RequiredShow the effects of the events on the financial statements using the following horizontal statements model. In the Cash Flows column,use the letters OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. If anaccount is not affected by the event, leave the cell blank. The first event is recorded as an example. (Do not round intermediatecalculations. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require entry.)SUPER CLEANING COMPANYHorizontal Statements ModelBalance SheetEventAssetsStockholders' EquityIncome StatementLiabilitiesStatemerNo.AccountsRetainedPrepaidRentCommonStockCashAccountsUnearnedRevenueExpenses =Net IncomeFloReceivablePayableRevenueEarnings15,000 +15,000 +15,00%3D1.+%3D2.+%3D3.+4.5.++6.+7.8.++9.+10.+++11.++12%3DBal.15,000 +0 =15,000 +0-0 =15,001Prev1 of 1Next >MacBook ProG Search or type URL The following events pertain to Super Cleaning Company:1. Acquired $15,000 cash from the issue of common stock.2. Fxovided $13,000 of services on account.3. Provided services for $4,000 cash.4. Received $2,400 cash in advance for services to be performed in the future.5. Collected $9,000 cash from the account receivable created in Event 2.6. Paid $5,000 for cash expenses.7. Performed $1,200 of the services agreed to in Event 4.8. Incurred $1,500 of expenses on account.9. Paid $1,100 cash in advance for one-year contract to rent office space.10. Paid $1,200 cash on the account payable created in Event 8.11. Paid a $1,500 cash dividend to the stockholders.12. Recognized rent expense for nine months' use of office space acquired in Event 9.RequiredShow the effects of the eventsthe financial statements using the following horizontal statements model. In the Cash Flows column,use the letters OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. If anaccount is not affected by the event, leave the cell blank. The first event is recorded as an example. (Do not round intermediatecalculations. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require entry.)SUPER CLEANING COMPANYHorizontal Statements ModelBalance SheetEventAssetsLiabilitiesStockholders' EquityIncome StatementCommonStockNo.AccountsUnearnedRetainedPrepaidRentAccountsRevenueExpensesNet Incom%DCashReceivablePayableRevenueEarnings15,000 +1.15,000 +%3D2.+3.4.< Prev1 of 1Next >

Accounting Equation in the business shows total assets in the business should always be equal to…

Required Show the effects of the events on the financial statements using the following horizontal statements model. In the Cash Flows column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. If an account is not affected by the event, leave the cell blank. The first event is recorded as an example. (Do not round intermediate calculations. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require entry.) SUPER CLEANING COMPANY Horizontal Statements Model Balance Sheet Event Income Statement Stockholders' Equity Retained Earnings Assets Liabilities Statem No. Prepaid Rent Accounts Accounts Common Stock Unearned Revenue Expenses Net Income %D Cash Receivable Payable Revenue 15,000 + 15,000 + 15, %3D 1. 2. +. %3D 3. 4. %3D 5. 6. 7. 8. 9. 10. 11. + + 12. +. Bal. 15,000 + 이+| 이+ 15,000 + 15,0C

Required Show the effects of the events on the financial statements using the following horizontal statements model. In the Cash Flows column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. If an account is not affected by the event, leave the cell blank. The first event is recorded as an example. (Do not round intermediate calculations. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require entry.) SUPER CLEANING COMPANY Horizontal Statements Model Balance Sheet Event Income Statement Stockholders' Equity Retained Earnings Assets Liabilities Statem No. Prepaid Rent Accounts Accounts Common Stock Unearned Revenue Expenses Net Income %D Cash Receivable Payable Revenue 15,000 + 15,000 + 15, %3D 1. 2. +. %3D 3. 4. %3D 5. 6. 7. 8. 9. 10. 11. + + 12. +. Bal. 15,000 + 이+| 이+ 15,000 + 15,0C

