Xf D EFG H income Statement Statement of Financial Position ASSETS Current assets Transaction Paid employees $2,000 for wages earned up to the end of last week Gross profit Operating expenses Total current assets Total operating expenses Earnings from operations Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current liabilities: Earnings before income taxes 14 Net income 15 Total current liabilities 10 Total liabilities Shareholders' Equity Statement of Retained Earnings Beginning balance 19 20 Total shareholders' equity Total babies and shareholders equity Ending balance 24 25 20 IT 29 29 40 Trans1 Trans Trans Trans T10 BEACH BT OS D EFG income statement Statement of Financial Position ASSETS Current assets Transaction Received $400 from customers who had purchased inventory on credit last month Gross profit Operating expenses Total current assets Total operating expenses Earnings from operations Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current liabilities: Earnings before income taxes 14 Net income 15 Total current liabilities 17 1 Totalbes Shareholders' Equity Statement of Retained Earnings lleginning balance 20 Total shareholders' equity Total liabilities and shareholders' equity Ending balance Trans Trans 1 e OS DELL Income Statement Statement of Financial Position ASTS Current assets Gross profit Operating expenses Traction Pad 100 for an advertisement in the local newspaper Total current assets Total operating expenses Earnings from operations Total assets LABUTES AND SHAREHOLDERS' EQUITY Liabilities Current liabilities: Earnings before income taxes Net income Total current liabilities 73 16 Total liabilities Shareholders' Equity Statement of Retained Earnings lleginning balance Total shareholders' equity Total abilities and shareholders equity Ending balance 24 Team IP H T TH e 03 D EFG income Statement utement of Financial Position ASSETS Current assets Traction Purchased $1,200 overtory on credit Gross profit Operating expenses Total current assets Total assets LABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current habilities: Total operating expenses Earnings from operations Earnings before income taxes Net income Total current abilities 19 13 11 Total abilities Shareholders' Equity Statement of Retained Earnings lleginning balance 20 21 Totalities and shareholders equity Ending balance SIE Team e 10 EFG H Income Statement Statement of Financial Position ASSETS Current assets 3 Gross profit Operating expenses: Transaction Solventory to customers for $900The inventory cost the business SACO. The customers paid cash the time of sale Total current assets 9 Total operating expenses Earnings from operations Total assets LABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current liabilities: Earnings before income taxes Net income Total custentabilities Total abilities Shareholders' Equity Statement of Retained Earnings Beginning balance Total shareholders' equity Total abilities and shareholders equity Ending balance Tr DOLL D EFG H Income Statement Statement of Financial Position ASSETS Current Traction and $800 to suppliers for inventory that had been phased and last Gross profit Operating expenses Total current assets Total operating expenses Earnings from operations Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current liabilities: Earnings before income taxes Net income Total current liabilities Total liabilities Shareholder Equity Statement of Retained Earnings Beginning balance Total shareholders' equity Totallies and shareholders' equity Ending balance 40 Trans TH8 Team D EFG H Income Statement Statement of Financial Position ASSETS Current assets: Transaction Sold inventory to sustomers on crede for $400 The inventory cost the business Gross profit Operating expenses Total current assets 10 Totalasses LIABILITIES AND SHAREHOLDERS' EQUITY tlabilities Current liabilities: Total operating expenses Earnings from operations Earnings before income taxes Net income Total current liabilities Total abilities Shareholders' Equity 18 Statement of Retained Earnings Beginning balance Total shareholders' equity Totalities and shareholders equity Ending balance Trans EFG Income Statement Statement of Financial Ponition ASSETS Current assets Transaction wed 100 shares for $4,000 cash Gross profit Operating expenses: Total current assets Total operating expenses Earnings from operations Total assets LABILITIES AND SHAREHOLDERS' EQUITY tities Current liabilities: Earnings before income taxes Net income 13 Total current liabilities 16 Total abilities Shareholders' Equity Statement of Retained Earnings eginning balance Total shareholders' equity Total abilities and shareholders equity Ending bulance Ta P D EFG Income Statement Statement of Financul Position ASSETS Current assets Gross profit Operating expenses Transaction Purchased and to be used in the winess. The and cost $4,000. Paul $4,000 chanded a note payable for $4,000 Total current assets Totalets LIABILITIES AND SHARE OLDERS' EQUITY Liabilities Current liabilities: Total operating expenses Earnings from operations Earnings before income taxes Net Income Total current abilities Totalbes Shareholders' Equity Statement of Retained Earnings Beginning balance Total shareholders' equity Totalities and shareholders' equity Ending balance > g D EFG Income Statement statement of Financial Position ASSETS Transaction: Sold $100 of cards to customers. The customers and cash Gross profit Operating expenses Total current assets Total assets LIABILITIES AND SHAREHOLDERS' EQUITY tibilities Current liabilities: Total operating expenses Earnings from operations Earnings before income taxes Net income Total current liabilities Total Babies Shareholders' Equity Statement of Retained Earnings Beginning balance Total shareholders equity Totalities and shareholders equity Ending balance 25 T10 1 H K E F D B U Each of the remaining sheets in this file contains 1) a description of a transaction and 2) a partially completed balance sheet, income statement, and statement of retained earnings. For each transaction, show how the financial statements would change. Each transaction is independent, so you can work through the file in any order you like. All changes are entered in the blue cells on the statements. Each statement has two columns. Values in the first column are selected from a drop-down menu. For a given transaction, there may be several (or even many) blue cells that do not need to be changed