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I just want to see if I did this properly. Thank you. please explain any mistakes so I can learn how to do better next
I just want to see if I did this properly. Thank you. please explain any mistakes so I can learn how to do better next time.
Problem 1-1A Identifying effects of transactions on financial statements LO A1, P1 Identify how each of the following separate transactions 1 through 10 affects financial statements. For increases, place a" and the dollar amount in the column or columns. For decreases, place a -" and the dollar amount in the column or columns. Some cells may contain both an increase (+) and a decrease ( alng with the dollar amounts. The first transaction is completed as an example Required a. For the balance sheet, identify how each transaction affects total assets, total liabilities, and total equity. For the income statement, identify how each transaction affects net income b. For the statement of cash flows, identify how each transaction affects cash flows from operating activities, cash flows from investing activities, and cash flows from financing activities b. Income Balance Sheet Statement of Cash Flows Statement Total Total Total Net Operating Investing Income Activities Activities Activities Financing Transaction Assets Liabilities Equit +900 +900 1.Owner invests $900 cash in business in exchange for stock +900 +700 +700 2. Receives $700 cash for services provided +700 +700 500 3. Pays $500 cash for employee wages 500 500 +100 +100 +100 4. Buys $100 of equipment on credit +200 +200 5. Purchases $200 of supplies on credit +200 300 6. Buys equipment for $300 cash +/-300 +/-300 b. Income Balance Sheet Statement of Cash Flows Statement Total Assets Liabilities Total Total Net Operating Investing Income Activities Activities Activities Financing Transaction ul +900 +900 1.Owner invests $900 cash in business in exchange for stock +900 +700 +700 2. Receives $700 cash for services provided +700 +700 500 500 500 3. Pays $500 cash for employee wages +100 +100 +100 4. Buys $100 of equipment on credit 5.Purchases $200 of supplies on credit +200 +200 +200 6. Buys equipment for $300 cash +/-300 +/-300 300 200 7. Pays $200 on accounts payable 200 200 8. Provides $400 services on credit 400 +400 +400 +400 9.Pays $50 cash for dividends 50 50 50 50 +400 +400 10 Collects $400 cash on accounts receivableStep by Step Solution
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