On January 1, 2021, Dell Computer has following balance of accounts: Cash $92,000, inventory $80,000 (80...

  

Transcribed Image Text:

On January 1, 2021, Dell Computer has following balance of accounts: Cash $92,000, inventory $80,000 (80 sets of computers), office equipment 280,000, which can be used for 5 years without residual value, accumulated depreciation $56,000, accounts payable $96,000, Capital $100,000, retained earnings $200,000. Mar 15 Purchased 100 sets of computers for $110,000 on accounts from suppliers. Sold 150 sets of computers for $300,000 on accounts. Paid cash 100,000 to suppliers, and collected cash 200,000 from customers. Paid cash dividend $42,000 to shareholders. June 6 Aug 12 Oct 20 Dec 31 Physical counting of computers yielded 30 sets on hand. Please journalize the transactions and make TRIAL BALANCE for 2021. NO NEED to prepare the income statement and balance sheet. 2 Follows are statement of financial condition of Disney Co. for Dec 31, 2019 and 2020 2019 85,000 170,000 700,000 (95,000) Cash Accounts receivable (net) Plant Assets Accumulated Depreciation Accounts payable Shares capital Retained Earnings (1) (2) (3) 2020 130,000 295,000 790,000 (96,000) 260,000 600,000 259,000 312,000 400,000 148,000 Depreciation expense $10,000, bad debt expense $8,000 Purchased plant assets by cash $150,000 Sold plant assets for cash $60,000, the carrying value was $51,000. (means the gain=9,000) Issued ordinary shares for cash $200,000. (4) (5) Net income for 2020 was $220,000, cash dividend distributed $109,000 Please calculate a. Cash flow from operating activities b. Cash flow from investment activities c. Cash flow from financial activities. [List the computation process] On January 1, 2021, Dell Computer has following balance of accounts: Cash $92,000, inventory $80,000 (80 sets of computers), office equipment 280,000, which can be used for 5 years without residual value, accumulated depreciation $56,000, accounts payable $96,000, Capital $100,000, retained earnings $200,000. Mar 15 Purchased 100 sets of computers for $110,000 on accounts from suppliers. Sold 150 sets of computers for $300,000 on accounts. Paid cash 100,000 to suppliers, and collected cash 200,000 from customers. Paid cash dividend $42,000 to shareholders. June 6 Aug 12 Oct 20 Dec 31 Physical counting of computers yielded 30 sets on hand. Please journalize the transactions and make TRIAL BALANCE for 2021. NO NEED to prepare the income statement and balance sheet. 2 Follows are statement of financial condition of Disney Co. for Dec 31, 2019 and 2020 2019 85,000 170,000 700,000 (95,000) Cash Accounts receivable (net) Plant Assets Accumulated Depreciation Accounts payable Shares capital Retained Earnings (1) (2) (3) 2020 130,000 295,000 790,000 (96,000) 260,000 600,000 259,000 312,000 400,000 148,000 Depreciation expense $10,000, bad debt expense $8,000 Purchased plant assets by cash $150,000 Sold plant assets for cash $60,000, the carrying value was $51,000. (means the gain=9,000) Issued ordinary shares for cash $200,000. (4) (5) Net income for 2020 was $220,000, cash dividend distributed $109,000 Please calculate a. Cash flow from operating activities b. Cash flow from investment activities c. Cash flow from financial activities. [List the computation process]

Answer rating: 100% (QA)

The images provided show two separate accounting scenarios For the first scenario you are asked to journalize the transactions for Dell Computer in the year 2021 and to create a TRIAL BALANCE for that ... View the full answer