Homework Answers
| Transactions | Financial statement |
| Pay taxes in the current period | Income statement |
| Borrow cash from the Bank | Balance sheet |
| Pay Salaries to employees for current period | Income statement |
| Received from customers for service provided in the current period | Income statement |
| Pay one year of rent in advance | Balance sheet |
| Pay for supplies | Balance sheet |
| Pay for advertising for the current period | Income statement |
| Pay for land | Balance sheet |
| Pay utilities for the current period | Income statement |
| Repay amount borrowed from the bank | Balance sheet |
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below are cash transactions of a company. indicate whether the
transaction will affect an account reported...
Consider how each of the transactions listed below affect net income reported on the income statement...
Consider how each of the transactions listed below affect net income reported on the income statement and the net cash flows from operating activitles reported on the statement of cash flows. Which transaction(s) would affect the income statement in a different period from the statement of cash flows? Multiple Choice Recognized depreciation expense on equipment Incurred operating expenses on account, Pald Interest that was accrued in a prior year. All of these answer choices would affect the income statement in...
Listed below are several transactions. For each transaction, indicate whether the cash effect of each transaction...
Listed below are several transactions. For each transaction, indicate whether the cash effect of each transaction is reported in a statement of cash flows as an operating, investing, financing, or noncash activity. Also, indicate whether the transaction is a cash inflow or cash outflow, or has no effect on cash. The first answer is provided as an example. Transaction Type of Activity Operating Cash Inflow or Outflow Cash outflow Financing Investing 1. Payment of employee salaries 2. Sale of land...
Listed below are several transactions. For each transaction, indicate whether the cash effect of each transaction...
Listed below are several transactions. For each transaction, indicate whether the cash effect of each transaction is reported in a statement of cash flows as an operating, investing, financing, or noncash activity. Also, indicate whether the transaction is a cash inflow or cash outflow, or has no effect on cash. The first answer is provided as an example. Transaction Type of Activity Operating Cash Inflow or Outflow Cash outflow Financing Investing 1. Payment of employee salaries 2. Sale of land...
Account Title Presented below are a number of transactions. Determine whether each transaction affects common stock,...
Account Title Presented below are a number of transactions. Determine whether each transaction affects common stock, dividends, revenues, expenses, or does not affect stockholders' equity. Provide titles for the revenues and expenses. Select Not applicable for account title if neither a revenue nor an expense. Transaction Affects (a) Costs incurred for advertising. (b) Cash received for services performed. (c) Costs incurred for insurance. Amounts paid to employees Cash distributed to stockholders. (0) Cash received in exchange for allowing the use...
Indicate whether each of the following accounts would be reported on the balance sheet or income...
Indicate whether each of the following accounts would be reported on the balance sheet or income statement of Home Repair Company. Further, if the account is reported on the balance sheet, indicate whether it would be classified with current assets, noncurrent assets, current liabilities, noncurrent liabilities, or stockholders' equity. If the account is reported on the income statement, indicate whether it would be classified as revenue or expense. Finally, for each account, indicate whether the company's accounting records would normally...
If Jefferson Mills buys a $700 machine on account, this transaction will affect the income statement,...
If Jefferson Mills buys a $700 machine on account, this transaction will affect the income statement, retained earnings statement, and balance sheet income statement and retained earnings statement only income statement only, balance sheet only.
A company record the sales return for my credit customer indicate how this transaction would affect...
A company record the sales return for my credit customer
indicate how this transaction would affect assets stockholders
equity in revenues
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $ 24,300 Accounts Receivable 13,800 Allowance for Uncollectible Accounts $ 1,200 Supplies 2,700 Notes Receivable (68, due in 2 years) 22.000 Land 7,200 Accounts Payable 8.200 Common Stock 98,000 Retained Earnings 32.600 Totals $140,000 $140,000 During January 2021, the...
DKAM UUR NEIGHBOR'S PAPER) - in the columns below, indicate whether each transaction caused an an...
DKAM UUR NEIGHBOR'S PAPER) - in the columns below, indicate whether each transaction caused an an increase ), or no change (NC) in assets, liabilities, and owner's equity. (20%) Transaction Liabilities ), a decrease 1. Investment by owner 2. Paid cash on account Assets Owner's Equity 3. Purchase office Supplies on Account 4. Collection of accounts receivable 5. Withdrawal of cash by owner 6. Billed customers for services performed 7. Paid rent expense 8. Paid cash on accounts payable 9....
DKAM UUR NEIGHBOR'S PAPER) - in the columns below, indicate whether each transaction caused an an...
