129. The Palin Corporation was started on January 1, 2011, with the issuance of $10,000 of stock. During 2011, the company provided $15,000 of services on account and collected $9,000 of that amount. Palin incurred $11,500 of expenses, and paid $10,000 of that amount during 2011. On December 31, 2011, Palin paid investors a $400 cash dividend and accrued $1,000 of salary expense.
Required: 1) What is the net income for year ending December 31, 2011?
2) Prepare Palin Corporation's Statement of Cash Flows for the year ended December 31, 2011.
3) What is the balance in Palin's retained earnings account after closing entries are made on December 31, 2011?
4) What is Palin's cash balance on December 31, 2011?
130. (a) At January 1, 2011, accounts receivable was $20,000. Cash collected on accounts receivable during 2011 was $15,000. At December 31, 2011, accounts receivable was $30,000.
What were the revenues earned on account during 2011?
(b) At January 1, 2011, accounts payable was $17,000. During 2011, expenses on account were $28,000. At December 31, 2011, accounts payable was $15,000.
What was the amount of cash paid on accounts payable during 2011?
(c) At January 1, 2011, the balance in the retained earnings account was $7,200. During 2011, revenue earned was $19,800 and expenses incurred were $7,400. At December 31, 2011, the balance in the retained earnings account was $11,500.
What was the amount of cash dividends paid to stockholders during 2011?
(d) At January 1, 2011, the balance in the supplies account was $450. At December 31, 2011, the company counted $600 of supplies on hand. The company reported supplies expense in 2011 of $2,300.
What was the total of supplies purchases during 2011?