Tag Archives: accounting

i need help with my accounting homework!!!!!!!!!!!!!!!!?

Posted on October 11, 2011 by admin| 1 Comment

Statement of Cash Flows
The cash account for Esplin Enterprises show the following for the year ended December 31, 2006

Beginning cash balance……..????
Cash receipts during year from:
services………………………$2214000
investments by owner……$93,000
sale of land…………………..$194000
Cash of payment during year for:
operating expenses……..$1735000
taxes…………………………..$207000
purchase of building……….$352000
distirbutions to owners……..$68000
Ending cash balance………..$815000

Required:
Prepare a statement of cash flow for Esplin Enterprises for the year ended december 31

Can you please found the answer for me and can you explain how you get it Thank you

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Please help with my accounting homework!?

Posted on September 27, 2011 by admin| 1 Comment

XYZ Company entered into the following transactions during 2007:
(1.) The company was started with $22,000 of common stock issued to investors for cash.
(2.) The company purchased land on July 1 that cost $15,500 cash.
(3.) There were $700 of supplies purchased on account.
(4.) Sales on account amounted to $9,500.
(5.) Cash collections of receivables amounted to $5,500.
(6.) On October 1, 2007, the company paid $3,600 in advance for a 12-month insurance policy that became effective on October 1.
(7.) Supplies on hand as of December 31, 2007, amounted to $225.

17. The adjusting entry necessary to record the supplies expense would result in a:
A) $700 increase in assets and liabilities.
B) $700 decrease in assets and equity.
C) $475 decrease in assets and equity.
D) $475 increase in assets and liabilities.

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Accounting journal entry for sale of land and building?

Posted on September 17, 2011 by admin| 4 Comments

Accounting journal entry for sale of land and building?

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Accounting Homework Help!!!!!!!!!!?

Posted on October 30, 2010 by admin| 1 Comment

Okay, im doing statement of cashflows for homework…fun huh anywayz…..i think i have a pretty good idea of things, but are unsure of certain things on the problem i’m doing rite now. I have the comparative balance sheets, and additional info. Now usually, the additional info tells you about the sale of land and depreciation expense. However not this one. instead, the deprectiation is just listed in the comparative balance sheet alone. And the only mention of the sale of anything in the additional info is sales for year. I guess i’m asking, do I list deprectiation expense under the operating activities part…or do i just call it deprecation? or does it even go on the cashflow. And would the sales for the year part go under that section or under the investment section?….its a lil confusing problem

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Accounting help-Hutton Company?

Posted on October 30, 2010 by admin| 2 Comments

Hutton Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursement journal, and a general journal. The following transactions occur in the month of March:
Mar. 2 Sold merchandise costing $300 to B. Fager for $450 cash, invoice no. 5703.
5 Purchased $2,300 of merchandise on credit from Marsh Corp.
7 Sold merchandise costing $800 to J. Dryer for $1,150, terms 2_10, n_30, invoice no. 5704.
8 Borrowed $8,000 cash by signing a note payable to the bank.
12 Sold merchandise costing $200 to R. Land for $320, terms n_30, invoice no. 5705.
16 Received $1,127 cash from J. Dryer to pay for the purchase of March 7.
19 Sold used store equipment for $900 cash to Malone, Inc.
25 Sold merchandise costing $350 to T. Burton for $550, terms n_30, invoice no. 5706.
Prepare headings for a sales journal like the one in Exhibit 7.5. Journalize the March transactions that should be recorded in this sales journal.
I have been really sick all week, plz hlp.

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