V X A McGraw-Hill Connect X M Question 3 - Practice Exercises 7 - X *Course Hero X + C A ezto.mheducation.com/ext/map/index.html?_con= con&external_browser=0&launchUrl=https%253A$252F%252FIms.mheducation.com %252Fmghmiddleware25... L Mariah Dashboard Login page FACTS SIS > Family... I Index - Columbus Products | Jones &... O ODX Login ... Practice Exercises 7 1 Saved Help Save & Exit Submit Check my work 3 I CWHILE CILLI Y. I ! Required information DOYLE COMPANY Part 1 of 2 Effect of Events on the Accounting Equation Year 1 and Year 2 Assets Liabilities + Stockholders' Equity Account Titles for 3.5 Event Bonds Retained Retained Earnings Cash + Land = points Payable Earnings Year 1 Skipped 1/1 1/1 12/31 + + + + + + + + + + 11 11 11 11 11 eBook Hint 12/31 Bal. 0 0 Print Year 2 References Beg. bal. 12/31 + + + + + + + 11 11 11 11 12/31 End. bal. D + 0 + 0 Mc Prey A Graw 3 of 4 Next > Hill 99+ 5:50 PM Search L 6/29/2023 1A McGraw-Hill Connect X M Question 4 - Practice Exercises 7 - X *Course Hero X + V X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com %252Fmghmiddleware%25... L Mariah Dashboard Login page FACTS SIS > Family... Index - Columbus Products | Jones &... O ODX Login ... Practice Exercises 7 1 Saved Help Save & Exit Submit Check my work 4 Required information Part 2 of 2 (The following information applies to the questions displayed below ] Doyle Company issued $350,000 of 10-year, 8 percent bonds on January 1, Year 1. The bonds were issued at face value. 3.5 Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in points land. The land was leased for an annual $55,000 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 1. eBook Hint b. Prepare the income statement, balance sheet, and statement of cash flows for Year 1 and Year 2. Print References Complete this question by entering your answers in the tabs below. Req B Inc Req B Bal Req B Stmt Stmt Sheet Cash Flows Prepare the income statement for Year 1 and Year 2. Mc Graw Hill 99+ 5:50 PM Search W 6/29/2023 1A McGraw-Hill Connect X M Question 4 - Practice Exercises 7 - X *Course Hero X + V X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com %252Fmghmiddleware25... L Mariah Dashboard Login page FACTS SIS > Family... Index - Columbus Products | Jones &... O ODX Login ... Practice Exercises 7 1 Saved Help Save & Exit Submit Check my work 4 Required information Part 2 of 2 Req B Inc Req B Bal Req B Stmt Stmt Sheet Cash Flows Prepare the income statement for Year 1 and Year 2. 3.5 points DOYLE COMPANY Income Statements e Book For the Year Ended December 31 Year 1 Year 2 Hint Print References Mc Graw Hill 99+ W 5:50 PM Search 6/29/2023 1X V A McGraw-Hill Connect X M Question 4 - Practice Exercises 7 - X *Course Hero + X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com %252Fmghmiddleware%25... L Mariah Dashboard Login page FACTS SIS > Family... Index - Columbus Products | Jones &... O ODX Login ... Practice Exercises 7 Saved Help Save & Exit Submit Check my work 4 ! Required information AS Of December JT Year 1 Year 2 Part 2 of 2 Assets 3.5 points Total assets Liabilities eBook Hint Print Total liabilities References Stockholders' equity Total stockholders equity Total liabilities and stockholders equity Family... Index - Columbus Products | Jones &... O ODX Login ... Practice Exercises 7 1 Saved Help Save & Exit Submit Check my work 4 ! Required information Year 1 Year 2 Part 2 of 2 Cash flows from operating activities 3.5 points Net cash flow from operating activities Cash flows from investing activities eBook Hint Print Net cash flows from investing activities Cash flows from financing activities References Net cash flows from financing activities Net change in cash Ending cash balance Mc Graw Hill 99+ 5:51 PM Search W 6/29/2023 1A McGraw-Hill Connect X M Question 1 - Problems 7 - Conne X *Course Hero X + V X C A ezto.mheducation.com/ext/map/index.html?_con= con&external_browser=08launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware25... L Mariah Dashboard Login page FACTS SIS >Family... Index - Columbus Products | Jones &... O ODX Login ... Problems 7 1 Saved Help Save & Exit Submit Check my work Bill Darby started Darby Company on January 1, Year 1. The company experienced the following events during its first year of operation: 5.33 1. Earned $1,600 of cash revenue. points 2. Borrowed $2,600 cash from the bank. 3. