Question:Soar Inc. enters into the following transactions:.Stockholders contribute $11,200 cash to a company in exchange for commonstock.The company purchases $5,600 to buy new equipment by paying cash.The company pays $3,120 to suppliers on account.I. Show the effect of these transactions on the basic accounting equation.Transaction Analysisa.Assets = Liabilities Stockholders' Equity+C.II:a) Record the entry for cash contributed by stockholders, $11,200.b) Record the purchase of new equipment for $5,600 cash.c) Record the entry for cash used to payoff accounts payable $3,120.Transaction General Journal Debit Credit

Soar Inc. enters into the following transactions:Stockholders contribute $11,200 cash to a company…

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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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company purchases stock for $40,000 cash. This transaction should be shown on the statement of cash flows under Select one: a. Investing activities b. Noncash investing and financing activities c. Financing activities d. Operating activities
On May 1, Year 3, Love Corporation declared a $57,700 cash dividend to be paid on May 31 to shareholders of record on May 15. Required Record the events occurring on May 1 and May 31 in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. (Enter any decreases to account balances with a minus sign.) LOVE CORPORATION Horizontal Statements Model Balance Sheet Income Statement Statement of Cash Common Stock Retained Flow Date Assets Liabilities + Revenue Expense Net Income Earnings May 1 + May 31
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Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.) 1) Acquired $1.400 cash from the issue of common stock. 2) Borrowed $870 from a bank. 3) Earned $1,100 of revenues. 4) Paid expenses of $340 5) Paid a $140 dividend During Year 2. Packard engaged in the following transactions: (Assume all transactions are cash transactions.) 1) Issued an additional $775 of common stock. 2) Repaid $535 of its debt to the bank. 3) Earned revenues of $1,200. 4) Incurred expenses of $540. (5) Paid dividends of $190. The amount of total liabilities on Packard's Year 1 balance sheet is Multiple Choice с $870 $1,210 $610 $335 Drow 50 Next
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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
Required information [The following information applies to the questions displayed below.] As of December 31 of the current year, Armani Company's records show the following. Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, December 31, prior year Retained earnings, December 31, current year Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses Required: Prepare the current year-end balance sheet for Armani Company. Cash Supplies Accounts receivable Equipment Total assets Assets $ ARMANI COMPANY Balance Sheet December 31 11,100 Accounts payable 7,100 10,100 Total liabilities 6,100 Common stock Retained earnings $ 11,100 10, 100 7,100 6,100 13, 200 15, 100 4,100 6,100 14, 100 35,200 24,200 21,100 13,100 9,100 Liabilities Equity Total equity $ 34,400 Total liabilities and equity $ $ 13,200 13,200 15,100 6,100 21,200 34,400
NOTE: Using INDIRECT Method (Cash Flow)
Bear Tree Services reports the following amounts on December 31, 2024. Cash Supplies Prepaid Insurance Building Assets Cash Inflows Customers Borrow from the bank (noite) Sale of Investments Required: 1. Prepare a balance sheet. 2. Prepare a statement of cash flows. In addition, the company reported the following cash flows. Balance Sheet $8.GOD 21700 4400 31.000 Statement of Cash Flows Liabilities and Stockholders. Equity Accounts payable Salaries payable Notes payable Comeon stock Retained earnings Cash Out FlowS $78,000 Employee salaries 29,000 Supplies 23,500 Dividends Purchase building Complete this question by entering your answers in the tabs below. $31.000 13,000 11,000 80,000 & Answer is complete but not entirely correct. $12,400 4,400 29,000 40,000 10,900 Prepare a statement of cash flows. (Cash outflows and decreases in cash should be indicated by a minus sign.)
On May 1, Year 3, Love Corporation declared a $59,700 cash dividend to be paid on May 31 to shareholders of record on May 15. Required Record the events occurring on May 1 and May 31 in the following horizontal statements model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), Investing activities (IA), or financing activities (FA). Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Date May 01 May 31 Assets Balance Sheet Liabilities + • Common Stock LOVE CORPORATION Horizontal Statements Model Retained Revenus Earnings Income Statement Expenses Net Income Flows
Solve this question with steps please. The subject is fundamental of financial accounting.

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