5 1-11 Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1 e following transactions were completed by the company. The owner invested $16,000 cash in the company in exchange for its common stock. The company purchased supplies for $750 cash. The owner invested $10,500 of equipment in the company in exchange for more common stock. The company purchased $250 of additional supplies on credit. The company purchased land for $9,500 cash. quired: ter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a nus sign.)

5 1-11 Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1 e following transactions were completed by the company. The owner invested $16,000 cash in the company in exchange for its common stock. The company purchased supplies for $750 cash. The owner invested $10,500 of equipment in the company in exchange for more common stock. The company purchased $250 of additional supplies on credit. The company purchased land for $9,500 cash. quired: ter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a nus sign.)

Name: W CiscoOneLO Mail9 LauncProble xO Cours x9 Questi XC Get H X+p.mheduc
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: W CiscoOneLO Mail9 LauncProble xO Cours x9 Questi XC Get H X+p.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activi.YouTubeO MassBay Curriculum0 Mail - Soares, Marc..Mas

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Required information [The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show following assets and liabilities as of December 31 fo and Year 2. December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable Equity, December 31, Year 1 Add: Owner's investment Add: Net income Year 1 $ 47,584 25,829 4,074 125,071 48,942 Less: Dividends 0 0 67,905 0 Year 2 $ 8,053 20, 250 2,984 133, 224 2. Compute net income for Year 2 by comparing total equ these two years and using the following information: Durir owner invested $32,000 additional cash in the business in common stock, and the company paid a $24,000 cash div 57,942 163,152 40,713 33,679 103,865 0
$ 16,000 3,700 3,850 Net income Cash dividends paid to stockholders Cash proceeds from sale of land Cash proceeds from bank loan Cash payment (principal) on bank loan Cash paid to purchase equipment The company would report net cash provided by (used in) investing activities of: 10,100 2,800 7,400
Question Content Area The following information pertains to Diane Company. Assume that all balance sheet amounts represent both average and ending balance figures and that all sales were on credit. Use this information to answer the question that follow. Assets Cash and short-term investments $30,000 Accounts receivable (net) 20,000 Merchandise inventory 15,000 Property, plant, and equipment 185,000 Total assets $250,000 Liabilities and Stockholders' Equity Current liabilities $45,000 Long-term liabilities 70,000 Stockholders' equity—common 135,000 Total liabilities and stockholders' equity $250,000 Income Statement Sales $85,000 Cost of merchandise sold 45,000 Gross profit $40,000 Operating expenses (15,000) Interest expense (5,000) Net income $20,000 Number of shares of common stock outstanding 6,000 Market price per share of common stock $20 Total dividends paid $9,000 Net cash flows from operating…
BIC Penc Cash Dividends Cash 24 For a recent year a corporation's financial statements reported the following: Based on the following information, what amount will the corporation report as Net Cash Provided (Used) by Operating Activities on the statement of cash flows? Net Income Depreciation $ $ Increase in accounts receivable Decrease in accounts payable $ $b A) B) Net cash provided by operating activities Net cash provided by operating activities C) Net cash provided by operating activities D) Net cash provided by operating activities E) None of the above nommon to 201 25 The acquisition of land by issuing common stock is ommi A) a noncash transaction which is not reported in the body of a statement of cash flows. B) a cash transaction and would be reported in the body of a statement of cash flows. C) a noncash transaction and would be reported in the body of a statement of cash flows. D) only reported if the statement of cash flows is prepared using the direct method. E) none of…
pls answer and explain thanks
pls answer the following question, thanks
Problem 4-15 Lloyd Inc. has sales of $200,000, a net income of $15,000, and the following balance sheet: ASSETS Cash Receivables Inventories Total Current assets Net fixed assets Total assets AMOUNT LIABILITIES & EQUITY $10,000 Accounts Payables 50,000 Notes Payable to bank 150,000 Total current liabilities $210,000 Long-term debt 90,000 Common Equity $300,000 Total Liabilities and Equity AMOUNT $30,000 20,000 $50,000 50,000 200,000 $300,000 The new owner thinks that inventories are excessive and can be lowered to the point where the current ratio is equal to the industry average, 2.53, without affecting sales or net income. If inventories are sold and not replaced (thus reducing the current ratio to 2.53), if the funds generated are used to reduce common equity (stock can be repurchased at book value), and if no other changes occur, by how much will the ROE change? What will be the firm's new quick ratio? Problem 4-1 Baxley Brothers has a DSO of 23 days, and its annual sales are…
son.1 Prezas Company's balance sheet showed total current assets of $5,250, all of which were required in operations. Its current liabilities consisted of $1,040 of accounts payable, $600 of 6% short-term notes payable to the bank, and $310 of accrued wages and taxes. What was its net operating working capital? a. $3,900 b. $4,650 c. $1,350 d. $1,950 e. $3,300
Answer only please
1
Question 1Using the following data, prepare the operating activities section of a statement of cash flows for Maximum Corporation for the year ended December 31, 20X6, using the indirect method.Increase in salary payable $1,50Decrease in accounts payable 2,0000Increase in accounts receivable 3,500Net income 98,00Decrease in inventory 5,800Increase in prepaid expenses 1,200Depreciation expense – equipment 5,000Depreciation expense – building 7,500Gain on sale of equipment 1,300Loss on sale of patent 2,500Question 2A. In the long run it is more important for a business to have positive cash flows from its operating activities, investing activities or financing activities? Why?B. Identify three factors that may cause net income to differ from net cash flows from operating activities.C. Describe how the Statement of Cash Flows helps investors and creditors perform each of the following functions: predict future cash flows; evaluate management decisions; predict the ability to make debt…
Hi expart give correct answer