Question

In: Accounting

Selected balance sheet account balances are:                                    

Selected balance sheet account balances are:                                             VIZQUEL COMPANY

                                                                                                                                December 31

                                                                                                                   2002                                      2001

Cash                                                                                                     $ 200,000                             $ 300,000

Accounts Payable                                                                                   60,000                                   80,000

Accounts Receivable                                                                            180,000                                 140,000

Salaries Payable                                                                                      12,000                                     6,000

Land                                                                                                        120,000                                 140,000            

Merchandise Inventory                                                                        100,000                                 160,000

Prepaid Rent                                                                                            50,000                                  45,000

Unearned Consulting Revenue                                                             70,000                                   50,000

Income statement items for the year are:

Sales                                                                                                       $800,000

Consulting Fees                                                                                    $200,000

Cost of Goods Sold                                                                             400,000              

Salary Expense                                                                                        90,000

Depreciation Expense                                                                             40,000

Rent Expense                                                                                       100,000

Cash collections from customers during 2002 amounted to:

Cash received from consulting services during 2002 was:

Total cash collected amounted to:

Cash payments to suppliers for merchandise inventory during 2002 amounted to:

Cash payments for salary during 2002 amounted to:

Cash payments for rent during 2002 amounted to:

Cash payments for depreciation during 2002 amounted to:

Total cash paid for operating activities amounted to:

Cash from operating activities during 2002 is:

Net income for Vizquel Company

Solutions

Expert Solution

Answer a.

Cash Collections from Customers = Accounts Receivable, December 31, 2001 + Sales - Accounts Receivable, December 31, 2002
Cash Collections from Customers = $140,000 + $800,000 - $180,000
Cash Collections from Customers = $760,000

Answer b.

Cash Received from Consulting Services = Unearned Consulting Revenue, December 31, 2002 + Consulting Fees - Unearned Consulting Revenue, December 31, 2001
Cash Received from Consulting Services = $70,000+ $200,000 - $50,000
Cash Received from Consulting Services = $220,000

Answer c.

Total Cash Collected = Cash Collections from Customers + Cash Received from Consulting Services
Total Cash Collected = $760,000 + $220,000
Total Cash Collected = $980,000

Answer d.

Cash Payments to Suppliers = Accounts Payable, December 31, 2001 + Cost of Goods Sold - Accounts Payable, December 31, 2002
Cash Payments to Suppliers = $80,000 + $400,000 - $60,000
Cash Payments to Suppliers = $420,000

Answer e.

Cash Payments for Salary = Salaries Payable, December 31, 2001 + Salary Expense - Salaries Payable, December 31, 2002
Cash Payments for Salary = $6,000 + $90,000 - $12,000
Cash Payments for Salary = $84,000

ekkarill92 answered 1 year ago
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