During Year 1, Chung Corporation earned $6,900 of cash revenue and accrued $3,800 of salaries expense....

Transcribed Image Text:

During Year 1, Chung Corporation earned $6,900 of cash revenue and accrued $3,800 of salaries expense. Required: (Hint. Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) Based on this information alone: a. Prepare the December 31, Year 1, balance sheet. b. Determine the amount of net income that Chung would report on the Year 1 income statement. c. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Accounting Equation Req A Req B and C (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) Note: Not all cells require input. Enter any decreases to account balances with a minus sign. CHUNG CORPORATION Accounting Equation - Year 1 H Liabilities + Assets Stockholders' Equity Event Cash = Salaries Payable + Common Stock + Retained Earnings Earned revenue Accrued salaries = + + = II + + Ending balance 0 = 0+ + 0+ 0 During Year 1, Chung Corporation earned $6,900 of cash revenue and accrued $3,800 of salaries expense. Required: (Hint. Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) Based on this information alone: a. Prepare the December 31, Year 1, balance sheet. b. Determine the amount of net income that Chung would report on the Year 1 income statement. c. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Accounting Equation Req A Req B and C Prepare the December 31, Year 1, balance sheet. CHUNG CORPORATION Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Total liabilities Stockholders' Equity $ 0 $ 0 Total stockholders' equity 0 Total liabilities and stockholders' equity $ 0 During Year 1, Chung Corporation earned $6,900 of cash revenue and accrued $3,800 of salaries expense. Required: (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) Based on this information alone: a. Prepare the December 31, Year 1, balance sheet. b. Determine the amount of net income that Chung would report on the Year 1 income statement. c. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Accounting Equation Req A Req B and C b. Determine the amount of net income that Chung would report on the Year 1 income statement. c. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows. b. Net income c. Net cash flow from operating activities Holloway Company earned $6,300 of service revenue on account during Year 1. The company collected $5,355 cash from accounts receivable during Year 1. Required: Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) a. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. b. The amount of net income that would be reported on the Year 1 income statement. c. The amount of net cash flow from operating activities that would be reported on the Year 1 statement of cash flows. d. The amount of retained earnings that would be reported on the Year 1 balance sheet. Complete this question by entering your answers in the tabs below. Accounting Equation Req A to D Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) a. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. b. The amount of net income that would be reported on the Year 1 income statement. c. The amount of net cash flow from operating activities that would be reported on the Year 1 statement of cash flows. d. The amount of retained earnings that would be reported on the Year 1 balance sheet. a. Accounts receivable b. Net income c. Net cash flow from operating activities d. Retained earnings Show less During Year 1, Chung Corporation earned $6,900 of cash revenue and accrued $3,800 of salaries expense. Required: (Hint. Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) Based on this information alone: a. Prepare the December 31, Year 1, balance sheet. b. Determine the amount of net income that Chung would report on the Year 1 income statement. c. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Accounting Equation Req A Req B and C (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) Note: Not all cells require input. Enter any decreases to account balances with a minus sign. CHUNG CORPORATION Accounting Equation - Year 1 H Liabilities + Assets Stockholders' Equity Event Cash = Salaries Payable + Common Stock + Retained Earnings Earned revenue Accrued salaries = + + = II + + Ending balance 0 = 0+ + 0+ 0 During Year 1, Chung Corporation earned $6,900 of cash revenue and accrued $3,800 of salaries expense. Required: (Hint. Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) Based on this information alone: a. Prepare the December 31, Year 1, balance sheet. b. Determine the amount of net income that Chung would report on the Year 1 income statement. c. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Accounting Equation Req A Req B and C Prepare the December 31, Year 1, balance sheet. CHUNG CORPORATION Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Total liabilities Stockholders' Equity $ 0 $ 0 Total stockholders' equity 0 Total liabilities and stockholders' equity $ 0 During Year 1, Chung Corporation earned $6,900 of cash revenue and accrued $3,800 of salaries expense. Required: (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) Based on this information alone: a. Prepare the December 31, Year 1, balance sheet. b. Determine the amount of net income that Chung would report on the Year 1 income statement. c. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Accounting Equation Req A Req B and C b. Determine the amount of net income that Chung would report on the Year 1 income statement. c. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows. b. Net income c. Net cash flow from operating activities Holloway Company earned $6,300 of service revenue on account during Year 1. The company collected $5,355 cash from accounts receivable during Year 1. Required: Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) a. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. b. The amount of net income that would be reported on the Year 1 income statement. c. The amount of net cash flow from operating activities that would be reported on the Year 1 statement of cash flows. d. The amount of retained earnings that would be reported on the Year 1 balance sheet. Complete this question by entering your answers in the tabs below. Accounting Equation Req A to D Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) a. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. b. The amount of net income that would be reported on the Year 1 income statement. c. The amount of net cash flow from operating activities that would be reported on the Year 1 statement of cash flows. d. The amount of retained earnings that would be reported on the Year 1 balance sheet. a. Accounts receivable b. Net income c. Net cash flow from operating activities d. Retained earnings Show less

Answer rating: 100% (QA)

CHUNG CORPORATION Accounting Equation Year 1 Assets Lia... View the full answer