Cordell Inc. experienced the following events in Year 1, its first year of operation:Received $55,000 cash from the issue of common stock. Performed services on account for $77,000. Paid a $5,500 cash dividend to the stockholders. Collected $61,000 of the accounts receivable. Paid $55,000 cash for other operating expenses. Performed services for $16,500 cash. Recognized $2,500 of accrued utilities expense at the end of the year.
Identify the events that result in revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use OA to designate operating activity, FA for financing activity, IA for investing activity and NA to indicate the element is not affected by the event.
Answers: 3
Business, 22.06.2019 10:40, Yskdl
Why do you think the compensation plans differ at the two firms? in particular, why do you think kaufmann’s pays commissions to salespeople, while parkleigh does not? why does parkleigh offer employees discounts on purchases, while kaufmann’s does not?
Answers: 3
Business, 22.06.2019 21:10, leo4687
Match the terms with their correct definition. terms: 1. accounts receivable 2. other receivables 3 debtor 4. notes receivable 5. maturity date 6. creditor definitions: a. the party to a credit transaction who takes on an obligation/payable. b. the party who receives a receivable and will collect cash in the future. c. a written promise to pay a specified amount of money at a particular future date. d. the date when the note receivable is due. e. a miscellaneous category that includes any other type of receivable where there is a right to receive cash in the future. f. the right to receive cash in the future from customers for goods sold or for services performed.
Answers: 1
Cordell Inc. experienced the following events in Year 1, its first year of operation:Received $55,00...
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