Homework Answers
Solution:
| Bok Company | ||||||||||||
| Horizontal Statement model for Year 3 | ||||||||||||
| Event | Balance sheet | Income statement | Statement of cash flows | |||||||||
| Assets | = | Liabilities | + | Stockholder's equity | Revenue | - | Expenses | = | Net Income | |||
| 1 | = | + | - | = | D | OA | ||||||
| 2 | = | + | - | = | D | OA | ||||||
| 3 | I | = | I | + | - | = | I | OA | ||||
| 4 | = | + | - | = | D | FA | ||||||
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Exercise 3-18A Recording events into a horizontal statements model LO 3-1, 3-2, 3-3, 3-5 The following...
Recording events in a horizontal statements model The following events pertain to Super Cleaning Company: 1....
Recording events in a horizontal statements model The following events pertain to Super Cleaning Company: 1. Acquired $10,000 cash from the issue of common stock. 2. Provided $15,000 of services on account. 3. Provided services for $5,000 cash. 4. Received $2,800 cash in advance for services to be performed in the future. 5. Collected $12,200 cash from the account receivable created in Event 2. 6. Paid $1,900 for cash expenses. 7. Performed $1,400 of the services agreed to in Event...
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....
Exercise 3-14A Recording events in the general journal and identifying their effect on financial statements LO...
Exercise 3-14A Recording events in the general journal and
identifying their effect on financial statements LO 3-2
Performed $28,700 of services on account.
Collected $18,100 cash on accounts receivable.
Paid $5,300 cash in advance for an insurance policy.
Paid $1,280 on accounts payable.
Recorded the adjusting entry to recognize $3,500 of insurance
expense.
Received $11,800 cash for services to be performed at a later
date.
Purchased land for $840 cash.
Purchased supplies for $1,300 cash.
Required
Record each of the...
Exercise 2-2B Tpes of transactions and the horizontal financial statements model Pet Partners experienced the following...
Exercise 2-2B Tpes of transactions and the horizontal financial statements model Pet Partners experienced the following events during its first year of operations, Year 1: 1. Acquired cash by issuing common stock LO 2-1 2. Borrowed cash from a bank. 3 Signed a contract to provide services in the future. Purchased land with cash. 4. Paid cash for operating expenses 6. Paid a cash dividend to the stockholders 7. Determined that the market value of the land is higher than...
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...
Ch Exercise 4-4A Recording inventory transactions in a financial statements model LO 4-1 Milo Clothing experienced...
Ch Exercise 4-4A Recording inventory transactions in a financial statements model LO 4-1 Milo Clothing experienced the following events during Year 1, Its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. Purchased Inventory for $15,000 cash. 3. Sold Inventory costing $9,000 for $20,000 cash. 4. Pald $1,500 for advertising expense. Required Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investment...
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...
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...
mancar statements model LO 2-5 Pizza Express Inc began the Year 2 accounting period with $9.500...
mancar statements model LO 2-5 Pizza Express Inc began the Year 2 accounting period with $9.500 cash, $7500 of common stock, and $2.000 of retained eamings Pizza Express was affected by the following accounting events during Year 2 a. Purchased S10.500 of supplies on account b. Earned and collected $24.000 of cash revenue C. Paid $9000 cash on accounts payable d. Adjusted the records to reflect the use of supplies A physical count indicated that $2.900 of supplies was still...
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....
Exercise 3-14A Recording events in the general journal and
identifying their effect on financial statements LO 3-2
Performed $28,700 of services on account.
Collected $18,100 cash on accounts receivable.
Paid $5,300 cash in advance for an insurance policy.
Paid $1,280 on accounts payable.
Recorded the adjusting entry to recognize $3,500 of insurance
expense.
Received $11,800 cash for services to be performed at a later
date.
Purchased land for $840 cash.
Purchased supplies for $1,300 cash.
Required
Record each of the...
Exercise 2-2B Tpes of transactions and the horizontal financial statements model Pet Partners experienced the following events during its first year of operations, Year 1: 1. Acquired cash by issuing common stock LO 2-1 2. Borrowed cash from a bank. 3 Signed a contract to provide services in the future. Purchased land with cash. 4. Paid cash for operating expenses 6. Paid a cash dividend to the stockholders 7. Determined that the market value of the land is higher than...
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...
Ch Exercise 4-4A Recording inventory transactions in a financial statements model LO 4-1 Milo Clothing experienced the following events during Year 1, Its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. Purchased Inventory for $15,000 cash. 3. Sold Inventory costing $9,000 for $20,000 cash. 4. Pald $1,500 for advertising expense. Required Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investment...
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...
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...
mancar statements model LO 2-5 Pizza Express Inc began the Year 2 accounting period with $9.500 cash, $7500 of common stock, and $2.000 of retained eamings Pizza Express was affected by the following accounting events during Year 2 a. Purchased S10.500 of supplies on account b. Earned and collected $24.000 of cash revenue C. Paid $9000 cash on accounts payable d. Adjusted the records to reflect the use of supplies A physical count indicated that $2.900 of supplies was still...
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