Homework Answers
a)
| Event | Nature of Transaction |
| 1 | Asset Source |
| 2 | Asset Source |
| 3 | Asset Source |
| 4 | Exchange Transaction |
| 5 | Asset Use |
| 6 | Asset Use |
| 7 | Exchange Transaction |
b) Horizontal Financial Statement Model
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Exercise 2-2B Tpes of transactions and the horizontal financial statements model Pet Partners experienced the following...
Mathys Review view Help uses. Unless you need to edit, it's safer to stay in Protected...
Mathys Review view Help uses. Unless you need to edit, it's safer to stay in Protected View Enable Editing Exercise 2-38 Calculate missing amounts and interpret results The following horizontal financial statements model shows the transactions experienced by Surf's Up Industries during Year 1. The table contains missing data that are labeled with alphabetic characters () through (n). Accome all transactions shown in the accounting equation are cash transactions Balance Sheet Income Statement Assets Lab. + Stockholders' Equity Statement of...
Recording events in a horizontal statements model Maben Company was started on January 1, 2018, and...
Recording events in a horizontal statements model Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. Borrowed $40,000 cash from National Bank. 3. Earned cash revenues of $48,000 for performing services. 4. Paid cash expenses of $25,000 5. Paid a $1,000 cash dividend to the stockholders. 6. Acquired an additional $20,000 cash from the issue of common stock. 7....
Recording events in a horizontal statements model Maben Company was started on January 1, 2018, and...
Recording events in a horizontal statements model Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. Borrowed $40,000 cash from National Bank. 3. Earned cash revenues of $48,000 for performing services. 4. Paid cash expenses of $25,000. 5. Paid a $1,000 cash dividend to the stockholders. 6. Acquired an additional $20,000 cash from the issue of common stock. 7....
Supplies, unearned revenue, and the financial statements model Hart, Attorney at Law, experienced the following transactions...
Supplies, unearned revenue, and the financial statements model Hart, Attorney at Law, experienced the following transactions in 2018, the first year of operations: 1. Accepted $36,000 on April 1, 2018, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $54,000. 3. Purchased $2,800 of office supplies on account. 4. Paid $2,400 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $5,000....
The Candle Shop experienced the following events during its first year of operations. Yeart 1. Acquired...
The Candle Shop experienced the following events during its first year of operations. Yeart 1. Acquired cash by Issuing common stock. 2. Pald a cash dividend to the stockholders. 3. Pald cash for operating expenses. 4. Borrowed cash from a bank 5. Provided services and collected cash. 6. Purchased land with cash. 7. Determined that the market value of the land is higher than the historical cost. Required a. Indicate whether each event is an asset source, use, or exchange...
The Candle Shop experienced the following events during its first year of operations, Year1 1. Acquired...
The Candle Shop experienced the following events during its first year of operations, Year1 1. Acquired cash by issuing common stock 2. Paid a cash dividend to the stockholders. 3. Paid cash for operating expenses. 4. Borrowed cash from a bank. 5. Provided services and collected cash. 6. Purchased land with cash. 7. Determined that the market value of the land is higher than the historical cost. Required a. Indicate whether each event is an asset source, use, or exchange...
LOJ RELIUCU OLUCU JONES OL UIC CHU ULIE OLLUT Venuu. b. Use a horizontal statements model...
LOJ RELIUCU OLUCU JONES OL UIC CHU ULIE OLLUT Venuu. b. Use a horizontal statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. Indicate whether the event increases (+), decreases (-), or does not affect (NA) each element of the financial statements. Also, in the Cash Flow column, use the letters OA to designate operating activity, IA for investing activity, and FA for financing activity. The first event is shown as...
Effect of product cost and period cost: Horizontal statements model The Pet Store experienced the following...
Effect of product cost and period cost: Horizontal statements model The Pet Store experienced the following events for the 2018 accounting period: 1. Acquired $60,000 cash from the issue of common stock. 2. Purchased $65,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point, freight cost of $900 paid in cash. 4. Sold inventory on account that cost $38,000 for $71,000. 5. Freight cost on the goods sold in Event 4 was $620. The goods...
