Determine the impact of the following transaction made by Tick Inc. on the basic equation: Transactions:...
Determine the impact of the following transaction made by Tick Inc. on the basic equation:
Transactions:
Jan 1: Initial investment of $200,000 by the owners
Jan 2: Acquisition of building for $500,000 on creidt
Jan 6: Acquisition of 1000 units of goods @100 per unit. The firm paid cash
Prepare the Income Statement and the balance sheet for the month of Jan 2019.
Homework Answers
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Determine the impact of the following transaction made by Tick
Inc. on the basic equation:
Transactions:...
Enter each transaction into the accounting equation. Begin by entering transaction a. Then, enter each transaction...
Enter each transaction into the accounting equation. Begin by
entering transaction a. Then, enter each transaction in the order
they occurred. (Use parentheses or a minus sign when entering
account decreases. Use only the necessary input lines.)
i Transactions Marlene and Pamela opened up MP Public Relations Firm by contributing $22,750 on July 1, 2009, in exchange for common stock. The firm borrowed $15,000 from the bank on July 1 . The note is a 1-year, 10% note, with both...
The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned...
The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton Liab.+ Accts. T.Cotton, Assets Owner's Equity Accts. Cash + Rec. + Supp. +Equip. = Pay. + Capital + Rev. - Exp. Balances, May1 Paid for utilities New balances Sold services for cash New balances Paid a creditor New balances Sold services on credit New balances Paid salaries New balances Paid telephone bill New balances 15, 700 3, 700 6,500 34,500 7,...
The Pillow Co. prepares financial statements every month. The Pillow Co.'s transactions for Transaction Analysis the...
The Pillow Co. prepares financial statements every month. The Pillow Co.'s transactions for Transaction Analysis the first month of operations were: Tms Date Description 1 Jan. 2 Issued 4,000 shares of S1 Par Value Common Stock for $68 per share for cash. 2 Jan. 3 Paid Insurance expense for the year, $24,000 3 Jan 8 Purchased Advertising for $1,400 cash. 4 Jan. 10 Purchased 4,000 pillows for inventory @S16 per unit on account. 5 Jan 11 Purchased Land for $92,000...
Among the transactions of Salem, Inc., were the following. a. Made payments on accounts payable to...
Among the transactions of Salem, Inc., were the following. a. Made payments on accounts payable to merchandise suppliers. b. Paid the principal amount of a note payable to First State Bank c. Paid interest charges relating to a note payable to First State Bank d. Issued bonds payable for cash; management plans to use this cash in the near future to expand manufacturing and warehouse capabilities e. Paid salaries to employees in the finance department. f. Collected an account receivable...
Cashflow 3) Look at the transactions below What impact do the transaction would have on the...
Cashflow 3) Look at the transactions below What impact do the transaction would have on the cashflow statement at year-end - a) indicate which section of the cashflow statement the transaction would be in: -(i) operating activity (ii) investing activity (iii) financing activity (iv) non-cash transaction or (v) not in the cashflow at all. Indicate if the entry would have a positive impact on the change in cash at year-end (ie, be added back to net income in the cashflow...
Cashflow 3) Look at the transactions below What impact do the transaction would have on the...
Cashflow 3) Look at the transactions below What impact do the transaction would have on the cashflow stateme a) indicate which section of the cashflow statement the transaction would be in: -(i) operating activity (ii) investing activity (iii) financing activity (iv) non-cash transaction or (v) not in the cashflow at all. Indicate if the entry would have a positive impact on the change in cash at year-end (i.e. be added back to net income in the cashflow statement) (INC) b)...
Show each of the following transactions in the accounting equation. Then, tell whether or not the...
Show each of the following transactions in the accounting equation. Then, tell whether or not the original transaction as given is one that results in the recognition of revenue or expenses. a (Click the icon to view the transactions.) Enter the transactions in the accounting equation. (Use parentheses or a minus sign when entering account decreases. Use only the necessary input lines. Some of the account names will be abbreviated. ) Begin by entering transaction a. Chico Inc. paid its...
Show each of the following transactions in the accounting equation. Then, tell whether or not the...
Show each of the following transactions in the accounting equation. Then, tell whether or not the original transaction as given is one that results in the recognition of revenue or expenses. IA (Click the icon to view the transactions.) Enter the transactions in the accounting equation. (Use parentheses or a minus sign when entering account decreases. Use only the necessary input lines. Some of the account names will be abbreviated. ) Begin by entering transaction a. Home Depot Inc. paid...
Exercise: Transactions and their effect on the accounting equation (20 points) INSTRUCTIONS: For each transaction, identify...
