question archive The following information is available for Ramos Corporation for the year ended December 31, 2014
The following information is available for Ramos Corporation for the year ended December 31, 2014
Subject:AccountingPrice: Bought3
The following information is available for Ramos Corporation for the year ended December 31, 2014.Beginning cash balance$ 105,390Accounts payable decrease8,665Depreciation expense379,404Accounts receivable increase19,204Inventory increase25,762Net income665,362Cash received for sale of land at book value81,970Cash dividends paid28,104Income taxes payable increase11,007Cash used to purchase building676,838Cash used to purchase treasury stock60,892Cash received from issuing bonds468,400Exercise 3-11 Selected transactions for Protheroe Corporation during its first month in business are presented below.Sept. 1Issued common stock in exchange for $20,300 cash received from investors.5Purchased equipment for $9,440, paying $2,720 in cash and the balance on account.8Performed services on account for $18,000.14Paid salaries of $1,200.25Paid $2,600 cash on balance owed for equipment.30Paid $860 cash dividend.Complete a tabular analysis of the September transactions. (If a transaction causes a decrease in Assets, Liabilities or Stockholders’ Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-3 for example.) Assets=Liabilities+Stockholders’ EquityRetained EarningsCash+Accounts Receivable+Equipment=Accounts Payable+Common Stock+Revenues–Expenses–DividendsSept. 1$Issued stockSept. 5Sept. 8Sept. 14Sept. 25Sept. 30Dividends
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$SHOW LIST OF ACCOUNTSLINK TO TEXT LINK TO TEXTLINK TO VIDEOJournalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)DateAccount Titles and ExplanationDebitCredit Sept. 1Sept. 5Sept. 8Sept. 14Sept. 25Sept. 30 Sept. 1Sept. 5Sept. 8Sept. 14Sept. 25Sept. 30 Sept. 1Sept. 5Sept. 8Sept. 14Sept. 25Sept. 30 Sept. 1Sept. 5Sept. 8Sept. 14Sept. 25Sept. 30 Sept. 1Sept. 5Sept. 8Sept. 14Sept. 25Sept. 30 Sept. 1Sept. 5Sept. 8Sept. 14Sept. 25Sept. 30SHOW LIST OF ACCOUNTSLINK TO TEXT LINK TO TEXTLINK TO VIDEOPost the transactions to T-accounts. (Post entries in the order of information presented in the question.)Cash 9/19/59/89/149/259/30 9/19/59/89/149/259/30 9/19/59/89/149/259/30 9/19/59/89/149/259/30 9/19/59/89/149/259/30 9/19/59/89/149/259/30 9/19/59/89/149/259/30 9/19/59/89/149/259/30 Bal. Bal.Accounts Receivable 9/19/59/89/149/259/30 9/19/59/89/149/259/30 Bal. Bal.Equipment 9/19/59/89/149/259/30 9/19/59/89/149/259/30 Bal. Bal.Accounts Payable 9/19/59/89/149/259/30 9/19/59/89/149/259/30 Bal. Bal.Common Stock 9/19/59/89/149/259/30 9/19/59/89/149/259/30 Bal. Bal.Dividends 9/19/59/89/149/259/30 9/19/59/89/149/259/30 Bal. Bal.Service Revenue 9/19/59/89/149/259/30 9/19/59/89/149/259/30 Bal. Bal.Salaries and Wages Expense 9/19/59/89/149/259/30 9/19/59/89/149/259/30 Bal. Bal..1em;”>Prepare a statement of cash flows using the indirect method.(Show amounts that decrease cash flow with either a – sign e.g. -15,000 or in parenthesis e.g. (15,000).)
