General Accounting Questions (To be completed along with VPs): How do the following flow through the 3 financial statements? 1. $500 inventory purchase | 2. I pay for my $60/ year grammarly subscription for 2024 in December of 2023 3. Paying off $30 of prepaid rent 4. Issuing 100 shares for $50 each 5. Buying back 50 of the shares above for $20 each^ 6. 2-1 Stock Split 7. Incurring a $20 wage expense that has not been paid out yet 8. Paying off $100 dollars of debt 9. Buying a factory for $100 10. Paying out a cash dividend of $30 11. Issuing a dividend of $30 that will be paid out EOM 12. Buying a $200 tractor with 50% cash, 50% debt 13. $100 tractor with useful life of 10 years, sell it for $60 in year 5 (end of year)
General Accounting Questions (To be completed along with VPs): How do the following flow through the 3 financial statements? 1. $500 inventory purchase | 2. I pay for my $60/ year grammarly subscription for 2024 in December of 2023 3. Paying off $30 of prepaid rent 4. Issuing 100 shares for $50 each 5. Buying back 50 of the shares above for $20 each^ 6. 2-1 Stock Split 7. Incurring a $20 wage expense that has not been paid out yet 8. Paying off $100 dollars of debt 9. Buying a factory for $100 10. Paying out a cash dividend of $30 11. Issuing a dividend of $30 that will be paid out EOM 12. Buying a $200 tractor with 50% cash, 50% debt 13. $100 tractor with useful life of 10 years, sell it for $60 in year 5 (end of year)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:General Accounting Questions (To be completed along with VPs): How do the following flow
through the 3 financial statements?
1. $500 inventory purchase |
2. I pay for my $60/ year grammarly subscription for 2024 in December of 2023
3. Paying off $30 of prepaid rent
4. Issuing 100 shares for $50 each
5. Buying back 50 of the shares above for $20 each ^
6. 2-1 Stock Split
7. Incurring a $20 wage expense that has not been paid out yet
8. Paying off $100 dollars of debt
9. Buying a factory for $100
10. Paying out a cash dividend of $30
11. Issuing a dividend of $30 that will be paid out EOM
12. Buying a $200 tractor with 50% cash, 50% debt
13. $100 tractor with useful life of 10 years, sell it for $60 in year 5 (end of year)
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