Exercise: Transactions and their effect on the accounting equation (20 points) INSTRUCTIONS: For each transaction, identify the account titles that would be used. Additionally, determine the impact on the accounting equation by writing “Increase (I)”, “Decrease (D), or Both (B). If something is not affected then leave it blank. EXAMPLE: X Corp. issues $50,000 of common stock for cash. Account Titles Amount Assets Liabilities Equity Cash $50,000 Increase Increase Common Stock $50,000 Events: ABC Company borrows $100,000 from Origin Bank....
The transactions relating to the formation of Blue Co. Stores Inc., and its first month of...
The transactions relating to the formation of Blue Co. Stores Inc., and its first month of operations follow. a. The firm was organized and the stockholders invested cash of $8.900. b. The firm borrowed $4,700 from the bank; a short-term note was signed. c. Display cases and other store equipment costing $1,500 were purchased for cash. The original list price of the equipment was $1,940, but a discount was received because the seller was having a sale. d. A store...
Enter each transaction into the accounting equation. Begin by
entering transaction a. Then, enter each transaction in the order
they occurred. (Use parentheses or a minus sign when entering
account decreases. Use only the necessary input lines.)
i Transactions Marlene and Pamela opened up MP Public Relations Firm by contributing $22,750 on July 1, 2009, in exchange for common stock. The firm borrowed $15,000 from the bank on July 1 . The note is a 1-year, 10% note, with both...
The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton Liab.+ Accts. T.Cotton, Assets Owner's Equity Accts. Cash + Rec. + Supp. +Equip. = Pay. + Capital + Rev. - Exp. Balances, May1 Paid for utilities New balances Sold services for cash New balances Paid a creditor New balances Sold services on credit New balances Paid salaries New balances Paid telephone bill New balances 15, 700 3, 700 6,500 34,500 7,...
The Pillow Co. prepares financial statements every month. The Pillow Co.'s transactions for Transaction Analysis the first month of operations were: Tms Date Description 1 Jan. 2 Issued 4,000 shares of S1 Par Value Common Stock for $68 per share for cash. 2 Jan. 3 Paid Insurance expense for the year, $24,000 3 Jan 8 Purchased Advertising for $1,400 cash. 4 Jan. 10 Purchased 4,000 pillows for inventory @S16 per unit on account. 5 Jan 11 Purchased Land for $92,000...
Among the transactions of Salem, Inc., were the following. a. Made payments on accounts payable to merchandise suppliers. b. Paid the principal amount of a note payable to First State Bank c. Paid interest charges relating to a note payable to First State Bank d. Issued bonds payable for cash; management plans to use this cash in the near future to expand manufacturing and warehouse capabilities e. Paid salaries to employees in the finance department. f. Collected an account receivable...
Cashflow 3) Look at the transactions below What impact do the transaction would have on the cashflow statement at year-end - a) indicate which section of the cashflow statement the transaction would be in: -(i) operating activity (ii) investing activity (iii) financing activity (iv) non-cash transaction or (v) not in the cashflow at all. Indicate if the entry would have a positive impact on the change in cash at year-end (ie, be added back to net income in the cashflow...
Cashflow 3) Look at the transactions below What impact do the transaction would have on the cashflow stateme a) indicate which section of the cashflow statement the transaction would be in: -(i) operating activity (ii) investing activity (iii) financing activity (iv) non-cash transaction or (v) not in the cashflow at all. Indicate if the entry would have a positive impact on the change in cash at year-end (i.e. be added back to net income in the cashflow statement) (INC) b)...
Show each of the following transactions in the accounting equation. Then, tell whether or not the original transaction as given is one that results in the recognition of revenue or expenses. a (Click the icon to view the transactions.) Enter the transactions in the accounting equation. (Use parentheses or a minus sign when entering account decreases. Use only the necessary input lines. Some of the account names will be abbreviated. ) Begin by entering transaction a. Chico Inc. paid its...
Show each of the following transactions in the accounting equation. Then, tell whether or not the original transaction as given is one that results in the recognition of revenue or expenses. IA (Click the icon to view the transactions.) Enter the transactions in the accounting equation. (Use parentheses or a minus sign when entering account decreases. Use only the necessary input lines. Some of the account names will be abbreviated. ) Begin by entering transaction a. Home Depot Inc. paid...
The transactions relating to the formation of Blue Co. Stores Inc., and its first month of operations follow. a. The firm was organized and the stockholders invested cash of $8.900. b. The firm borrowed $4,700 from the bank; a short-term note was signed. c. Display cases and other store equipment costing $1,500 were purchased for cash. The original list price of the equipment was $1,940, but a discount was received because the seller was having a sale. d. A store...
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