Homework Answers
Answer:
|
Event No. |
Balance Sheet | Income Statement |
Statement of Cash flows |
|||||||||||||
| Cash | + | Land | = | N. Pay | + | C.Stock | + | Ret. Ear. | Rev. | - | Exp. | = | Net Inc. | |||
| 1 | $30,000 | + | = | + | $30,000 | + | - | = | $30,000 | FA | ||||||
| 2 | $40,000 | + | = | $40,000 | + | + | - | = | $40,000 | FA | ||||||
| 3 | $48,000 | + | = | + | + | $48,000 | $48,000 | - | = | $48,000 | $48,000 | OA | ||||
| 4 | ($25,000) | + | = | + | + | ($25,000) | - | $25,000 | = | ($25,000) | ($25,000) | OA | ||||
| 5 | ($1,000) | + | = | + | + | ($1,000) | - | = | ($1,000) | FA | ||||||
| 6 | $20,000 | + | = | + | $20,000 | + | - | = | $20,000 | FA | ||||||
| 7 | ($10,000) | + | = | ($10,000) | + | + | - | = | ($10,000) | FA | ||||||
| 8 | ($53,000) | + | $53,000 | = | + | + | - | = | ($53,000) | IA | ||||||
| 9 | + | = | + | + | - | = | ||||||||||
| Total | $49,000 | + | $53,000 | = | $30,000 | + | $50,000 | + | $22,000 | $48,000 | - | $25,000 | = | $23,000 | ||
*No Entry for the Event no.9
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Acquired $31,000 cash from the issue of common stock.
Borrowed $39,000 cash from National Bank.
Earned cash revenues of $49,000 for performing services.
Paid cash expenses of $45,500.
Paid a $1,100 cash dividend to the stockholders.
Acquired an additional $21,000 cash from the issue of common
stock.
Paid $10,000 cash to reduce the principal balance of the bank
note.
Paid...
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