0 1 12 13 Each of the remaining sheets in this file contains 1) a description of a transaction and 2) a partially completed balance sheet, income statement, and statement of retained earnings. For each transaction, show how the financial statements would change. Each transaction is independent, so you can work through the file in any order you like. All changes are entered in the blue cells on the statements. Each statement has two columns. Values in the first column are selected from a drop-down menu. For a given transaction, there may be several (or even many) blue cells that do not need to be changed. 141 15 16 17 18. 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33. 34 35 36 37 38 39 40 41 42 READY Q Instructions Trans #1 Trans #2 Trans Trans 4 Trans #5 Trans #6 Trans #7 Trans #S T E e 05 x Transaction: Paid $800 to suppliers for inventory that had been purchased on credit last month. Statement of Financial Position ASSETS Current assets: Total current assets Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current liabilities: D EFG H Income Statement Gross profit Operating expenses: Total operating expenses Earnings from operations Earnings before income taxes ASFEARERSEESARERF READY Total current liabilities Total liabilities Shareholders' Equity Total shareholders' equity Total liabilities and shareholders' equity structions Trans Tram #2 Trans Tran +3 *B Net income Statement of Retained Earnings Beginning balance Ending balance Trans 26 Trans Tran Tra Trans 10 DELL 3 Xfx A Statement of Financial Position 4 ASSETS Current assets: 5 Transaction: Sold inventory to customers on credit for $400. The inventory cost the business T Total current assets $250. 0 Total assets 35 16 17 BEREA P D EFG Income Statement Gross profit Operating expenses LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current liabilities: Total operating expenses Earnings from operations Earnings before income taxes Total current liabilities Total liabilities Shareholders' Equity Total shareholders' equity Net income Statement of Retained Earnings Beginning balance Total habilities and shareholders' equity Ending balance 05 Transas Tan Dane 47 Th Ti Tan#1 DALE 10 13 14 fx Transaction: issued 100 shares for $4,000 cash Statement of Financial Position ASSETS Current assets D EFG Income Statement Gross profit Operating expenses: Total current assets Total assets LIABILITIES AND SHAREHOLDERS EQUITY Liabilities Current liabilities Total operating expenses Earnings from operations Earnings before income taxes Total current liabilities 17 Total abilities Shareholders' Equity Total shareholders' equity Net income Statement of Retained Earnings Beginning balance Total liabilities and shareholders' equity Ending balance MADY 23 Tran *B Trans T 30 DOLL 4 10 PROTECTED VIEW Be careful-files hom the Internet can contain viruses, Unless you need to edit, it's safer to stay in Protected View Enable Editing 33 Transaction: Purchased land to be used in the business. The land cost $8,000. Paid $4,000 cash and signed a note payable for $4,000. Statement of Financial Position ASSETS Current assets: Total current assets Total assets LIABILITIES AND SHAREHOLDERS EQUITY Liabilities Current liabilities DEFG H Income Statement Gross profit Operating expenses: Total operating expenses Earnings from operations Earnings before income taxes Net income 14 15 19 DESAGRIE Total current liabilities Total liabilities Shareholders' Equity Total shareholders' equity Total abilities and shareholders' equity Statement of Retained Earnings Beginning balance Ending balance Tra READY T Ex Tra Tras JK COLL 7 Transaction: Sold $100 of gift cards to customers. The customers paid cash. C Statement of Financial Position ASSETS Current assets: 17 18 39 20 PERSEESARNIA REDE READY D EFG Income Statement Gross profit Operating expenses: Total current assets Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current liabilities: Total current liabilities Total liabilities Shareholders' Equity Total shareholders' equity Total liabilities and shareholders' equity Total operating expenses Earnings from operations Earnings before income taxes Net income Statement of Retained Earnings Beginning balance Ending balance Towns 41 Tra Trans Trans 4 T Trans P Than Tian Trans #100 05 +3 KB DELL