LO2 E2-3B. Analysis of Accounts Compute the unknown amount required in each of t

Question

LO2 E2-3B. Analysis of Accounts Compute the unknown amount required in each of the following five indepen- dent situations. The answer to situation (a) is given as an illustration: BC Chapter 2 Processing Accounting Information 93 Beginning Ending Balance Balance Account Other Information b.Accounts r C. d. Accounts payable. e. Stockholders' equity 34,000 8,900 18,500 1,750 41,000 Services on account, $17,000 Borrowed funds by issuing a note, $33,000 Payments on account, $4,000 Capital contribution, $6,100 ....10,500 Notes payable .. . 5,280 Unknown Amounts Required b. Total cash collected from credit customers. . . . . . . . . . . .. . . . . c. Notes payable repaid during the period... . . . . . . . . . . . . . . . .. d. Goods and services received from suppliers on account. . . . . . Net income, assuming that no dividends were paid . . . . . . . . . .

Explanation / Answer

1) Cash Received During the year :-

2) Total Cash Collected from Credit Customers :-

3) Notes Payable Repaid during the period :-

4) Goods and Services Received from suppliers on account :-

5) Net Income for the year :-

Particulars Amount($) Ending Cash Balance 5250 Add : Total Cash Disbursed 6100 Less : Beginning Cash Balance (8100) Cash Received During The Year 3250

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