Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Q1) San Garza Properties has been in business for many years. On December 31, 2006, firm's cash balance was $9,121. In January of 2007, 14 events on the following page were recorded in company's accounting system.

 
 
Assets
=
Liabilities
+
Owner's Equity
Date
Accounts
Cash
Other Assets
 
 
 
Contributed Capital
Retained Earnings
1
Cash
18,000
 
 
18,000
 
 
 
 
Bank Loan Payable
 
 
 
 
 
 
 
2
Rent Expense
 
 
 
 
 
 
 
 
Cash
(3000)
 
 
 
 
 
(3000)
3
Office Furniture

5,500
 
 
 
 
 
 
Cash
(5,500)
 
 
 
 
 
 
4
Merchandise
 
9,000
 

 
 
 
 
Accounts Payable
 
 
 
 9,000
 
 
 
5
Cash
10,000
 
 

 
 
 
 
Common stock
 
 
 
10,000
 
 
 
6
Adverting Receivable
 
 
 
 
 
 
 (2,200)
 
Cash
(2,200)
 
 
 
 
 

7
Accounts Receivable
 
18,000
 
 
 
 

 
Sales Revenue
 
 
 
 
 
 
 18,000
8
Merchandise
 
(7,500)
 
 
 
 

 
Costs of Goods Sold
 
 
 
 
 
 
 (7,500)
9
Cash
8,100

 
 
 
 
 
 
Accounts Receivable
 
(8,100)
 
 
 
 
 
10
Accounts Payable

 
 
(7,000)
 
 
 
 
Cash
(7,000)
 
 
 
 
 
 
11
Computer Equipment

4,800
 
 
 
 
 
 
Cash
 (4,800)
 
 
 
 
 
 
12
Wages Expense
 
 
 

 
 
(1,400)
 
Wages Payable
 
 
 
 1,400
 
 
 
13
Dividends
 
 
 
 
 
 
(2,000)
 
Cash
(2,000)
 
 
 
 
 

14
Bank Loan Payable
 
 
 
(5,000)
 
 
 
 
Interest Expense
 
 
 

 
 

 
Cash
(5,135)
 
 
 
 
 
(135)
 
Ending Amounts
$6,465
$21,700
 
=
$16,400
$10,000
$1,765

problems:

Create a statement of cash flows for month of January 2007. Use good form and th direct format.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920633

Have any Question? 


Related Questions in Accounting Basics

Accounting individual assignmentpart 1 - royal oak taxation

ACCOUNTING INDIVIDUAL ASSIGNMENT PART 1 - Royal Oak Taxation Advisory Service has the following transactions for the month of December 2016: Dec. 1 Commenced business by depositing $50 000 in a bank account in the name o ...

Assignmentbackgroundphoenix advertising with its main

Assignment Background Phoenix Advertising, with its main headquarters in Charlotte, North Carolina, serves clients that include banks, insurance companies, and retail chains. You're the vice president of human resources ...

Assignmentpart 1the president of eec recently called a

Assignment Part 1 The President of EEC recently called a meeting to announce that one of the firm's largest suppliers of component parts has approached EEC about a possible purchase of the supplier. The President has req ...

Problemin an annual audit on december 31 2016 novelty

Problem In an annual audit on December 31, 2016, Novelty company provided the following transactions: 1. Merchandise was received on January 8, 2017, and related purchase invoice recorded on January 5, 2017. The invoice ...

Accounting assignment1 in the context of present value

Accounting Assignment 1. In the context of present value analysis, what is the discount rate? How does the discount rate affect the present value calculation? If the present value of a future return is calculated using a ...

Assignmentaccounting is the study of how businesses track

Assignment Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities besides preparing financial statements and recording business transactions. ...

Shown below is activity for one of the products of denver

Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 500 units @ $55 $27,500 Purchases January 10 500 units @ $60 January 20 1,000 units @ $63 Sales: January 12 800 units January ...

Business assignmentthe comany i have choosen is upsresearch

Business Assignment The comany i have choosen is UPS. Research a company that interests you from the Fortune 500. (A list will be provided). Analyze what they do. What business are they in? What industry? How have they b ...

Milestone three guidelinesoverview the final project for

Milestone Three Guidelines Overview: The final project for this course is the creation of a portfolio consisting of a report and spreadsheets. You will be placed in a real-world scenario in which you will take the role o ...

Question 1the company you work for has a large amount of

Question 1 The company you work for has a large amount of disposable cash and very little debt on its books. The board of directors has expressed an interest in taking this money and investing in equity and debt securiti ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen