Business, 06.05.2020 03:21, saintsfan2004
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period: 1. Performed $72,000 of services for clients on account. 2. Performed $44,000 of services for cash. 3. Incurred $36,000 of other operating expenses on account. 4. Paid $17,000 cash to an employee for salary. 5. Collected $60,000 cash from accounts receivable. 6. Paid $19,000 cash on accounts payable. 7.Paid an $6,000 cash dividend to the stockholders. 8. Accrued salaries were $2,800 at the end of Year 1.Required
a. Show the effects of the events on the financial statements using a horizontal statements model.
b. What is the amount of total assets at the end of 2016?
c. What is the balance of accounts receivable at the end of 2016?
d. What is the balance of accounts payable at the end of 2016?
Answers: 3
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The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting...
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