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Chapter 2 Homework Calculator Transactions and Financial Statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July a. Opened a business bank account in the name of Stanley Insurance Inc., with a deposit of $50,000 b. Borrowed $25,500 by issuing a note payable c. Received cash from fees earned, $28,000 d. Pald rent on office and equipment for the month, $2,800. e. Paid automobile expense for the month, $1,700, and miscellaneous expense, $600 f. Paid office salaries, $3,900. exchange for common stock. g. Paid interest h. Purchased land as a future building site, $54,000. the note payable, $100. . Paid dividends, $4,300. Instructions 1. Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. If an amount box does not require an entry, leave it blank. Enter account decreases and net cash outflows as negative amounts Balance Sheet Liabilities Stockholders' Equity Statement of Cash Flows Assets + Cash Land a. Issued common stock 50,000 b. Issued note payable 25,000 Balances 75,000 UUL Chapter 2 Homework Calculator c. Fees earned 28,000 Balances 28,000 d. Rent expense 2,800 Balances 2,800 e. Paid expenses 2,300 Balances 2,300 f. Paid interest expense 100 100 Balances q. Purchased land 54,000 54,000 Balances h. Paid dividends 4,300 Balances 4,300 . Paid salary expense 3,900 Balances, July 31 3,900 Statement of Cash Flows Income Statement Statement of Cash Flows Income Statement C. b. d. c. e. d. e. f. e. f. g. h. i. 2. Which of the following shows the correct effect on the accounting equation for a utility expense that paid when billed? 3. Prepare an income statement for July Stanley Insurance Inc. Income Statement 3. Prepare an income statement for July. Stanley Insurance Inc. Income Statement For the Month Ending July 31, 20YS Revenues: Expenses: Total expenses Net income Prepare a statement stockholders' equity for July. If your answer is zero enter "0". Stanley Insurance Inc. Statement of Stockholders' Equity For the Month Ending July 31, 20Y5 Common Stock Retained Earnings Total Balances, July 1, 20YS POOD Prepare a statement of stockholders' equity for July. If your answer is zero enter "0" Stanley Insurance Inc. Stockholders' Equity Statement For the Month Ending July 31, 20Y5 Total Common Stock Retained Earnings Balances, July 1, 20YS Balances, July 31, 20YS 4. Prepare a balance sheet as of July 31, 20Y5 Stanley Insurance Inc. Balance Sheet July 31, 20YS Assets Total assets Liabilities Stockholders Equity 4. Prepare a balance sheet as of July 31, 20YS. Stanley Insurance Inc. Balance Sheet July 31, 20YS Assets Total assets Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity indicate cash out flows, decreases in cash, or cash payments. if your answer zero enter "0". 5. Prepare a statement of cash flows for July. Use the minus sign Stanley Insurance Inc. Statement of Cash Flows For the Month Ending July 31, 20YS Cash flows from operating activities Total stockholders' equity Total liabilities and stockholders' equity 5. Prepare a statement of cash flows for July. Use the minus sign to indicate cash out flows, decreases in cash, or cash payments. if your answer is zero enter 0" Stanley Insurance Inc. Statement of Cash Flows For the Month Ending July 31, 20YS Cash flows from operating activities Cash flows from investing activities: Cash flows from financing activities
