Requirement General Journal General Ledger Trial Balance Fair Value Adj Transaction Analysis Fin St Impact For each transaction, indicate the change, if any, in total assets and total equity. If equity changes, indicate whether the change was reflected as a component of net income, or directly within the stockholders' equity portion of the balance sheet. Remember that the change in total assets must agree with the change in total equity. Show less Change in Change in equity: Total assets As a component of net income As a direct component of stockholders' equity Total change in equity Apr. 16) Purchased 4,000 shares of Smith Co. stock at $30 per share. $0 $0 $0 Jul. 7) Purchased 2,500 shares of Edmunds Co. stock at $55 per share. 0 0 Jul. 20) Purchased 1,200 shares of Delray Co. stock at $22 per share. 0 0 Aug. 15) Received an $1.00 per share cash dividend on the Smith Co. stock. 0 Aug. 28) Sold 2,400 shares of Smith Co. stock at $33 per share. 0 Oct. 1) Received a $5.10 per share cash dividend on the Edmunds Co. shares. 0 Dec. 15) Received a $1.20 per share cash dividend on the remaining Smith Co. shares. 0 Dec. 31) Received a $4.50 per share cash dividend on the Edmunds Co. shares. 0 Dec. 31) Adjusted the securities to year-end fair value. 0 Totals $0 $0 $0 $0 Fair Value Adj Fin St Impact

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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Requirement
General Journal
General Ledger
Trial Balance
Fair Value Adj
Transaction Analysis
Fin St Impact

For each transaction, indicate the change, if any, in total assets and total equity. If equity changes, indicate whether the change was reflected as a component of net income, or directly within the stockholders' equity portion of the balance sheet. Remember that the change in total assets must agree with the change in total equity.

Show less

	Change in	Change in equity:
	Total assets	As a component of net income	As a direct component of stockholders' equity	Total change in equity
Apr. 16) Purchased 4,000 shares of Smith Co. stock at $30 per share.	$0	$0		$0
Jul. 7) Purchased 2,500 shares of Edmunds Co. stock at $55 per share.	0			0
Jul. 20) Purchased 1,200 shares of Delray Co. stock at $22 per share.	0			0
Aug. 15) Received an $1.00 per share cash dividend on the Smith Co. stock.				0
Aug. 28) Sold 2,400 shares of Smith Co. stock at $33 per share.				0
Oct. 1) Received a $5.10 per share cash dividend on the Edmunds Co. shares.				0
Dec. 15) Received a $1.20 per share cash dividend on the remaining Smith Co. shares.				0
Dec. 31) Received a $4.50 per share cash dividend on the Edmunds Co. shares.				0
Dec. 31) Adjusted the securities to year-end fair value.				0
Totals	$0	$0	$0	$0

Fair Value Adj
Fin St Impact

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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