Homework Answers
|
Transactions |
Effect |
|
Expenses |
(B) Decrease Shareholder's equity |
|
Issuing common stock in exchange for cash |
(A) Increase Shareholder's equity |
|
Dividends |
(B) Decrease Shareholder's equity |
|
Revenues |
(A) Increase Shareholder's equity |
Dividends are paid out of retained earnings which is a part of Shareholder’s equity so dividends decrease equity balance.
Expenses reduce net income and ultimately decrease shareholder’s equity.
Issue of common stock direct adds to shareholder’s equity balance and always leads to increase the balance.
Lastly revenue work opposite of expense , revenues increase net income and so shareholder’s equity
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EX 1-11 Effect of transactions on stockholders' equity Obj. 4 Indicate whether each of the following...
Effect of Transactions on Stockholders' Equity Indicate whether each of the following types of transactions will...
Effect of Transactions on Stockholders' Equity Indicate whether each of the following types of transactions will either (a) increase stockholders' equity or (b) decrease stockholders' equity: 1. Issued common stock in exchange for cash. 2. Received cash for services performed for customers. 3. Paid business expenses. 4. Paid dividends.
EX 1-6 Accounting equation A. $1,895,000 Determine the missing amount for each of the following AssetsLlabilities...
EX 1-6 Accounting equation A. $1,895,000 Determine the missing amount for each of the following AssetsLlabilities + Stockholders' Equity A. B. $776,500$588,800 C. $14,750,000-$4,455,000 + 5550,000 $1,345,000 SHOW ME N EX 1-7 Accounting equation Obj. 3, 4 B. $4,120,000 Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 2017, Inspirational has assets of $5,250,000 and liabilities of $1,600,000. Using the accounting equation and considering each case independently, determine the following amounts: A. IE...
2. $1,895,000 EX 1-6 Accounting equation Determine the missing amount for each of the following: Assets...
2. $1,895,000 EX 1-6 Accounting equation Determine the missing amount for each of the following: Assets abilities Stockholders' Equity - $550,000 + $1,345,000 b. 5776,500 - X + $588,800 C$14.750,000 - 54,455,000 + 54,120,000 EX 1-7 Accounting equation Obj. 3,4 Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 20Y2, Inspirational has assets of $5,250,000 and liabilities of $1,600,000. Using the accounting equation and considering each case independently, determine the following amounts: a....
Obj. 3 EX 1-8 Asset, liability, and stockholders' equity items Indicate whether each of the following...
Obj. 3 EX 1-8 Asset, liability, and stockholders' equity items Indicate whether each of the following is identified with (1) an asset, (2) a liability, or。) stockholders' equity A. accounts payable B. cash D. land E supplies F wages expense fees earned
EX 1-12 Transactions Obj. The following selected transactions were completed by Cota Delivery Service during July:...
EX 1-12 Transactions Obj. The following selected transactions were completed by Cota Delivery Service during July: 1. Received cash in exchange for common stock, $35,000. Purchased supplies for cash, S1,100 3. Paid rent for October, 4. Paid advertising expense, $900. 5. Received cash for providing delivery services, $33,000, 6. Billed customers for delivery services on account, $58,000 7. Paid creditors on account, $2,900. 8. Received cash from customers on account, $27.500. 9. Determined that the cost of supplies on hand...
Obj. 4 EX 1-9 Effect of transactions on accounting equation What is the effect of each...
Obj. 4 EX 1-9 Effect of transactions on accounting equation What is the effect of each of the following transactions on the three elements (assets, liabilities and stockholders' equity) of the accounting equation? A. Invested cash in business B. Paid for utilities used in the business C. Purchased supplies for cash D. Purchased supplies on account E. Received cash for services performed
Analyze the effect of transactions o assets, liabilities, and stockholders equity. E3.2 (LO 1), AP Brady...
Analyze the effect of transactions o assets, liabilities, and stockholders equity. E3.2 (LO 1), AP Brady Company entered into these transactions during May 2022, its first month of operations. 1. Stockholders invested $40,000 in the business in exchange for common stock of the company. 2. Purchased computers for office use for $30,000 from Ladd on account. 3. Paid $4,000 cash for May rent on storage space. 4. Performed computer services worth $19,000 on account. 5. Performed computer services for Wharton...
T accounts: Answer format: EX 2-13. Identifying transactions Obj. 1, 2 Napa Tours Co. is a...
T accounts:
Answer format:
EX 2-13. Identifying transactions Obj. 1, 2 Napa Tours Co. is a travel agency. The nine transactions record- ed by Napa Tours during April 2018, its first month of operations, are indicat ed in the following T accounts: SHOW ME HOW Indicate for each debit and each credit: (A) whether an asset, liability, stockholders' equity, dividend, rev- enue, or expense account was affected and (B) whether the account was in- creased ( or decreased (-). Present...
