ory Bookmarks Window Help 49% A ezto.mheducation.com -7A 1 Saved Help Save & Exit Check ! Required information [The following information applies to the questions displayed below.] The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it acquired $17,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $14,900 cash. 3. Earned $22,900 in cash revenue. 4. Paid $12,000 cash for salaries expense. 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of four years and an estimated salvage value of $2,200. Use straight-line depreciation. The adjustment was made as of December 31, Year 1. Required a. Record the above transactions in a horizontal statements model. (In the Statement of Cash Flows column, use the initials (OA), an investing activity (IA), a financing activity (FA) and net change in cash (NC). Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require input.) GULF SEAFOOD Horizontal Statements Model Balance Sheet Income Statement Event Assets Stockholder's Equity %3D Statement of Cash Equipment (BV) Cash Common Retained Revenue Expense Net Income Flows %3D Stock Earnings 1. 2. 3. KPrev 1 2 3 4 of 4 Next > 21,526 OCT 20 tv W P MacBook Air 20 FA F7 F5 F9 F10 36 4. 5 T II 云。 IL I LLI
ory Bookmarks Window Help 49% A ezto.mheducation.com -7A 1 Saved Help Save & Exit Check ! Required information [The following information applies to the questions displayed below.] The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it acquired $17,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $14,900 cash. 3. Earned $22,900 in cash revenue. 4. Paid $12,000 cash for salaries expense. 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of four years and an estimated salvage value of $2,200. Use straight-line depreciation. The adjustment was made as of December 31, Year 1. Required a. Record the above transactions in a horizontal statements model. (In the Statement of Cash Flows column, use the initials (OA), an investing activity (IA), a financing activity (FA) and net change in cash (NC). Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require input.) GULF SEAFOOD Horizontal Statements Model Balance Sheet Income Statement Event Assets Stockholder's Equity %3D Statement of Cash Equipment (BV) Cash Common Retained Revenue Expense Net Income Flows %3D Stock Earnings 1. 2. 3. KPrev 1 2 3 4 of 4 Next > 21,526 OCT 20 tv W P MacBook Air 20 FA F7 F5 F9 F10 36 4. 5 T II 云。 IL I LLI
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![ory Bookmarks
Window Help
49%
A ezto.mheducation.com
-7A 1
Saved
Help
Save & Exit
Check
!
Required information
[The following information applies to the questions displayed below.]
The following events apply to Gulf Seafood for the Year 1 fiscal year:
1. The company started when it acquired $17,000 cash by issuing common stock.
2. Purchased a new cooktop that cost $14,900 cash.
3. Earned $22,900 in cash revenue.
4. Paid $12,000 cash for salaries expense.
5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected
useful life of four years and an estimated salvage value of $2,200. Use straight-line depreciation. The adjustment was
made as of December 31, Year 1.
Required
a. Record the above transactions in a horizontal statements model. (In the Statement of Cash Flows column, use the initials (OA), an
investing activity (IA), a financing activity (FA) and net change in cash (NC). Enter any decreases to account balances and cash
outflows with a minus sign. Not all cells require input.)
GULF SEAFOOD
Horizontal Statements Model
Balance Sheet
Income Statement
Event
Assets
Stockholder's Equity
%3D
Statement of Cash
Equipment
(BV)
Cash
Common
Retained
Revenue
Expense
Net Income
Flows
%3D
Stock
Earnings
1.
2.
3.
KPrev
1
2
3
4
of 4
Next >
21,526
OCT
20
tv
W
P
MacBook Air
20
FA
F7
F5
F9
F10
36
4.
5
T
II
云。
IL I
LLI](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe28b4a4b-4f0c-4359-81e5-0a0a511b3ff9%2F75962f61-c37a-483e-ac7f-842adcaac231%2F7rqyu6s.jpeg&w=3840&q=75)
Transcribed Image Text:ory Bookmarks
Window Help
49%
A ezto.mheducation.com
-7A 1
Saved
Help
Save & Exit
Check
!
Required information
[The following information applies to the questions displayed below.]
The following events apply to Gulf Seafood for the Year 1 fiscal year:
1. The company started when it acquired $17,000 cash by issuing common stock.
2. Purchased a new cooktop that cost $14,900 cash.
3. Earned $22,900 in cash revenue.
4. Paid $12,000 cash for salaries expense.
5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected
useful life of four years and an estimated salvage value of $2,200. Use straight-line depreciation. The adjustment was
made as of December 31, Year 1.
Required
a. Record the above transactions in a horizontal statements model. (In the Statement of Cash Flows column, use the initials (OA), an
investing activity (IA), a financing activity (FA) and net change in cash (NC). Enter any decreases to account balances and cash
outflows with a minus sign. Not all cells require input.)
GULF SEAFOOD
Horizontal Statements Model
Balance Sheet
Income Statement
Event
Assets
Stockholder's Equity
%3D
Statement of Cash
Equipment
(BV)
Cash
Common
Retained
Revenue
Expense
Net Income
Flows
%3D
Stock
Earnings
1.
2.
3.
KPrev
1
2
3
4
of 4
Next >
21,526
OCT
20
tv
W
P
MacBook Air
20
FA
F7
F5
F9
F10
36
4.
5
T
II
云。
IL I
LLI
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