Question

Check my work Req Req B1 Reg B2 Reg B3 Reqc Record the events in a statements model shown below. (Enter any decreases to account balances and cash outflows with a minus sign. In the Cash Flow to designate operating activity, IA for investing activity, FA for financing activity, and for no affect, leave the cell blank. Not every cell will require entry.) Assets Event No. POWELL COMPANY Financial Statements Model for 2018 - Stockholders' Equity Income Statement Common Retained Net Revenue - Expenses -Income Stock Earnings 60.000 66.000 Statement of Cash Flows Accounts Receivable Cash + Inventory Bal 86.000 Prev 1 of 4 Next >

Answer 1

A B C D E F K L M N O P Income Statement Event No. Assets Accounts Receivable Statement of Cash Flows Cash + + + Inventory + Net Income Expenses Revenue 4 $ 40,000 + $ 86,000 + G H I J POWELL COMPANY Financial Statements Model for 2018 Stockholder's Equity Common Retained Stock Earnings = $60,000 $ 66,000 $ 99,500 = $(58,000) $ (900) $ (5,900) $ 4,000 $ (3,000) 5 6 + $ 99,500 $ 99,500 + + + Bal. la. 1b. 2 3a. = + + $ (58,000) + $ (900) + + + $(58,000) $ (900) $ (5,900 8 9 OA $ (5,900) - + = + + $ 99,500 NA $(58,000) NA $ (900) $ (900)| $ (5,900) NA $ 4,000 NA $ (3,000) NA $ - $ 81,000 $ 35,700 $ 80,100 10 3b. + $ 4,000 + + $ 4,000 11 + + + $ (3,000 + + 12 13 14 $ (3,000 $ (81,000 $ 9,600 5 Total OA $ 81,000 $120,100 + + = = = + + $ 32,000 = $60,000 + $ 101,700 $ 103,500 - $(67,800)

17 A B C D 16 POWELL COMPANY Income Statement 18 For the year ended December 31, 2018 19 Sales Revenue $ 99,500 20 Less: Sales Returns and Allowances $ 8,900 21 Net Sales Revenue $ 90,600 22 Operating Expenses 23 Less: Freight-In $ 900 24 Net Income $ 89,700 25

E A B C D POWELL COMPANY 27 Balance Sheet As of December 31, 2018 29 Assets 30 Cash $ 120,100 31 Accounts Receivable $ 9,600 32 Inventory $ 32,000 33 34 Total assets 35 Liabilities 36 Stockholder's Equity 37 Common Stock $ 60,000 38 Retained Earnings $ 101,700 $161,700 $ . 39 40 Total Stockholder's Equity $161,700 41

F 42 A B D E POWELL COMPANY 43 Statement of cash flows 44 For the year ended December 31, 2018 45 Cash flow from operating activities 46 Cash received from customers $ 81,000 47 Cash paid for operating expenses $ (900) 48 49 Net Cash flow from operating activities 50 Cash flow from investing activities 51 Cash flow from financing activities 52 Net change in cash 53 Beginning cash balance 54 Ending Cash Balance 55 56 1. Get goods at reduced cost 57 2. Can resell the damaged goods $ 80,100 $ $ . $ 80,100 $ 40,000 $120,100 58

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