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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can you help me with the last part of the question Indicate whether the transaction increases (+), decreases (–), or increases and decreases (+/-) each element of the financial statements. Also, in the Statement of Cash Flows column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity, and leave blank for no effect. The first transaction is recorded as an example. (Not all cells require input.)
The statement of cash flows is normally a required basic financial statement for each period for which an earnings statement is presented. The statement should include a separate schedule listing the financing and investing activities not involving cash. Required: What are financing and investing activities not involving cash? What are two types of financing and investing activities not involving cash? Explain what effect, if any, each of the following seven items would have on the statement of cash flows. accounts receivable inventory depreciation deferred tax liability issuance of long-term debt in payment for a building payoff of current portion of debt sale of a fixed asset resulting in a loss or gain
Which of the following is the final step in preparing a spreadsheet (work sheet) for the statement of cash flows using the indirect method? Add the Debit and Credit Transactions columns and verify that the totals are equal. Analyze all noncash accounts and enter the net increase (decrease) in cash during the period. Add the Balance column totals, which should total to zero. After all noncash accounts have been analyzed, enter the net increase (decrease) in cash during the period.
State the section(s) of the statement of cash flows prepared by the indirect method (operating activities, investing activities, financing activities, or not reported) and the amount that would be reported for each of the following transactions: Note: Only consider the cash component of each transaction. Use the minus sign to indicate amounts that are cash out flows, cash payments, decreases in cash, or any negative adjustments. If your answer is not reported in an amount box does not require an entry, leave it blank or enter "0". a. Received $120,000 from the sale of land costing $70,000. Investing activities $fill in the blank 2 Operating activities $fill in the blank 4 b. Purchased investments for $75,000. Investing activities $fill in the blank 6 c. Declared $35,000 cash dividends on stock. $5,000 dividends were payable at the beginning of the year, and $6,000 were payable at the end of the year. Financing activities $fill in the blank 8 d. Acquired equipment for…
4. Prepare a statement of cash flows for the month ending July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Use the minus sign to indicate cash outflows, cash payments and decreases in cash. You will not need to enter colons (:) on the financial statements. If an amount is zero, enter "0".
Identify how each of the following separate transactions through 10 affects financial statements. For increases, place a "i" 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 essets, total abilities, 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 Snancing activities. Transaction 1. Owner invest $300 cash in business in exchange for vock 2 Rives $700 cash for services provided 3 Pays $500 cash for employee wages & Buys $100 of equipment on cred 5 Purchases $200 af supplies on credit &…
abels and Amount Descriptions Instructions Labels Dec. 31, Dec. 31, December 31, 20Y3 20Y3 20Y2 For the Year Ended December 31, 20Y3 Amount Descriptions Assets 3 Cash $625,680.00 $586,230.00 Cash received from sale of investments 228,100.00 208,850.00 4 Accounts receivable (net) 5 Inventories Cash paid for purchase of land Cash paid for purchase of equipment Cash received from issuing common 640,910.00 617,650.00 0.00 240,620.00 6 Investments 7 Land 328,090.00 0,00 stock 704,540.00 553,320.00 8 Equipment 9 Accumulated depreciation-equipment Cash dividends (166,310.00) (147840.00) Decrease in accounts payable Decreașe in accounts receivable Decrease in accrued expenses payable 10 Total assets $2,361,010.00 $2,058,830.00 11 Liabilities and Stockholders' Equity $425,280.00 $404,550.00 52,020.00 12 Accounts payable Decrease in inventories 41,990.00 13 Accrued expenses payable Depreciation 24,190.00 20,170.00 14 Dividends payablie Gain on sale of investments 15 Common stock, $4 par…
For each independent situation below, indicate whether the transactions would be included in the statement of cash flows or not. No = Not included Yes= Included Transaction Included Sold items on account Wrote check to pay utilities Received cash investment by owner Recorded wages owed to employees Received bill for advertising
for Morston, Inc. have assembled the following data for the year icon to view the current accounts.) (Click the icon to view the transaction data.) ston's statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities. .. he statement one section at a time, beginning with the cash flows from operating activities. (Use a m ox empty, do not select a label or enter a zero.) Data table Morston, Inc. Statement of Cash Flows Year Ended December 31, 2024 lows from Operating Activities: come 70,500 stments to Reconcile Net Income to Net Cash vided by (Used for) Operating Activities: Depreciation Expense Gain on Sale of Building Decrease in Accounts Receivable Increase in Merchandise Inventory Incroaco in Accounts Payabla Data table et asi Net Hel O Transaction Data for 2024: Issuance of common stock for cash Depreciation expense Purchase of equipment with cash Acquisition of land by issuing long-term notes payable Book value…
Required Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for in activity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. every cell will require entry. Enter any decreases to account balances and cash outflows with a minus sign.)
E2-30. Apply Financial Statement Linkages to Understand Transactions Consider the effects of the independent transactions, a through g, on a company's balance sheet, income statement, and statement of cash flow. Complete the table below to explain the effects and financial statement linkages. Use "+" to indicate the account increases and "-" to indicate the account decreases. Refer to Exhibit 2-10 as a guide for the linkages. Balance Sheet Cash... Noncash assets Total liabilities... Contributed capital. Retained earnings Other equity. Statement of Cash Flows Operating cash flow Investing cash flow. Financing cash flow Income Statement Revenues Expenses Net income. Statement of Stockholders' Equity Contributed capital. Retained earnings b. ||| C. d. |||| |||| e. ||| f. 9. ||| ||| ||| a. Owners invested cash in the company in exchange for shares of common stock. b. The company received cash from the bank for a loan. c. The company purchased equipment to manufacture goods for sale and…
Harrigan Service Company, Inc., was incorporated by lan Harrigan and five other managers. The following activities occurred during the year: 1. Received $71,400 cash from the managers; each was issued 1,190 shares. 2. Purchased equipment for use in the business at a cost of $50,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months). 3. Signed an agreement with a cleaning service to pay it $690 per week for cleaning the corporate offices, beginning next week. 4. Ian Harrigan borrowed $19,500 for personal use from a local bank, signing a one-year note.