement? j. What total amount of service revenue would be reported on the income statement? k. What amount of cash flows from financing activities would be reported on the statement of cash flows? 1. What amount of net income would be reported on the income statement? m. What amount of retained earnings would be reported on the balance sheet? < Req A L Rec B to M < Prev 10 of 12 00 $ $ $ $ $ $ $ $ Next > 33,000 4,950 34,540 810✔ 3,500✔ 33,000 X 21,650 X 74,000 x
Transcribed Image Text:X vork - New i _mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252F Ch 2 Homework - New search Accounting 1 Equation Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It do X M Question 10 - Ch 2 Homework X + Complete this question by entering your answers in the tabs below. Req A Req B to M X Answer is not complete. Refer to the Accounting Equation and transaction information to answer questions B to M. Note: Do not round intermediate calculations. Enter cash outflows as negative amounts. en Saved b. What amount would Waddell report for land on the balance sheet? c. What amount of net cash flow from operating activities would be reported on the statement of cash flows? d. What amount of rent expense would be reported on the income statement? e. What amount of total liabilities would be reported on the balance sheet? f. What amount of supplies expense would be reported on the income statement? g. What amount of unearned revenue would be reported on the balance sheet? h. What amount of net cash flow from investing activities would be reported on the statement of cash flows? i. What amount of total expenses would be reported on the income statement? j. What total amount of service revenue would be reported on the income statement? k. What amount of cash flows from financing activities would be reported on the statement of cash flows? 1. What amount of net income would be reported on the income statement? m. What amount of retained earnings would be reported on the balance sheet? < Req A L Rec B to M < Prev 10 of 12 00 $ $ $ $ $ $ $ $ Next > 33,000 4,950 34,540 810✔ 3,500✔ 33,000 X 21,650 X 74,000 x
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