Homework Answers
| Event No | Type of Event | Assets | = | Liabilities | + | Common Stock | + | Retained Earnings | Rev. | - | Exp. | = | Net Inc. | Cash Flow | |
| a | AS | I | = | NA | + | NA | + | NA | I | - | NA | = | I | I | OA |
| b | AS | I | = | I | + | NA | + | NA | NA | - | NA | = | NA | NA | |
| c | AE | NA | = | NA | + | NA | + | NA | NA | - | NA | = | NA | D | OA |
| d | AE | NA | = | NA | + | NA | + | NA | NA | - | NA | = | NA | D | IA |
| e | AU | D | = | NA | + | NA | + | D | NA | - | NA | = | NA | D | FA |
| f | AS | I | = | NA | + | I | + | NA | NA | - | NA | = | NA | I | FA |
| g | CE | D | = | D | + | NA | + | NA | NA | - | NA | = | NA | D | OA |
| h | AE | NA | = | NA | + | NA | + | NA | NA | - | NA | = | NA | I | OA |
| i | AS | I | = | I | + | NA | + | NA | NA | - | NA | = | NA | I | OA |
| j | AU | NA | = | I | + | NA | + | D | NA | - | I | = | D | NA | |
| k | AS | I | = | NA | + | NA | + | I | I | - | NA | = | I | NA | |
| l | AU | NA | = | NA | + | NA | + | D | NA | - | I | = | D | NA | |
| m | AU | D | = | NA | + | NA | + | D | NA | - | I | = | D | I | OA |
| n | AU | D | = | NA | + | NA | + | D | NA | - | I | = | D | NA | |
| o | CE | NA | = | I | + | NA | + | D | NA | - | I | = | D | NA | |
| p | AU | D | = | D | + | NA | + | NA | NA | - | NA | = | NA | I | OA |
| q | CE | I | = | NA | + | NA | + | I | I | - | NA | = | I | I | OA |
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Identifying transaction type and effect on the financial statements Required Identify whether each of the following...
Required Identify whether each of the following transactions is an asset source (AS), asset use (AU),...
Required Identify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also show the effects of the events on the financial statements using the horizontal statements model. Indicate whether the event increases (1), decreases (D), or does not affect (NA) each element of the financial statements. In the Cash Flows column, designate the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA), or does...
Required Identify whether each of the following transactions is an asset source (AS), asset use (AU),...
Required Identify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also show the effects of the events on the financial statements using the horizontal statements model. Indicate whether the event increases (0), decreases (D), or does not affect (NA) each element of the financial statements. In the Cash Flows column, designate the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA), or does...
ldentify whether each of the following transactions is an asset source (AS), asset use (AU), asset...
ldentify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or clalms exchange CE). Also show the effects of the events on the financial statements using the horizontal statements model. Indicate whether the event Increases (1), decreases (D), or does not affect (NA) each element of the financial statements. In the Cash Flows column, designate the cash flows as operating activities (OA), Investing activities (A), or financing activities (FA), or does not...
HW SA LO 2-6, 2-6, 2-2 2-8,2-0 Required Identity whether each of the following transactions is...
HW SA LO 2-6, 2-6, 2-2 2-8,2-0 Required Identity whether each of the following transactions is an asset source (AS), asseuse (AU), asset exchange (AE) or claims exchange (CE). Also show the effects of the events on the financial statements using the horizontal statements model indicate whether the event increases (1) decreases (O), or does not affect (NA) each element of the francial statements. In the Cash Flows column, designate the cash flow as operating activities (OA), Investing activities (A),...
Exercise 3-6A Identifying transaction type, its effect 011 the accounting equation, and whether the effect is...
Exercise 3-6A Identifying transaction type, its effect 011 the accounting equation, and whether the effect is recorded with a debit or credit Required Id ent ify whether each of the follow ing tra nsactio ns is an asse t so urce (AS). asset use (AU) , asset exchange (A E), or claims exchange (C E). Also e xplai n how each event afTects th e acco untin g eq uatio n by placing a + for increase, - for decrease....
The following accounting events apply to Mary’s Designs for Year 1: Asset Source Transactions Began operations...
The following accounting events apply to Mary’s Designs for Year 1: Asset Source Transactions Began operations by acquiring $21,000 of cash from the issue of common stock. Performed services and collected cash of $900. Collected $4,900 of cash in advance for services to be provided over the next 12 months. Provided $12,100 of services on account. Purchased supplies of $490 on account. Asset Exchange Transactions Purchased $4,900 of land for cash. Collected $7,900 of cash from accounts receivable. Purchased $540...
