Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During 2022, its first year of operations as a delivery service, Flint Corporation entered into the following transactions. 1. Issued shares of common stock to

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

During 2022, its first year of operations as a delivery service, Flint Corporation entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $107,000 in cash. 2. Borrowed $52,000 by issuing bonds. 3. Purchased delivery trucks for $67,000 cash. 4. Received $14,000 from customers for services performed. 5. Purchased supplies for $5,700 on account. 6. Paid rent of $4,400. 7. Performed services on account for $10,500. 8. Paid salaries of $28,800. 9. Paid a dividend of $10,400 to shareholders. Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes to Stockholders' Equity in the far right column. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced, see Illustration 3-4 for example.) Assets Cash Accounts + Receivable Supplies Equipment Liabilities Accounts = Payable Bonds Payable Stockholders' Equity Common + Stock Retained Earnings Dividends Revenues - Expenses

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Oil And Gas Accounting

Authors: Steven M. Bragg

2nd Edition

1642210668, 9781642210668

More Books

Students also viewed these Accounting questions

Question

How can speakers manage speaking anxiety?

Answered: 1 week ago

Question

To what extent is public speaking similar to conversation?

Answered: 1 week ago