(Answered) The following events apply to sams seafood for the 2013

Accounting

The following events apply to Sam's Seafood for the 2013 fiscal year:

1. The company started when it acquired $50,000 cash by issuing common stock.

2. Purchased a new cook top that cost $35,000 cash.

3. Earned $36,000 in cash revenue.

4. Paid $12,000 cash for salaries expense.

5. Adjusted the records to reflect the use of the cook top. Purchased on January 1, 2013, the cook top has an expected useful life of four years and an estimated salvage value of $3,000. Use straight line depreciation. The adjusting entry was made as of December 31, 2013.

Required:

a. Record the events in general journal format and post to T accounts.

b. Prepare a balance sheet and a statement of cash flows for the 2013 accounting period.

c. What is the net income for 2013?

d. What amount of depreciation expense would Sam's report on the 2014 income statement?

e. What amount of accumulated depreciation would Sam's report on the December 31, 2014, balance sheet?

f. Would the cash flow from operating activities be affected by depreciation in 2014?

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91601519
Price:- $15

Verified Expert

Priced at $30 Now at $15, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - on 1 january 2015 image plus ltd acquired

Question - On 1 January 2015 Image Plus Ltd acquired electronic equipment for $18 000, net of GST. It is estimated it will have no residual value. If depreciation is provided at 10% p.a. on the diminishing-balance basis, ...

Question - stockman corp purchased 10 1000 6 bonds of

Question - Stockman Corp. purchased 10, $ 1,000 6% bonds of Energy Corporation when the market rate of interest was 14%. Interest is paid semiannually on the bonds, and the bonds will mature in six years. Using the PV fu ...

Question competencyevaluate the proper accounting for

Question: Competency Evaluate the proper accounting for transactions with respect to interim and segment reporting using the accounting codification and other accounting research tools. Scenario: CM Corporation (CMC) was ...

Question - a summary of labor costs and associated

Question - A summary of labor costs and associated deductions for the month of July follows: Gross PAYG Tax Super Medical Fund Direct labour 40,000 12,000 2,000 200 Indirect labour 8,000 2,400 400 40 48,000 14,400 2, ...

Question - wilson carver knives uses process costing in its

Question - Wilson Carver Knives uses process costing. In its Cutting Department, all the materials are added at the beginning of the process and conversion costs are added evenly during the processing. During the first m ...

Question 1 company boards executives and management are

Question: 1. Company boards, executives, and management are investing more and more time and resources on issues of sustainability - such as carbon (greenhouse gas emissions), energy efficient technology, water use, clea ...

Question - at the beginning of 2016 pioneer products

Question - At the beginning of 2016, Pioneer Products' ownership interest in the common stock of LLB Co. increased to the point that it became appropriate to begin using the equity method of accounting for the investment ...

Discussion accounts receivablesfinancial accountingaccounts

Discussion: "Accounts Receivables" Financial Accounting Accounts Receivables • What is the importance of the turnover of Accounts Receivables? • Why is it is essential for organizations to keep cash reserves on hands? • ...

Question - us steel issues a 2000000 bond at 10 for 8 years

Question - US Steel issues a $2,000,000 bond at 10% for 8 years. The market interest rate is 9%. Be sure to use the time value of money tables, not the formulas; and round your answers to the nearest whole dollars. Quest ...

Question - the following data are related to copy paste and

Question - The following data are related to Copy, Paste, and Attach (CPA) Corp's Ending Inventory (Inventory is valued as of December 31 of each year provided, which is CPA Corp's year-end): Year Price Index Inventory a ...

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

Recent Questions

Ask Accounting Basics Expert