it says its incomplete so I was just wondering what I missed
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
it says its incomplete so I was just wondering what I missed
![Identify how each of the following separate transactions through 10 affects financial statements. For increases, place a "+" and the
dollar amount in the column or columns. For decreases, place a "-" and the dollar amount in the column or columns. Some cells may
contain both an increase (+) and a decrease (-) along with dollar amounts. The first transaction is completed as an example.
Required:
a. For the balance sheet, identify how each transaction affects total assets, total liabilities, and total equity. For the income statement,
identify how each transaction affects net income.
b. For the statement of cash flows, identify how each transaction affects cash flows from operating activities, cash flows from investing
activities, and cash flows from financing activities.
Transaction
1. Owner invests $525 cash in business in exchange for stock
2. Receives $325 cash for services provided
3. Pays $445 cash for employee wages
4. Buys $575 of equipment on credit
5. Purchases $675 of supplies on credit
6. Buys equipment for $775 cash
7. Pays $615 on accounts payable
8. Provides $815 of services on credit
9. Pays $465 cash in dividends
10. Collects $840 cash on accounts receivable
Total
Assets
+525
+325
-445
+575
+675
+/-775
-615
+815
-465
+/-840
Balance Sheet
Total
Liabilities
+575
+675
-615
Total
Equity
+525
+325
-445
+815
465
Income
Statement
Net
Income
+325
-445
+815
b.
Statement of Cash Flows
Operating Investing Financing
Activities Activities Activities
+525
+325
-445
+840
-775
-615
-465](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb823ad77-e347-4508-844f-a1971c14d6d6%2F18d800fd-3977-48fc-93d0-053a4e993c82%2Ftta1qfx.jpeg&w=3840&q=75)
Transcribed Image Text:Identify how each of the following separate transactions through 10 affects financial statements. For increases, place a "+" and the
dollar amount in the column or columns. For decreases, place a "-" and the dollar amount in the column or columns. Some cells may
contain both an increase (+) and a decrease (-) along with dollar amounts. The first transaction is completed as an example.
Required:
a. For the balance sheet, identify how each transaction affects total assets, total liabilities, and total equity. For the income statement,
identify how each transaction affects net income.
b. For the statement of cash flows, identify how each transaction affects cash flows from operating activities, cash flows from investing
activities, and cash flows from financing activities.
Transaction
1. Owner invests $525 cash in business in exchange for stock
2. Receives $325 cash for services provided
3. Pays $445 cash for employee wages
4. Buys $575 of equipment on credit
5. Purchases $675 of supplies on credit
6. Buys equipment for $775 cash
7. Pays $615 on accounts payable
8. Provides $815 of services on credit
9. Pays $465 cash in dividends
10. Collects $840 cash on accounts receivable
Total
Assets
+525
+325
-445
+575
+675
+/-775
-615
+815
-465
+/-840
Balance Sheet
Total
Liabilities
+575
+675
-615
Total
Equity
+525
+325
-445
+815
465
Income
Statement
Net
Income
+325
-445
+815
b.
Statement of Cash Flows
Operating Investing Financing
Activities Activities Activities
+525
+325
-445
+840
-775
-615
-465
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