DKAM UUR NEIGHBOR'S PAPER) - in the columns below, indicate whether each transaction caused an an increase ), or no change (NC) in assets, liabilities, and owner's equity. (20%) Transaction Liabilities ), a decrease 1. Investment by owner 2. Paid cash on account Assets Owner's Equity 3. Purchase office Supplies on Account 4. Collection of accounts receivable 5. Withdrawal of cash by owner 6. Billed customers for services performed 7. Paid rent expense 8. Paid cash on accounts payable 9....
Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each...
Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example. (If an amount reduces the account balance then enter with negative sign preceding the number e.g. -15,000 or parentheses e.g. (15,000).) Cash -$100 Net Income $0 a. Purchased $100 of supplies for cash. b. Recorded an adjusting entry to record use of $20 of...
Consider how each of the transactions listed below affect net income reported on the income statement and the net cash flows from operating activitles reported on the statement of cash flows. Which transaction(s) would affect the income statement in a different period from the statement of cash flows? Multiple Choice Recognized depreciation expense on equipment Incurred operating expenses on account, Pald Interest that was accrued in a prior year. All of these answer choices would affect the income statement in...
Listed below are several transactions. For each transaction, indicate whether the cash effect of each transaction is reported in a statement of cash flows as an operating, investing, financing, or noncash activity. Also, indicate whether the transaction is a cash inflow or cash outflow, or has no effect on cash. The first answer is provided as an example. Transaction Type of Activity Operating Cash Inflow or Outflow Cash outflow Financing Investing 1. Payment of employee salaries 2. Sale of land...
Listed below are several transactions. For each transaction, indicate whether the cash effect of each transaction is reported in a statement of cash flows as an operating, investing, financing, or noncash activity. Also, indicate whether the transaction is a cash inflow or cash outflow, or has no effect on cash. The first answer is provided as an example. Transaction Type of Activity Operating Cash Inflow or Outflow Cash outflow Financing Investing 1. Payment of employee salaries 2. Sale of land...
Account Title Presented below are a number of transactions. Determine whether each transaction affects common stock, dividends, revenues, expenses, or does not affect stockholders' equity. Provide titles for the revenues and expenses. Select Not applicable for account title if neither a revenue nor an expense. Transaction Affects (a) Costs incurred for advertising. (b) Cash received for services performed. (c) Costs incurred for insurance. Amounts paid to employees Cash distributed to stockholders. (0) Cash received in exchange for allowing the use...
Indicate whether each of the following accounts would be reported on the balance sheet or income statement of Home Repair Company. Further, if the account is reported on the balance sheet, indicate whether it would be classified with current assets, noncurrent assets, current liabilities, noncurrent liabilities, or stockholders' equity. If the account is reported on the income statement, indicate whether it would be classified as revenue or expense. Finally, for each account, indicate whether the company's accounting records would normally...
If Jefferson Mills buys a $700 machine on account, this transaction will affect the income statement, retained earnings statement, and balance sheet income statement and retained earnings statement only income statement only, balance sheet only.
A company record the sales return for my credit customer
indicate how this transaction would affect assets stockholders
equity in revenues
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $ 24,300 Accounts Receivable 13,800 Allowance for Uncollectible Accounts $ 1,200 Supplies 2,700 Notes Receivable (68, due in 2 years) 22.000 Land 7,200 Accounts Payable 8.200 Common Stock 98,000 Retained Earnings 32.600 Totals $140,000 $140,000 During January 2021, the...
DKAM UUR NEIGHBOR'S PAPER) - in the columns below, indicate whether each transaction caused an an increase ), or no change (NC) in assets, liabilities, and owner's equity. (20%) Transaction Liabilities ), a decrease 1. Investment by owner 2. Paid cash on account Assets Owner's Equity 3. Purchase office Supplies on Account 4. Collection of accounts receivable 5. Withdrawal of cash by owner 6. Billed customers for services performed 7. Paid rent expense 8. Paid cash on accounts payable 9....
DKAM UUR NEIGHBOR'S PAPER) - in the columns below, indicate whether each transaction caused an an increase ), or no change (NC) in assets, liabilities, and owner's equity. (20%) Transaction Liabilities ), a decrease 1. Investment by owner 2. Paid cash on account Assets Owner's Equity 3. Purchase office Supplies on Account 4. Collection of accounts receivable 5. Withdrawal of cash by owner 6. Billed customers for services performed 7. Paid rent expense 8. Paid cash on accounts payable 9....
Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example. (If an amount reduces the account balance then enter with negative sign preceding the number e.g. -15,000 or parentheses e.g. (15,000).) Cash -$100 Net Income $0 a. Purchased $100 of supplies for cash. b. Recorded an adjusting entry to record use of $20 of...
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