What is the amount of revenue reported on income statement

Assignment Help Accounting Basics

Reference no: EM131983658

Problem

Superior Carpet Cleaning provided $85,750 of services during 2014, its first year of operations. All customers paid for the services with major credit cards. Superior submitted the credit card receipts to the credit card company immediately. The credit card company paid Superior cash in the amount of face value less a 4.00 percent service charge. Required a. Record the credit card sales and the subsequent collection of accounts receivable in a horizontal 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. (Round intermediate calculations and final answers to nearest whole dollar amount. Enter any decreases to account balances and cash outflows with a minus sign.)

Answer the following questions:

What is the amount of total assets at the end of the accounting period?

What is the amount of revenue reported on the income statement?

What is the amount of cash flow from operating activities reported on the statement of cash flows?

Reference no: EM131983658

Questions Cloud

Compute the cash collections that would be included : Sunset Center's sales are all made on account. Compute the cash collections that would be included in the cash budgets for July and August.

Prepare the journal entry to correct the balances presently : Prepare the journal entry to correct the balances presently reported.Included in Inventory (and Accounts Payable) are $14,000 of lenses held on consignment.

Identification of the companys corporate strategies : HI5017 Managerial Accounting - You are required to prepare a report to recommend about ABC model for your company

How does your marketing strategy seek to achieve your vision : How will you measure if the marketing strategy is achieving your vision? What are the indicators to identify this?

What is the amount of revenue reported on income statement : What is the amount of revenue reported on the income statement? What is the amount of cash flow from operating activities reported on statement of cash flows?

Expansion of his company operations : One of your clients, John Browne, is considering different ways to raise money for the expansion of his company's operations.

Describe some of the companys significant accounting policiy : Calculate key financial ratios for the company and analyze its profitability, liquidity, activity, and solvency, comparing the current year to the previous year

Respect to the dimensions of product : In addition to technical quality characteristics, customers have other needs and expectations throughout the life cycle of product purchase and use.

Compute costs per equivalent unit for blending department : Determine the equivalent units for June for the Blending Department. Compute the costs per equivalent unit for the Blending Department.

User Account

All Pages