Homework Answers
1.
| Balance Sheet | income Statement | Statement of changes in Retained Earnings | |
| Dividends | No | No | Yes |
| Amount due to Suppliers | Yes | No | No |
| Revenues | No | Yes | No |
2.
| Corporation paid dividend to stockholders | |||
| Account | Which account is affected | Is account increased or decrecreased | Why has retained earnings changed |
| Cash | Yes | Decreased | |
| Retained Earnings | Yes | Decreased | When dividend is paid then retained earnings are reversed . |
| When dividend is declared then a liability is arised and retained earnings are credited . At the time of payment liability is reversed to retained earnings are debited. |
Since option for why retained earnings are affected is not provided so answer has been explained above. Please choose the appropriate opton. or you can post options in comments there i would help you.
3.
| Bull co. issued $32000 capital stock for cash | |||
| Account | Which account is affected | Is account increased or decrecreased | What is the amount of transaction |
| Cash | Yes | Increased | $32000 |
| Capital Stock | Yes | Increased | $32000 |
Add Answer to:
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these are three seperate problems....where is the xtra info
needed?
bull CU. ISSUUS...
Bull Co. issues $32,080 of capital stock for cash. Required: For the transaction above, complete the...
Bull Co. issues $32,080 of capital stock for cash. Required: For the transaction above, complete the following: (a) Select the accounts that are affected (there will be at least two). (b) Are the selected accounts increased or decreased? (c) What is the dollar amount of change in the accounts? (d) If Retained is selected, choose the reason that it has changed. Account Which accounts are affected? Is the account increased or decreased? Increase Decrease What is the amount of transaction?...
Given the following transaction: Corporation paid dividends to stockholders. Required: For the transaction above, complete the...
Given the following transaction: Corporation paid dividends to stockholders. Required: For the transaction above, complete the following: (a) Select the accounts that are affected (there will be at least two). (b) Are the selected accounts increased or decreased? (c) If Retained Eam lected, choose the reason that it has changed. Account Which account is affected? Why has Retained Earnings changed? Cash Accounts Receivable Supplies Prepaid Insurance Is the account increased or decreased? Increased Decreased Increased Decreased Increased Decreased Increased Decreased...
1. 2. 3. 4. <3 24 26 27 28 29 30 F31 32 For each item,...
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<3 24 26 27 28 29 30 F31 32 For each item, indicate the portion of the annual report in which it would be found. Financial statements Management discussion and analysis Auditor's report Notes to the financial statements Statement of Cash Flows o Discussion of Business Outlook o х $ ? Listed below are accounts that appear in financial statements Required: Identify the financial statement(s) in which each of the following three accounts would be found....
Three former college classmates decided to open a store near campus to sell wireless equipment to...
Three former college classmates decided to open a store near campus to sell wireless equipment to students. They created a public company, The Wire, and issued stock to interested investors. They plan on creating monthly financial statements. Required: Several transactions occurred in March. Each is described separately in this folder. For each transaction, indicate the accounts for The Wire that are affected, whether they increase or decrease, and the amount of the increase or decrease. YOU MUST FOLLOW THE INSTRUCTIONS...
Three former college classmates decided to open a store near campus to sell wireless equipment to...
Three former college classmates decided to open a store near campus to sell wireless equipment to students. They created a public company, The Wire, and issued stock to interested investors. They plan on creating monthly financial statements. Required: Several transactions occurred in March. Each is described separately in this folder. For each transaction, indicate the accounts for The Wire that are affected, whether they increase or decrease, and the amount of the increase or decrease. This is the drop down...
Three former college classmates have decided to pool a variety of work experiences by opening a...
Three former college classmates have decided to pool a variety of work experiences by opening a store near campus to sell wireless equipment to students. The business has been incorporated as University Wireless. Required: Several transactions occurred in March. Each is described separately in this folder. For each transaction, indicate the accounts that are affected, whether they increase or decrease, and the amount of the increase or decrease. Transaction 5 Sales were $80,000. Cost of merchandise sold was 70% of...
Three former college classmates decided to open a store near campus to sell wireless equipment to...
Three former college classmates decided to open a store near campus to sell wireless equipment to students. They created a public company, The Wire, and issued stock to interested investors. They plan on creating monthly financial statements. Required: Several transactions occurred in March. Each is described separately in this folder. For each transaction, indicate the accounts for The Wire that are affected, whether they increase or decrease, and the amount of the increase or decrease. YOU MUST FOLLOW THE INSTRUCTIONS...
