https://papertowrite.com/wp-content/uploads/2020/04/New-logo-300x62.png 0 0 admin https://papertowrite.com/wp-content/uploads/2020/04/New-logo-300x62.png admin2020-05-06 16:50:252020-05-06 16:50:25saint leo MBA560 module 2 homework
problem 3-24The following events were completed by Chanâs Imports in September 2012.Sept. 1 Acquired $60,000 cash from the issue of common stock.1 Purchased $36,000 of merchandise on account with terms 2/10, n/30.5 Paid $800 cash for freight to obtain merchandise purchased on September 1.8 Sold merchandise that cost $20,000 to customers for $38,000 on account, with terms 2/10, n/30.8 Returned $1,500 of defective merchandise from the September 1 purchase to the supplier.10 Paid cash for the balance due on the merchandise purchased on September 1.20 Received cash from customers of September 8 sale in settlement of the account balances, but not within the discount period.30 Paid $4,900 cash for selling expenses.Requireda. Record each event in a statements model like the following one. The first event is recorded as an example..solutioninn.com/image/images4/118-B-A-M-B%20(940).png”>b. Prepare an income statement for the month ending September 30.c. Prepare a statement of cash flows for the month ending September 30.d. Explain why there is a difference between net income and cash flow from operatingactivities.problem 4-22The following information is available for Cooters Garage for March 2012:.solutioninn.com/image/images4/118-B-C-A-I-C-C%20(655)-1.png”>The following is a list of checks and deposits recorded on the books of Cooters Garage for March 2012:.solutioninn.com/image/images4/118-B-C-A-I-C-C%20(655)-2.png”>Other Information1. Check no. 1462 was outstanding from February.2. A credit memo for collection of accounts receivable was included in the bank statement.3. All checks were paid at the correct amount.4. The bank statement included a debit memo for service charges.5. The February 28 bank reconciliation showed a deposit in transit of $1,000.6. Check no. 1468 was for the purchase of equipment.7. The unadjusted Cash account balance at March 31 was $16,868.Requireda. Prepare the bank reconciliation for Cooters Garage at the end of March.b. Explain how the adjustments described above affect the cashaccount.
papertowrite.com helps students cope with college assignments and write papers on a wide range of topics. We deal with academic writing, creative writing, and non-word assignments.