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Effect of accounting events on the income statement and statement of cash flows:
Required:
Explain how each of the following events or series of events and any related adjusting entry will affect the amount of net income and the amount of cash flow from operating activities reported on the year end financial statements. Identify the direction of change (increase, decrease, or NA) and the amount of the change. Organize your answers according to the following table. The first event is recorded as an example. If an event does not have a related adjusting entry, record only the effects of the event.a. Paid $9,000 cash on October 1 to purchase a one year insurance policy. b. Purchased $2,000 of supplies on account. Paid $500 cash on accounts payable. The ending balance in the Supplies account, after adjustment, was $300. c. Provided services for $10,000 cash. d. Collected $2,400 in advance for services to be performed in the future. The contract called for services to start on May 1 and to continue for one year. e. Accrued salaries amounting to $5,600. f. Sold land that cost $3,000 for $3,000 cash. g. Acquired $15,000 cash from the issue of common stock. h. Earned $12,000 of revenue on account. Collected $8,000 cash from accounts receivable. i. Paid cash operating expenses of$4,500.
Prepare journal entries to record above transactions and adjustments for 2013 and how much warranty expense is reported for November 2012 and for December 2012?
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Physical count of items showed $14,200 of supplies were on hand
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What effect did these activities have on the balance sheet of Kim's Chemical Company
Prepare journal entries for each of the transactions - Prepare a statement of cash flows. Use the direct method to report cash flows from operating activities.
Compute the amount of prepaid/accrued pension cost that would be reported on the balance sheet. Clearly indicate whether the amount would be shown as an asset or as a liability.
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