Huang Trucking Company was organized on January 1, 2014. At the end of the first quarter (three months) of operations, t

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Huang Trucking Company Was Organized On January 1 2014 At The End Of The First Quarter Three Months Of Operations T 1 (157.91 KiB) Viewed 22 times

Huang Trucking Company was organized on January 1, 2014. At the end of the first quarter (three months) of operations, the owner prepared a summary of its activities as shown in the first row of the following tabulation: Required: 1. For each of the six transactions given in this tabulation, enter what you consider the correct amounts. The first transaction is illustrated. (Amounts to be deducted and losses/outflows should be indicated with a minus sign.) Computation of Summary of Transactions Cash Services performed for customers, $66000, of which $15000 remained uncollected at the end of the quarter. a. $ 66,000 $ 51,000 b. Cash borrowed from the local bank, $55000 (one-year note). C. Small service truck purchased at the end of the quarter to be used in the business for two years starting the next quarter: cost, $10200 cash. d. Wages earned by employees, $22200, of which one-half remained unpaid at the end of the quarter. e. Service supplies purchased for use in the business, $5480 cash, of which $1450 were unused (still on hand) at the end of the quarter. f. Other operating expenses, $38000, of which $6100 remained unpaid at the end of the quarter. Based only on these transactions, compute the following for the quarter: Income (or loss) Cash inflow (or outflow) Income