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, issued on September 1, Year 1, had a one-year term and an 10 percent annual interest rate. eBook Hint Required Print a. What is the amount of interest expense in Year 1? References b. What amount of cash was paid for interest in Year 1? c. Use a horizontal statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. Indicate whether the event increases (l) or decreases (D), or if there is no effect, leave the cell blank. In the Cash Flows column, designate the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). The first transaction has been recorded as an example. Complete this question by entering your answers in the tabs below. RAn A and R RAn C Mc Graw Hill 99+ Search W 5:59 PM 6/29/2023 1A McGraw-Hill Connect X M Question 1 - Problems 7 - Conne X *Course Hero X + V X C A ezto.mheducation.com/ext/map/index.html?_con= con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%25... L Mariah Dashboard Login page FACTSSIS > Family... Index - Columbus Products | Jones &... O ODX Login ... Problems 7 1 Saved Help Save & Exit Submit Check my work Complete this question by entering your answers in the tabs below. 5.33 points Req A and B Req C eBook What is the amount of interest expense and the cash paid for interest in Year 1? (Do not round intermediate calculations Hint and round your final answer to nearest whole dollar amount. ) Print References a. Interest expense Amount of cash Mc Graw Hill LIDO 99+ Search W 5:59 PM 6/29/2023 1A McGraw-Hill Connect X M Question 1 - Problems 7 - Conne X *Course Hero X + V X C A ezto.mheducation.com/ext/map/index.html?_con= con&external_browser=08launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware25... L Mariah Dashboard Login page FACTS SIS >Family... Index - Columbus Products | Jones &... O ODX Login ... Problems 7 1 Saved Help Save & Exit Submit Check my work Req A and B Req C Use a horizontal statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. Indicate whether 5.33 (I) or decreases (D), or if there is no effect, leave the cell blank. In the Cash Flows column, designate the cash flows as operating activities (OA), investi points financing activities (FA). The first transaction has been recorded as an example. (Not all cells will require entry.) eBook DARBY COMPANY Horizontal Statements Model for Year 1 Hint Balance Sheet Income Statement Print Event Assets Liabilities + Stockholders' Equity Statement of No. References Notes Interest Common Retained Revenue Expenses = Net Cash Flows Cash Income 11 Payable Payable Stock Earnings 1 . + + OA + + 2 + + + 3 + Req A and B Req C > Mc Graw Hill 99+ 5:59 PM Search W 6/29/2023 1A McGraw-Hill Connect X M Question 2 - Problems 7 - Conne X Course Hero X + V X C A ezto.mheducation.com/ext/map/index.html?_con= con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%25... L Mariah Dashboard Login page FACTSSIS > Family... Index - Columbus Products | Jones &... O ODX Login ... Problems 7 1 Saved Help Save & Exit Submit Check my work 2 The following selected transactions apply to Topeca Supply for November and December, Year 1. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month. 5.33 points 1. Cash sales for November, Year 1 were $65,000 plus sales tax of 6 percent. 2. Topeca Supply paid the November sales tax to the state agency on December 10, Year 1. Skipped 3. Cash sales for December, Year 1 were $83,500 plus sales tax of 6 percent eBook Required Hint a. Show the effect of the above transactions on a statements model like the one shown as follows. In the Cash Flow column, indicate Print whether the item is an operating activity (OA), an investing activity (IA), or a financing activity (FA). If an element is not affected by References the event, leave the cell blank. b. What was the total amount of sales tax paid in Year 1? c. What was the total amount of sales tax collected in Year 1? d. What is the amount of the sales tax liability as of December 31, Year 1? e. On which financial statement will the sales tax liability appear? Complete this question by entering your answers in the tabs below. Mc Graw Hill 99+ Search W 5:59 PM 6/29/2023 1A McGraw-Hill Connect M Question 2 - Problems 7 - Conne X Course Hero X + V X X C A ezto.mheducation.com/ext/map/index.html?