The following transactions apply to Hooper Company for Year 1, Its first year of operations: 1....

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The following transactions apply to Hooper Company for Year 1, Its first year of operations: 1. Issued $110,000 of common stock for cash. 2. Provided $104,000 of services on account. 3. Collected $90,000 cash from accounts receivable. 4. Loaned $13,000 to Mosby Company on November 30, Year 1. The note had a one-year term to maturity and a 6 percent Interest rate. 5. Pald $34,000 of salaries expense for the year. 6. Pald a $3,500 dividend to the stockholders. 7. Recorded the accrued Interest on December 31, Year 1 (see Item 4). 8. Determined that $680 of accounts receivable were uncollectible. Hooper Company uses the direct write-off method. Required a. Record the above transactions in general Journal form. b. Post the entries to T-accounts. c. Prepare the Income statement, balance sheet, and statement of cash flows for Year 1. d. Show the effects of the above transactions in a horizontal statements model. When you record amounts in the Statement of Cash Flows column, indicate whether the item is an operating activity (OA). Investing activity (A), financing activity (FA), or net change (NC). Leave blank to indicate that an element is not affected by the event. Complete this question by entering your answers in the tabs below. ROQ A Assets Cash Prepare the balance sheet for Year 1 Accounts receivable Notes receivabic Interest receivable B Total sats Liabilities Stockholders equity Common stock Retained carnings ReqC1 HOOPER COMPANY Balance Sheet As of the End of Year 1 Total stockholders equity Total liabilities and stockholders equity Reg C2 $110.000 < Req C1 Raq C3 $140.500 13.000 6G $ 162.065 110.000 $110.000 Rang D h Raq C3 >> The following transactions apply to Hooper Company for Year 1, Its first year of operations: 1. Issued $110,000 of common stock for cash. 2. Provided $104,000 of services on account. 3. Collected $90,000 cash from accounts receivable. 4. Loaned $13,000 to Mosby Company on November 30, Year 1. The note had a one-year term to maturity and a 6 percent Interest rate. 5. Pald $34,000 of salaries expense for the year. 6. Pald a $3,500 dividend to the stockholders. 7. Recorded the accrued Interest on December 31, Year 1 (see Item 4). 8. Determined that $680 of accounts receivable were uncollectible. Hooper Company uses the direct write-off method. Required a. Record the above transactions in general Journal form. b. Post the entries to T-accounts. c. Prepare the Income statement, balance sheet, and statement of cash flows for Year 1. d. Show the effects of the above transactions in a horizontal statements model. When you record amounts in the Statement of Cash Flows column, indicate whether the item is an operating activity (OA). Investing activity (A), financing activity (FA), or net change (NC). Leave blank to indicate that an element is not affected by the event. Complete this question by entering your answers in the tabs below. ROQ A Assets Cash Prepare the balance sheet for Year 1 Accounts receivable Notes receivabic Interest receivable B Total sats Liabilities Stockholders equity Common stock Retained carnings ReqC1 HOOPER COMPANY Balance Sheet As of the End of Year 1 Total stockholders equity Total liabilities and stockholders equity Reg C2 $110.000 < Req C1 Raq C3 $140.500 13.000 6G $ 162.065 110.000 $110.000 Rang D h Raq C3 >>

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A 1 Income Statement 2 Service Revenue 3 Operating ... View the full answer