Homework Answers
Answers
--Requirement 1, 2 and 3
| Transaction # | Related account | Requirement 1: Financial Statement | Requirement 2: Classification | Requirement 3: Classified activity |
| #1 | Common Stock | Balance Sheet | Stockholder's equity | Financing activity |
| #2 | Notes receivables | Balance Sheet | Assets | Financing activity |
| #3 | Service Fee expense | Income Statement | Expense | Operating activity |
| #4 | Interest revenue | Income Statement | Revenue | Operating activity |
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E1-3 The transactions in this problem are identical to those in EL-2, but now with a...
Exercise 1-3A Identify account classifications and business activities (LO1-2) Wildcat Corporation has the following transactions with...
Exercise 1-3A Identify account classifications and business activities (LO1-2) Wildcat Corporation has the following transactions with Falcon Incorporated. points Required: 1., 2., & 3. For each transaction, indicate whether Wildcat would report the related account in the balance sheet or income statement For accounts in the balance sheet, indicate whether it would be classified as an asset, liability, or stockholders' equity. For accounts in the income statement, indicate whether it would be classified as a revenue or an expense. Indicate...
E1-2 Falcon Incorporated has the following transactions with Wildcat Corporation. 1-2) Transactions Falcon's Related Account 1....
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Problem 1-2A Assign account classifications (L01-2) Account classifications include assets, liabilities, stockholders' equity, dividends, revenues, and...
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Problem 1-2A Assign account classifications (LO1-2) Account classifications include assets, liabilities, stockholders' equity, dividends, revenues, and...
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Indicate whether each of the following accounts would be reported on the balance sheet or income...
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For each transaction, indicate whether the related account would be classified in the balance sheet as...
For each transaction, indicate whether the related account would be classified in the balance sheet as (a) an asset, (b) a liability, or (c) stockholders' equity: in the income statement as (d) a revenue or (e) an expense; or in the statement of stockholders' equity as (0) a dividend. P1-3B Gator Investments provides financial services related to investment selections, retirement planning, and general insurance needs. For the current year, the company reports the following amounts: Advertising expense33,500 Building Salaries expense...
E1-10 E1-11 E1-12 E1-13 E1 Accounting equation and income statement Staples, Inc. ) islading of the...
E1-10
E1-11
E1-12
E1-13
E1 Accounting equation and income statement Staples, Inc. ) islading of the p a Canada Asia and South A The werede ancial stat e s h en data 510 Totales 5.00 SOS Cost of goods sold Operating expenses Otherine 5.518 D in the missing data indicated for Using the income data for and an determine the E1-10 Balance sheet items From the following list of selected hems taken from the records of p op Sandals Incas...
3) In the space before each of the following transactions, identify if the transaction is an:...
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The trial balance of Yewlett Company includes the following balance sheet accounts, which may require adjustment....
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Exercise 3-6 The following accounts, in alphabetical order, were selected from recent financial statements of Krispy...
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Exercise 1-3A Identify account classifications and business activities (LO1-2) Wildcat Corporation has the following transactions with Falcon Incorporated. points Required: 1., 2., & 3. For each transaction, indicate whether Wildcat would report the related account in the balance sheet or income statement For accounts in the balance sheet, indicate whether it would be classified as an asset, liability, or stockholders' equity. For accounts in the income statement, indicate whether it would be classified as a revenue or an expense. Indicate...
E1-2 Falcon Incorporated has the following transactions with Wildcat Corporation. 1-2) Transactions Falcon's Related Account 1. Falcon purchases common stock of Wildcat. Investment 2. Falcon borrows from Wildcat by signing a note. Notes payable 3. Falcon provides services to Wildcat. Service revenue 4. Falcon pays interest to Wildcat on borrowing, Interest expense Required: 1. For each transaction, indicate whether Falcon would report the related account in the balance sheet or income statement. 2. For accounts in the balance sheet, indicate...
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...
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E1-10
E1-11
E1-12
E1-13
E1 Accounting equation and income statement Staples, Inc. ) islading of the p a Canada Asia and South A The werede ancial stat e s h en data 510 Totales 5.00 SOS Cost of goods sold Operating expenses Otherine 5.518 D in the missing data indicated for Using the income data for and an determine the E1-10 Balance sheet items From the following list of selected hems taken from the records of p op Sandals Incas...
The trial balance of Yewlett Company includes the following balance sheet accounts, which may require adjustment. For each account that requires adjustment, indicate (a) the type of adjusting entry (prepaid expense, unearned revenue, accrued revenue, or accrued expense) and (b) the related account in the adjusting entry. (a) Type of Adjustment (b) Related Account Account Accounts Receivable Prepaid Insurance Accumulated Depreciation Equipment Interest Payable Unearned Service Revenue The adjusted trial balance of Parsons Company at December 31, 2020, includes the...
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