_con= con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%25... L Mariah Dashboard Login page FACTS SIS >Family... Index - Columbus Products | Jones &... O ODX Login ... Problems 7 1 Saved Help Save & Exit Submit Check my work 2 Req A Req B to E Show the effect of the above transactions on a statements model like the one shown as follows. In the Cash Flow column, indicate whether the item is at 5.33 activity (OA), an investing activity (IA), or a financing activity (FA). If an element is not affected by the event, leave the cell blank. (Enter any decrease points account balances and cash outflows with a minus sign. Not all cells will require entry.) Sh Skipped TOPECA SUPPLY Horizontal Statements Model eBook Assets = Liabilities + Stockholder's Equity Income Statement Statement of Hint Event Cash Sales Tax Common Retained Revenue Expense = Net Income Cash Flows Payable Stock Earnings Print 1. + + References 2. + + 3. Mc Graw Hill 99+ 5:59 PM Search W 6/29/2023 1A McGraw-Hill Connect X M Question 2 - Problems 7 - Conne X Course Hero X + V X C A ezto.mheducation.com/ext/map/index.html?_con= con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%25... L Mariah Dashboard Login page FACTS SIS >Family... Index - Columbus Products | Jones &... O ODX Login ... Problems 7 1 Saved Help Save & Exit Submit Check my work 2 Req A Req B to E b. What was the total amount of sales tax paid in Year 1? 5.33 c. What was the total amount of sales tax collected in Year 1? points d. What is the amount of the sales tax liability as of December 31, Year 1? e. On which financial statement will the sales tax liability appear? Skipped Show less A eBook b. Sales tax paid Hint C. Sales tax collected d. Sales tax liability Print e. The liability is shown on the References Mc Graw Hill LIO 99+ Search W 5:59 PM 6/29/2023 1A McGraw-Hill Connect X M Question 2 - Practice Exercises 7 - X Course Hero X + V X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com %252Fmghmiddleware%25... L Mariah Dashboard Login page FACTS SIS > Family... I Index - Columbus Products | Jones &... O ODX Login ... Practice Exercises 7 1 Saved Help Save & Exit Submit Check my work 2 Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 7 percent. Vail engaged in the following transactions during the year. Sales tax of 7 percent is collected on all sales. 3.5 points 1. Book sales, not including sales tax, for the year amounted to $278,000 cash. 2. Cash sales of miscellaneous items for the year were $149,000, not including tax. Skipped 3. Cost of goods sold was $211,000 for the year. 4. Paid $132,000 in operating expenses for the year. 5. Paid the sales tax collected to the state agency. eBook Hint Required Print a. What is the total amount of sales tax Vail Book Mart collected and paid for the year? References b. What is the Vail Book Mart's net income for the year? . Sales tax collected b. Net income Mc Graw Hill Search LIO 99+ W 5:49 PM 6/29/2023 1A McGraw-Hill Connect X M Question 3 - Practice Exercises 7 - X *Course Hero X + V X C A ezto.mheducation.com/ext/map/index.html?_con= con&external_browser=0&launchUrl=https%253A$252F%252FIms.mheducation.com %252Fmghmiddleware25... L Mariah Dashboard Login page FACTS SIS > Family... Index - Columbus Products | Jones &... O ODX Login ... Practice Exercises 7 1 Saved Help Save & Exit Submit Check my work 3 Required information Part 1 of 2 (The following information applies to the questions displayed below ] Doyle Company issued $350,000 of 10-year, 8 percent bonds on January 1, Year 1. The bonds were issued at face value. 3.5 Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in points land. The land was leased for an annual $55,000 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 1. Skipped Required e Book a. Organize the transaction data in accounts under the accounting equation for Year 1 and Year 2. (Enter any decreases to account Hint balances with a minus sign. If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells will Print require entry.) References DOYLE COMPANY Effect of Events on the Accounting Equation Year 1 and Year 2 ishiliting Stockholders' Mc Graw Prey 3 4 of 4 Next > Hill 99+ Search L 5:49 PM 6/29/2023 1