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Nature of Transactions Teri West operates her own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the equation. Each increase and decrease in stockholders' equity, except transaction (5), affects net income. Assets Cash + Supplies + Land Bal. 28,000 3,600 70,000 1. +32,800 2. -14,000 3. -24,400 4. 5. -1,900 +1,400 +14,000 = Liabilities + Accounts Payable + Capital Stock + 7,600 +1,400 29,000 Retained Earnings 65,000 . Stockholders' Equity Dividends + Fees Earned -1,900 32,800 Expenses -24,400

Nature of Transactions Teri West operates her own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the equation. Each increase and decrease in stockholders' equity, except transaction (5), affects net income. Assets Cash + Supplies + Land Bal. 28,000 3,600 70,000 1. +32,800 2. -14,000 3. -24,400 4. 5. -1,900 +1,400 +14,000 = Liabilities + Accounts Payable + Capital Stock + 7,600 +1,400 29,000 Retained Earnings 65,000 . Stockholders' Equity Dividends + Fees Earned -1,900 32,800 Expenses -24,400

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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Please help with b,c, d, e
Paid cash dividends. . (6) Select the description for transaction 6. Payment of cash to creditors. a. (7) Select the description for transaction 7. Recognition of cost of supplies used. b. What is the amount of the net decrease in cash during the month? Enter decrease as a positive number. c. What is the amount of the net increase in stockholders' equity during the month? $ d. What is the amount of the net income for the month? e. How much of the net income for the month was retained in the business? #3 E D C $ 4 R > F % 5 V T G 6 All work saved. MacBook Pro B Y The & H U * 00 My 8 J - N ΝΙΜ 9 K 0 O J.P Email Instruc L P
Transcribed Image Text:Paid cash dividends. . (6) Select the description for transaction 6. Payment of cash to creditors. a. (7) Select the description for transaction 7. Recognition of cost of supplies used. b. What is the amount of the net decrease in cash during the month? Enter decrease as a positive number. c. What is the amount of the net increase in stockholders' equity during the month? $ d. What is the amount of the net income for the month? e. How much of the net income for the month was retained in the business? #3 E D C $ 4 R > F % 5 V T G 6 All work saved. MacBook Pro B Y The & H U * 00 My 8 J - N ΝΙΜ 9 K 0 O J.P Email Instruc L P
4 Nature of Transactions Teri West operates her own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the effe equation. Each increase and decrease in stockholders' equity, except transaction (5), affects net income. Cash + Supplies + Land Bal. 28,000 3,600 70,000 1. +32,800 2. -14,000 3. -24,400 4. 5. 6. 7. Bal. -1,900 -6,700 Assets חי E +1,400 -2,800 13,800 2,200 84,000 a. (1) Select the description for transaction 1. Provided catering services for cash. a. (2) Select the description for transaction 2. Purchase of land for cash. a. (3) Select the description for transaction 3. Payment of cash for expenses. 4 +14,000 a. (4) Select the description for transaction 4. Purchase of supplies on account. a. (5) Select the description for transaction 5. Paid cash dividends. $ Stockholders' Equity = Accounts Payable + Capital Stock + Retained Earnings - Dividends + Fees Earned Expenses R =Liabilities + > % 5 T 7,600 +1,400 -6,700 2,300 A 6 29,000 29,000 All work saved. Y MacBook Pro The & 7 U 65,000 65,000 * 00 8 My -1,900 -1,900 9 32,800 32,800 0 0 -24,400 -2,800 -27,200 Email Instructor P < SL
Transcribed Image Text:4 Nature of Transactions Teri West operates her own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the effe equation. Each increase and decrease in stockholders' equity, except transaction (5), affects net income. Cash + Supplies + Land Bal. 28,000 3,600 70,000 1. +32,800 2. -14,000 3. -24,400 4. 5. 6. 7. Bal. -1,900 -6,700 Assets חי E +1,400 -2,800 13,800 2,200 84,000 a. (1) Select the description for transaction 1. Provided catering services for cash. a. (2) Select the description for transaction 2. Purchase of land for cash. a. (3) Select the description for transaction 3. Payment of cash for expenses. 4 +14,000 a. (4) Select the description for transaction 4. Purchase of supplies on account. a. (5) Select the description for transaction 5. Paid cash dividends. $ Stockholders' Equity = Accounts Payable + Capital Stock + Retained Earnings - Dividends + Fees Earned Expenses R =Liabilities + > % 5 T 7,600 +1,400 -6,700 2,300 A 6 29,000 29,000 All work saved. Y MacBook Pro The & 7 U 65,000 65,000 * 00 8 My -1,900 -1,900 9 32,800 32,800 0 0 -24,400 -2,800 -27,200 Email Instructor P < SL
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