### Exercise 1-13 (Algo) Identifying Effects of Transactions on the Accounting Equation LO P1The following table illustrates the effects of transactions 1 through 5 on the assets, liabilities, and equity of Mulan's Boutique. Match each transaction with its probable description.#### Assets- **Cash:** $29,000 -> -$4,800 -> unchanged -> unchanged -> -$1,080 -> unchanged -> $25,420- **Accounts Receivable:** $0 -> unchanged -> unchanged -> +$2,300 -> unchanged -> +$2,300 -> unchanged- **Supplies:** $3,800 -> unchanged -> +$1,080 -> unchanged -> unchanged -> $4,880- **Land:** $23,000 -> + $4,800 -> unchanged -> unchanged -> unchanged -> unchanged -> $27,800#### Liabilities- **Accounts Payable:** $0 -> unchanged -> +$1,080 -> unchanged -> -$1,080 -> unchanged -> $0#### Equity- **Common Stock:** $55,800 -> unchanged -> unchanged -> unchanged -> unchanged -> unchanged- **Revenues:** $0 -> unchanged -> unchanged -> +$2,300 -> unchanged -> unchanged -> $2,300Total After Transactions:- **Cash:** $25,420- **Accounts Receivable:** $0- **Supplies:** $4,880- **Land:** $27,800- **Accounts Payable:** $0- **Common Stock:** $55,800- **Revenues:** $2,300#### Transactions and DescriptionsBelow is a blank table for you to match the transactions to their probable descriptions.| Transaction | Description ||-------------|--------------|| 1 | || 2 | || 3 | || 4 | || 5 | |This exercise helps in understanding how different transactions impact various components of the accounting equation.

Accounting equation is the basic equation which is used to prepare the financial statements of an…

Answered: The following table shows the effects…

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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b. What is the ratio of real assets to total assets for nonfinancial firms in the following table? (Round your answer to 4 decimal places.) $ Billion Liabilities and Net Worth Liabilities Bonds and mortgages Bank loans $ 5,364 758 1,338 Other loans Trade debt 1,738 Other 4,608 $13,806 Assets Real assets Equipment and software Real estate Inventories Total real assets Financial assets Deposits and cash Marketable securities Trade and consumer credit Other Total financial assets Total $ Billion % Total $ 4,402 16.4% 36.3 9,749 1,734 6.5 $15,885 59.1% Ratio for nonfinancial firms $ 677 2.5% 1,056 3.9 2,282 8.5 6,968 25.9 $10,983 40.9% $26,868 100.0% Total liabilities Net worth $13,062 $26,868 % Total 20.0% 2.8 5.0 6.5 17.2 51.4% 48.6% 100.0% Balance sheet of U.S. nonfinancial corporations Note: Column sums may differ from total because of rounding error. Source: Flow of Funds Accounts of the United States, Board of Governors of the Federal Reserve System, September 2018.
Balance Sheet Prepare a vertical analysis of the balance sheets for Year 4 and Year 3. Note: Percentages may not add exactly due to rounding. Round your answers to 2 decimal places. (L.e., .2345 should be entered as 23.45). Assats Current assets Cash Income Statement Marketable securities Accounts receivable (net) Inventories Prepaid Items Total current assets Investments Plant (net) Land Total long-term assets Total assets Liabilities and stockholders' equity Liabilities Current liabilities Notes payable Accounts payable Salaries payable Total current liabilities Noncurrent liabilities Bonds payable Other FANNING COMPANY Vertical Analysis of Balance Sheeta Year 4 Total noncurrent liabilales Total abilities Stockholders' equity Preferred stock (par value $10, 4% cumulative, nonparticipating: 6,600 shares authorized and issued) Common stock (no par; 50,000 shares authorized; 10,000 shares issued) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity…
Required information [The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show following assets and liabilities as of December 31 fo and Year 2. December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable Equity, December 31, Year 1 Add: Owner's investment Add: Net income Year 1 $ 47,584 25,829 4,074 125,071 48,942 Less: Dividends 0 0 67,905 0 Year 2 $ 8,053 20, 250 2,984 133, 224 2. Compute net income for Year 2 by comparing total equ these two years and using the following information: Durir owner invested $32,000 additional cash in the business in common stock, and the company paid a $24,000 cash div 57,942 163,152 40,713 33,679 103,865 0
Given the following information for Smashville, Ic., construct a balance sheet: $22,000 $21,000 $102,000 $37,000 $120,000 $12,000 $33,000 $64,000 Current liabilities: Cash: Long-term debt: Other assets: Fixed assets: Other liabilities: Investments: Operating assets: Total assets Total liabilities and equity
Prepare a vertical analysis of the balance sheets for Year 4 and Year 3. (Percentages may not add exactly due to rounding. Round your percentage answers to 2 decimal places. (i.e., 0.2345 should be entered as 23.45).) Assets Current assets Cash Marketable securities Accounts receivable (net) Inventories Prepaid items Total current assets Investments Plant (net) Land Total long-term assets Total assets Liabilities and stockholders' equity Lishilitinn WALTON COMPANY Vertical Analysis of Balance Sheets Year 4 $ Amount 17,800 21,300 55,100 136,900 25,700 256,800 27,600 270,600 30,300 328,500 585,300 Percentage of Total % $ $ Amount Year 3 13,700 6,800 47,500 144,700 10,500 223,200 21,100 256,000 24,900 302,000 525,200 Percentage of Total %
whats the income statement?
Required Information [The following information applies to the questions displayed below.] A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity Sales Cost of goods sold Gross profit 2021 $ 85,600 36,800 77,100 4,700 204, 200 94,700 (14,700) $ 284,200 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 1. Cash paid for inventory 2. Cash paid for operating expenses $ 13,400 8,000 1,400 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 22,800 28,900 51,700…
Using the following information prepare a classified balance sheet. Make sure it is in the proper columns etc. and in proper format. Accounts Payable 7,074 Accounts Receivable 70,000 Accum Depreciation-Building 1,460 Accum Depreciation-Equipt 396 Accum Depreciation-Furnishings 979 Building 395,400 Cash 6,470 Equipment 64,000 Furnishings 98,000 Interest Payable 400 Land 128,000 Long Term Investments 5,700 Mortgage Payable 329,000 Mortgage Payable-current portion 11,000 Notes Payable 40,000 Other Assets 11,000 Prepaid Insurance 4,400 Retained Earnings 394,841 Supplies 1,200 Food Inventory 1,380 Wages Payable 400
What accounting concepts are used in the balance sheet (mainly on assets) based on the data provided below?
please answer correct and complete with working
Required Information [The following information applies to the questions displayed below.] A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities. Equity Common stock, $5 par value Retained earnings Total liabilities and equity Sales Cost of goods sold Gross profit 2821 $ 62,700 27,000 56,600 3,500 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 1. Cash paid for inventory 2. Cash paid for operating expenses 149,800 70,500 (10,900) $ 209,400 $ 9,900 5,900 1,000 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 16,800 20,700 37,500…

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