Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase provided $19,500 of services on account, and (2) he purchased $6,800 of supplies on account. There were $850 of supplies on hand as of December 31, Year 1. c. Show the above transactions in a horizontal statements model. Note: Enter any decreases to account balances and cash outflows with a minus sign. In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity and NC for net change in cash. Not all cells require input. Number a1. a2. b. CHASE ARCHITECTURAL SERVICES Effect of Transactions on the Financial Statements for Year 1 Balance Sheet Assets Liabilities Stockholders' Equity Supplies Accounts Payable + Common Stock + Retained Earnings Revenue + + Accounts Receivable + + + Balance + + + Income Statement Statement of Cash Flows Expense = Net Income
Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase provided $19,500 of services on account, and (2) he purchased $6,800 of supplies on account. There were $850 of supplies on hand as of December 31, Year 1. c. Show the above transactions in a horizontal statements model. Note: Enter any decreases to account balances and cash outflows with a minus sign. In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity and NC for net change in cash. Not all cells require input. Number a1. a2. b. CHASE ARCHITECTURAL SERVICES Effect of Transactions on the Financial Statements for Year 1 Balance Sheet Assets Liabilities Stockholders' Equity Supplies Accounts Payable + Common Stock + Retained Earnings Revenue + + Accounts Receivable + + + Balance + + + Income Statement Statement of Cash Flows Expense = Net Income
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Sagar
Transcribed Image Text:Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase
provided $19,500 of services on account, and (2) he purchased $6,800 of supplies on account. There were $850 of
supplies on hand as of December 31, Year 1.
c. Show the above transactions in a horizontal statements model.
Note: Enter any decreases to account balances and cash outflows with a minus sign. In the Statement of Cash Flows column, use
the initials OA to designate operating activity, IA for investing activity, FA for financing activity and NC for net change in cash. Not
all cells require input.
Number
a1.
a2.
b.
CHASE ARCHITECTURAL SERVICES
Effect of Transactions on the Financial Statements for Year 1
Balance Sheet
Assets
Liabilities
Stockholders' Equity
Supplies
Accounts
Payable
+
Common
Stock
+
Retained
Earnings
Revenue
+
+
Accounts
Receivable
+
+
+
Balance
+
+
+
Income Statement
Statement of Cash Flows
Expense = Net Income
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