Homework Answers
| REDD COMPANY | |||||||||||||
| Effects of Events on the Financial Statements for year 2 | |||||||||||||
| Event No. | Event type | Balance Sheet | Income Statement | Statement of Cash Flows | |||||||||
| Assets | = | Liabiities | + | stk Equity | Revenue | - | Expenses | = | Net Income | ||||
| 1a | AS | + | = | + | + | NA | NA | - | NA | = | NA | NA | NA |
| 1b | AE | +/- | = | NA | + | NA | NA | - | NA | = | NA | NA | NA |
| 2 | AU | - | = | - | + | NA | NA | - | NA | = | NA | - | OA |
| 3a | AU | - | = | - | + | NA | NA | - | NA | = | NA | NA | NA |
| 3B | AU | - | = | - | + | NA | NA | - | NA | = | NA | NA | NA |
| 4a | AS | + | = | NA | + | + | + | - | NA | = | + | - | OA |
| 4b | AU | - | = | NA | + | - | NA | - | + | = | - | NA | NA |
| 5a | AU | - | = | NA | + | - | - | - | NA | = | - | - | OA |
| 5b | AS | + | = | NA | + | + | NA | - | - | = | + | NA | NA |
| 6 | AU | - | = | NA | + | - | NA | - | + | = | - | - | OA |
| 7A | AU | - | = | NA | + | - | - | - | NA | = | - | NA | NA |
| 7b | AE | +/- | = | NA | + | NA | NA | - | NA | = | NA | + | OA |
| 8 | AE | +/- | = | NA | + | + | + | - | NA | = | + | + | IA |
| 9 | AS | + | = | NA | + | + | + | - | NA | = | + | NA | NA |
| 10 | AU | - | = | NA | + | - | NA | - | = | - | NA | NA | |
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Required information [The following information applies to the questions displayed belowj At the beginning of Year...
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Required information [The following information applies to the questions displayed below.] At the beginning of Year 2, the Redd Company had the following balances in its accounts: Cash $ 16,800 Inventory 4,000 Land 2,000 Common stock 12,000 Retained earnings 10,800 During Year 2, the company experienced the following events: Purchased inventory that cost $11,200 on account from Ross Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $800 were paid in cash. Returned $600...
The following information applies to the questions displayed below) At the beginning of Year 2, the...
The following information applies to the questions displayed below) At the beginning of Year 2, the Redd Company had the following balances in its accounts: Cash Inventory Land Common stock Retained earnings $ 6,900 15,000 7,000 15,000 13,900 During Year 2, the company experienced the following events: 1. Purchased inventory that cost $5,200 on account from Ross Company under terms 1/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $190 were paid in cash. 2. Returned $400...
Required information The following information applies to the questions displayed below.] At the beginning of Year...
Required information The following information applies to the questions displayed below.] At the beginning of Year 2, the Redd Company had the following balances in its accounts Cash Inventory Land Common stock Retained earnings $ 6,900 15,000 7,000 15,000 13,900 During Year 2, the company experienced the following events: 1. Purchased inventory that cost $5,200 on account from Ross Company under terms 1/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $190 were paid in cash 2....
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Required Information The following Information applies to the questions displayed below At the beginning of Year 2, the Redd Company had the folloing balances In Its accounts: s 6,989 15,889 7,889 15,690 13,999 Cash Land Conmoni stock Retained earnings During Year 2, the company experienced the following events: 1. Purchased Inventory that cost $5,200 on account from Ross Company under terms 110, n 30. The merchandise was dellvered FOB shipping point. Frelght costs of $190 were pald In cash. 2...
Required information [The following information applies to the questions displayed below. At the beginning of Year...
Required information [The following information applies to the questions displayed below. At the beginning of Year 2, the Redd Company had the following balances in its accounts: Cash Inventory Land Common stock Retained earnings $ 6,900 15,000 7,000 15,000 13,900 During Year 2, the company experienced the following events: 1. Purchased inventory that cost $5,200 on account from Ross Company under terms 1/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $190 were paid in cash. 2....
