Homework Answers
![Cost of the land 25,000 Asset decreases by $25,000 Cash recd. from sale 25,000 Asset increases by $25,000 So net change in asset is zero [$25,000 - $25,000] Because of sale of asset, there will not be any impact on Equity, Liabilities, Revenues and Expenses While preparing cash flow, it will be shown as $25,000 cash flows from investing activities (IA) Going by the above explanation, the correct answer is Option A So Option A is the right answer For the remaining questions, please post it separately.](http://img.homeworklib.com/questions/4a10fa80-6e59-11ea-ab88-19af10b2f176.png?x-oss-process=image/resize,w_560)
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man Company sold land for $25,000 cash. The original cost of the land was $25,000. Which...
2 3 man Company sold land for $25,000 cash. The original cost of the land was...
2 3 man Company sold land for $25,000 cash. The original cost of the land was $25,000. Which of the ly reflects how this event affects the company's financial statements? AssetsLiab.Equity Rev.ExpNet Stmt of Inc. Cash Flows A.1 NA B. (25,000)NA (25,000) NA C. 25,000 NANANA 25,000 IA 1-1 NA 1 (25,000) IA NA 25,000 FA 25,000+ NA NA NANA D. None of these. 28) A) Option A B) Option B C) Option C D) Option D
30) C hico Company experienced an accounting event that affected its financial statements as indicated below:...
30) C hico Company experienced an accounting event that affected its financial statements as indicated below: AssetsLiab. Equity Rev. Exp.Net Inc.Cash Flow Stmt of NA NA NA NA +FA Which of the following accounting events could have caused these effects on the elements of Chico's financial statements? 30) A) Paid a cash dividend C) Issued common stock B) Earned cash revenue D) Borrowed money from a bank
C) Opthon C D) Option D pioInD 29) Which of the following could represent the effects...
C) Opthon C D) Option D pioInD 29) Which of the following could represent the effects of an asset exchange transaction on a companys financial statements? Assets | = | Liab. + Equity | Rev. - Exp. = Net Inc. Cash Flows Stmt of -IA NA -OA C. NA NA NA D. None of these could represent the effects of an asset exchange transaction 29) A) Option A B) Option B C) Option C D) Option D
23) Which of the following would be reported in the cash flow from financing activities section...
23) Which of the following would be reported in the cash flow from financing activities section of a of cash flows? 23) A) Paid cash for dividends B) Sold land for cash C) Paying cash for dividends and receiving cash from common stock D) Received cash for common stock 24) Mayberry Company paid $30,000 cash to purchase land. What happened as a result of this business event 24) A) Total equity was not affected. B) Total assets were not affected....
A company using the perpetual inventory method paid cash for a transportation-in cost. Which of the...
A company using the perpetual inventory method paid cash for a transportation-in cost. Which of the following choices reflects the effects of this event on the financial statements? Assets = Liab. + Equity Rev. − Exp. = Net Inc. Cash Flow A. − = NA + − NA − NA = NA − OA B. +/− = NA + NA NA − NA = NA NA C. +/− = NA + NA NA − + = − − OA D....
27) Garrison Company acquired $23,000 by issuing common stock. Which of the following accurately reflects how...
27) Garrison Company acquired $23,000 by issuing common stock. Which of the following accurately reflects how this event affects the company's financial statements? AssetsLiab.+Equity Rev.Exp.Net Ine. Cash A. 23,000NA 23,000 NA B. 23,000 NA23,000 23,000 C. 23,00023,000 NA 23,000 D. 23,00023,000 NA 23,000 Stmt of Flows NA 23,000 FA 23,000 23,000 NA 23,000 NA23,000 23,000 FA FA OA 27) A) Option A B) Option B C) Option C D) Option D
A) S1,700 B) $900 C) $2,500 D) S400 26) Jackson Company paid $500 cash for salary...
A) S1,700 B) $900 C) $2,500 D) S400 26) Jackson Company paid $500 cash for salary expenses. Which of the following accurately reflects how this event affects the company's financial statements? Stmt of Equity Rev.-Exp. Net Inclea:hFlows Liab. 500 B.1 (500) NA (500) NA C. (500)NA(500) NA Assets NA (500) I NA 500(500) NA 1500- (500) (500) OA NA NA (500) OA (500) NA500(500) (500) IA D. (500)NA A) Option A B) Option B C) Option C D) Option
39) Delta a Company experienced an accounting event that affected its financial statements as indicated below:...
