USA: +1(669)289-8683 
Sign in
| AP10-1AOn January 1, 2011, the ledger of Mane Company contains the following liability accounts. Accounts payable$53,390Sales taxes payable7,280Unearned service revenue16,860During January the following selected transactions occurred. Jan. 5 Sold merchandise for cash totaling $30,952, which includes 6% sales taxes.12 Provided services for customers who had made advance payments of $10,450. (Credit Service Revenue.)14 Paid state revenue department for sales taxes collected in December 2010 ($7,280).20 Sold 720 units of a new product on credit at $50 per unit, plus 6% sales tax.21 Borrowed $24,600 from UCLA Bank on a 3-month, 6%, $24,600 note.25 Sold merchandise for cash totaling $12,508, which includes 6% sales taxes. |
| Click if you would like to Show Work for this question:Open Show Work |
AE12-6On February 1, Neil Company purchased 530 shares (2% ownership) of Young Company common stock for $28 per share plus brokerage fees of $474. On March 20, Neil Company sold 100 shares of Young stock for $2,700, less a $56 brokerage fee. Neil received a dividend of $1.19 per share on April 25. On June 15, Neil sold 250 shares of Young stock for $8,750, less a $99 brokerage fee. On July 28, Neil received a dividend of $1.79 per share.Prepare the journal entries to record the transactions described above. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2. Round answers to 0 decimal places, e.g. 125.) DateAccount/DescriptionDebitCreditFeb. 1 $ $ section of the . Click if you would like to Show Work for this question:Open Show Work ADO IT! 13-2Your answer is partially correct. Try again. JMB Photography reported net income of $103,910 for 2011. Included in the income statement were depreciation expense of $9,340, patent amortization expense of $2,480, and a gain on sale of equipment of $4,000. JMB’s comparative balance sheets show the following balances. 12/31/10 12/31/11Accounts receivable$29,160 $23,100 Accounts payable7,450 11,750 Calculate net cash provided by operating activities for JMB Photography. (List amounts from largest positive to smallest positive followed by most negative to least negative, e.g. 15, 14, 10, -17, -5, -1. If amount decreases cash flow, use either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Cash flows from operating activities $ by operating activities $ section. The is deducted from net income in the section. Account / DescriptionDebitCredit2. (a) section. Account / DescriptionDebitCredit3. (a) section. Account / DescriptionDebitCredit4. (a) reported separately on the statement of cash flows. Account / DescriptionDebitCredit5. (a) activity at the bottom of the statement of cash flows. Account / DescriptionDebitCredit6. (a) section. The is added to net income in the section. Click if you would like to Show Work for this question:Open Show Work AE13-4Villa Company reported net income of $190,170 for 2011. Villa also reported depreciation expense of $48,910 and a loss of $6,490 on the sale of equipment. The comparative balance sheet shows a decrease in accounts receivable of $14,950 for the year, a $18,090 increase in accounts payable, and a $3,360 decrease in prepaid expenses.Prepare the operating activities section of the statement of cash flows for 2011. Use the indirect method. (List amounts from largest positive to smallest positive followed by most negative to least negative, e.g. 15, 14, 10, -17, -5, -1. If amount decreases cash flow, use either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) VILLA COMPANYPartial Statement of Cash FlowsFor the Year Ended December 31, 2011Cash flows from operating activities $ $ $ by operating activities by financing activities in cash from the issue of stock was $ for dividends was $.The payment of dividends would be classified as .
Click if you would like to Show Work for this question:Open Show Work
| AP13-9A |
Condensed financial data of Arma Inc. follow. ARMA INC.Comparative Balance SheetsDecember 31Assets2011 2010Cash$90,783 $48,484 Accounts receivable92,601 33,127 Inventories112,355 102,896 Prepaid expenses28,367 26,145 Investments137,957 114,002 Plant assets269,909 242,513 Accumulated depreciation(49,835) (51,877) Total$682,137 $515,290 Liabilities and Stockholders’ Equity Accounts payable$112,111 $67,242Accrued expenses payable16,572 16,933Bonds payable110,600 146,000Common stock220,300 174,600Retained earnings222,554 110,515 Total$682,137 $515,290 ARMA INC.Income StatementFor the Year Ended December 31, 2011Sales $392,536Less: Cost of goods sold$134,473 Operating expenses, excluding depreciation12,371 Depreciation expense46,373 Income taxes27,154 Interest expense4,625 Loss on sale of plant assets7,424 232,420Net income $160,116Additional information:New plant assets costing $84,896 were purchased for cash during the year.Old plant assets having an original cost of $57,500 were sold for $1,661 cash.Bonds matured and were paid off at face value for cash.A cash dividend of $48,077 was declared and paid during the year.Complete the statement of cash flows using the indirect method. (List amounts from largest positive to smallest positive followed by most negative to least negative, e.g. 15, 14, 10, -17, -5, -1. If amount decreases cash flow, use either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) ARMA INC.Statement of Cash FlowsFor the Year Ended December 31, 2011Cash flows from operating activities $$ by operating activities by investing activities by financing activities in cash [removed]Cash at beginning of period [removed]Cash at end of period $[removed] Click if you would like to Show Work for this question:Open Show Work
