None The following events were completed by Dana's Imports in September, Year 1:Sept. 1 Acquired $50,000 cash from the issue of common stock.1 Purchased $28,000 of merchandise on account with terms 2/10, n/30.5 Paid $600 cash for freight to obtain merchandise purchased on September 1.8 Sold merchandise that cost $15,000 to customers for $31,000 on account, with terms 2/10, n/30.8 Returned $600 of defective merchandise from the September 1 purchase to the supplier.10 Paid cash for the balance due on the merchandise purchased on September 1.20 Received cash from customers of September 8 sale in settlement of the account balances, but not within thediscount period.30 Paid $2,450 cash for selling expenses.Requireda. Record each event in a statements model like the following one. In the Cash Flow column, use OA to designate operating activity, IAfor investment activity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave thecell blank. The first event is recorded as an example.b. Prepare an income statement for the month ending September 30.c. Prepare a statement of cash flows for the month ending September 30.Complete this question by entering your answers in the tabs below.Required A Required B Required CRecord each event in a statements model like the following one. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, or NC for netchange in cash. If the element is not affected by the event, leave the cell blank. The first event is recorded as an example. (Not every cell will require entry. Enter any decreases to account balancesand cash outflows with a minus sign.)DANA'S IMPORTSEffect of Transactions on Financial Statements Using Horizontal Statements ModelBalance SheetIncome StatementDateAssetsAccountsCashInventoryReceivableLiabilities +AccountsPayableStockholders' EquityNotCommonStockRetainedEarningsRevenueExpenses IncomeStatement of CashFlows9/150,000++50,000+50,000FA9/19/59/8a9/8b.9/8c9/109/209/30Total$ 49,000+$0+$0 =>$0+$$50,000+0$00$ 50,000Required ARequired B >Show less

Horizontal Analysis -Finding patterns like Year over Year or Quarter-over-quarter changes, as well…

ember 1. Dunt, with terms 2/10, n/30. se to the supplier. ember 1. the account balances, but not within the olumn, use OA to designate operating activity, IA element is not affected by the event, leave the m, use OA to designate operating activity, IA for investme I event is recorded as an example. (Not every cell will rec ntal Statements Model Income Statement evenue Expenses Not Income Statement of Cash Flows 50,000 FA 0 $ 0 $ 50,000

ember 1. Dunt, with terms 2/10, n/30. se to the supplier. ember 1. the account balances, but not within the olumn, use OA to designate operating activity, IA element is not affected by the event, leave the m, use OA to designate operating activity, IA for investme I event is recorded as an example. (Not every cell will rec ntal Statements Model Income Statement evenue Expenses Not Income Statement of Cash Flows 50,000 FA 0 $ 0 $ 50,000

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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A Company issued $5,00,000/- new capital divided into $.10/- shares at a premium of $4/- per share payable as On Application $1/- per share On Allotment $4/- per share & $.2/- premium On Final Payment $.5/- per share & $.2/- premium Overpayments on application were to be applied towards sum due on allotment. Where no allotment was made money was to be returned in full. The issue was oversubscribed to the extent of 13,000 shares. Applicants for 12,000 shares were allotted only 1,000 shares and applicants for 2,000 were sent letters of regret. All money due on allotment and final call was duly received. Make the necessary entries in the company‟s book.
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Will any of the gain be excluded under Section 121?