Cannon Sporting Goods is one of the world’s leading manufacturers of athletic shoes and sports apparel. The following activities occurred during a recent year. The amounts are rounded to millions, except for par value.
Required:
For each of the events (a) through (f), perform transaction analysis and indicate the account, amount, and direction of the effect (+ for increase and - for decrease) on the accounting equation. Check that the accounting equation remains in balance after each transaction. (If no impact on the accounting equation leave cells blank. Enter your answers in millions.)
Answer:
Transaction | Assets | = | Liabilities | + | Stockholders' Equity | |||
a | Buildings | $182+ | Notes payable | $32+ | ||||
Equipment | $260+ | |||||||
Cash | $410- | |||||||
b | Cash | $350+ | Common stock | $180+ | ||||
Additional paid in capital | $170+ | |||||||
c | Dividends payable | $145+ | Dividends | $145- | ||||
d | Cash | $7,616- | ||||||
Short-term investments | $7,616 | |||||||
e | ||||||||
f | Cash | $4,413+ | ||||||
Short-term investments | $4,413- | |||||||
Total | $382 | $177 | $205 |
Note: No entry for Transaction e because No transaction by the company. It's just trading between investors.
Cannon Sporting Goods is one of the world’s leading manufacturers of athletic shoes and sports apparel....
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