On March 1 2021, Mr. Abhishek set up a loan recovery business and conclude the following...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On March 1 2021, Mr. Abhishek set up a loan recovery business and conclude the following activities. Analyze the impact or no effect of the following activities on the statement of sources and application of funds. Answer the questions in the format given below. a. Abhishek invested cash in the business 20,000 b. Brought equipment for cash 12,000 C. Paid rent deposit for office 5,000 d. Provided services for cash 19,000 e. Provided services on credit 14,000 f. Paid salaries 8,000 g. Collected payments for past invoices 8,500 h. Received advance payment for services 2,000 a. Paid rent 500 [Marks 0.5*9= 4.5] Answer Format: Liabilities Capital Abhishek's Capital Asset Cash Trade Equipment Rent Trade Receivables Deposit Payables On March 1 2021, Mr. Abhishek set up a loan recovery business and conclude the following activities. Analyze the impact or no effect of the following activities on the statement of sources and application of funds. Answer the questions in the format given below. a. Abhishek invested cash in the business 20,000 b. Brought equipment for cash 12,000 C. Paid rent deposit for office 5,000 d. Provided services for cash 19,000 e. Provided services on credit 14,000 f. Paid salaries 8,000 g. Collected payments for past invoices 8,500 h. Received advance payment for services 2,000 a. Paid rent 500 [Marks 0.5*9= 4.5] Answer Format: Liabilities Capital Abhishek's Capital Asset Cash Trade Equipment Rent Trade Receivables Deposit Payables
Expert Answer:
Answer rating: 100% (QA)
Asset Liabilities Capital Cash Trade receivables Equipment Rent Deposit Trade payable ... View the full answer
Related Book For
Contemporary financial management
ISBN: 9780324289114
10th Edition
Authors: James R Mcguigan, R Charles Moyer, William J Kretlow
Posted Date:
Students also viewed these accounting questions
-
Describe how to set up a loan amortization schedule.
-
In Problem 19 in Chapter 5 and Problem 14 in Chapter 8, data from the 1990 Census for 26 randomly selected Metropolitan Statistical Areas (MSAs) were discussed. Of interest were factors potentially...
-
In Problem 19 in Chapter 5 and Problem 14 in Chapter 8, data from the 1990 Census for 26 randomly selected Metropolitan Statistical Areas (MSAs) were discussed. Of interest were factors potentially...
-
State the SQL code for the following statements 1. Retrieve the salary of every employee 2. Retrieve the total number of employees in the company. 3. Retrieve the total number of employees in the...
-
Most firms recognize at least some revenues at the time of sale or delivery of goods and services and, following the principles of the accrual basis of accounting, match expenses either with...
-
For the AR(4), AR(5), and ARMA(2,4), construct the optimal forecast, forecast errors, and density forecast under Linex loss function.
-
Presented below are selected financial data for two competitors. Discuss why the return on assets increased for Company A but decreased for Company B. Company A. Company B Return on Assets Return on...
-
Ned Walz started his own delivery service, Walz Service Inc., on June 1, 2014. The following transactions occurred during the month of June. June 1 Stockholders invested $20,000 cash in the business...
-
What is one of the interests protected by the 5 th Amendment to the U . S . Constitution? What is one of the interests protected by the 5 th Amendment to the U . S . Constitution? The Right to not be...
-
1. Purchased $87,360 in materials on account. 2. Issued $3,730 in supplies from the materials inventory to the production department. 3. Issued $43,760 in direct materials to the production...
-
Re-Tire produces bagged mulch from recycled tires. Production involves shredding tires and packaging the pieces in the Bagging department. All direct materials enter in the Shredding process. A...
-
Cane Company manufactures two products called Alpha and Beta that sell for $120 and $80, respectively. Each product uses only one type of raw material that costs $6 per pound. The company has the...
-
Golden Valley Microwave Foods Inc. is the manufacturer of ACT II popcorn. In its early years, the company had trouble financing the development and marketing of products for the microwave. It chose...
-
i) What are the possible genotypes of the offspring of a cross between an Aa male parent x Aa female parent? Fill in Punnett Square below with the possible genotypes of the gametes and offspring....
-
Bonus money totalling $920,000 is to be shared by Dave, Claude, Marcel, and Larry by the ratio 15 : 11 : 8 : 6. How much will Dave receive?
-
Ellen purchases a 20% partnership interest but does not participate in the partnerships business. She owns no other passive investments. Her Section 704(d) basis in the partnership = $80,000. Of this...
-
l 1 = 1 P=1
-
Using thermodynamic data from Appendix 4, calculate G at 258C for the process: 2SO 2 (g) + O 2 (g) 88n 2SO 3 (g) where all gases are at 1.00 atm pressure. Also calculate DG8 at 258C for this same...
-
The Buffalo Snow Shoe Company is considering manufacturing radial snow shoes, which are more durable and offer better traction. Buffalo estimates that the investment in manufacturing equipment will...
-
Ranger Enterprises is considering pledging its receivables to finance a needed increase in working capital. Its commercial bank will lend 75 percent of the pledged receivables at 1.5 percentage...
-
1. Compute the net advantage to leasing. 2. Which alternative should Kinkos accept? What other factors might be considered? 3. If the computer system is owned and Kinkos borrows the needed funds from...
-
What is CREST?
-
Describe and explain the difference between order-driven and quote-driven trading.
-
Describe the changes that have taken place in share trading venues over the past decade.
Study smarter with the SolutionInn App