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The following horizontal financial statements model shows the transactions experienced by The Frame Shop (TFS) during Year 1. Assume all transactions shown in the accounting
The following horizontal financial statements model shows the transactions experienced by The Frame Shop (TFS) during Year 1. Assume all transactions shown in the accounting equation are cash transactions. Required a. The following table contains missing data which should be completed. Use the letters FA to represent financing activity, IA to represent investing activities, OA to represent operating activities, and NC to represent net change. (Amounts to be deducted should be indicated with a minus sign.) THE FRAME SHOP (TFS) Horizontal Statements Model for Year 1 Balance Sheet Income Statement Assets Liabilities + Stockholders' Equity Revenue Expense Net Income Statement of Cashi Flows Cash Land Notes Payable + Common Stock Retained Earnings Beg 0+ 0= 0+ 0+ 0 0- 0 = 0 1. 200,000+ + + TOO 200,000 FA 2. 350,000+ 350,000+ + 350,000 3. (500,000) + + . B (500,000) 4. = . 95,000 95,000 95,000 OA 5. (65,000)+ + + = (65,000) (65,000) OA 6. (12,000)+ End 500,000 350,000 200,000+ (12,000) 18,000 (12,000) 65,000 30,000 68,000 NC Required information [The following information applies to the questions displayed below.] The following horizontal financial statements model shows the transactions experienced by The Frame Shop (TFS) during Year 1. Assume all transactions shown in the accounting equation are cash transactions. b. Determine the total amount of assets that will appear on the December 31, Year 1, balance sheet. Total assets Required information [The following information applies to the questions displayed below.] The following horizontal financial statements model shows the transactions experienced by The Frame Shop (TFS) during Year 1. Assume all transactions shown in the accounting equation are cash transactions. c. Determine the total amount of net income that will appear on the income statement. Net income ! Required information [The following information applies to the questions displayed below.] The following horizontal financial statements model shows the transactions experienced by The Frame Shop (TFS) during Year 1. Assume all transactions shown in the accounting equation are cash transactions. d. Determine the amount of cash flow from financing activities that will appear on the statement of cash flows. Net cash flow from financing activities
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