Homework Answers
a.
| Assets | = | Liabilities | + | Stockholders equity |
| = | 14350 | + | 5250 | |
| Assets reported | = | 19600 |
b.
| Net Income | = | Revenue | - | Expenses |
| = | 10900 | - | 9400 | |
| Net Income reported | = | 1500 |
c.
| Ending retained earnings | = | Beginning retained earnings | + | Net Income | - | Dividends |
| = | 4180 | + | 1500 | - | 580 | |
| = | 5100 |
d.
| Ending cash | = | Beginning cash | + | Cash flows from operating activities | + | Cash flows from investing activities | + | Cash flows from financing activities |
| = | 1320 | + | 1840 | + | -1120 | + | -1060 | |
| = | 980 |
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Question: 1
E1-1 Reporting Amounts on the Four Basic Financial Statements Using the following table and...
Using the following table and the equations underlying each of the four basic financial statements, show...
Using the following table and the equations underlying each of the four basic financial statements, show (a) that the balance sheet is in balance, (b) that net income is properly calculated. (what caused changes in the retained earnings account, and (d) what caused changes in the cash account. (Cash outflows should be indicated with a minus sign.) Assets Liabilities Stockholders' Equity Revenue Expenses Net Income Dividends Beginning Retained Earnings Ending Retained Earnings Cash Flows from Operating Activities Cash Flows from...
Using the following table and the equations underlying each of the four basic financial statements, show...
Using the following table and the equations underlying each of the four basic financial statements, show (a) that the balance sheet is in balance, (b) that net income is properly calculated, what caused changes in the retained earnings account, and (d) what caused changes in the cash account (Cash outflows should be indicated with a minus sign.) Assets Liabilities Stockholders' Equity Revenue Expenses Net Income Dividends Beginning Retained Earnings Ending Retained Earnings Cash Flows from Operating Activities Cash Flows from...
Using the following table and the equations underlying each of the four basic financial statements, show...
Using the following table and the equations underlying each of the four basic financial statements, show (a) that the balance sheet is in balance, (b) that net income is properly calculated, what caused changes in the retained earnings account, and (d) what caused changes in the cash account. (Cash outflows should be indicated with a minus sign.) Assets Liabilities Stockholders' Equity Revenue Expenses Net Income Dividends Beginning Retained Earnings Ending Retained Earnings Cash Flows from Operating Activities Cash Flows from...
how do i prepare my cash flow Using the following table and the equations underlying each...
how do i prepare my cash flow Using the following table and the equations underlying each of the four basic financial statements, show (a) that the balance sheet is in balance, (b) that net income is properly calculated, (c) what caused changes in the retained earnings account, and (d) what caused changes in the cash account. (Cash outflows should be indicated with a minus sign.) Assets $ 19,300 Liabilities 14,300 Stockholders’ Equity 5,000 Revenue 11,600 Expenses 9,750 Net Income 1,850...
1 - Using the following table and the equations underlying each of the four basic financial...
1 - Using the following table and the equations underlying each of the four basic financial statements. 15 point $18.980 14,050 4,850 10.700 9.300 1.400 eBook DIM Liabilities Shareholders' Equity Revenue Expenses Niet incon Dividends Beginning Retained Earnings Ending Metained Earnings Cash flous fron Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities Beginning Cash Ending Cash References 3.800 4.70 1,720 (1.950 2,150 840
Required Information Reporting Amounts on the Four Basic Financial Statements and Evaluating Financial Statements [LO 1-2,...
Required Information Reporting Amounts on the Four Basic Financial Statements and Evaluating Financial Statements [LO 1-2, LO 1-3] [The following information applies to the questions displayed below.] The following information for the year ended December 31, 2016. was reported by Nice Bite, Inc. $ 45,000 22,89 103. See 102.899 180,500 Accounts Payable Accounts Receivable Cash (balance on January 1, 2016) Cash (balance on December 31, 2016) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable Prepaid Rent...
Required Information Reporting Amounts on the Four Basic Financial Statements and Evaluating Financial Statements [LO 1-2,...
Required Information Reporting Amounts on the Four Basic Financial Statements and Evaluating Financial Statements [LO 1-2, LO 1-3] [The following information applies to the questions displayed below.] The following information for the year ended December 31, 2016, was reported by Nice Bite, Inc. $ 45,000 22.88 1e3, see 102,800 180, 500 Accounts Payable Accounts Receivable Cash (balance on January 1, 2016) Cash (balance on December 31, 2016) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable Prepaid...
Required Information Reporting Amounts on the Four Basic Financial Statements and Evaluating Financial Statements [LO 1-2,...
Required Information Reporting Amounts on the Four Basic Financial Statements and Evaluating Financial Statements [LO 1-2, LO 1-3] [The following information applies to the questions displayed below.] The following information for the year ended December 31, 2016, was reported by Nice Bite, Inc. $ 45,000 22,890 103,500 102,800 189,500 Accounts Payable Accounts Receivable Cash (balance on January 1, 2016) Cash (balance on December 31, 2016) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable Prepaid Rent Office...
