Sea x A Current Students | Franklin U x Amy Franklin for Linda A McGraw-Hill Connect...

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Sea x A Current Students | Franklin U x Amy Franklin for Linda A McGraw-Hill Connect x × M Question 3 mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mhe... A Outflow for expenses Net cash flow from operating activities Cash flows from investing activities: Outflow for notes receivable Net cash flow from investing activities Cash flows from financing activities Inflow from stock issue Outflow for dividend SA $ 0 0 (4,200) Net cash flows from financing activities S (4,200) Net change in cash (4,200) Plus: Beginning cash balance 6,600 Ending cash balance 2,400 < Req B Bal Sheet Req B Stm O Search Che Transactions for Year 2 1. Acquired an additional $10,500 cash from the issue of common stock. 2. Purchased $60,600 of inventory on account. 3. Sold inventory that cost $61,900 for $94,500. Sales were made on account. 4. The company wrote off $1,500 of uncollectible accounts. 5. On September 1, LGS loaned $9,000 to Eden Co. The note had an 6 percent interest rate and a one-year term. 6. Paid $14,010 cash for operating expenses. 7. The company collected $82,470 cash from accounts receivable. 8. A cash payment of $51,020 was paid on accounts payable. 9. The company paid a $4,200 cash dividend to the stockholders. 10. Uncollectible accounts are estimated to be 2 percent of sales on account. 11. Recorded the accrued interest at December 31, Year 2 (see item 5). Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows for Year 2 Complete this question by entering your answers in the tabs below. Dan A Req B Inc Req B Stmt of Req B Bal Req B Stmt O Search < Prev 3 of 4 4⠀⠀ Next > e Sea x A Current Students | Franklin U x Amy Franklin for Linda A McGraw-Hill Connect x × M Question 3 mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mhe... A Outflow for expenses Net cash flow from operating activities Cash flows from investing activities: Outflow for notes receivable Net cash flow from investing activities Cash flows from financing activities Inflow from stock issue Outflow for dividend SA $ 0 0 (4,200) Net cash flows from financing activities S (4,200) Net change in cash (4,200) Plus: Beginning cash balance 6,600 Ending cash balance 2,400 < Req B Bal Sheet Req B Stm O Search Che Transactions for Year 2 1. Acquired an additional $10,500 cash from the issue of common stock. 2. Purchased $60,600 of inventory on account. 3. Sold inventory that cost $61,900 for $94,500. Sales were made on account. 4. The company wrote off $1,500 of uncollectible accounts. 5. On September 1, LGS loaned $9,000 to Eden Co. The note had an 6 percent interest rate and a one-year term. 6. Paid $14,010 cash for operating expenses. 7. The company collected $82,470 cash from accounts receivable. 8. A cash payment of $51,020 was paid on accounts payable. 9. The company paid a $4,200 cash dividend to the stockholders. 10. Uncollectible accounts are estimated to be 2 percent of sales on account. 11. Recorded the accrued interest at December 31, Year 2 (see item 5). Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows for Year 2 Complete this question by entering your answers in the tabs below. Dan A Req B Inc Req B Stmt of Req B Bal Req B Stmt O Search < Prev 3 of 4 4⠀⠀ Next > e

Answer rating: 100% (QA)

a Organize the transaction data in accounts under an accounting equation The accounting equation is Assets Liabilities Stockholders Equity 1 Acquired ... View the full answer