Business, 14.02.2022 22:00 annette211pdd8v9

Cordell Inc. experienced the following events in Year 1, its first year of operation: Received $40,000 cash from the issue of common stock.

Performed services on account for $82,000.

Paid a $6,000 cash dividend to the stockholders.

Collected $76,000 of the accounts receivable.

Paid $53,000 cash for other operating expenses.

Performed services for $19,000 cash.

Recognized $3,500 of accrued utilities expense at the end of the year.

Required

a. & c. Identify the events that result in revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use OA to designate operating activity, FA for financing activity, or IA for investing activity. If the element is not affected by the event, leave the cell blank.

b. Based on your response to Requirement a, determine the amount of net income reported on the Year 1 income statement.

d. Based on your response to Requirement c, determine the amount of cash flow from operating activities reported on the Year 1 statement of cash flows.

e. What is the before- and after-closing balance in the service revenue account?

f. What is the balance of the retained earnings account that appears on the Year 1 balance sheet?

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 15:40

Aprice control is: question 1 options: a)a tax on the sale of a good that controls the market price.b)an upper limit on the quantity of some good that can be bought or sold.c)a legal restriction on how high or low a price in a market may go.d)control of the price of a good by the firm that produces it.

Answers: 1

Answer

Business, 22.06.2019 17:00

Aaron corporation, which has only one product, has provided the following data concerning its most recent month of operations: selling price $ 102 units in beginning inventory 0 units produced 4,900 units sold 4,260 units in ending inventory 640 variable costs per unit: direct materials $ 20 direct labor $ 41 variable manufacturing overhead $ 5 variable selling and administrative expense $ 4 fixed costs: fixed manufacturing overhead $ 64,200 fixed selling and administrative expense $ 2,900 the total contribution margin for the month under variable costing is:

Answers: 2

Answer

Business, 22.06.2019 17:00

Zeta corporation is a manufacturer of sports caps, which require soft fabric. the standards for each cap allow 2.00 yards of soft fabric, at a cost of $2.00 per yard. during the month of january, the company purchased 25,000 yards of soft fabric at $2.10 per yard, to produce 12,000 caps. what is zeta corporation's materials price variance for the month of january?

Answers: 2

Answer

Business, 22.06.2019 21:00

There is just one person in our group, silvia, who seems to have radically different ideas about how to complete our project. she seems to purposely disagree with the majority opinions of the rest of us though yesterday she said something that made a lot of sense to us solve our production problem. i suggested to the entire group today that we hear silvia’s suggestions and asked silvia to share in-depth more of what she said yesterday. i am using which adaptive leader behavior?

Answers: 2

Answer

You know the right answer?

Cordell Inc. experienced the following events in Year 1, its first year of operation: Received $40...

Questions