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finance Roshaun Gould started a web consulting firm called Gould Solutions. He began operations and completed seven transactions in April that resulted in the following accounts, which all have normal balances. $$ \begin{matrix} \text{Cash} \ldots\ldots\ldots & \text{\$20,000}\\ \text{Office supplies} \ldots\ldots\ldots & \text{750}\\ \text{Prepaid rent} \ldots\ldots\ldots & \text{1,800}\\ \text{Office equipment} \ldots\ldots\ldots & \text{12,250}\\ \text{Accounts payable } \ldots\ldots\ldots & \text{12,250}\\ \text{Common stock} \ldots\ldots\ldots & \text{15,000}\\ \text{Dividends} \ldots\ldots\ldots & \text{5,200}\\ \text{Consulting fees earned} \ldots\ldots\ldots & \text{20,400}\\ \text{Miscellaneous expenses} \ldots\ldots\ldots & \text{7,650}\\ \end{matrix} $$ 1. Prepare a trial balance for this business as of the end of April. 2. The following seven transactions produced the account balances shown above. a. Gould invested $15,000 cash in the business in exchange for common stock. b. Paid$1,800 cash in advance for next month’s rent expense. c. Paid $7,650 cash for miscellaneous expenses. d. Purchased office supplies for$750 cash. e. Purchased $12,250 of office equipment on credit (with accounts payable). f. Received$20,400 cash for consulting services provided in April. g. The company paid $5,200 cash in dividends. Prepare a Cash T-account, enter the cash effects (if any) of each transaction, and compute the ending Cash balance (code each entry in the T-account with one of the transaction codes a through g) Verified answer
finance Express Detail, Inc. provides mobile car washing and detailing to its customers. The Income Statement for the month ended January 31, 2012, the Balance Sheet for December 31, 2011, and details of postings to the cash account in the general ledger for the month of January 2012 follow: Express Detail, Inc. Income Statement Month Ended January 31, 2012 $$ \begin{matrix} \text{Revenue:} & \quad & \quad\\ \text{Detailing revenue} & \text{\$29,400 } & \quad\\ \text{Gift certificates redeemed } & \text{600} & \text{\$30,000}\\ \text{Expenses: } & \quad & \quad\\ \text{Salary expense } & \text{\$12,000 } & \quad\\ \text{Depreciation expense—equipment } & \text{6,000 } & \quad\\ \text{ Supplies expense } & \text{4,000 } & \quad\\ \text{ Advertising } & \text{2,000} & \text{24,000}\\ \text{Net income} & \quad & \text{\$6,000}\\ \end{matrix} $$ Express Detail, Inc. Balance Sheet December 31, 2011 $$ \begin{matrix} \text{Assets} & \quad & \quad & \text{Liabilities} & \quad\\ \text{Cash} & \quad & \text{\$1,300} & \text{Accounts payable} & \text{\$5,000}\\ \text{Accounts receivable } & \quad & \text{2,000} & \text{Salary payable} & \text{1,000}\\ \text{Supplies} & \quad & \text{1,500} & \text{Unearned gift certificate revenue} & \text{800}\\ \text{Equipment} & \text{\$30.000} & \quad & \text{Total liabilities} & \text{6,800}\\ \text{Less: Accumulated depreciation} & \text{(6,000)} & \text{24,000} & \text{Stockholders’ Equity} & \quad\\ \quad & \quad & \quad & \text{Common stock } & \text{10,000}\\ \quad & \quad & \quad & \text{Retained earnings} & \text{12,000}\\ \quad & \quad & \quad & \text{Total stockholders’ equity} & \text{22,000}\\ \text{Total assets} & \quad & \text{\$28,800} & \text{Total liabilities and stockholders’ equity } & \text{\$28,800}\\ \end{matrix} $$ $$ \begin{matrix} \text{Cash } & \quad & \quad & \quad\\ \text{Bal 12/31/2011 } & \text{1,300 } & \quad & \quad\\ \text{Cash collections from customers} & \text{31,000 } & \text{Salaries paid} & \text{12,500 }\\ \text{Issuance of common stock} & \text{8,000} & \text{Dividends paid} & \text{500}\\ \quad & \quad & \text{Purchase of equipment} & \text{5,000 }\\ \quad & \quad & \text{Payments of accounts payable } & \text{5,000 }\\ \quad & \quad & \text{Advertising paid} & \text{1,500}\\ \text{Bal 1/31/2012} & \text{?} & \quad & \quad\\ \end{matrix} $$ The following additional information is also available: $1,000 of the cash collected from customers in January 2012 was for gift certificates for detailing services to be performed in the future. As of January 31, 2012,$1,200 of gift certificates were still outstanding. $3,500 of supplies were purchased on account. Employees are paid monthly during the first week after the end of the pay period. Based on these statements, prepare the Balance Sheet for January 31, 2012. Verified answer Recommended textbook solutionsOther Quizlet setsRelated questionsWhich is considered cash for financial reporting purposes?For financial reporting purposes, cash includes currency and coin on hand, money orders and checks made payable to the company, and available balances in checking and savings accounts.
Which of the following is considered cash and cash equivalents for financial reporting purposes?Cash and cash equivalents refers to the line item on the balance sheet that reports the value of a company's assets that are cash or can be converted into cash immediately. Cash equivalents include bank accounts and marketable securities such as commercial paper and short-term government bonds.
Which of the following is not considered cash for financial reporting purposes *?Hence, this is a receivable of the company and not a cash. Therefore, the correct answer is d. Postdated checks and IOUs.
Which of the following is considered as cash?Cash typically includes coins, currency, funds on deposit with a bank, checks, and money orders. Items like postdated checks, certificates of deposit, IOUs, stamps, and travel advances are not classified as cash.
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Which of the following is considered cash for financial reporting purposes Quizlet
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