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Im not sure if I filled this out correctly. Please create an easily readable similar chart! E3-6 (Static) Determining Financial Statement Effects of Various Transactions
Im not sure if I filled this out correctly. Please create an easily readable similar chart!
E3-6 (Static) Determining Financial Statement Effects of Various Transactions LO3-4 Wolverine World Wide, Inc, manufactures military, work, sport, and casual footwear and leather accessories under a variety of brand names, such as Hush Puppies, Wolverine, Merrell, Stride Rite, and Bates, to a global market. The following transactions occurred during a recent year Dollars are in mitlions. a. Issued common stock to investors for $21.4 cash (example) b. Purchased $1,626.6 of additional inventory on account. c. Paid $401 on long-term debt principal and $37 in interest on the debt. d. Sold \$2,350.0 of products to customers on account cost of the products sold was \$1,426.6. (Hint: There are two separate effects needed for (d) one for eaming revenue and one for incurring an expense). e. Paid cash dividends of $23.0 to shareholders. f. Purchased for cash $32.4 in additional property. plant, and equipment. 9. lacurred $713.6 in seling expenses, paying three-fourths in cash and owing the rest on account h. Eamed $0.50 of interest on investments receiving 80 percent in cash 1 Incurred $350 in interest expense to be paid at the beginning of next year For each of the transactions, complete the rabulation, indicating the effect positive value for increase, negative value for decrease. Required: and leave blank if no effect) of each transaction. (Remember that A=L+SE,R=E=N; and Nl affects SE through Retained Eamings) The first transaction is provided as an example (Enter the inereasing and decreasing effect of the tronsoction on seporate lines in the toble. Do not net the effects on Assets, Stockholders' Equity or Net Income. Enter your ariswers in millians rounced to 1 decimol ploce.) Step by Step Solution
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