Answered step by step
Verified Expert Solution
Question
1 Approved Answer
There's total 5 transactions. This is # 3 transaction. Please show the impact of below transaction on financial statements. There is a separate tab in
There's total 5 transactions. This is # 3 transaction. Please show the impact of below transaction on financial statements. There is a separate tab in attached Excel file for each transaction
Transaction 2: A new customer orders 1000 product with a selling price of $15,000 (on credit) and cost of 10,000. The products are shipped to customers.
Main question: Receive payments of customer order in transaction 2.
it exceed the limit.. i have attached in form of picture with every detail..
Income Statement Prior + transactions =Sum 1 2 1-2=3 4 5 6 4+5+6=7 3-7=8 9 Net Sales Cost of Goods sold Gross Margin Sales & Marketing Research & Development General & Administrative Operating Expense Income From Operation Net Interest Income Income Taxes Net Income 10 8+9-10-11 a Cash Flow Statements Beginning Cash Balance b Cash Receipts Cash Disbursements b-c=d Cash Flow from Operations PP&E purchases f Net Borrowings Income Taxes Paid h Sale of Capital Stock a+d-e+f-g+h=i Ending Cash Balance e 8 26 Balance Sheet 27 A 28 B 29 C 30 D 31 A+B+C+D=E 32 F 33 G 34 H 35 G-H=I 36 E+F+I=) Cash Account Recivable Inventories Prepaid Expenses Current Assets Other Assets Fixed Assets @cost Accumulated Depreciation Net Fixed Asset Total Assets 37 38 K 39 L 40 M 41 N 42 K+L+M+N=O Accounts Payable Accrued Expenses Current portion of debt Income tax payable Current Liabilities 43 44 P 45 Q 46 R Long term Debt Capital Stock Retained Earnings Shareholder Equity Total libabilites and Equity 47 Q+R=S 48 O+P+S=T Income Statement Prior + transactions =Sum 1 2 1-2=3 4 5 6 4+5+6=7 3-7=8 9 Net Sales Cost of Goods sold Gross Margin Sales & Marketing Research & Development General & Administrative Operating Expense Income From Operation Net Interest Income Income Taxes Net Income 10 8+9-10-11 a Cash Flow Statements Beginning Cash Balance b Cash Receipts Cash Disbursements b-c=d Cash Flow from Operations PP&E purchases f Net Borrowings Income Taxes Paid h Sale of Capital Stock a+d-e+f-g+h=i Ending Cash Balance e 8 26 Balance Sheet 27 A 28 B 29 C 30 D 31 A+B+C+D=E 32 F 33 G 34 H 35 G-H=I 36 E+F+I=) Cash Account Recivable Inventories Prepaid Expenses Current Assets Other Assets Fixed Assets @cost Accumulated Depreciation Net Fixed Asset Total Assets 37 38 K 39 L 40 M 41 N 42 K+L+M+N=O Accounts Payable Accrued Expenses Current portion of debt Income tax payable Current Liabilities 43 44 P 45 Q 46 R Long term Debt Capital Stock Retained Earnings Shareholder Equity Total libabilites and Equity 47 Q+R=S 48 O+P+S=TStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started