User Account

All Pages

Balance sheet and statement of cash flows

Assignment Help Accounting Basics
Reference no: EM13929380

Heffel's Cleaning Service began operation on January 1, 2013. The company experienced the following events for its first year of operations: 

Events Affecting 2013: 

1. Provided $96,000 of cleaning services on account. 
2. Collected $81,000 cash from accounts receivable. 
3. Paid salaries of $19,500 for the year. 
4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,100.

Required: 

a. Prepare general journal entries for the above events. 
b. Post the general journal entries to T-accounts. 
c. Prepare an income statement, balance sheet, and statement of cash flows for 2013.

Reference no: EM13929380

Questions Cloud

What is the impact of these stressors on an organization : Organizational stress seems to be an inevitable consequence of doing business in today's fast-paced global society. But what are the causes of organizational stress?
Brainstorm a list of at least three ideas : Brainstorm a list of at least three ideas. Be sure to discuss why you feel these ideas would improve student satisfaction.
Analyze meaningful use criteria to determine the authentic : Reflect on the information presented in the Learning Resources, focusing on meaningful use legislation and the "Ethics in Nursing Informatics" section of your course text.
Find a business research article that used secondary data : What do you think is the best way to collect the information (personal surveys, online surveys, etc.) and why? How effective would it be to conduct a survey at a local mall? Explain your rationale.
Balance sheet and statement of cash flows : Prepare an income statement, balance sheet, and statement of cash flows for 2013.
Which types of jobs are best suited for flexibility : Which types of jobs are best suited for flexibility with regards to hours and office location? Which types of jobs are less likely to afford this type of flexibility? Explain
How do organizations encourage political activity : Did the group progress linearly from one step to another or did it experience periods of little progress punctuated by bursts of energy, as Gersick describes? Justify your response.
Compute the payback for each project : Compute the payback for each project and rank the projects generated in step one using payback, which is the length of time need to return the initial cost. This is equal to the first cost divided by the annual cash flow.
What are some of the statistics of lay-off downsizing : How and why has corporate downsizing been effected in the last 18-months? Why have so many employees been laid off? What are some of the statistics of lay-off/corporate downsizing? How important of a role has the HR function played in recession-dr..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Problem related to the cost of operation exercise

Toy Box, Inc., is contemplating expanding sales of their children's toys. The have an opportunity to stock and sell the X toy that has been a big hit with children everywhere. They must order the X toys from the manufacturer in a minimum order of ..

  Solve the quadratic equation for its two roots

Solve the quadratic equation for its two roots

  X2 issued callable bonds on january 1 2012 the bonds pay

x2 issued callable bonds on january 1 2012. the bonds pay interest annually on december 31 each year. x2s accountant

  Dan engles manufactures and sells homemade wine and he

dan engles manufactures and sells homemade wine and he wants to develop a standard cost per gallon. the following are

  If on the trial balance before adjustments the unearned

if on the trial balance before adjustments the unearned revenue is 1804 and after a reconciliation is performed the

  Evaluate earnings per share

Evaluate earnings per share

  Lunn company makes and sells lawn mowers for which it

lunn company makes and sells lawn mowers for which it currently makes the engines. it has an opportunity to purchase

  From the following information develop an aon project

from the following information develop an aon project network. complete the forward and backward pass compute activity

  Lets discuss the difference between bonds and note payable

lets discuss the difference between bonds and note payable. how do we account for bonds when they are issued a par at a

  Calculate the direct material charge

I need help to understand how to calculate the direct material charge can anyone provide a suggestion this is all the informationI have been provided and it is not with in a book and no example toreflect a formula or method of calculating. Please ..

  What balances does a consolidated balance sheet report

Assume that the U.S. dollar is the subsidiary's functional currency. What balances does a consolidated balance sheet report as of December 31, 2011?

  Sissie owns two iteams of business equipment they were both

sissie owns two iteams of business equipment. they were both purchased in 2009 for 100000 both have a seven year

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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