Business, 17.10.2021 07:20 Damagingawsomeness2

The following information is available for two different types of businesses for the Year 1 accounting year. Hopkins CPAs is a service business that provides accounting services to small businesses. Sports Clothing is a merchandising business that sells sports clothing to college students. Data for Hopkins CPAs
Borrowed $105,400 from the bank to start the business.
Provided $70,600 of services to clients and collected $58,000 cash.
Paid salary expense of $38,120.

Data for Sports Clothing
Borrowed $106,400 from the bank to start the business.
Purchased $68,600 inventory for cash.
Inventory costing $31,160 was sold for $58,000 cash.
Paid $10,280 cash for operating expenses.

Prepare an income statement, balance sheet, and statement of cash flows for each of the companies.

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 21:00

In order to minimize project risk which step comes after the step of identifying risks

Answers: 1

Answer

Business, 22.06.2019 06:50

On january 1, vermont corporation had 40,000 shares of $10 par value common stock issued and outstanding. all 40,000 shares has been issued in a prior period at $20.00 per share. on february 1, vermont purchased 3,750 shares of treasury stock for $24 per share and later sold the treasury shares for $21 per share on march 1. the journal entry to record the purchase of the treasury shares on february 1 would include a credit to treasury stock for $90,000 debit to treasury stock for $90,000 credit to a gain account for $112,500 debit to a loss account for $112,500

Answers: 3

Answer

Business, 22.06.2019 07:20

Go follow my instagram atx_humberto

Answers: 2

Answer

Business, 22.06.2019 14:20

Frugala is when sylvestor puts $2,000 into 10-year state bonds and $3,000 into 5-year aaa-rated bonds in steady hand hardware, inc. he buys the four state bonds at a 5 percent interest rate and the three steady hand bonds at a 6.5 percent rate. sylvestor also buys $1,500 worth of blue chip stocks, and $800 worth of stock in a promising new sportswear company that reinvests its earnings in new growth. 1. (a) what is the maturity for each of the bond groups sylvestor buys? (b) the coupon rate? (c) the par value?

Answers: 3

Answer

You know the right answer?

The following information is available for two different types of businesses for the Year 1 accounti...

Questions