Required Information Reporting Amounts on the Four Basic Financial Statements and Evaluating Financial Statements [LO 1-2,...
Required Information Reporting Amounts on the Four Basic Financial Statements and Evaluating Financial Statements [LO 1-2, LO 1-3] [The following information applies to the questions displayed below.] The following information for the year ended December 31, 2016, was reported by Nice Bite, Inc. $ 45,000 22.88 1e3, see 102,800 180, 500 Accounts Payable Accounts Receivable Cash (balance on January 1, 2016) Cash (balance on December 31, 2016) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable Prepaid...
Each of the following independent situations represents amounts shown on the four basic financial statements. Calculate...
Each of the following independent situations represents amounts shown on the four basic financial statements. Calculate the amounts for each situation that appear on the financial statements. (Negative amounts should be indicated by a minus sign.) 1. Revenues = $30,300; Expenses = $13,400; Net income = Increase in stockholders' equity = $21,000: Issuance of common stock S7.000: Dividends = $4.900: Net income= 2. 3. Assets $16,000; Liabilities = $9,900; Stockholders' equity = Total change in cash= +$25,000; Net operating cash...
Using the following table and the equations underlying each of the four basic financial statements, show (a) that the balance sheet is in balance, (b) that net income is properly calculated. (what caused changes in the retained earnings account, and (d) what caused changes in the cash account. (Cash outflows should be indicated with a minus sign.) Assets Liabilities Stockholders' Equity Revenue Expenses Net Income Dividends Beginning Retained Earnings Ending Retained Earnings Cash Flows from Operating Activities Cash Flows from...
Using the following table and the equations underlying each of the four basic financial statements, show (a) that the balance sheet is in balance, (b) that net income is properly calculated, what caused changes in the retained earnings account, and (d) what caused changes in the cash account (Cash outflows should be indicated with a minus sign.) Assets Liabilities Stockholders' Equity Revenue Expenses Net Income Dividends Beginning Retained Earnings Ending Retained Earnings Cash Flows from Operating Activities Cash Flows from...
Using the following table and the equations underlying each of the four basic financial statements, show (a) that the balance sheet is in balance, (b) that net income is properly calculated, what caused changes in the retained earnings account, and (d) what caused changes in the cash account. (Cash outflows should be indicated with a minus sign.) Assets Liabilities Stockholders' Equity Revenue Expenses Net Income Dividends Beginning Retained Earnings Ending Retained Earnings Cash Flows from Operating Activities Cash Flows from...
1 - Using the following table and the equations underlying each of the four basic financial statements. 15 point $18.980 14,050 4,850 10.700 9.300 1.400 eBook DIM Liabilities Shareholders' Equity Revenue Expenses Niet incon Dividends Beginning Retained Earnings Ending Metained Earnings Cash flous fron Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities Beginning Cash Ending Cash References 3.800 4.70 1,720 (1.950 2,150 840
Required Information Reporting Amounts on the Four Basic Financial Statements and Evaluating Financial Statements [LO 1-2, LO 1-3] [The following information applies to the questions displayed below.] The following information for the year ended December 31, 2016. was reported by Nice Bite, Inc. $ 45,000 22,89 103. See 102.899 180,500 Accounts Payable Accounts Receivable Cash (balance on January 1, 2016) Cash (balance on December 31, 2016) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable Prepaid Rent...
Required Information Reporting Amounts on the Four Basic Financial Statements and Evaluating Financial Statements [LO 1-2, LO 1-3] [The following information applies to the questions displayed below.] The following information for the year ended December 31, 2016, was reported by Nice Bite, Inc. $ 45,000 22.88 1e3, see 102,800 180, 500 Accounts Payable Accounts Receivable Cash (balance on January 1, 2016) Cash (balance on December 31, 2016) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable Prepaid...
Required Information Reporting Amounts on the Four Basic Financial Statements and Evaluating Financial Statements [LO 1-2, LO 1-3] [The following information applies to the questions displayed below.] The following information for the year ended December 31, 2016, was reported by Nice Bite, Inc. $ 45,000 22,890 103,500 102,800 189,500 Accounts Payable Accounts Receivable Cash (balance on January 1, 2016) Cash (balance on December 31, 2016) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable Prepaid Rent Office...
Required Information Reporting Amounts on the Four Basic Financial Statements and Evaluating Financial Statements [LO 1-2, LO 1-3] [The following information applies to the questions displayed below.] The following information for the year ended December 31, 2016, was reported by Nice Bite, Inc. $ 45,000 22.88 1e3, see 102,800 180, 500 Accounts Payable Accounts Receivable Cash (balance on January 1, 2016) Cash (balance on December 31, 2016) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable Prepaid...
Each of the following independent situations represents amounts shown on the four basic financial statements. Calculate the amounts for each situation that appear on the financial statements. (Negative amounts should be indicated by a minus sign.) 1. Revenues = $30,300; Expenses = $13,400; Net income = Increase in stockholders' equity = $21,000: Issuance of common stock S7.000: Dividends = $4.900: Net income= 2. 3. Assets $16,000; Liabilities = $9,900; Stockholders' equity = Total change in cash= +$25,000; Net operating cash...
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