QUESTION 1 Use the following information to answer questions 1 - 4: At December
ID: 2395484 • Letter: Q
Question
QUESTION 1
Use the following information to answer questions 1 - 4:
At December 31, 2016, the accounting records of Hill Pool, Co. reflected the following:
Accounts Payable $ 10,100 Accounts Receivable 8,450
Retained Earnings 7,830 Supplies ` 2,350
Building 23,950 Cash 15,420
Notes Payable, due Jan 2018 10,240 Common Stock 20,000
Unearned Revenue 2,000
During January 2017, the following transactions occurred:
Jan 2 Issued 5,000 shares of common stock in exchange for $10,000
Jan 8 Paid creditors $2,500 of what was owed on account.
Jan 15 Repaired a pool and collected the fee of $1,800.
Jan 19 Performed a $500 repair job, which Hill had previously been paid for.
Jan 25 Collected $2,400 from customers on account.
Jan 28 Repaired a customer’s pool for $8,200. Billed the customer.
Jan 30 Declared and paid a cash dividend of $500.
Jan 30 Paid $2,000 for January wages.
Jan 30 Supplies on hand at the end of the month amount to $1,300.
Jan 30 Received a utility bill for $500 which will be paid next month.
QUESTION 3
The balance in the Cash account on January 31, 2017 is:
$24,620
$26,320
$26,820
$25,770
$25,770
1 points
QUESTION 4
What is net income for the month of January?
$16,350
$ 8,850
$ 6,950
$18,350
$ 5,850
A.$24,620
B.$26,320
C.$26,820
D.$25,770
E.$25,770
Explanation / Answer
Cash Income/(expenses) Beg bal $15,420 2-Jan 10000 8-Jan -2500 15-Jan 1800 1800 19-Jan 500 25-Jan 2400 28-Jan 8200 30-Jan -500 30-Jan -2000 -2000 30-Jan -1050 2350-1300 30-Jan -500 Total $24,620 $6,950 Ans 3 Cash balance $24,620 Option A ans 4 Net Income=$6950 Option c If any doubt please comment. If satisfiied you can rate
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