A service companys working capital at the beginning of January of the current year was $70,000. The following transactions occurred during January:Performed services on account $30,000Purchased supplies on account 5,000Consumed supplies 4,000Purchased office equipment for cash 2,000Paid short-term bank loan 6,500Paid salaries 10,000Accrued salaries 3,500

In January of year 1, a company began doing business as a corporation in order to sell technology-related accessories and services. During its first month of operations, it focused on obtaining the financing needed to start its operations. In February of year 1, the company sold inventory costing $25,000 for $75,000 cash.In February of year 1, the company provided technology-related services worth $10,000. Customers paid a total of $4,000 in cash for these services and promised to pay the remainder the following month.What will be the total impact of these services provided on the company’s balance sheet other than an increase in cash of $4,000?Choose 2 answers Accounts receivable will increase $6,000. Accounts receivable will decrease $6,000. Retained earnings will decrease $2,000. Retained earnings will increase $6,000. Retained earnings will increase $10,000.

Listed below are several transactions that took place during the first two years of operations for an accounting firm.  Year 1 Year 2Amounts billed to clients for services rendered $ 260,000 $ 325,000Cash collected from clients 208,000 293,000Cash disbursements:    Salaries paid to employees for services rendered during the year 104,000 130,000Utilities 62,000 87,000Purchase of insurance policy 64,000 0     Additional information:    Utility costs - Year 1   $50,000Liabilities - End of Year 2   0Anticipated bad debts on receivables   0Insurance policy term 4 yearsRequired:Calculate the net operating cash flow for years 1 and 2.Calculate the amount of receivables from clients that the firm would show in its year 1 and year 2 balance sheets prepared according to the accrual accounting model.Prepare an income statement for each year according to the accrual accounting model.Navigation:Use the Open Excel in New Tab button to launch this question.When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect.

Fluffy and Ruffly Pet Services reported $140,000 for current assets and $196,000 for other assets. It also had $49,000 of current liabilities and $78,400 of long-term liabilities. The quick assets totalled $84,000. What is the amount of working capital?Group of answer choices$35,000$208,600$117,600$91,000None of the other answers

At the beginning of January of the current year, Thomas Law Center's ledger reflected a normal balance of $52,000 for accounts receivable. During January, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500. Additionally, during January one customer paid Thomas $5,000 for services to be provided in the future. At the end of January, the balance in the accounts receivable account should be:a. $54700b. $49700c. $47000d. $64500e. $42200

. By what amount did working capital change?