Homework Answers
1) Financing Activity
2) Operating Activity
3) Investing Activity
4) Operating Activity
5) Operating Activity
6) Investing Activity
7) Operating Activity
8) Operating Activity
9) Operating Activity
10) Financing Activity
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P1-1A Below are typical transactions for Hewlett-Packard. Type of Business Activity Transactions Pay amount owed to...
For each of the transactions described below, indicate whether the business activity is an example of...
For each of the transactions described below, indicate whether the business activity is an example of an operating, investing, and financing activity. a) received cash from investors in exchange for common stock b) received a loan from the bank for the purpose of buying construction equipment c) purchased construction equipment d) provided construction services to local clients e) paid wages to construction workers f) paid back the principal on the loan from the bank g) paid investors a dividend h)...
Problem 1-2A Assign account classifications (L01-2) Account classifications include assets, liabilities, stockholders' equity, dividends, revenues, and...
Problem 1-2A Assign account classifications (L01-2) Account classifications include assets, liabilities, stockholders' equity, dividends, revenues, and expenses. Required: For each transaction, select whether the related account would be classified in the balance sheet as an asset, a liability, or stockholders' equity; in the income statement as a revenue or an expense; or in the statement of stockholders' equity as a dividend. Account Classifications Accounts Related Transactions 1. Common stock Sale of common stock to investors. 2. Equipment Equipment used for...
Problem 1-2A Assign account classifications (LO1-2) Account classifications include assets, liabilities, stockholders' equity, dividends, revenues, and...
Problem 1-2A Assign account classifications (LO1-2) Account classifications include assets, liabilities, stockholders' equity, dividends, revenues, and expenses. Required: For each transaction, select whether the related account would be classified in the balance sheet as an asset, a liability, or stockholders' equity; in the income statement as a revenue or an expense; or in the statement of stockholders' equity as a dividend. Account Classifications Accounts Related Transactions 1. Common stock Sale of common stock to investors. 2. Equipment Equipment used for...
Purchase and Sale of Bonds Starship Enterprises enters into the following transactions during 2017 and 2018:...
Purchase and Sale of Bonds
Starship Enterprises enters into the following transactions
during 2017 and 2018:
Required:
1. Identify and analyze all transactions on
Starship’s records to account for its investment in the Northern
Lights bonds.
2017 Jan. 1: Purchased $100,000 face value of Northern Lights
Inc. bonds at face value. The newly issued bonds have an interest
rate of 8% paid semiannually on June 30 and December 31. The bonds
mature in five years.
Activity
Investing
Accounts
Investments in...
Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018:...
Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $671,000; Raw Materials Inventory, $56,000; Work in Process Inventory, $25,000; Finished Goods Inventory, $63,000; Common Stock, $589,000; and Retained Earnings, $226,000. Antioch experienced the following accounting events during 2018. Other than the adjusting entries for depreciation, assume that all transactions are cash transactions. Paid $27,000 of research and development costs. Paid $64,000 for raw materials that will be used to make eBook readers....
Problem 10-27 Schedule of cost of goods manufactured and sold LO 10-3 [The following information applies...
Problem 10-27 Schedule of cost of goods manufactured and sold LO 10-3 [The following information applies to the questions displayed below.] Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $665,000; Raw Materials Inventory, $57,000; Work in Process Inventory, $28,000; Finished Goods Inventory, $55,000; Common Stock, $589,000; and Retained Earnings, $216,000. Antioch experienced the following accounting events during 2018. Other than the adjusting entries for depreciation, assume that all transactions are cash...
Problem 10-27 Schedule of cost of goods manufactured and sold LO 10-3 [The following information applies...
