April 18: Purchased ten units from Solo Corp. for $900 total, with terms 3/10, n/30, FOB destination.

Activity	FinancingInvestingOperatingOperating
Accounts	Account Payable Increase, Purchase IncreaseAccount Payable Increase, Purchase DecreaseAccount Payable Decrease, Purchase IncreaseAccount Payable Decrease, Purchase DecreaseAccount Payable Increase, Purchase Increase
Statement(s)	Balance Sheet onlyBalance Sheet and Income StatementIncome Statement onlyBalance Sheet and Income Statement

How does this entry affect the accounting equation?

Balance Sheet

Income Statement

Stockholders'

Net

Assets

=

Liabilities

+

Equity

Revenues

Expenses

=

Income

Accounts PayableAccounts ReceivableCashInventoryPurchasesPurchase DiscountsPurchase Returns and AllowancesSales RevenueTransportation-inNo EntryNo Entry

fill in the blank 351e0bfb9025049_2

Accounts PayableAccounts ReceivableCashInventoryPurchasesPurchase DiscountsPurchase Returns and AllowancesSales RevenueTransportation-inNo EntryAccounts Payable

fill in the blank 351e0bfb9025049_4

fill in the blank 351e0bfb9025049_5

Accounts PayableAccounts ReceivableCashInventoryPurchasesPurchase DiscountsPurchase Returns and AllowancesSales RevenueTransportation-inNo EntryNo Entry

fill in the blank 351e0bfb9025049_7

Accounts PayableAccounts ReceivableCashInventoryPurchasesPurchase DiscountsPurchase Returns and AllowancesSales RevenueTransportation-inNo EntryPurchases

fill in the blank 351e0bfb9025049_9

fill in the blank 351e0bfb9025049_10

April 25: Sold three units for $200 each, cash.

Activity	FinancingInvestingOperatingOperating
Accounts	Cash Increase, Sales Revenue IncreaseCash Increase, Sales Revenue DecreaseCash Decrease, Sales Revenue IncreaseCash Decrease, Sales Revenue DecreaseCash Increase, Sales Revenue Increase
Statement(s)	Balance Sheet onlyBalance Sheet and Income StatementIncome Statement onlyBalance Sheet and Income Statement

How does this entry affect the accounting equation?

Balance Sheet

Income Statement

Stockholders'

Net

Assets

=

Liabilities

+

Equity

Revenues

Expenses

=

Income

Accounts PayableAccounts ReceivableCashInventoryPurchasesPurchase DiscountsPurchase Returns and AllowancesSales RevenueTransportation-inNo EntryCash

fill in the blank 0f71d6f6bff5075_2

Accounts PayableAccounts ReceivableCashInventoryPurchasesPurchase DiscountsPurchase Returns and AllowancesSales RevenueTransportation-inNo EntryNo Entry

fill in the blank 0f71d6f6bff5075_4

fill in the blank 0f71d6f6bff5075_5

Accounts PayableAccounts ReceivableCashInventoryPurchasesPurchase DiscountsPurchase Returns and AllowancesSales RevenueTransportation-inNo EntrySales Revenue

fill in the blank 0f71d6f6bff5075_7

Accounts PayableAccounts ReceivableCashInventoryPurchasesPurchase DiscountsPurchase Returns and AllowancesSales RevenueTransportation-inNo EntryNo Entry

fill in the blank 0f71d6f6bff5075_9

fill in the blank 0f71d6f6bff5075_10

How does this entry affect the accounting equation?

Balance Sheet

Income Statement

Stockholders'

Net

Assets

=

Liabilities

+

Equity

Revenues

Expenses

=

Income

Accounts PayableAccounts ReceivableCashInventoryPurchasesPurchase DiscountsPurchase Returns and AllowancesSales RevenueTransportation-inNo EntryCash

fill in the blank e552eafc403f009_2

Accounts PayableAccounts ReceivableCashInventoryPurchasesPurchase DiscountsPurchase Returns and AllowancesSales RevenueTransportation-inNo EntryAccounts Payable

fill in the blank e552eafc403f009_4

fill in the blank e552eafc403f009_5

Accounts PayableAccounts ReceivableCashInventoryPurchasesPurchase DiscountsPurchase Returns and AllowancesSales RevenueTransportation-inNo EntryNo Entry

fill in the blank e552eafc403f009_7

Accounts PayableAccounts ReceivableCashInventoryPurchasesPurchase DiscountsPurchase Returns and AllowancesSales RevenueTransportation-inNo EntryNo Entry

fill in the blank e552eafc403f009_9

fill in the blank e552eafc403f009_10

2. Determine net income for the month of April. Speedy Cycle incurred and paid $100 for rent and $50 for miscellaneous expenses during April. Ending inventory is $967. (Ignore income taxes.) $fill in the blank 394818081052076_1

3. Assuming that these are the only transactions during April (including rent and miscellaneous expenses), compute net cash flow from operating activities. Use the minus sign to indicate cash out flows, a decrease in cash or cash payments. $fill in the blank 394818081052076_2