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Felix Company had the following balances in its accounting records as of December 31, Year 1¹: $ Event No. Beg. Bal. Jan. 1 Mar. 1 Apr. 1 May 1 Sept. 1 The following accounting events apply to Felix Company's Year 2 fiscal year: 1 Acquired cash from the issue of common stock. 1 Made a cash payment on accounts payable. 1 Paid a cash dividend to the stockholders. Purchased additional land with cash. ...…. Dec. 31 Dec. 31 Dec. 31 Dec. 31 Assets Cash Accounts Receivable Land Totals Total Jan. Mar. Apr. May Sept Dec. Cash 31 31 31 + 1 1 48,000 + 45,000 + (7,000) + (10,000) + (25,000) + 60,000 + + 55.000 + + + 166,000 + Assets Sold land for cash. Earned service revenue on account during the year. Received cash collections from accounts receivable. Incurred operating expenses on account during the year. Accounts Receivable 21,000 + + + + + + 80,000 + (55,000) + + + + 48,000 21,000 60,000 $ 129,000 46,000 + Land 60,000 Balance Sheet = = = = Liabilities & Stockholders' Equity Accounts Payable Common Stock Retained Earnings Total = 25,000 = (60,000) = = = = = 25,000 = Accounts Payable 17,500 + + (7,000) + + + 34.000 + 44,500 Felix Company Horizontal Financial Statements Model for Year 2 + + + + + + Common Stock 80,000 45.000 125,000 + + + + + + + T + T + + + $ + $ 17,500 80,000 31,500 129,000 Event Amount $ 45,000 7,000 10,000 25,000 60,000 80,000 55,000 34,000 Retained Earnings 31,500 (10,000) 80,000 101,500 Revenue 80,000 Income Statement Expense 34,000 = = = = = = = = = Net Income 80,000 Statement of Cash Flows 45,000 (7,000) (10,000) (25.000) 60,000 80,000 55.000 ILLLLLL FA OA OA IA ΤΑ OA OA

Felix Company had the following balances in its accounting records as of December 31, Year 1¹: $ Event No. Beg. Bal. Jan. 1 Mar. 1 Apr. 1 May 1 Sept. 1 The following accounting events apply to Felix Company's Year 2 fiscal year: 1 Acquired cash from the issue of common stock. 1 Made a cash payment on accounts payable. 1 Paid a cash dividend to the stockholders. Purchased additional land with cash. ...…. Dec. 31 Dec. 31 Dec. 31 Dec. 31 Assets Cash Accounts Receivable Land Totals Total Jan. Mar. Apr. May Sept Dec. Cash 31 31 31 + 1 1 48,000 + 45,000 + (7,000) + (10,000) + (25,000) + 60,000 + + 55.000 + + + 166,000 + Assets Sold land for cash. Earned service revenue on account during the year. Received cash collections from accounts receivable. Incurred operating expenses on account during the year. Accounts Receivable 21,000 + + + + + + 80,000 + (55,000) + + + + 48,000 21,000 60,000 $ 129,000 46,000 + Land 60,000 Balance Sheet = = = = Liabilities & Stockholders' Equity Accounts Payable Common Stock Retained Earnings Total = 25,000 = (60,000) = = = = = 25,000 = Accounts Payable 17,500 + + (7,000) + + + 34.000 + 44,500 Felix Company Horizontal Financial Statements Model for Year 2 + + + + + + Common Stock 80,000 45.000 125,000 + + + + + + + T + T + + + $ + $ 17,500 80,000 31,500 129,000 Event Amount $ 45,000 7,000 10,000 25,000 60,000 80,000 55,000 34,000 Retained Earnings 31,500 (10,000) 80,000 101,500 Revenue 80,000 Income Statement Expense 34,000 = = = = = = = = = Net Income 80,000 Statement of Cash Flows 45,000 (7,000) (10,000) (25.000) 60,000 80,000 55.000 ILLLLLL FA OA OA IA ΤΑ OA OA

FINANCIAL ACCOUNTING
