Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. help please hart. attorney at law, experienced

help please Hart. Attorney at Law, experienced the following transactions in...

90.2K

Verified Solution

Question

Accounting

help please
image
Hart. Attorney at Law, experienced the following transactions in Year 1, the first year of operations: 1. Accepted $19,700 on Aprill, Year 1, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $66,000. 3. Purchased $1,450 of office supplies on account. 4. Paid $1,305 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $5,600. 6. Paid cash for operating expenses of $21,300. 7. Determined that at the end of the accounting period $105 of office supplies remained on hand. 8. On December 31, Year 1, recognized the revenue that had been earned for services performed in accordance with Transaction 1. Required Show the effects of the events on the financial statements using the following horizontal statements model. In the Cash Flow column, use the initials OA to designate operating activity. IA for investing activity. FA for financing activity, and NC for net change in cash. If the element is not affected by the event, leave the cell blank. The first event has been recorded as an example. (Do not round intermediate calculations. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require entry.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

What does the mesoderm have to do with the designation of a true coelom?The mesoderm...

Biology
Q

Sri Chait 32 Sr IPLCO JEE ADV 2011 P1 RPTA 15 Q Paper Which of...

Physics
Q

Thus the value of the sum 6 9i 8 i 1

Calculus
Q

The Fresnel function which has applications in optics and highway design among other areas is...

Calculus
Q

Find the domain of the expression 16x 25y 2x 8y

Algebra
Q

Solve in excel plz 6-17 A firm manufactures and...

Accounting
Q

Una mquina con un costo de $160 000 y una depreciacin acumulada de $100 000...

Accounting
Q

X Company currently makes 2,300 units of a unique part for...

Accounting
Q

1. El asiento de diario para registrar la emisin de un pagar a un acreedor...

Accounting
Q

Why facebook committed this fraud? (Relate to fraud triangle and to Kohlbergs stages of ethical...

Accounting
Q

[The following information applies to the questions displayed below.] Brooks Company purchases debt investments as...

Accounting
Q

You are looking to buy a car. You can afford $1000 in monthly payments for...

Finance