LO 2, 4 Problem 3-27A Recording events in a statements The following Asset Source Transactions 1. Began oper CHECK FIGURE b. Total debits: $39,125 model and T-accounts and preparing a trial balan...
LO 2, 4 Problem 3-27A Recording events in a statements The following Asset Source Transactions 1. Began oper CHECK FIGURE b. Total debits: $39,125 model and T-accounts and preparing a trial balance accounting events apply to Parks Co. for the year 2011 ations when the business acquired $20,000 cash from the issue of common stock 2. Performed services and collected cash of $1,000. . Collected $4,500 of cash in advance for services to be provided over the next 12 months...
what do each of the four major financial statements present Saved Required information [The following information...
what do each of the four major financial statements
present
Saved Required information [The following information applies to the questions displayed below.] Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $77,000 cash from the issue of common stock. 2. Purchased $4,600 of supplies on account. 3. Purchased land that cost $52,000 cash. 4. Paid $4,600 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $76,000....
+ Event No. Income Statement SUPER CLEANING COMPANY Effect of Events on the Financial Statements Liabilities...
+ Event No. Income Statement SUPER CLEANING COMPANY Effect of Events on the Financial Statements Liabilities Stockholders' Equity Accounts Unearned Common Retained Payable Revenue Stock Earnings 15,400 + Assets Accounts Receivable Cash + Prepaid Rent + Revenue Expenses N 1. 15,400 + + + 2. + + + + + + + + + 3. 4. + + + + + + + 5. + + 6. + + + 7. + 8. + + 9. + + 10. +...
Required How each of the following events or series of events and the related adjusting entry...
Required How each of the following events or series of events and the related adjusting entry will affect the amount of net income and the amount of cash flow from operating activities reported on the year end financial statements. Identify the direction of change increase decrease or NA) and the amount of the change Organize your answers according to the following table. The first event is recorded as an example. If an event does not have a related adjusting entry,...
Required Identify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also show the effects of the events on the financial statements using the horizontal statements model. Indicate whether the event increases (1), decreases (D), or does not affect (NA) each element of the financial statements. In the Cash Flows column, designate the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA), or does...
Required Identify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also show the effects of the events on the financial statements using the horizontal statements model. Indicate whether the event increases (0), decreases (D), or does not affect (NA) each element of the financial statements. In the Cash Flows column, designate the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA), or does...
ldentify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or clalms exchange CE). Also show the effects of the events on the financial statements using the horizontal statements model. Indicate whether the event Increases (1), decreases (D), or does not affect (NA) each element of the financial statements. In the Cash Flows column, designate the cash flows as operating activities (OA), Investing activities (A), or financing activities (FA), or does not...
HW SA LO 2-6, 2-6, 2-2 2-8,2-0 Required Identity whether each of the following transactions is an asset source (AS), asseuse (AU), asset exchange (AE) or claims exchange (CE). Also show the effects of the events on the financial statements using the horizontal statements model indicate whether the event increases (1) decreases (O), or does not affect (NA) each element of the francial statements. In the Cash Flows column, designate the cash flow as operating activities (OA), Investing activities (A),...
LO 2, 4 Problem 3-27A Recording events in a statements The following Asset Source Transactions 1. Began oper CHECK FIGURE b. Total debits: $39,125 model and T-accounts and preparing a trial balance accounting events apply to Parks Co. for the year 2011 ations when the business acquired $20,000 cash from the issue of common stock 2. Performed services and collected cash of $1,000. . Collected $4,500 of cash in advance for services to be provided over the next 12 months...
what do each of the four major financial statements
present
Saved Required information [The following information applies to the questions displayed below.] Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $77,000 cash from the issue of common stock. 2. Purchased $4,600 of supplies on account. 3. Purchased land that cost $52,000 cash. 4. Paid $4,600 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $76,000....
+ Event No. Income Statement SUPER CLEANING COMPANY Effect of Events on the Financial Statements Liabilities Stockholders' Equity Accounts Unearned Common Retained Payable Revenue Stock Earnings 15,400 + Assets Accounts Receivable Cash + Prepaid Rent + Revenue Expenses N 1. 15,400 + + + 2. + + + + + + + + + 3. 4. + + + + + + + 5. + + 6. + + + 7. + 8. + + 9. + + 10. +...
Required How each of the following events or series of events and the related adjusting entry will affect the amount of net income and the amount of cash flow from operating activities reported on the year end financial statements. Identify the direction of change increase decrease or NA) and the amount of the change Organize your answers according to the following table. The first event is recorded as an example. If an event does not have a related adjusting entry,...
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