39) Delta a Company experienced an accounting event that affected its financial statements as indicated below: Stmt of Asset Liab· +| Equity | Rev.-Exp- Net Inc. NA NA Which of the following accounting events could have caused these effects on the elements of Delta's statements? 39) A) Earned cash revenue C) Paid a cash dividend B) Borrowed money from a bank D) Incurred a cash expense
A,.Which of the following shows how acquiring cash from the issue of common stock will affect...
A,.Which of the following shows how acquiring cash from the issue of common stock will affect a company’s financial statements? Balance sheet Income Statement Statement of Cash Flows Assets = Liabilities + Equity Rev. − Exp. = Net Inc. A. + = NA + + NA − NA = NA NA B. + = NA + + NA − NA = NA + IA C. + = NA + + NA − NA = NA + FA D. + =...
Which of the following would not describe the effects of an asset source transaction on the...
Which of the following would not describe the effects of an asset source transaction on the elements of a company's financial statements? Stat of Net Inc. Rev. Exp. Equity %3D Liab. Assets Cash Flows %3D +FA NA NA NA NA A. FA NA NA NA NA B. +OA NA C. %3D -IA NA NA NA NA D. NA NA Multiple Choice
2 3 man Company sold land for $25,000 cash. The original cost of the land was $25,000. Which of the ly reflects how this event affects the company's financial statements? AssetsLiab.Equity Rev.ExpNet Stmt of Inc. Cash Flows A.1 NA B. (25,000)NA (25,000) NA C. 25,000 NANANA 25,000 IA 1-1 NA 1 (25,000) IA NA 25,000 FA 25,000+ NA NA NANA D. None of these. 28) A) Option A B) Option B C) Option C D) Option D
30) C hico Company experienced an accounting event that affected its financial statements as indicated below: AssetsLiab. Equity Rev. Exp.Net Inc.Cash Flow Stmt of NA NA NA NA +FA Which of the following accounting events could have caused these effects on the elements of Chico's financial statements? 30) A) Paid a cash dividend C) Issued common stock B) Earned cash revenue D) Borrowed money from a bank
C) Opthon C D) Option D pioInD 29) Which of the following could represent the effects of an asset exchange transaction on a companys financial statements? Assets | = | Liab. + Equity | Rev. - Exp. = Net Inc. Cash Flows Stmt of -IA NA -OA C. NA NA NA D. None of these could represent the effects of an asset exchange transaction 29) A) Option A B) Option B C) Option C D) Option D
23) Which of the following would be reported in the cash flow from financing activities section of a of cash flows? 23) A) Paid cash for dividends B) Sold land for cash C) Paying cash for dividends and receiving cash from common stock D) Received cash for common stock 24) Mayberry Company paid $30,000 cash to purchase land. What happened as a result of this business event 24) A) Total equity was not affected. B) Total assets were not affected....
27) Garrison Company acquired $23,000 by issuing common stock. Which of the following accurately reflects how this event affects the company's financial statements? AssetsLiab.+Equity Rev.Exp.Net Ine. Cash A. 23,000NA 23,000 NA B. 23,000 NA23,000 23,000 C. 23,00023,000 NA 23,000 D. 23,00023,000 NA 23,000 Stmt of Flows NA 23,000 FA 23,000 23,000 NA 23,000 NA23,000 23,000 FA FA OA 27) A) Option A B) Option B C) Option C D) Option D
A) S1,700 B) $900 C) $2,500 D) S400 26) Jackson Company paid $500 cash for salary expenses. Which of the following accurately reflects how this event affects the company's financial statements? Stmt of Equity Rev.-Exp. Net Inclea:hFlows Liab. 500 B.1 (500) NA (500) NA C. (500)NA(500) NA Assets NA (500) I NA 500(500) NA 1500- (500) (500) OA NA NA (500) OA (500) NA500(500) (500) IA D. (500)NA A) Option A B) Option B C) Option C D) Option
39) Delta a Company experienced an accounting event that affected its financial statements as indicated below: Stmt of Asset Liab· +| Equity | Rev.-Exp- Net Inc. NA NA Which of the following accounting events could have caused these effects on the elements of Delta's statements? 39) A) Earned cash revenue C) Paid a cash dividend B) Borrowed money from a bank D) Incurred a cash expense
Which of the following would not describe the effects of an asset source transaction on the elements of a company's financial statements? Stat of Net Inc. Rev. Exp. Equity %3D Liab. Assets Cash Flows %3D +FA NA NA NA NA A. FA NA NA NA NA B. +OA NA C. %3D -IA NA NA NA NA D. NA NA Multiple Choice
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