IE$3-2$ Determining Financial Statement Effects of Various Transactions

c D 4 6 7 8 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Spensa Corporation was established this year and had the following transactions: a. Issued common stock to investors (example) b. Purchased Inventory on account c. Borrowed cash from a local bank d. Sold merchandise to customers. Gross Profit on sale is 57.6% e. Dividends were paid to common shareholders f. Purchased Land for cash g. Incurred selling expenses paying one fourth in cash and putting the remainder on account h. Paid off the local bank loan and also paid 10% in interest i. Earned interest from the savings account at the local bank . Collected amounts owed from customers Required Value: Value: Value: Sales amount: Dividends: Value: Amount: Loan: Amount: Amount: 90,000 23,000 15,000 12,500 1,000 11,000 4,000 5,000 500 2,000 57.6% 10% Complete the table in the spreadsheet for each transaction showing the effect on the balance sheet and income statement. Leave unaffected cells blank and use positive and negative numbers for increases and decreases. Be sure to enter a formula to calculate column totals, the accounting equation, and net income. Note: Negative amounts or amounts to be deducted should be input and displayed as negative values. All Other answers should be input and displayed as positive values. TIP: Create formulas for the Total row and the Accounting Equation before posting transactions. Transaction b. g. Total 90,000 ME Stockholders' 90,000 Liabilities, Stockholders Equity, Revenues, and