Problem 10-27 Schedule of cost of goods manufactured and sold LO 10-3 [The following information applies to the questions displayed below.] Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $665,000; Raw Materials Inventory, $57,000; Work in Process Inventory, $28,000; Finished Goods Inventory, $55,000; Common Stock, $589,000; and Retained Earnings, $216,000. Antioch experienced the following accounting events during 2018. Other than the adjusting entries for depreciation, assume that all transactions are cash...
accounting
Packard Company has the following Opening account balances in its general and subsidiary ledgers on January 1 and uses the Periodic Inventory System. All accounts have normal debit and credit balances. General Ledger Account Number Account Title January 1 Opening Balance 101CashKshs 33,750112Accounts Receivable13,000115Notes Receivable39,000120Merchandise Inventory20,000125Office Supplies1,000130Prepaid Insurance2,000157Equipment6,450158Accumulated Depreciation –Equipment 1,500201Accounts Payable35,000301Ordinary Share Capital50,000303Retained Earnings 28,700 Accounts Receivable Subsidiary LedgerCustomer January 1 Opening Balance R. DevoKshs 1,500B. Habari7,500S. Ingunza 4,000 Accounts Payable Subsidiary Ledger Creditor January 1 Opening Balance S. KoskeiKshs ...
Saved Help Antioch Company makes eBook readers. The company had the following amounts at the beginning...
Saved Help Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $665.000; Raw Materials Inventory, $70,000; Work in Process Inventory, $27000; Finished Goods Inventory, $58,000 Common Stock, $588,000; and Retained Earnings, $232,000. Antioch experienced the following accounting events during 2018. Other than the adjusting entries for depreciation, assume that all transactions are cash transactions. 1. Paid $28,000 of research and development costs 2. Paid $55,000 for raw materials that will be used...
Saved Help Antioch Company makes eBook readers. The company had the following amounts at the beginning...
Saved Help Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $665.000; Raw Materials Inventory, $70,000; Work in Process Inventory, $27000; Finished Goods Inventory, $58,000 Common Stock, $588,000; and Retained Earnings, $232,000. Antioch experienced the following accounting events during 2018. Other than the adjusting entries for depreciation, assume that all transactions are cash transactions. 1. Paid $28,000 of research and development costs 2. Paid $55,000 for raw materials that will be used...
Problem 1-2A Assign account classifications (L01-2) Account classifications include assets, liabilities, stockholders' equity, dividends, revenues, and expenses. Required: For each transaction, select whether the related account would be classified in the balance sheet as an asset, a liability, or stockholders' equity; in the income statement as a revenue or an expense; or in the statement of stockholders' equity as a dividend. Account Classifications Accounts Related Transactions 1. Common stock Sale of common stock to investors. 2. Equipment Equipment used for...
Problem 1-2A Assign account classifications (LO1-2) Account classifications include assets, liabilities, stockholders' equity, dividends, revenues, and expenses. Required: For each transaction, select whether the related account would be classified in the balance sheet as an asset, a liability, or stockholders' equity; in the income statement as a revenue or an expense; or in the statement of stockholders' equity as a dividend. Account Classifications Accounts Related Transactions 1. Common stock Sale of common stock to investors. 2. Equipment Equipment used for...
Purchase and Sale of Bonds
Starship Enterprises enters into the following transactions
during 2017 and 2018:
Required:
1. Identify and analyze all transactions on
Starship’s records to account for its investment in the Northern
Lights bonds.
2017 Jan. 1: Purchased $100,000 face value of Northern Lights
Inc. bonds at face value. The newly issued bonds have an interest
rate of 8% paid semiannually on June 30 and December 31. The bonds
mature in five years.
Activity
Investing
Accounts
Investments in...
Saved Help Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $665.000; Raw Materials Inventory, $70,000; Work in Process Inventory, $27000; Finished Goods Inventory, $58,000 Common Stock, $588,000; and Retained Earnings, $232,000. Antioch experienced the following accounting events during 2018. Other than the adjusting entries for depreciation, assume that all transactions are cash transactions. 1. Paid $28,000 of research and development costs 2. Paid $55,000 for raw materials that will be used...
Saved Help Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $665.000; Raw Materials Inventory, $70,000; Work in Process Inventory, $27000; Finished Goods Inventory, $58,000 Common Stock, $588,000; and Retained Earnings, $232,000. Antioch experienced the following accounting events during 2018. Other than the adjusting entries for depreciation, assume that all transactions are cash transactions. 1. Paid $28,000 of research and development costs 2. Paid $55,000 for raw materials that will be used...
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