Retu 2 Required information [The following information applies to the questions displayed below.] Part 1 of 4 The following events apply to Gulf Seafood for the 2018 fiscal year: 1. The company started when it acquired $19,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $12,100 cash. 3. Earned $20,000 in cash revenue. 4. Paid $10,900 cash for salaries expense. 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, 2018, the cooktop has an expected useful life of four years and an estimated salvage value of $2,300. Use straight-line depreciation. The adjusting entry was made as of December 31, 2018. Required a. Record the above transactions in a horizontal statements model like the following one. (In the Cash Flow column, indicate whether the item is an operating activity (OA), an investing activity (IA), a financing activity (FA) and net change in cash (NC). If the element is not affected by the event, leave the cell blank. Enter any decreases to account balances and cash outflows with a minus sign.) a. Record the above transactions in a horizontal statements model like the following one. (In the Cash Flow column, indicate whether the item is an operating activity (OA), an investing activity (IA), a financing activity (FA) and net change in cash (NC). If the element is not affected by the event, leave the cell blank. Enter any decreases to account balances and cash outflows with a minus sign.) O Answer is not complete. GULF SEAFOOD Horizontal Statements Model Balance Sheet Income Statement Assets Equity Statement of Cash Flows Event Accumulated Depreciation Common Stock Retained Earnings Revenue Expense Net Income Cash Equipment 19,000 19,000 O FA |(12,100) 20,000 1. O+ 19,000 (12,100) O 12,100 2. %3D O IA 3. 20,000 20,000 20,000 20,000 O 20,000 OA 20,000 (10,900) O (10,900) O OA (2,450) O 6,650 4. (10,900) O 10,900 O = 2,450 O 13,350 5. (2,450) X = (2,450) Bal. 16,000 19,000 20,000 16,000 12,100
Retu 2 Required information [The following information applies to the questions displayed below.] Part 1 of 4 The following events apply to Gulf Seafood for the 2018 fiscal year: 1. The company started when it acquired $19,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $12,100 cash. 3. Earned $20,000 in cash revenue. 4. Paid $10,900 cash for salaries expense. 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, 2018, the cooktop has an expected useful life of four years and an estimated salvage value of $2,300. Use straight-line depreciation. The adjusting entry was made as of December 31, 2018. Required a. Record the above transactions in a horizontal statements model like the following one. (In the Cash Flow column, indicate whether the item is an operating activity (OA), an investing activity (IA), a financing activity (FA) and net change in cash (NC). If the element is not affected by the event, leave the cell blank. Enter any decreases to account balances and cash outflows with a minus sign.) a. Record the above transactions in a horizontal statements model like the following one. (In the Cash Flow column, indicate whether the item is an operating activity (OA), an investing activity (IA), a financing activity (FA) and net change in cash (NC). If the element is not affected by the event, leave the cell blank. Enter any decreases to account balances and cash outflows with a minus sign.) O Answer is not complete. GULF SEAFOOD Horizontal Statements Model Balance Sheet Income Statement Assets Equity Statement of Cash Flows Event Accumulated Depreciation Common Stock Retained Earnings Revenue Expense Net Income Cash Equipment 19,000 19,000 O FA |(12,100) 20,000 1. O+ 19,000 (12,100) O 12,100 2. %3D O IA 3. 20,000 20,000 20,000 20,000 O 20,000 OA 20,000 (10,900) O (10,900) O OA (2,450) O 6,650 4. (10,900) O 10,900 O = 2,450 O 13,350 5. (2,450) X = (2,450) Bal. 16,000 19,000 20,000 16,000 12,100
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter8: Revenue Recognition, Receivables, And Advances From Customers
Section: Chapter Questions
Problem 42P
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![Retu
2
Required information
[The following information applies to the questions displayed below.]
Part 1 of 4
The following events apply to Gulf Seafood for the 2018 fiscal year:
1. The company started when it acquired $19,000 cash by issuing common stock.
2. Purchased a new cooktop that cost $12,100 cash.
3. Earned $20,000 in cash revenue.
4. Paid $10,900 cash for salaries expense.
5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, 2018, the cooktop has an expected
useful life of four years and an estimated salvage value of $2,300. Use straight-line depreciation. The adjusting entry
was made as of December 31, 2018.
Required
a. Record the above transactions in a horizontal statements model like the following one. (In the Cash Flow column, indicate whether
the item is an operating activity (OA), an investing activity (IA), a financing activity (FA) and net change in cash (NC). If the
element is not affected by the event, leave the cell blank. Enter any decreases to account balances and cash outflows with a
minus sign.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffb190ee3-c98f-4a78-bbc6-ee0a962b56ef%2Fa0f0ecfc-9cda-43cf-9af1-bad377cdc6b5%2Ffhj081m.png&w=3840&q=75)
Transcribed Image Text:Retu
2
Required information
[The following information applies to the questions displayed below.]
Part 1 of 4
The following events apply to Gulf Seafood for the 2018 fiscal year:
1. The company started when it acquired $19,000 cash by issuing common stock.
2. Purchased a new cooktop that cost $12,100 cash.
3. Earned $20,000 in cash revenue.
4. Paid $10,900 cash for salaries expense.
5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, 2018, the cooktop has an expected
useful life of four years and an estimated salvage value of $2,300. Use straight-line depreciation. The adjusting entry
was made as of December 31, 2018.
Required
a. Record the above transactions in a horizontal statements model like the following one. (In the Cash Flow column, indicate whether
the item is an operating activity (OA), an investing activity (IA), a financing activity (FA) and net change in cash (NC). If the
element is not affected by the event, leave the cell blank. Enter any decreases to account balances and cash outflows with a
minus sign.)
Transcribed Image Text:a. Record the above transactions in a horizontal statements model like the following one. (In the Cash Flow column, indicate whether
the item is an operating activity (OA), an investing activity (IA), a financing activity (FA) and net change in cash (NC). If the
element is not affected by the event, leave the cell blank. Enter any decreases to account balances and cash outflows with a
minus sign.)
O Answer is not complete.
GULF SEAFOOD
Horizontal Statements Model
Balance Sheet
Income Statement
Assets
Equity
Statement of
Cash Flows
Event
Accumulated
Depreciation
Common
Stock
Retained
Earnings
Revenue
Expense
Net
Income
Cash
Equipment
19,000
19,000 O FA
|(12,100)
20,000
1.
O+
19,000
(12,100) O
12,100
2.
%3D
O IA
3.
20,000
20,000
20,000
20,000 O
20,000
OA
20,000
(10,900) O (10,900) O OA
(2,450) O
6,650
4.
(10,900) O
10,900 O =
2,450 O
13,350
5.
(2,450) X =
(2,450)
Bal.
16,000
19,000
20,000
16,000
12,100
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