Maben Company was started on January 1, Year 1, and experienced the following events during its...
Maben Company was started on January 1, Year 1, and experienced
the following events during its first year of operation:
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...
Exercise 9-2A Effects of recognizing accrued interest on financial statements LO 9-1 Bill Darby started Darby...
Exercise 9-2A Effects of recognizing accrued interest on financial statements LO 9-1 Bill Darby started Darby Company on January 1, Year 1. The company experienced the following events during its first year of operation: 1. Earned $16,200 of cash revenue. 2. Borrowed $12,000 cash from the bank. 3. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, issued on September 1, Year 1. had a one-year term and an 8 percent annual interest rate....
Mathys Review view Help uses. Unless you need to edit, it's safer to stay in Protected View Enable Editing Exercise 2-38 Calculate missing amounts and interpret results The following horizontal financial statements model shows the transactions experienced by Surf's Up Industries during Year 1. The table contains missing data that are labeled with alphabetic characters () through (n). Accome all transactions shown in the accounting equation are cash transactions Balance Sheet Income Statement Assets Lab. + Stockholders' Equity Statement of...
Recording events in a horizontal statements model Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. Borrowed $40,000 cash from National Bank. 3. Earned cash revenues of $48,000 for performing services. 4. Paid cash expenses of $25,000 5. Paid a $1,000 cash dividend to the stockholders. 6. Acquired an additional $20,000 cash from the issue of common stock. 7....
Recording events in a horizontal statements model Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. Borrowed $40,000 cash from National Bank. 3. Earned cash revenues of $48,000 for performing services. 4. Paid cash expenses of $25,000. 5. Paid a $1,000 cash dividend to the stockholders. 6. Acquired an additional $20,000 cash from the issue of common stock. 7....
Supplies, unearned revenue, and the financial statements model Hart, Attorney at Law, experienced the following transactions in 2018, the first year of operations: 1. Accepted $36,000 on April 1, 2018, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $54,000. 3. Purchased $2,800 of office supplies on account. 4. Paid $2,400 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $5,000....
The Candle Shop experienced the following events during its first year of operations. Yeart 1. Acquired cash by Issuing common stock. 2. Pald a cash dividend to the stockholders. 3. Pald cash for operating expenses. 4. Borrowed cash from a bank 5. Provided services and collected cash. 6. Purchased land with cash. 7. Determined that the market value of the land is higher than the historical cost. Required a. Indicate whether each event is an asset source, use, or exchange...
The Candle Shop experienced the following events during its first year of operations, Year1 1. Acquired cash by issuing common stock 2. Paid a cash dividend to the stockholders. 3. Paid cash for operating expenses. 4. Borrowed cash from a bank. 5. Provided services and collected cash. 6. Purchased land with cash. 7. Determined that the market value of the land is higher than the historical cost. Required a. Indicate whether each event is an asset source, use, or exchange...
LOJ RELIUCU OLUCU JONES OL UIC CHU ULIE OLLUT Venuu. b. Use a horizontal statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. Indicate whether the event increases (+), decreases (-), or does not affect (NA) each element of the financial statements. Also, in the Cash Flow column, use the letters OA to designate operating activity, IA for investing activity, and FA for financing activity. The first event is shown as...
Effect of product cost and period cost: Horizontal statements model The Pet Store experienced the following events for the 2018 accounting period: 1. Acquired $60,000 cash from the issue of common stock. 2. Purchased $65,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point, freight cost of $900 paid in cash. 4. Sold inventory on account that cost $38,000 for $71,000. 5. Freight cost on the goods sold in Event 4 was $620. The goods...
Maben Company was started on January 1, Year 1, and experienced
the following events during its first year of operation:
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...
Exercise 9-2A Effects of recognizing accrued interest on financial statements LO 9-1 Bill Darby started Darby Company on January 1, Year 1. The company experienced the following events during its first year of operation: 1. Earned $16,200 of cash revenue. 2. Borrowed $12,000 cash from the bank. 3. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, issued on September 1, Year 1. had a one-year term and an 8 percent annual interest rate....
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