Answered Essay: Check my work Required a Organize ledger accounts under an accounting equation and record the events in the accounts. In the last colum

On January 1, 2018, Jana started a small flower merchandising business that she named Jana’s Flowers. The company experienced the following events during the first year of operation:

Started the business by issuing common stock for $30,000 cash.

Paid $19,000 cash to purchase inventory.

Sold merchandise that cost $10,000 for $21,000 on account.

Collected $16,000 cash from accounts receivable.

Paid $3,750 for operating expenses.

Required

a. Organize ledger accounts under an accounting equation and record the events in the accounts. In the last column of the table, provide appropriate account titles for the Retained Earnings amounts.

b-1. Prepare an income statement.

b-2. Prepare a balance sheet.

b-3.Prepare a statement of cash flows.

c. Since Jana sold inventory for $21,000, she will be able to recover more than half of the $30,000 she invested in the stock. Do you agree with this statement?Check my work Required a Organize ledger accounts under an accounting equation and record the events in the accounts. In the last column ot the table, provide appropriate account titles for the Retained Farnings amounts b-1Prepare an income statement b-2. Prepare a balance sheet b-3.Prepare a slalerie of castillows. C. Since Jana 500 Inventory for $21000, she will be able to recover more than nait of the $30000 she invested in the stock. Do you agree with this statement? Complete this question by entering your answers in the tabs below. Print Reg Bl Reg E3 Regic Prepare a balance sheet. JANAS FLOWERS Dalance sheet Aavis Toal sets Liabilities Stockholders Equity D Tal locktailers pity Total liabilities and stockholders equity S C C Rey H1 Ray B3 > of 5 ii Next >

Check my work Required a Organize ledger accounts under an accounting equation and record the events in the accounts. In the last column ot the table, provide appropriate account titles for the Retained Farnings amounts b-1Prepare an income statement b-2. Prepare a balance sheet b-3.Prepare a slalerie of castillows. C. Since Jana 500 Inventory for $21000, she will be able to recover more than nait of the $30000 she invested in the stock. Do you agree with this statement? Complete this question by entering your answers in the tabs below. Print Reg Bl Reg E3 Regic Prepare a balance sheet. JANA’S FLOWERS Dalance sheet Aavis Toal sets Liabilities Stockholders’ Equity D Tal locktailers pity Total liabilities and stockholders’ equity S C C Rey H1 Ray B3 > of 5 ii Next >

Expert Answer

 

Assets = Equity Accounts for retained earnings
Part a Cash   + Accounts Receivables + Inventory + Common Stock + Retained Earnings Revenues Expenses
Share Issue $   30,000.00 $           30,000.00
Inventory Purchased $ (19,000.00) $   19,000.00
Sales $   21,000.00 $ (10,000.00) $               11,000.00 $   21,000.00 $                 10,000.00
Cash receipt for sale $   16,000.00 $ (16,000.00)
Operating expenses $   (3,750.00) $               (3,750.00) $                   3,750.00
$   23,250.00 $      5,000.00 $     9,000.00 $           30,000.00 $                  7,250.00 $   21,000.00 $                 13,750.00
Part b-1 Jana’s Flower
Income Statement
For the year ended December 31st 2018
Sales $   21,000.00
Cost Of Goods Sold $   10,000.00
Gross Profit $   11,000.00
Operating Expenses $      3,750.00
Net Income $      7,250.00
Part b-2 Jana’s Flower
Balance Sheet
For the year ended December 31st 2018
Assets
Current Assets
Cash $   23,250.00
Inventory $      9,000.00
Accounts Receivables $      5,000.00
Total Assets $   37,250.00
Liabilities and Equity
Current Liabilities 0
Shareholder’s Equity
Common stock 30000
Retained Earnings $      7,250.00
Total Liabilities and shareholder’s Equity $   37,250.00
Part b-3 Jana’s Flower
Cash Flow Statement
For the year ended December 31st 2018
Cash Flow from Operating Activities:
Net Income $      7,250.00
Add: Adjustments
Increase in Accounts receivables $   (5,000.00)
Increase in Inventory $   (9,000.00)
$ (14,000.00)
A. Cash Outflow from Operating Activities $   (6,750.00)
Cash Flow from Investing Activities:
B. Cash flow from Investing Activities $                   –
Cash Flow from Financing Activities:
Issue of Common Stock $   30,000.00
C. Cash Flow from Financing Activities $   30,000.00
Increase (Decrease) in cash [A+B+C] $   23,250.00
Add: cash at the beginning $                   –
Cash at the end $   23,250.00
Part c Yes ,Jana has recovered more than half of his Investment
If we see Cash Generated during the year then Jana has recovered 77.5% of cash invested in business.
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