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please help! thank you accounting equation is complete. Event 1: TEST acquired $20,000 cash by issuing common stock. Event 2: TEST paid $8,000 cash to
please help! thank you
accounting equation is complete.
Event 1: TEST acquired $20,000 cash by issuing common stock. Event 2: TEST paid $8,000 cash to purchase land for a place to locate a future store. Event 3: TEST purchased on account merchandise inventory with a list price of $20,000. Event 4: TEST returned some of the inventory purchased in Event 3. The list price of the returned merchandise was $1,750. Event 5a: TEST recognized $30,000 revenue on the sale on account of merchandise that cost $15,500. Event 5b: TEST recognized $15,500 of cost of goods sold. Event 6: The shipping terms for the inventory purchased in Event 3 were FOB shipping point. TEST paid the freight company $690 cash for delivering the merchandise. Event 7: TEST received cash discount on goods in Event 3. The credit terms were 2/10, n/30. Event 8: TEST paid the $17,885 balance due on the account payable. Event 9: TEST sold the land that had cost $8,000 for $9,300 cash. Event 10a: A customer returned inventory (bought on account) with a price of $2,300 and merchandise had cost Test $1,250. Event 10b: The cost of the goods ($1,250) is returned to the inventory account. Event 11: TEST received $7,000 cash in advance from Pay company for services that will be performed in the following year. Event 12: TEST took a physical count of its inventory and found $3,000 of inventory on hand. TE Feb TA them Co CW Test Company Income Statement Year Ended 12/31/207 5 6 7 8 Take appropriate information and prepare a Statement of Changes to Stockholders' Equity 9 10 11 Test Company Statement of Changes in Stockholders' Equity Year Ended 12/31/20x7 $ 12 $ 73 Beginning Common Stock 14 Plus Common Stock Issued 15 Ending Common Stock 16 Beginning Retained Earnings Plus: Net Income 18 Less: Dividends 19 End Retained Earnings 20 Total Stockholders' equity 17 $ 21 Balance Sheet As of 12/31/20x7 Assets Total Assets Liabilities Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Test Professional Consulting Company Statement of Cash Flow Year Ended 12/31/2017 Cash flows from Operating Activities: . Net cash flow from Operating Activities Cash flows from Investing Activities: 3 4 5. Net cash flow from Investing Activities 6 Cash flows from Financing Activities: 7 8 9 Net cash flow from Financing Activities 50 Net Increase in Cash 5 Plus Beginning Cash Balance 52 Ending Cash Balance $ 13 H Please portray how the following events will impact the appropriate I Accounts Events: 3, 4, 5, 6, 7, 106, 12 M N O Assets Liabilities Stockholders' Equity G H Please portray how the following events will impact the appropriate T Accounts Events: 3, 4, 5, 6, 7, 106, 12 Step by Step Solution
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