Transaction Common stock sold Amount owed for tax expense Amount owed for insurance expense syrup sales: cash Syrup sales: credit Dividends paid Collections for credit sales Cash purchase for supplies expenses Cash paid for amounts owed Utility expenses paid Taxes paid TOTALS Amount $3,000 $1,950 $750 $13,000 $6,000 $40 $1,700 $250 $1,600 $400 $600 Assets $3,000 0 $3,000 0 $3,000 13000 $16,000 6,000 $22,000 -40 $21,960 0 $21,960 -150 $21,710 -1,600 $20,110 -400 $19,710 -600 $19,110 $19,11 - - . - Liabilities 0 1,950 $1,950 750 $2,7000 = $2,700 = 0 = $2,700 = 0 = $2,700 = 0 = $2,700 = = $2,700 = -1,600 = $1,100 = 0 = $1,100 -$600 = $500 = $500 = = = = Owners Equity $3,000 -1,950 $1,050 -750 $300 13,000 $13,300 6,000 $19,300 -40 $19,260 0 $19,260 250 19,010 0 $19,010 -400 $18,610 0 $18,610 $18,610

Transaction Common stock sold Amount owed for tax expense Amount owed for insurance expense syrup sales: cash Syrup sales: credit Dividends paid Collections for credit sales Cash purchase for supplies expenses Cash paid for amounts owed Utility expenses paid Taxes paid TOTALS Amount $3,000 $1,950 $750 $13,000 $6,000 $40 $1,700 $250 $1,600 $400 $600 Assets $3,000 0 $3,000 0 $3,000 13000 $16,000 6,000 $22,000 -40 $21,960 0 $21,960 -150 $21,710 -1,600 $20,110 -400 $19,710 -600 $19,110 $19,11 - - . - Liabilities 0 1,950 $1,950 750 $2,7000 = $2,700 = 0 = $2,700 = 0 = $2,700 = 0 = $2,700 = = $2,700 = -1,600 = $1,100 = 0 = $1,100 -$600 = $500 = $500 = = = = Owners Equity $3,000 -1,950 $1,050 -750 $300 13,000 $13,300 6,000 $19,300 -40 $19,260 0 $19,260 250 19,010 0 $19,010 -400 $18,610 0 $18,610 $18,610

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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