E2-4 (Algo) Determining Financial Statement Effects of Several Transactions LO2-3 The following events occurred for Johnson Company: a. Received investment of cash by organizers and distributed to them 1,030 shares of $1 par value common stock with a market price of $15 per share. b. Leased $8,700 of equipment, paying $1,900 in cash and signing a long-term right-of-use lease for the rest owed. c. Borrowed $13,000 cash from a bank. d. Loaned $900 to an employee who signed a note due in six months. e. Purchased $15,381 of land; paid $7,000 in cash and signed a note for the balance. Required: For each of the events (a) through (e), perform transaction analysis and indicate the account and amount. Check that the accounting equation remains in balance after each transaction. Note: Enter decreases to an element of the balance sheet with a minus sign. If no impact on accounting equation leave cells blank. Event a. Cash a. b. b. C. C. d. d. e. e. Assets = = = = = = = = Liabilities + + + + + + + + + + Stockholders' Equity

E2-4 (Algo) Determining Financial Statement Effects of Several Transactions LO2-3 The following events occurred for Johnson Company: a. Received investment of cash by organizers and distributed to them 1,030 shares of $1 par value common stock with a market price of $15 per share. b. Leased $8,700 of equipment, paying $1,900 in cash and signing a long-term right-of-use lease for the rest owed. c. Borrowed $13,000 cash from a bank. d. Loaned $900 to an employee who signed a note due in six months. e. Purchased $15,381 of land; paid $7,000 in cash and signed a note for the balance. Required: For each of the events (a) through (e), perform transaction analysis and indicate the account and amount. Check that the accounting equation remains in balance after each transaction. Note: Enter decreases to an element of the balance sheet with a minus sign. If no impact on accounting equation leave cells blank. Event a. Cash a. b. b. C. C. d. d. e. e. Assets = = = = = = = = Liabilities + + + + + + + + + + Stockholders' Equity

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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Account Balance* $ 19,400 66,200 49,400 147,800 61,400 2,000 2,600 27,800 ? 458,000 54,200 134,000 114, 200 54,200 ? 26,600 80,600 Account Description Accounts payable Accounts receivable Accumulated amortization, patent Accumulated depreciation, equipment Accumulated depreciation, vehicles Advertising payable Allowance for doubtful accounts Cash Common shares, 100,000 shares authorized; 25,000 shares were issued at an average price of $8.60; market price per share on March 31, 2020, was $9.80 Equipment Income tax payable Notes payable** Patent Prepaid rent Retained earnings Unearned revenues Vehicles Equity Contributed capital Common shares, 100,000 shares authorized, 25,000 shares ✓ 215,000 issued 215,000 x Retained earnings 430,000 Total equity $ 666,200 Total liabilities and equity Analysis Component: 1. What percentage of the assets is financed by debt? (Round the final answer to 2 decimal places.) Asset financed by debt % 2. What percentage of the assets is financed by equity?…
An analysis of R Corporation's Investment in Marketable Securities account during 20x6 disclosed the following: Debit Entries P175,000 Credit Entries P245,000 The company's come statement included a P35,000 gain on sale of marketable securities and P20,000 dividend income from marketable securities. All payments and proceeds relating to marketable securities transactions were in cash. 1. Cash Paid for the purchase of marketable securities 2. Cash proceeds recerved for the sale of marketable securities 3. Cash flow from operating activities 4. Cash flow from investing activities. Usc negative sign if your answer is net cash used.
Instructions: complete Pages 1 - 2 prior to class Listed below are balance sheet accounts. Identify what balance sheet section the account belongs in: Current Assets Current Liabilities Long Term Investments Property Plant and Equipment Intangibles Long-term liabilities Stockholders' Equity Account Amount Balance Sheet Section Accounts Payable 5,000 Accounts Receivable 5,000 Accum. Depreciation Bonds Payable 20,000 50,000 Cash 20,000 25,000 Common Stock Copyrights Discount on Bonds Payable 30,000 2,500 Inventory 1,000 Investments (long term) 25,000 Machinery 100,000 Marketable Securities 15,000 75,000 PIC in Excess of Par CS Prepaid Insurance Retained Earnings 3,000 23,500 Unearned Fees 1,000 Wages Payable 2,000 Calculate: Current Assets Long Term Investments Property Plant and Equipment Intangibles Total Assets Current Liabilities Long-term liabilities Total Liabilities
A transaction has been recorded in the T-accounts of Horowitz Corporation as follows: Debit Cash 25,000 A. + B. + C. D. Credit Assets = Liabilities Multiple Choice Which of the following reflects how this event affects the company's financial statements? Balance Sheet O Option C Option D Option B Option A Common Stock + N/A N/A Debit Credit 25,000 N/A Stockholders' Equity N/A + Revenue N/A N/A N/A Income Statement Expense = Net Income Statement of Cash Flows +FA +FA +0A -IA N/A N/A N/A + N/A N/A
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2 for the following questions. Table 4-2 Drummond Company Balance Sheet Assets: Cash and marketable securities $400,000 Accounts receivable 1,415,000 Inventories 1,847,500 Prepaid expenses 24,000 Total current assets 3,686,500 Fixed assets 2,800,000 Less: accum. depr. (1,087,500) Net fixed assets 1,712,500 Total assets $5,399,000 Liabilities: Accounts payable $600,000 Notes payable 875,000 Accrued taxes 92,000 Total current liabilities $1,567,000 Long-term debt 900,000 Common Stock (100,000 shares) 700,000 Retained Earnings 2,232,000 Total liabilities and owner's equity $5,399,000 Net sales (all credit) $6,375,000 Less: Cost of goods sold (4,375,000) Selling and…
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None
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Assets Cash Accounts receivable Inventory Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped) Total assets Liabilities and Stockholders Equity Accounts payable Long-term debt Stockholders equity Total liabilities and stockholders equity Joel de Paris, Incorporated Balance Sheet Joel de Paris, Incorporated Income Statement Sales Operating expenses Net operating income Interest and taxes: Interest expense Tax expense Net Income $ 119,000 204,000 1. Average operating assets 2. Margin 2. Turnover 2 ROI 3. Residual income $4,467.000 3703,460 258,540 323,000 $ 435,540 Beginning Balance % $ 130,000 349,000 574,000 867,000 390,000 254,000 1.2.572,000 1% 1383,000 952,000 1,237,000 $ 2,572,000 Ending Balance $ 136,000 483,000 479,000 The company paid dividends of $326,540 last year. The "Investment in Buisson, S.A.," on the balance sheet represents an investment in the stock of another company. The company's minimum required rate of return of 15%. 062,000 431,000 251,000 $…
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