Homework Answers
| Horizontal Statement Model | |||||||||||||||
| Transaction | Type | Assets | = | Liabilities | Stockholders’ Equity | Income Statement | Statement of Cash Flows | ||||||||
| + | Common | Retained | Revenue | - | Expense | = | Net | ||||||||
| Stock | Earnings | Income | |||||||||||||
| a. | AS | I | = | NA | + | NA | + | I | I | - | NA | = | I | I | OA |
| b. | AS | I | = | I | + | NA | + | NA | NA | - | NA | = | NA | NA | NA |
| c. | AE | I/D | = | NA | + | NA | + | NA | NA | - | NA | = | NA | D | OA |
| d. | AE | I/D | = | 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. | AU | D | = | D | + | NA | + | NA | NA | - | NA | = | NA | D | OA |
| h. | AE | I/D | = | NA | + | NA | + | NA | NA | - | NA | = | NA | I | OA |
| i. | AS | I | = | I | + | NA | + | NA | NA | - | NA | = | NA | I | OA |
| j. | CE | NA | = | I | + | NA | + | D | NA | - | I | = | D | NA | NA |
| k. | AS | I | = | NA | + | NA | + | I | I | - | NA | = | I | NA | NA |
| l. | AU | D | = | NA | + | NA | + | D | NA | - | I | = | D | NA | NA |
| m. | AU | D | = | NA | + | NA | + | D | NA | - | I | = | D | D | OA |
| n. | AU | D | = | NA | + | NA | + | D | NA | - | I | = | D | NA | NA |
| o. | CE | NA | = | I | + | NA | + | D | NA | - | I | = | D | NA | NA |
| p. | AU | D | = | D | + | NA | + | NA | NA | - | NA | = | NA | D | OA |
| q. | AS | I | = | NA | + | NA | + | I | I | - | NA | = | I | NA | NA |
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HW SA LO 2-6, 2-6, 2-2 2-8,2-0 Required Identity whether each of the following transactions is...
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...
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...
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...
Identifying transaction type and effect on the financial statements Required Identify whether each of the following...
Identifying transaction type and effect on the financial statements Required Identify whether each of the following transactions is an asset source (AS), asset use (AU), ass 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 (I), 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),...
Required a. In parallel columns, list the accounts that would be debited and credited for each...
Required a. In parallel columns, list the accounts that would be debited and credited for each of the following unrelated transactions: Event Account Debited Account Credited (1) Acquired cash from the issue of common stock. (2) Provided services for cash. (3) Paid cash for salaries expense. (4) Purchased supplies for cash. (5) Paid in advance for two-year lease on office space. (6) Provided services on account. |(7) Recognized expense for prepaid rent that had been used up by the end...
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...
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...
requirea .. In parallel columns, list the accounts that would be debited and credited for each...
requirea .. In parallel columns, list the accounts that would be debited and credited for each of the following unrelated transactions: (1) Acquired cash from the issue of common stock (2) Provided services for cash. (3) Paid cash for salaries expense (4) Purchased supplies for cash. (5) Paid in advance for two-year lease on office space. (6) Provided services on account (7) Recognized expense for prepaid rent that had been used up by the end of the accounting period (8)...
CHAPTER 13 EXERCISES-SERIES B-WORKING PAPERS Matching debit and credit terminology with accounts Exercise 13-1B LO 13-1...
CHAPTER 13 EXERCISES-SERIES B-WORKING PAPERS Matching debit and credit terminology with accounts Exercise 13-1B LO 13-1 Required Complete the following table by indicating whether a debit or credit is used to increase or decrease the balance of the following accounts. The appropriate debit/credit terminology has been identified for the first account as an example. Used to Decrease This Account Used to Increase This Account Account Titles Credit Debit Insurance Expense Rent Expense Prepaid Rent Interest Revenue Accounts Receivable Accounts Payable...
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...
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...
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...
Identifying transaction type and effect on the financial statements Required Identify whether each of the following transactions is an asset source (AS), asset use (AU), ass 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 (I), 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),...
Required a. In parallel columns, list the accounts that would be debited and credited for each of the following unrelated transactions: Event Account Debited Account Credited (1) Acquired cash from the issue of common stock. (2) Provided services for cash. (3) Paid cash for salaries expense. (4) Purchased supplies for cash. (5) Paid in advance for two-year lease on office space. (6) Provided services on account. |(7) Recognized expense for prepaid rent that had been used up by the end...
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...
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...
requirea .. In parallel columns, list the accounts that would be debited and credited for each of the following unrelated transactions: (1) Acquired cash from the issue of common stock (2) Provided services for cash. (3) Paid cash for salaries expense (4) Purchased supplies for cash. (5) Paid in advance for two-year lease on office space. (6) Provided services on account (7) Recognized expense for prepaid rent that had been used up by the end of the accounting period (8)...
CHAPTER 13 EXERCISES-SERIES B-WORKING PAPERS Matching debit and credit terminology with accounts Exercise 13-1B LO 13-1 Required Complete the following table by indicating whether a debit or credit is used to increase or decrease the balance of the following accounts. The appropriate debit/credit terminology has been identified for the first account as an example. Used to Decrease This Account Used to Increase This Account Account Titles Credit Debit Insurance Expense Rent Expense Prepaid Rent Interest Revenue Accounts Receivable Accounts Payable...
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