What is the before- and after-closing balance in the

Reference no: EM13585579

Valmont Inc. experienced the following events in 2013, its first year of operation:
1. Received $50,000 cash from the issue of common stock.
2. Performed services on account for $67,000.
3. Paid a $5,000 cash dividend to the stockholders.
4. Collected $45,000 of the accounts receivable.
5. Paid $49,000 cash for other operating expenses.
6. Performed services for $10,000 cash.
7. Recognized $2,000 of accrued utilities expense at the end of the year.

Required
a. Identify the events that result in revenue or expense recognition:
b. Based on your response to Requirement a, determine the amount of net income reported on the 2013 income statement.
c. Identify the events that affect the statement of cash flows.
d. Based on your response to Requirement c, determine the amount of cash flow from operating activities reported on the 2013 statement of cash flows.
e. What is the before- and after-closing balance in the service revenue account? What other accounts would be closed at the end of the accounting cycle?
f. What is the balance of the retained earnings account that appears on the 2013 balance sheet?

Reference no: EM13585579

Questions Cloud

During the month 2 sheets of paper are purchased 3 sheets : you are the accountant for sakuraba who is very angry. figure out his books for him or he might have to beat you.

Question a grocery store is hiring 5 new stock-persons for : question a grocery store is hiring 5 new stock-persons for the summer. 19 equally qualified students apply for the job.

A group of atoms is confined to a very small point-like : a group of atoms is confined to a very small point-like volume in a laser-based atom trap. the incident laser light

Identify at least one example of probability encountered in : identify at least one example of probability encountered in everyday life.explain how probability is used in that

What is the before- and after-closing balance in the : valmont inc. experienced the following events in 2013 its first year of operation 1. received 50000 cash from the issue

A researcher wants to estimate at a 99 confidence level the : a researcher wants to estimate at a 99 confidence level the mean age of all persons who own sports cars. it is known

For each of the following situations say what energy : 1. for each of the following situations say what energy transformation occurs and draw an energy bar chart.a a car

You need to supply information about projected ticket sales : suppose you are an event coordinator for a large performance theater. one of the hottest new broadway musicals has

Russell owns 30 percent of the outstanding stock of thacker : russell owns 30 percent of the outstanding stock of thacker and has the ability to significantly influence the

User Account

All Pages