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. Part 1 of 4 eBook Ask equired Print 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.) GULF SEAFOOD Horizontal Statements Model Balance Sheet Income Statement Event Assets Equity Statement of Cash Revenue Expense = Net Income Flows Common Stock Retained Earnings Accumulated Cash + Equipment Depreciation 1. 2. 3. %3D 4. 5. Bal.

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. Part 1 of 4 eBook Ask equired Print 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.) GULF SEAFOOD Horizontal Statements Model Balance Sheet Income Statement Event Assets Equity Statement of Cash Revenue Expense = Net Income Flows Common Stock Retained Earnings Accumulated Cash + Equipment Depreciation 1. 2. 3. %3D 4. 5. Bal.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A Framework for decision making: a. can help reduce the unexpected consequences of our actions. b. is not needed if the activity is legal. c. helps identify who gains the most from a decision.
M. What is meant by perspective getting? How does note-taking improve perspective-getting?
Are you concerned about high deficits? Why are why not?
do you not see the solution you provided is the exact one i submitted, it says it's wrong..
What are the strengths and weaknesses that you see in the system and ways that you would improve any weaknesses identified.
It says they answers are wrong from your example.