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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Felix Company had the following balances in its accounting records as of December 31, Year 1*: $ Event No. Beg. Bal. Jan. 1 Mar. 1 Apr. 1 May 1 Sept. 1 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Assets Cash Accounts Receivable Land Totals Total The following accounting events apply to Felix Company's Year 2 fiscal year: 1 Acquired cash from the issue of common stock. 1 1 1 1 31 31 31 Jan. Mar. Apr. May Sept Dec. Cash 48,000 + 45,000 + (7,000) + (10,000) + (25,000) + 60,000 55,000 + 166,000 + + + + + Assets Accounts Receivable 21,000 + + + + + + 80,000 + (55,000) + + + + $ Made a cash payment on accounts payable. Paid a cash dividend to the stockholders. Purchased additional land with cash. Sold land for cash. Earned service revenue on account during the year. Received cash collections from accounts receivable. Incurred operating expenses on account during the year. 46,000 48,000 21,000 60,000 129,000 + Land 60,000 Balance Sheet = 25,000 = = = = 25,000 = (60,000) = = = Liabilities & Stockholders' Equity Accounts Payable Common Stock Retained Earnings Total = = = Accounts Payable 17,500 + + (7,000) + + + + + + + + Felix Company Horizontal Financial Statements Model for Year 2 34,000 44,500 + + Common Stock 80,000 + 45,000 + + 125,000 + + + $ + + + + + + 17,500 80,000 31,500 129,000 Event Amount $ 45,000 7,000 10,000 25,000 60,000 80,000 55,000 34,000 Retained Earnings 31,500 (10,000) 80,000 101,500 Revenue 80,000 Income Statement - - - - Expense = Net Income 34,000 ||||||||||||||||||| = = = = = = = = = = 80,000 Statement of Cash Flows 45,000 FA (7,000) OA (10,000) OA (25,000) 60,000 80,000 OA 55,000 OA 1ST ≤ ≤ 88 IA IA
Transcribed Image Text:Felix Company had the following balances in its accounting records as of December 31, Year 1*: $ Event No. Beg. Bal. Jan. 1 Mar. 1 Apr. 1 May 1 Sept. 1 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Assets Cash Accounts Receivable Land Totals Total The following accounting events apply to Felix Company's Year 2 fiscal year: 1 Acquired cash from the issue of common stock. 1 1 1 1 31 31 31 Jan. Mar. Apr. May Sept Dec. Cash 48,000 + 45,000 + (7,000) + (10,000) + (25,000) + 60,000 55,000 + 166,000 + + + + + Assets Accounts Receivable 21,000 + + + + + + 80,000 + (55,000) + + + + $ Made a cash payment on accounts payable. Paid a cash dividend to the stockholders. Purchased additional land with cash. Sold land for cash. Earned service revenue on account during the year. Received cash collections from accounts receivable. Incurred operating expenses on account during the year. 46,000 48,000 21,000 60,000 129,000 + Land 60,000 Balance Sheet = 25,000 = = = = 25,000 = (60,000) = = = Liabilities & Stockholders' Equity Accounts Payable Common Stock Retained Earnings Total = = = Accounts Payable 17,500 + + (7,000) + + + + + + + + Felix Company Horizontal Financial Statements Model for Year 2 34,000 44,500 + + Common Stock 80,000 + 45,000 + + 125,000 + + + $ + + + + + + 17,500 80,000 31,500 129,000 Event Amount $ 45,000 7,000 10,000 25,000 60,000 80,000 55,000 34,000 Retained Earnings 31,500 (10,000) 80,000 101,500 Revenue 80,000 Income Statement - - - - Expense = Net Income 34,000 ||||||||||||||||||| = = = = = = = = = = 80,000 Statement of Cash Flows 45,000 FA (7,000) OA (10,000) OA (25,000) 60,000 80,000 OA 55,000 OA 1ST ≤ ≤ 88 IA IA
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