The current sections of sanford inc.'s balance sheets at december 31, 2013 and 2014, are presented here. sanford's net income for 2014 was $153,000. depreciation expense was $27,000.
2014 2013
current assets
cash $105,000 $99,000
accounts receivable 80,000 89,000
inventory 168,000 172,000
prepaid expenses 27,000 22,000
total current assets $380,000 $382,000
current liabilities
accrued expenses payable $15,000 $5,000
accounts payable 85,000 92,000
total current liabilities $100,000 $97,000
prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended december 31, 2014, using the indirect method. (show amounts that decrease cash flow with either a - sign e. g. -15,000 or in parenthesis e. g. (15,
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Karla tanner opens a web consulting business called linkworks and completes the following transactions in its first month of operations. april 1 tanner invested $105,000 cash along with office equipment valued at $25,200 in the company in exchange for common stock. 2 the company prepaid $7,200 cash for 12 months’ rent for office space. (hint: debit prepaid rent for $7,200.) 3 the company made credit purchases for $12,600 in office equipment and $2,520 in office supplies. payment is due within 10 days. 6 the company completed services for a client and immediately received $2,000 cash. 9 the company completed a $8,400 project for a client, who must pay within 30 days. 13 the company paid $15,120 cash to settle the account payable created on april 3. 19 the company paid $6,000 cash for the premium on a 12-month insurance policy. (hint: debit prepaid insurance for $6,000.) 22 the company received $6,720 cash as partial payment for the work completed on april 9. 25 the company completed work for another client for $2,640 on credit. 28 the company paid $6,200 cash in dividends. 29 the company purchased $840 of additional office supplies on credit. 30 the company paid $700 cash for this month’s utility bill. required: 1.prepare general journal entries to record these transactions using the following titles: cash (101); accounts receivable (106); office supplies (124); prepaid insurance (128); prepaid rent (131); office equipment (163); accounts payable (201); common stock (307); dividends (319); services revenue (403); and utilities expense (690). 2. post the journal entries from part 1 to the ledger accounts. 3. prepare a trial balance as of april 30. need a jounalentry worksheet part1 part2 - post the journal entries from part 1 to the ledger accounts part3 - prepare a trial balance as ofaprol30
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The current sections of sanford inc.'s balance sheets at december 31, 2013 and 2014, are presented h...
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