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We can loan up to $500 to Oxford occupants, in view of qualifying elements. On the off chance that endorsed, your credit will be expected on your next payday that falls in the vicinity of 10 and 31 days after you get your advance. Nitty gritty data with respect to expenses and reimbursement is accessible on our Rates and Terms page. As you consider whether an advance is proper for your prompt needs, you ought to likewise investigate other subsidizing alternatives. A payday credit is a genuine budgetary duty, and not an answer for long haul issues. Getting from a companion of relative may be a superior alternative.
The following events pertain to Super Cleaning Company: 1. Acquired $15,500 cash from the issue of common stock. 2. Provided $13,500 of services on account. 3. Provided services for $4,500 cash. 4. Received $2,900 cash in advance for services to be performed in the future. 5. Collected $9,500 cash from the account receivable created in Event 2. 6. Paid $5,500 for cash expense. 7. Performed $1,450 of the services agreed to in Event 4. 8. Incurred $2,000 of expenses on account. 9. Paid $1,350 cash in advance for one-year contract to rent office space. 10. Paid $1,650 cash on the account payable created in Event 8. 11. Paid a $2,000 cash dividend to the stockholders. 12. Recognized rent expense for nine months’ use of office space acquired in Event 9. 6 Required: Show the effects of the events on the financial statements using a horizontal statements model like the following one. In the Cash Flows column, use the letters OA to designate operating activity, Oxford for investing activity, FA for financing activity, and Oxford for net change in cash. Use NA to indicate accounts not affected by the event. The first event is recorded as an example. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Enter any decreases to account balances and cash outflows with a minus sign.) I really need help with this! Any information will help. Thank you! I will vote for best answer!
Without seeing the horizontal statement model it is not possible to help you. However, the following may be useful: The cash flow statement is nothing more than a list of all cash transactions categorized into three types: Cash resulting from operating the business, investing activities, and financing activities. If you look at any single transaction recorded in the cash account, it should be clear in which category it belongs. But there are 1000s of transactions there, so it would take you forever. Instead we use shortcuts by looking at changes in balance sheet accounts. Think of the balance sheet as a T-account: ______________________________ Current assets | Current liabilities - - - - - -- - -- - - | - - - - - - - - - - - - - - A . . . . . . . .. . . | . . E Cash transactions above the dashed line are Operating Activities. Those in A are Investing Activities; those in the E equities area are financing Activities. Transactions that don't involve cash don't belong in any of these three categories. Imagine a journal entry for each item. If cash is not included in the entry it does not affect the cash flow statement. Every entry that involves cash belongs in Operating, Investing or Financing activities. If the other part of the entry involves a current asset or current liability it is an operating activity because it affects the income statement. If the entry involved long-lived assets (buying or selling land, building, equipment or intangible assets) it is an investing activity. If it affects long-term debt or capital it is a financing activity. (issuing bonds, paying mortgages, issuing stock, buying treasury stock, paying dividends.). So if you see that accounts receivable increased, it means that all the sales revenue was not collected in cash because some of it is still to be collected. Every change in current accounts can be analyzed the same way. Tax payable decreased means that you paid more cash for taxes than the tax expense reported in the income statement. If you see that land decreased, that is a source of cash because selling land brings in cash. If equipment increased, that is a use of cash because you use cash to buy equipment. On the equities side, Issuing bonds is a source of cash (you sell bonds for money) and paying dividends is a use of cash, (you write checks).
Horizontal Model Accounting