12A newly formed company provides the following list of transactions.3456789171819Transaction1202123456Transaction12B101112 Required:13 1. Determine the impact of each transaction on the accounting equation.14Note: Not every cell will require a formula or cell reference. If neither is needed, then leave the cell blank.15 (Use cells A2 to C10 from the given information above to complete this question.)1634DescriptionStarted the company by issuing common stockBorrow cash by signing a noteProvided services to customers on accountPurchased supplies on accountPaid employees' salaries for the current monthPaid dividends to stockholdersAssets$45,000✔$9,000$12,000Amount$3,000✔The oooLA$45,000$9,000$12,000$3,000$6,000$4,000=DLiabilities$9,000✔$3,000✔EF+ Stockholders' Equity$45,000$12,000Tê Goo! ▲G 17181920212223242526Transaction30313223456Does the accounting equation balance?AssetsYes$45,000$9,000✔$12,000$3,000($6,000)($4,000)$44,0002. Use a conditional statement to evaluate whether the accounting equation balances.27(Use cells A2 to C10 from the given information above to complete this question. Construct a conditional IFstatement to return the word "Yes" if the accounting equation is in balance or "No" if it is not. In your formula, use28 cell B24 for total assets, cell D24 for total liabilities, and cell F24 for total stockholders' equity.)29==Liabilities$9,000✔$3,000$3,000 X++Stockholders' Equity$45,000$12,000($6,000)($4,000)$47,000 X

Name: 12A newly formed company provides the following list of transactions.
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Description: 12A newly formed company provides the following list of transactions.3456789171819Transaction1202123456Transaction12B101112 Required:13 1. Determine the impact of each transaction on the accounting equation.14Note: Not every cell will require a form

Accounting equations state that every transaction has two aspects, that is, debit and credit. It…

Business

Accounting

A newly formed company provides the following list of transactions. Transaction 1 2 3 4 5 6 Description Started the company by issuing common stock Borrow cash by signing a note Provided services to customers on account Purchased supplies on account Paid employees' salaries for the current month Paid dividends to stockholders Amount Required: 1. Determine the impact of each transaction on the accounting equation. Note: Not every cell will require a formula or cell reference. If neither is needed, then leave the cell blank. (Use cells A2 to C10 from the given information above to complete this question.) $45,000 $9,000 $12,000 $3,000 $6,000 $4,000

A newly formed company provides the following list of transactions. Transaction 1 2 3 4 5 6 Description Started the company by issuing common stock Borrow cash by signing a note Provided services to customers on account Purchased supplies on account Paid employees' salaries for the current month Paid dividends to stockholders Amount Required: 1. Determine the impact of each transaction on the accounting equation. Note: Not every cell will require a formula or cell reference. If neither is needed, then leave the cell blank. (Use cells A2 to C10 from the given information above to complete this question.) $45,000 $9,000 $12,000 $3,000 $6,000 $4,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Debits Credits $25,500 16,300 13,800 157,000 $7,600 6,700 Deferred Revenue Common Stock Retained Earnings Totals 152,000 46,300 $212,600 $212,600 The following is a summary of the transactions for the year. storage services for cash, $143,100, and on account, $56,700. on accounts receivable, 1. January 9 2. February 12 Provide Collect $52,400. 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 Receive cash in advance from customers, $13,800. Purchase supplies on account, $11,000. Pay property taxes, $9,409. Pay on accounts payable, $12,300. Pay salaries, $132,600. Issue shares of Common stock in dividends to exchange for $36,000 cash. 9. December 30 Pay $3,700 cash stockholders. 8-a. Prepare the income…
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Natalie and her friend Curtis Lesperance decide that they can benefit from joining Cookie Creations and Curtis's coffee shop. In this part of the problem, they want your help in preparing financial information following the first year of operations of their new business, Cookie & Coffee Creations. After establishing their company's fiscal year-end to be October 31, Natalie and Curtis begin operating Cookie & Coffee Creations Inc. on November 1, 2020. On that date, after the issuance of shares, the paid-in capital section of the company's balance sheet is as follows. Paid-in capital Preferred stock, $0.50 noncumulative, no par value, 10,000 shares authorized, 2,000 shares issued Common stock, no par value, 100,000 shares authorized, 25,930 shares issued $10,000 25,930 Cookie & Coffee Creations then has the following selected transactions during its first year of operations. Dec. 1 Issues an additional 800 preferred shares to Natalie's brother for $4,000. Apr. 30 June 30 Oct. 31 31 31…
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! Required information [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Debits $25,400 Credits 16,200 13,600 156,000 $7,500 6,600 151,000 46,100 Totals $211,200 $211,200 The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 9. December 30 Provide storage services for cash, $142,100, and on account, $56,200. Collect on accounts receivable, $52,300. Receive cash in advance from customers, $13,700. Purchase supplies on account, $10,800. Pay property taxes, $9,300. Pay on accounts payable, $12,200. Pay salaries, $131,600. Issue shares of common stock in exchange for $35,000 cash. Pay $3,600 cash dividends to stockholders. 1. 3. 6. & 10. Post the…
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