Below is a partial list of business events entered into by Denver Wholesale Sporting Goods, Inc., during the first fiscal quarter of the current year. Determine how each event, as of the moment it occurred, would be recognized, if at all, in that quarter's financial statements. If the event should not be recognized, write NOT RECOGNIZED. If the event should be recognized for financial- reporting purposes, indicate how (e.g., + or-) and by what dollar amount each of the following financial-statement components would be affected (if there is no change in a particular column, leave that space blank): cash flow, net current assets (current assets minus current liabilities), total assets, net assets (total assets minus total liabilities), and net income.
Net Cash Current Tota Net Net Flow AssetsAssetsAssets Income Borrowed $4M cash, issuing a 90-day, 4. 10% note Paid $4M loan (#4 above) plus $.1 M interest (for 90 days) 5. 6. Received an order for $3M of merchandise to be shipped next quarter 7. Collected a $.5M account receivable 8. Bought equipment for S1M cash 9. Signed a year's rental agreement for office space for S.1M a month 10. Sold for $.4M cash a long-term stock investment that had cost (and was currently carried on the books at) $.5M 11. Paid cash dividends of $.2M 12. The company has been told that its warehouse and material-handling equipment shown at $10M net would cost $15M if replaced today 13. Paid a S.3M account payable 14. Recognized $.4M annual depreciation on equipment 15. Bought a S6M machine, paying $2M in cash and signing a 10-year note for the balance 16. The board of directors authorized $1OM for capital expenditures to be made next year
UV0213 Net Cash Net TotalNet Flow Current AssetsAstIncome Assets 17. Received notice of a law suit against the company for S1M 18. Sold a machine that had a book value of $1.5M for $2.0M cash 19. Discovered that, because of obsolescence, inventory that cost S.8M was estimated to have a net realizable value of only $.5M 20. An account receivable of S.2M from a sale made during the prior year was determined to be uncollectible
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| Cash Flow | Net Current Assets | Total Assets | Net Assets | Net Income | |||
| 1 | +8M | ||||||
| 2 | +5M | +5M | +5M | +5M | +5M | ||
| 3 | -4M | -4M | -4M | -4M | |||
| 4 | +4M | +4M | |||||
| 5 | -5M | -1M | -4M | -1M | -1M | ||
| 6 | Not Recognized | ||||||
| 7 | +0.5m | ||||||
| 8 | -1M | -1M | |||||
| 9 | Not Recognized | ||||||
| 10 | +0.40M | +0.40M | +0.10M | +0.10M | +0.10M | ||
| 11 | -0.2M | -0.2M | -0.2M | -0.2M | |||
| 12 | Not Recognized | ||||||
| 13 | -0.3M | -0.3M | |||||
| 14 | -0.4M | -0.4M | -0.4M | ||||
| 15 | -2M | -2M | +4M | ||||
| 16 | Not Recognized | ||||||
| 17 | Not Recognized | ||||||
| 18 | +2M | +2M | +0.5M | +0.5M | +0.5M | ||
| 19 | -0.3M | -0.3M | -0.3M | -0.3M | |||
| 20 | -0.2M | -0.2M | -0.2M | -0.2M | |||
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