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Required Information [The following information applies to the questions displayed below.] At the beginning of 2018, the Redd Company had the following balances in its accounts: Cash Inventory Common stock Retained earnings $8,689 2,600 8, les 3,100 During 2018, the company experienced the following events: 1. Purchased inventory that cost $6.100 on account from Ross Company under terms 2/10. n/30. The merchandise was delivered FOB shipping point. Freight costs of $560 were paid in cash. 2. Returned $350 of the...
The following information applies to the questions displayed below.] At the beginning of 2018, the Redd...
The following information applies to the questions displayed below.] At the beginning of 2018, the Redd Company had the following balances in its accounts: Cash $ 8,800 Inventory 2,800 Common stock 8,300 Retained earnings 3,300 During 2018, the company experienced the following events: Purchased inventory that cost $6,300 on account from Ross Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $580 were paid in cash. Returned $400 of the inventory that...
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Required Information Problem 4-26A Comprehensive cycle problem: Perpetual system LO 4-2, 4-3, 4-4,4-5, 4-6, 4-7 [The following information applies to the questions displayed below) At the beginning of Year 2, the Redd Company had the following balances in its accounts: Cash Inventory Land Common stock Retained earnings $ 6,900 15,000 7,000 15,000 13,900 During Year 2 the company experienced the following events: 1. Purchased inventory that cost $5,200 on account from Ross Company under terms 1/10,n/30. The merchandise was delivered...
The following information applies to the questions displayed below) At the beginning of Year 2, the Redd Company had the following balances in its accounts: Cash Inventory Land Common stock Retained earnings $ 6,900 15,000 7,000 15,000 13,900 During Year 2, the company experienced the following events: 1. Purchased inventory that cost $5,200 on account from Ross Company under terms 1/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $190 were paid in cash. 2. Returned $400...
Required information The following information applies to the questions displayed below.] At the beginning of Year 2, the Redd Company had the following balances in its accounts Cash Inventory Land Common stock Retained earnings $ 6,900 15,000 7,000 15,000 13,900 During Year 2, the company experienced the following events: 1. Purchased inventory that cost $5,200 on account from Ross Company under terms 1/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $190 were paid in cash 2....
Required Information The following Information applies to the questions displayed below At the beginning of Year 2, the Redd Company had the folloing balances In Its accounts: s 6,989 15,889 7,889 15,690 13,999 Cash Land Conmoni stock Retained earnings During Year 2, the company experienced the following events: 1. Purchased Inventory that cost $5,200 on account from Ross Company under terms 110, n 30. The merchandise was dellvered FOB shipping point. Frelght costs of $190 were pald In cash. 2...
Required information [The following information applies to the questions displayed below. At the beginning of Year 2, the Redd Company had the following balances in its accounts: Cash Inventory Land Common stock Retained earnings $ 6,900 15,000 7,000 15,000 13,900 During Year 2, the company experienced the following events: 1. Purchased inventory that cost $5,200 on account from Ross Company under terms 1/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $190 were paid in cash. 2....
Required Information [The following information applies to the questions displayed below.] At the beginning of 2018, the Redd Company had the following balances in its accounts: Cash Inventory Common stock Retained earnings $8,689 2,600 8, les 3,100 During 2018, the company experienced the following events: 1. Purchased inventory that cost $6.100 on account from Ross Company under terms 2/10. n/30. The merchandise was delivered FOB shipping point. Freight costs of $560 were paid in cash. 2. Returned $350 of the...
Required information {The following information applies to the questions displayed below. At the beginning of Year 2, the Redd Company had the following balances in its accounts: Cash Inventory Common stock Retained earnings $8,200 2,200 7, 700 2,700 During Year 2, the company experienced the following events: 1. Purchased inventory that cost $5,700 on account from Ross Company under terms 2/10,n/30. The merchandise was delivered FOB shipping point. Freight costs of $520 were paid in cash. 2. Returned $350 of...
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