Questions:

1. What was the company's ending retained earnings balance for January 2023?

2.What was the company's ending notes payable balance for January 2023?

3. What was the company's ending accounts payable balance for January 2023?

4. What was the company's equipment balance for January 2023?

5. What was the company's ending accounts receivable balance for January 2023?

6. What was the company's ending supplies balance for January 2023?

7. What was the company's ending cash balance for January 2023?

8. What was the company's net income for January 2023? 

9. What were the company's cash flows for financing activities for January 2023? Use a positive number to indicate an overall (i.e. net) inflow or a negative number to indicate an overall outflow.

10. What were the company's cash flows for investing activities for January 2023? Use a positive number to indicate an overall (i.e. net) inflow or a negative number to indicate an overall outflow.

11. What were the company's cash flows for operating activities for January 2023? Use a positive number to indicate an overall (i.e. net) inflow or a negative number to indicate an overall outflow.

Transcribed Image Text:

Once you have completed the assignment below, you must submit your answers using the answer sheet provided in Canvas; not all answers will be turned in. Once submitted, your answers cannot be changed, but where appropriate, partial credit will be given. For future reference, you should keep a copy of your answers (outside of Canvas) as they will not be available to view given the nature of the grading process. The Duluth Company was founded on January 1, 2019. Since then, the company has been fairly successful; however, in an effort to save some money, the president has been keeping track of the financial records rather than hiring a professional accountant. Although some data is missing, a comparative report of year-end account balances appears below; all numbers are as of December 31st unless noted otherwise. Cash Retained earnings, Dec. 31 Supplies Common stock Dividends Payroll expense Cost of goods sold Accounts payable Revenues Rent expense Notes payable Equipment Selling, administrative and supplies expenses Retained earnings, Jan. 1. Accounts receivable 2022 2021 219,000 13,000 ? 36,000 15,000 ? 4,000 50,000 17,000 132,000 130,000 483,000 15,000 711,000 14,000 ? 25,000 143,000 6,000 50,000 4,000 ? 12,000 689,000 14,000 48,000 ? 10,000 88,000 16,000 Once you have completed the assignment below, you must submit your answers using the answer sheet provided in Canvas; not all answers will be turned in. Once submitted, your answers cannot be changed, but where appropriate, partial credit will be given. For future reference, you should keep a copy of your answers (outside of Canvas) as they will not be available to view given the nature of the grading process. The Duluth Company was founded on January 1, 2019. Since then, the company has been fairly successful; however, in an effort to save some money, the president has been keeping track of the financial records rather than hiring a professional accountant. Although some data is missing, a comparative report of year-end account balances appears below; all numbers are as of December 31st unless noted otherwise. Cash Retained earnings, Dec. 31 Supplies Common stock Dividends Payroll expense Cost of goods sold Accounts payable Revenues Rent expense Notes payable Equipment Selling, administrative and supplies expenses Retained earnings, Jan. 1. Accounts receivable 2022 2021 219,000 13,000 ? 36,000 15,000 ? 4,000 50,000 17,000 132,000 130,000 483,000 15,000 711,000 14,000 ? 25,000 143,000 6,000 50,000 4,000 ? 12,000 689,000 14,000 48,000 ? 10,000 88,000 16,000

Answer rating: 100% (QA)

Variable Cost Fixed Cost Utilities for factory 28000 Wages for administrative ... View the full answer