Computing the financing activity

Assignment Help Accounting Basics
Reference no: EM13974127

The following selected transactions apply to Easy Stop for November and December 2014. 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. 1. Cash sales for November 2014 were $64,000 plus sales tax of 8 percent. 2. Easy Stop paid the November sales tax to the state agency on December 10, 2014. 3. Cash sales for December 2014 were $79,500 plus sales tax of 8 percent. Required a. Show the effect of the above transactions on a statements model like the one shown below. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Use NA to indicate that an element is not affected by the event. (Enter any decreases to account balances and cash outflows with a minus sign.)

Reference no: EM13974127

Questions Cloud

What are some tips for developing and using the bis describe : How does the business intelligence system (BIS) at CKE add value to the business? What are some tips for developing and using the BIS described in this case?
Journal entry to record flyer bad debt expense : Prepare the journal entry to record Flyer's bad debt expense for 2015. 2.. Now assume that Flyer estimates bad debt expense as 10% of accounts receivable. Prepare the journal entry to record Flyer's bad debt expense for 2015. 3.
Write a command that will remove barry from student table : What is the smallest section number used in the FALL-2014 semester?
Determine what the optimal level of output is for the firm : Determine what the optimal level of output is for the firm and the firm's profit if fixed costs are expected to be $4.0 million.
Computing the financing activity : In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Use NA to indicate that an element is not affected by the event. (Enter any decreases to account balances and ca..
Article review - a phenomenology of the integration of faith : Article- A PHENOMENOLOGY OF THE INTEGRATION OF FAITH AND LEARNING. Provide atitle page in currentAPA format including only your name, the paper title (referring to the article title), and the institutional affiliation
Division of net income : PFW Co. reports net income of $76,900. Partner salary allowances are Pitts $16,130, Filbert $3,110, and Witten $6,500. Indicate the division of net income to each partner, assuming the income ratio is 50 : 30 : 20, respectively.
Required rate of return on stock : The current dividend yield on CJ's common stock is 1.89 percent. The company just paid a $1.23 annual dividend and announced plans to pay $1.27 next year. The dividend growth rate is expected to remain constant at the current level. What is the re..
Budgeted cash receipts from sales : If sales on account are budgeted to be $320,000 for June and $350,000 for July, what are the budgeted cash receipts from sales on account for July?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Number of side effects for each brand

Four different brands of a pain medication used for chronic back ailments were tested to see if the number of side effects for each brand were the same. The table below lists the results of the reported number of side effects for each brand of pa..

  Victory company uses weighted-average process costing to

victory company uses weighted-average process costing to account for its production costs. direct labor is added evenly

  Prepare the journal entry to record income tax expense

the following facts relate to alschuler corporation. 1.deferred tax liability january 1 2010 40000. 2.deferred tax

  During 2012 cotte manufacturing expected job no 59 to cost

during 2012 cotte manufacturing expected job no. 59 to cost 600000 of overhead 1000000 of materials and 400000 in

  Explanation of the supporting rationale

Write a paper of 4-6 body pages that answers the following questions, including an in-depth explanation of the supporting rationale:

  Accounting and financial reporting decisions

For purposes of this question, assume that the excerpts from the Powers Report shown in Exhibit 3 are accurate descriptions of Andersen's involvement in Enron's accounting and financial reporting decisions.

  Calculate kens total tax due because of the sale assuming

ken sold a rental property for 858000. he received 182000 in the current year and 169000 each year for the next four

  Inventory costing methods of specific identification

Apply the inventory costing methods of specific identification, weighted average, FIFO, and LIFO by using a periodic system.

  Jacks bake shop bought a new air-conditioning system when

jacks bake shop bought a new air-conditioning system when the old one stopped working. the invoice price for the system

  Prepare bank reconciliation and journal entries

Prepare responses to the following assignments from the e-text, Fundamentals of Financial Accounting 1st ed., by Phillips, Libby, and Libby-Identifying Outstanding Checks and Deposits in Transit and Preparing a Bank Reconciliation and Journal Entri..

  Issuance price of the bonds

Moreland Corporation issued $200,000 of 10-year bonds on January 1. The bonds pay interest on January 1 and July 1 and have a stated rate of 10 percent. If the market rate of interest at the time the bonds are sold is 12 percent, what will be the ..

  Stacy company issued five-year 10 bonds with a face value

stacy company issued five-year 10 bonds with a face value of 10000 on january 1 2012. interest is paid annually on

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd