Required: Using the following table and the equations underlying each of the four basic financial statements, show (a) that the balance sheet is in balance, (b) that net income is properly calculated, (c) what caused changes in the retained earnings account, and (d) what caused changes in the cash account. (Cash outflows should be indicated with a minus sign.) Assets $ 18,200 Liabilities Stockholders' Equity 13,750 4,450 10,500 9,200 1,300 Revenue Expenses Net Income Dividends 500 Beginning Retained Earnings Ending Retained Earnings Cash Flows from Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities Beginning Cash Ending Cash 3,500 4,300 1,600 (1,000) (900) 1,000 700 a. Assets = Liabilities + Stockholders' Equity $ 18,200 4,450 $ 13,750 X + b. Net Income = Revenue – Expenses 2$ 1,300 10,500 9,200 3D Ending RE = Beginning RE + Net Income – Dividends C. 4,300 1,300 O- 500 $ Ending Cash = Beginning Cash + CF from Operating Activities + CF from Investing Activities + CF from Financing Activities %3D 3.500 d. $ 700 1,600 X+ (1,000) X+ (900) 1,000 X 3D

Required: Using the following table and the equations underlying each of the four basic financial statements, show (a) that the balance sheet is in balance, (b) that net income is properly calculated, (c) what caused changes in the retained earnings account, and (d) what caused changes in the cash account. (Cash outflows should be indicated with a minus sign.) Assets $ 18,200 Liabilities Stockholders' Equity 13,750 4,450 10,500 9,200 1,300 Revenue Expenses Net Income Dividends 500 Beginning Retained Earnings Ending Retained Earnings Cash Flows from Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities Beginning Cash Ending Cash 3,500 4,300 1,600 (1,000) (900) 1,000 700 a. Assets = Liabilities + Stockholders' Equity $ 18,200 4,450 $ 13,750 X + b. Net Income = Revenue – Expenses 2$ 1,300 10,500 9,200 3D Ending RE = Beginning RE + Net Income – Dividends C. 4,300 1,300 O- 500 $ Ending Cash = Beginning Cash + CF from Operating Activities + CF from Investing Activities + CF from Financing Activities %3D 3.500 d. $ 700 1,600 X+ (1,000) X+ (900) 1,000 X 3D

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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