Huang Trucking Company was organized on January 1, 2014. At the end of the first quarter (three
Question:
Huang Trucking Company was organized on January 1, 2014. At the end of the first quarter (three months) of operations, the owner prepared a summary of its activities as shown in the first row of the following tabulation:
Required1. For each of the six transactions given in this tabulation, enter what you consider the correct amounts. Enter a zero when appropriate. The first transaction is illustrated.2. For each transaction, explain the basis for your dollarresponses.
Transcribed Image Text:
Computation of Cash Summary of TransactioRs Income a. Services performed for customers, $66,000, of which $11,000 remained uncollected at the end of the quarter. +$66,000 $55,000 b. Cash borrowed from the local bank, $56,000 (oneyear note) C. Small service truck purchased at the end of the quarter to be used in the d. Wages earned by employees, S25,000, of which onehalf remained e. Service supplies purchased for use in the business, S3,800 cash, of f Other operating expenses, $38,000, of which $6,500 remained unpaid Based only on these transactions, compute the following for the quarter: business for two years starting the next quarter: cost, S12,500 cash. unpaid at the end of the quarter which $900 were unused (still on hand) at the end of the quarter at the end of the quarter. Income (or loss) Cash inflow (or outflow)
Fantastic news! We've located the answer you've been seeking!
Step by Step Answer:
Answer rating: 78% (14 reviews)
Transaction b c d e Based only on the above Income loss Cash inflow outflow ...View the full answer
Answered By
Aqib Parvej
I am teaching since my graduation time so I have teaching experience of about 5 years and in these years I learn to teach in the best and interesting way .
4.80+
20+ Reviews
41+ Question Solved
Related Book For
Financial Accounting
ISBN: 9780078025556
8th edition
Authors: Robert Libby, Patricia Libby, Daniel Short
Question Posted:
Students also viewed these Accounting questions

At the end of the first quarter of Year 2, McKinney & Co. reevaluates its receivables. McKinney & Co.s management decides that $8,500 due from Mangold Corporation will not be collectible. This amount...

A corporation was organized on January 1. At that time, 10,000 shares of common were sold and issued at $10.00 per share cash. $20,000 of the proceeds was used to purchase equipment. The corporation...

4.3 Show that the dispersion relation of a diatomic chain, consisting of atoms with M and m2 separated by distance a connected by "springs" of constant K, is given by: = K ( 1 + ) + K ( 1 + ) ...

Determine the range of the 2x function y = 3 sec 3

An open system with only one inlet and one exit operates at steady state. Mass enters the system at a flow rate of 5 kg/s with the following properties: h = 3484 kJ/kg, s = 8.0871 kJ/kgK and V = 20...

A bicyclist finds that she descends the slope 1 = 3 at a certain constant speed with no braking or pedaling required. The slope changes fairly abruptly to 2 at point A. If the bicyclist takes no...

What are the six ways of resolving disputes and write a sentence about each.

Using the information in E2013B about Shiloh Acres' definedbenefit pension plan, prepare a 2014 pension worksheet with supplementary schedules of computations. In E2013B, Shiloh Acres sponsors a...

Cadbury Schweppes owns and operates a chain of 12 vegetable protein "hamburger" outlets in northern Louisiana. Sales figures and advertising expenses for the stores are provided in the table below....

1. Create and upload a histogram of the salary data for the city of Bell, where each bar width is about 50,000 US dollars. (Data for the histogram is at the bottom). a.) Is the distribution of the...

During the summer between his junior and senior years, James Cook needed to earn sufficient money for the coming academic year. Unable to obtain a job with a reasonable salary, he decided to try the...

On January 1, 2014, three individuals organized Northwest Company as a corporation. Each individual invested $10,000 cash in the business. On December 31, 2014, they prepared a list of resources...

Princeton Company acquired 75 percent of the common stock of Sheffield Corporation on December 31, 2009. On the date of acquisition, Princeton held land with book value 150,000 and a fair value of...

Demonstrate how Boyles, Charless, and Avogadros laws can be obtained from the ideal gas law.

In Problems 3134, round function values to 4 decimal places and the final answer to 2 decimal places. Use Simpson's rule with n = 4 (so there are 2n = 8 subin tervals) to approximate (In x)dx.

In Problems 4358, find the area bounded by the graphs of the indicated equations over the given intervals (when stated). Compute answers to three decimal places. y = x; y = 0; 2 x 1

In Problems 4358, find the area bounded by the graphs of the indicated equations over the given intervals (when stated). Compute answers to three decimal places. y = x + 1; y = 0; 1 x 2

In Problems 4358, find the area bounded by the graphs of the indicated equations over the given intervals (when stated). Compute answers to three decimal places. y = x 2  4; y = 0; 0 x 3

Give the eccentricities and the vertices or foci of hyperbolas centered at the origin of the xyplane. In each case, find the hyperbolas standardform equation in Cartesian coordinates. Eccentricity:...

Chicago Company sold merchandise to a customer for $1,500 cash in a state with a 6% sales tax rate. The total amount of cash collected from the customer was $558. $600. $642. $636. Nevada Company...

A key factor that an auditor provides is independence. The codes of professional conduct typically state that a member in public practice should be independent in fact and appearance when providing...

What is the difference between a bookkeeper and an accountant?

Explain what the following assumptions and principle mean in accounting: a. Separateentity assumption c. Continuity assumption b. Unitofmeasure assumption d. Cost principle

1. Write the pseudocode that represents the code (No code allowed) 2. Create a table of steps to describe how the pseudocode behaves for any given n. Show all work. 3. Compute the complexity function...

4. The following pseudo code represents the hamilton path search algorithm for face stripification in the Beady system. Choose the correct description for the behavior of the code....

4. the truth table for it. A B C Write the output expression for the circuit in Figure below, develop iD px
Question Categories