11:51 Question #1 Shoreside Inc. had the following transactions. Indicate how much the accounts are increased...
11:51 Question #1 Shoreside Inc. had the following transactions. Indicate how much the accounts are increased or decreased by each transaction. (Put the amount of the change in the blank. Use a negative (-) sign to show a decrease. Leave the account blank if it is not affected.) B) T A) The Company performs services sev for $10,500 cash. How does this affect pay the Cas the following accounts? Cash Supplies Equipment Accounts Receivable Accounts Payable Notes Payable Common Stock...
3) Cash Service Revenue Salaries Expense Accounts Payable C Retained Earnings Utilities Expense Accounts Receivable Common...
3) Cash Service Revenue Salaries Expense Accounts Payable C Retained Earnings Utilities Expense Accounts Receivable Common Stock Dividends How many of the above accounts have a normal debit balance? A) Six. C) Four D) Seven. 214) For a journal entry with only two lines, the following entry is valid: Increase in Revenue, Decrease in Expense A) True B) False 215) For a journal entry with only two lines, the following entry is valid Increase in Expense, Increase in Dividends. B)...
2. If total liabilities increased by $14,000 during a period of time and stockholders' equi decreased...
2. If total liabilities increased by $14,000 during a period of time and stockholders' equi decreased by $6,000 during the same period, then the amount and direction (increase decrease) of the period's change in total assets is a(n) a. $14,000 increase. b. $20,000 increase. c. $8,000 decrease. d. $8,000 increase. 3. Elston Company compiled the following financial information as of December 31, 2010: Revenues $140,000 Common stock 30,000 Equipment 40,000 Expenses 125,000 Cash 35,000 Dividends 10,000 Supplies 5,000 Accounts payable...
Bull Co. issues $32,080 of capital stock for cash. Required: For the transaction above, complete the following: (a) Select the accounts that are affected (there will be at least two). (b) Are the selected accounts increased or decreased? (c) What is the dollar amount of change in the accounts? (d) If Retained is selected, choose the reason that it has changed. Account Which accounts are affected? Is the account increased or decreased? Increase Decrease What is the amount of transaction?...
Given the following transaction: Corporation paid dividends to stockholders. Required: For the transaction above, complete the following: (a) Select the accounts that are affected (there will be at least two). (b) Are the selected accounts increased or decreased? (c) If Retained Eam lected, choose the reason that it has changed. Account Which account is affected? Why has Retained Earnings changed? Cash Accounts Receivable Supplies Prepaid Insurance Is the account increased or decreased? Increased Decreased Increased Decreased Increased Decreased Increased Decreased...
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<3 24 26 27 28 29 30 F31 32 For each item, indicate the portion of the annual report in which it would be found. Financial statements Management discussion and analysis Auditor's report Notes to the financial statements Statement of Cash Flows o Discussion of Business Outlook o х $ ? Listed below are accounts that appear in financial statements Required: Identify the financial statement(s) in which each of the following three accounts would be found....
11:51 Question #1 Shoreside Inc. had the following transactions. Indicate how much the accounts are increased or decreased by each transaction. (Put the amount of the change in the blank. Use a negative (-) sign to show a decrease. Leave the account blank if it is not affected.) B) T A) The Company performs services sev for $10,500 cash. How does this affect pay the Cas the following accounts? Cash Supplies Equipment Accounts Receivable Accounts Payable Notes Payable Common Stock...
3) Cash Service Revenue Salaries Expense Accounts Payable C Retained Earnings Utilities Expense Accounts Receivable Common Stock Dividends How many of the above accounts have a normal debit balance? A) Six. C) Four D) Seven. 214) For a journal entry with only two lines, the following entry is valid: Increase in Revenue, Decrease in Expense A) True B) False 215) For a journal entry with only two lines, the following entry is valid Increase in Expense, Increase in Dividends. B)...
2. If total liabilities increased by $14,000 during a period of time and stockholders' equi decreased by $6,000 during the same period, then the amount and direction (increase decrease) of the period's change in total assets is a(n) a. $14,000 increase. b. $20,000 increase. c. $8,000 decrease. d. $8,000 increase. 3. Elston Company compiled the following financial information as of December 31, 2010: Revenues $140,000 Common stock 30,000 Equipment 40,000 Expenses 125,000 Cash 35,000 Dividends 10,000 Supplies 5,000 Accounts payable...
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