Question

This homework is incredibly case sensitive:

-It wants a plus or minus sign, but the plus sign either disappears or looks like its in the wrong place and the minus sign turns into parentheses

-It wants answers in millions as it clearly states in red, but doing so appears wrong, plus at the top it already tells me it is rounded

-There is no way I can test my answers and I must submit the whole thing together for a grade done by a machine

5. 33 points E2-5 Determining Financial Statement Effects of Several Transactions LO2-3 FootCovers, Inc, with headquarters in Beaverton, Oregon, is one of the world's leading manuflacturers of athiletic shoos and rounded tbo sports appare. The folowing actvities occurred ouring a rocent year. The anounts ane a. Purchased additional buildings for b. Issued 110 shares of $2 par value common stock for $335 cash c. Declared $150 in dividends to be paid in the following year d. Purchased additional short-term investments for $7,616 cash e Several FootCovers investors sold their own a 180 and equipment for $280 paid $408 in cash and signed a long-sarm noke for the rest stock to other investors on the stock exchange for $0 Sold 54,413 in short-term investments for $4,413 in cash Required For each of the events (a) through (n perform tansaction analysis accounting equation remains in baiance ater each transaction. (If no impact on the accounting equation leave cells blank and indicate the account, amount and direction of the offect(+for increase and-for decreasej on the accounting equation. Check that the payable fong-lerm)

List of accounts (please use these in your answer):

Accounts Payable

Accounts Receivable

Acrued Liabilities Payable

Additional Paid-in Capital

Buildings

Cash

Common Stock

Dividends Payable

Equipment

Intangibles

Inventories

Land

Long-term Investments

Notes Payable (Long-term)

Notes Payable (Short-term)

Notes Receivable (Long-term)

Notes Receivable (Short-term)

Retained Earnings

Short-term Investments

Store Fixtures

Thanks

Answer 1

Transaction	Assets	Amount	=	Liabilities	Amount	+	Stockholder's Equity	Amount
a)	Building	$                180	=	Notes Payable (Long Term)	$                    54	+	-	-
	Equipment	$                280	=
	Cash	$              -406
b)	Cash	$                335	=	-	-	+	Common Stock (110 X $ 2)	220
						+	Paid in Capital in excess of par	115
c)	-	-	=	Dividend Payable	$                 150	+	Retained Earning	-150
d)	Short Term Ivnestment	$            7,616	=	-	-	+	-	-
	Cash	$           -7,616	=	-	-	+	-	-
e)	No Impact	-		No Impact	-		No Impact	-
f)	Short Term Ivnestment	$           -4,413	=	-	-	+	-	-
	Cash	$            4,413	=	-	-	+	-	-