Cora Delivery Service during July Chapter 1 Introduction to Accounting and Business EX 1-12 Transactions The...
Cora Delivery Service during July Chapter 1 Introduction to Accounting and Business EX 1-12 Transactions The following selected transactions were completed by Cota Delivery Service 1. Received cash in exchange for common stock $35,000 2. Purchased supplies for cash, $1,100 3. Paid rent for October 54.500 4. Paid advertising expense, 5900. 5. Received cash for providing delivery services $33,000 6 Biled customers for delivery services on account $58.000 7. Paid creditors on account $2.900 & Received cash from customers on...
Indicate the effect of each transaction on the accounting equation by choosing the appropriate letter from...
Indicate the effect of each transaction on the accounting equation by choosing the appropriate letter from the following list: Increase in an asset, decrease in another asset. Increase in an asset, increase in a liability. Increase in an asset, increase in stockholders' equity. Decrease in an asset, decrease in a liability. Decrease in an asset, decrease in stockholders' equity. 1. Received cash in exchange for common stock, $35,000. 2. Purchased supplies for cash, $1,100. 4. Paid advertising expense, $900. 5....
Effect of Transactions on Stockholders' Equity Indicate whether each of the following types of transactions will either (a) increase stockholders' equity or (b) decrease stockholders' equity: 1. Issued common stock in exchange for cash. 2. Received cash for services performed for customers. 3. Paid business expenses. 4. Paid dividends.
EX 1-6 Accounting equation A. $1,895,000 Determine the missing amount for each of the following AssetsLlabilities + Stockholders' Equity A. B. $776,500$588,800 C. $14,750,000-$4,455,000 + 5550,000 $1,345,000 SHOW ME N EX 1-7 Accounting equation Obj. 3, 4 B. $4,120,000 Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 2017, Inspirational has assets of $5,250,000 and liabilities of $1,600,000. Using the accounting equation and considering each case independently, determine the following amounts: A. IE...
2. $1,895,000 EX 1-6 Accounting equation Determine the missing amount for each of the following: Assets abilities Stockholders' Equity - $550,000 + $1,345,000 b. 5776,500 - X + $588,800 C$14.750,000 - 54,455,000 + 54,120,000 EX 1-7 Accounting equation Obj. 3,4 Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 20Y2, Inspirational has assets of $5,250,000 and liabilities of $1,600,000. Using the accounting equation and considering each case independently, determine the following amounts: a....
Obj. 3 EX 1-8 Asset, liability, and stockholders' equity items Indicate whether each of the following is identified with (1) an asset, (2) a liability, or。) stockholders' equity A. accounts payable B. cash D. land E supplies F wages expense fees earned
EX 1-12 Transactions Obj. The following selected transactions were completed by Cota Delivery Service during July: 1. Received cash in exchange for common stock, $35,000. Purchased supplies for cash, S1,100 3. Paid rent for October, 4. Paid advertising expense, $900. 5. Received cash for providing delivery services, $33,000, 6. Billed customers for delivery services on account, $58,000 7. Paid creditors on account, $2,900. 8. Received cash from customers on account, $27.500. 9. Determined that the cost of supplies on hand...
Obj. 4 EX 1-9 Effect of transactions on accounting equation What is the effect of each of the following transactions on the three elements (assets, liabilities and stockholders' equity) of the accounting equation? A. Invested cash in business B. Paid for utilities used in the business C. Purchased supplies for cash D. Purchased supplies on account E. Received cash for services performed
Analyze the effect of transactions o assets, liabilities, and stockholders equity. E3.2 (LO 1), AP Brady Company entered into these transactions during May 2022, its first month of operations. 1. Stockholders invested $40,000 in the business in exchange for common stock of the company. 2. Purchased computers for office use for $30,000 from Ladd on account. 3. Paid $4,000 cash for May rent on storage space. 4. Performed computer services worth $19,000 on account. 5. Performed computer services for Wharton...
T accounts:
Answer format:
EX 2-13. Identifying transactions Obj. 1, 2 Napa Tours Co. is a travel agency. The nine transactions record- ed by Napa Tours during April 2018, its first month of operations, are indicat ed in the following T accounts: SHOW ME HOW Indicate for each debit and each credit: (A) whether an asset, liability, stockholders' equity, dividend, rev- enue, or expense account was affected and (B) whether the account was in- creased ( or decreased (-). Present...
Cora Delivery Service during July Chapter 1 Introduction to Accounting and Business EX 1-12 Transactions The following selected transactions were completed by Cota Delivery Service 1. Received cash in exchange for common stock $35,000 2. Purchased supplies for cash, $1,100 3. Paid rent for October 54.500 4. Paid advertising expense, 5900. 5. Received cash for providing delivery services $33,000 6 Biled customers for delivery services on account $58.000 7. Paid creditors on account $2.900 & Received cash from customers on...
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