Chapter $1$ Problems

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$3$

Huang Trucking Company was organized on January $1.$ 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:

$33\mathrm{.}34$

Required:

points

For each of the six transactions given in this tabulation, enter what you consider to be the correct amounts. The first transaction is illustrated.

$\backslash$table$[[$eBook$],[$Print$],[$References$]]$

Note: Amounts to be deducted and losses$/$outflows should be indicated with a minus sign.

$\backslash$table$[[$Summary of Transactions,Computation of$],[$Income$,$Cash$],[\backslash$table$[[$a$.$ Services performed for customers, $$73,000,$ of which $$16,000$ remained uncollected at the$],[$end of the quarter.$]],,73,000,$$$,57,000],[$b$.$ Cash borrowed from the local bank, $$46,000($one$-$year note$).,,,,46,000],[\backslash$table$[[$c$.$ Small service truck purchased at the end of the quarter to be used in the business for two$],[$years starting the next quarter: cost, $$10,000$ cash.$]],,,,],[\backslash$table$[[$d$.$ Wages earned by employees, $$22,500,$ of which one$-$half remained unpaid at the end of the$],[$quarter$.]],,,,],[\backslash$table$[[$e$.$Service supplies purchased for use in the business, $$5,230$ cash, of which $$1,030$ were$],[$unused $($still on hand$)$ at the end of the quarter.$]],,,,],[\backslash$table$[[$f$.$ Other operating expenses, $$38,000,$ of which $$6,900$ remained unpaid at the end of the$],[$quarter$.]],,,,],[$g$.$ Based only on these transactions, compute the following for the quarter:,,,,$],[$Income $($or loss$),,,,],[$Cash inflow $($or outflow$),,,,]]$