Zirkle Company borrowed $129,000 from Plains Bank on July 31, Year 1. The note carried a 6% interest rate with a one-year term tomaturity.Required:a. Show the effects of borrowing the money and the December 31, Year 1 adjustment on the accounting equation.b. What is the amount of interest expense for Year 1?c. Prepare a statement of cash flows for the Zirkle Company for Year 1.Complete this question by entering your answers in the tabs below.Required A Required BRequired CPrepare a statement of cash flows for the Zirkle Company for Year 1.Note: Cash outflows should be indicated with a minus sign.ZIRKLE COMPANYStatement of Cash FlowsFor the Year Ended December 31, Year 1Cash flows from operating activitiesNet cash flow from operating activitiesCash flows from investing activitiesNet cash flow from investing activitiesCash flows from financing activitiesNet cash flow from financing activities< Required BRequired C

Name: Zirkle Company borrowed $129,000 from Plains Bank on July 31, Year 1.
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Description: Zirkle Company borrowed $129,000 from Plains Bank on July 31, Year 1. The note carried a 6% interest rate with a one-year term tomaturity.Required:a. Show the effects of borrowing the money and the December 31, Year 1 adjustment on the accounting eq

Statement of Cash Flow -Statement of Cash Flow is a financial statement that includes inflow and…

Business

Accounting

w the effects of borrowing the money and the December 31, Year 1 adjustment on the accounting t is the amount of interest expense for Year 1? pare a statement of cash flows for the Zirkle Company for Year 1. nplete this question by entering your answers in the tabs below. quired A Required B Required C are a statement of cash flows for the Zirkle Company for Year 1. e: Cash outflows should be indicated with a minus sign. ZIRKLE COMPANY

w the effects of borrowing the money and the December 31, Year 1 adjustment on the accounting t is the amount of interest expense for Year 1? pare a statement of cash flows for the Zirkle Company for Year 1. nplete this question by entering your answers in the tabs below. quired A Required B Required C are a statement of cash flows for the Zirkle Company for Year 1. e: Cash outflows should be indicated with a minus sign. ZIRKLE COMPANY

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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Zirkle Company borrowed $129,000 from Plains Bank on July 31, Year 1. The note carried a 6% interest rate with a one-year term to maturity Required: a. Show the effects of borrowing the money and the December 31, Year 1 adjustment on the accounting equation. b. What is the amount of interest expense for Year 1? c. Prepare a statement of cash flows for the Zirkle Company for Year 1. Complete this question by entering your answers in the tabs below. Required A Required B Required C Show the effects of borrowing the money and the December 31, Year 1 adjustment on the accounting equation. Note: Enter any decreases to account balances with a minus sign. Leave cells blank if no input is needed. ZIRKLE COMPANY Effect of Adjustment on the Accounting Equation Event Year 1 July 31 December 31 December 31, Year 1 Assets Liabilities Stockholders' Equity Raquinad A Required B > 13
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You obtained the following information on the current account of Par Company during your examination of its financial statements for the year ended December 31, 2021. The bank statement on November 30, 2021 showed a balance of P 306,000 . Among the bank credits in November was customer’s noted for P 100,000 collected for the account of the company which the company recognized in December among its receipts. Included in the bank debits were costs of checkbooks amounting to P 1,200 and a P 40,000 check which was charged by the bank in error against Par Company account. Also in November, you ascertained that there were deposits in transit amounting to P 80,000 and outstanding checks totaling P 170,000. The bank statement for the month of December showed total credits of P 416,000 and total charges of P 204,000. The company’s books for December showed total debits of P 735,600 , total credits of P 407,200 and a balance of P485,600. Bank debit memos for December were: No. 121 for service…
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On July 31, 2020, Concord Company had a cash balance per books of $6,043.75. The statement from Dakota State Bank on that date showed a balance of $7,738.05. A comparison of the bank statement with the Cash account revealed the following facts. 1. 2. 3. 4. 5. 6. The bank service charge for July was $25. The bank collected $1,680 for Keeds Company through electronic funds transfer. The July 31 receipts of $1,225.50 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. Company check No. 2480 issued to L. Taylor, a creditor, for $361 that cleared the bank in July was incorrectly entered as a cash payment on July 10 for $316. Checks outstanding on July 31 totaled $1,888.80. On July 31, the bank statement showed an NSF charge of $579 for a check received by the company from W. Krueger, a customer, on account.
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