For each of the items below, indicate whether the transaction increased equity, decreased equity, or had no effect on equity. Purchased supplies for cash A. No effect Sold merchandise on account B. Increase Paid cash dividends C. Decrease Paid salaries & wages Bought equipment by issuing a 90-day note Sold 10,000 shares of common stock

For each of the items below, indicate whether the transaction increased equity, decreased equity, or had no effect on equity. Purchased supplies for cash A. No effect Sold merchandise on account B. Increase Paid cash dividends C. Decrease Paid salaries & wages Bought equipment by issuing a 90-day note Sold 10,000 shares of common stock

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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3. construct the following financial statements on each sheets provided- • income statement • statement of changes in equity • statement of cash flow • statement of financial position using the following accounts information: Inventory - 570,000 Accounts Receivable - 118,800 Accounts Payable - 22,000 Loans Receivable - 48,000 Allowance for Doubtful Accounts - 9,000 Interest Receivable - 2,800 Common Stock - 720,000 Credit Sales - 660,000 Cash Sales - 240,000 Cost of Goods Sold - 540,000 Interest Income - 2,800 Selling and Admin Expense - 134,000 Bad Debts Expense - 6,200 Retained Earnings - 222,600 Collection of Receivables - 706,000 Loan Granted - 48,000 Current Liabilities Paid - 540,000 Beginning Cash - 118,000
Select all that apply Show the effect of recording the borrowing of $10,000 from a bank on the accounting equation. Stockholders' equity increases Stockholders' equity decreases Assets decrease Assets increase Liabilities increase by $10,000. (Select all that apply.)
Data table (Click on the icon in order to copy its contents into a spreadsheet.) Inventory Common stock Cash Operating expenses Short-term notes payable Interest expense Depreciation expense Sales Accounts receivable Accounts payable Long-term debt Cost of goods sold Buildings and equipment Accumulated depreciation Taxes General and administrative expense Retained earnings 6,470 45,070 16,570 1,380 600 870 540 12,740 9,560 4,750 54,860 5,710 122,330 33,960 1,400 870 ? I X
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The following T-account is a summary of the Cash account of Lily Company. Cash (Summary Form) Balance, Jan. 1 Receipts from customers Dividends on stock investments Proceeds from sale of equipment Proceeds from issuance of bonds payable Balance, Dec. 31 Net cash 7,400 368,400 Payments for goods 297,800 6,200 Payments for operating expenses 140,700 36,900 Interest paid 11,200 Taxes paid 499,700 Dividends paid 400,700 8,300 What amount of net cash provided (used) by financing activities should be reported in the statement of cash flows? (Show amount that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) provided by financing activities $ 59,900
Which of the following properly describes one of the impacts on the financial statements when a company borrows $38,000 from a local bank? Group of answer choices Liabilities increased $38,000. Assets decreased $38,000. Net income decreased $38,000 Stockholders' equity increased $38,000.
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Choose an answer by this following choices: A. Cash provided/used by operating activities. B. Cash provided/used by investing activities. C. Cash provided/used by financing activities. D. Not a cash flow. Given. Payment on long-term debt Issuing 3-year unsecured notes Collection of accounts receivable Issue of ordinary shares for purchase of land Writing-off obsolete inventory Depositing cash on hand with the bank Payment of employees' wages Issuing ordinary shares for cash Payment of income taxes payable Purchase of equipment for cash Paying dividends Sale of real estate held as a long-term investment
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Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Accounts receivable Building and equipment Cash Interest receivable. Inventory Land Notes receivable (long-term) Prepaid rent Supplies Trademark Accounts payable Accumulated depreciation Additional paid-in capital Divide Dividends payable Common stock (at par) Income tax payable Notes payable (long-term) Retained earnings Deferred revenue. TOTALS Multiple Choice $792 million O $819 million $1,635 million Debit $846 million $ 666 938 54 38 38 26 26 170 What would Symphony report as total shareholders' equity? 474 26 12 59 $ 2,463 Credit $ 647 77 475 27 16 15 48 816 329 29 $ 2,463